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Housing doesn’t come low cost in Los Angeles. However if you’re prepared to dwell considerably like a troll, there is likely to be one thing accessible for you in Alhambra.
Compass Actual Property just lately put in the marketplace a one-bedroom fixer-upper on East Predominant Road that sits underneath a bridge, inside strolling distance of a Vietnamese restaurant and a hair salon.
Southern California’s expensive housing market has pressured many potential patrons to both settle into snug houses in far-flung suburbs or buy postage stamp-size properties nearer to the area’s job facilities. The latest hikes in mortgage rates of interest have solely aggravated the issue.
One other excessive possibility for potential patrons: Think about a unusual, one-of-a-kind property like Alhambra’s bridge home.
The 450-square-foot condo inbuilt 1949 has a terrace that appears over a stream and a rooftop patio that sits subsequent to a street bridge, separated solely by a fence. It’s priced at $250,000 — a steal contemplating the median sale worth for an current single-family home in Southern California is about $785,000.
“We had no comparables … no related properties,” stated Doug Lee, the Compass agent who listed the house, which he stated as soon as belonged to a highschool good friend’s dad and mom. “This can be a very, very distinctive property.”
Lee stated his good friend’s dad and mom bought the house in 2005 for about $72,000.
Already, Lee has seen a flurry of curiosity within the dwelling, which has been in the marketplace for a couple of weeks.
He held open homes and confirmed the place to 40 or 50 teams every day, he stated.
“This weekend we had it open and it was a zoo,” he stated.
The common one-bedroom dwelling within the Alhambra neighborhood prices about $350,000, so Lee determined to strategically worth the condo at just below $250,000 to generate curiosity — and since there’s no devoted parking spot, Lee stated.
“It’s a fixer-upper. We didn’t understand how responsive the market could be,” he stated.
The low worth makes it one in every of solely 11 properties within the county listed for underneath $250,000, Lee stated.
There may be one potential hiccup. Whereas most householders personal the land underneath their home, the bridge is presumably public land, Lee stated. The true property brokers are working to clear up such property points with the U.S. Military Corps of Engineers.
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