Speaking of entry-level homes, here’s a tour of one that just listed for $1,099,999:
Jim Klinge
Klinge Realty Group
Broker-Associate, Compass
Are you looking for an experienced agent to help you buy or sell a home?
Contact Jim the Realtor!
- 682 S. Coast Hwy 101, Suite #110
Encinitas, CA 92024 - (858) 997-3801 call or text
- klingerealty@gmail.com
CA DRE #01527365, CA DRE #00873197
Jim. Are you familiar with the term “Santa Monica remodel?” Location, lot, existing permitted footprint, paid development fees are combined are worth more than $1.1m.
I’m not familiar but agree with the value, especially due to the location being a block away from Sunnyhill/Skyline which is the top of the hill in Carlsbad and homes selling for $2,000,000+.
That’s my kind of dump.
Nice location + everything seems functional so if you want to rent it out for a while the mortgage would probably cover.
“Santa Monica remodel” dates back to the 80s when Santa Monica had a heavy hand vice home updates. You couldn’t scrape the lot and build right. Instead you could “remodel” by tearing everything down except a wall with a working sink and toilet. Saved tens if not hundreds of thousands in permits and fees.
Buy for $1.1m. Rip out every bit of drywall. [Do not ask about the popcorn ceiling just rip it out. ] Roll up every bit of carpet. Dumpster. With the walls exposed evaluate whether new windows now or save for later (likely). New drywall, vinyl flooring, paint in and out, $30k to kitchen. $120k tops, Rent for profit easy.
The floor plan was decent… at least for those of us who grew up in houses built in the 1970s!
It just looks bad though.