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Housing doesn’t come low-cost in Los Angeles. However in case you are prepared to stay considerably like a troll, there is likely to be one thing accessible for you in Alhambra.
Compass Actual Property not too long ago put available on the market a one bed room fixer-upper on East Fundamental Avenue that sits beneath 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 comfy 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 choice for potential patrons: Contemplate a unusual, one-of-a-kind property like Alhambra’s bridge home.
The 450-square-foot house inbuilt 1949 has a terrace that appears over a stream and a rooftop patio that sits subsequent to a highway bridge, separated solely by a fence. It’s priced at $250,000 — a steal contemplating the median sale value 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 pal’s mother and father. “It is a very, very distinctive property.”
Lee stated his pal’s mother and father bought the house in 2005 for about $72,000.
Inside view of an Alhambra house constructed over a stream that’s available on the market for $250,000
(Courtesy of Douglas Lee / Compas)
Already, Lee has seen a flurry of curiosity within the residence, which has been available on the market for just a few 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 residence within the Alhambra neighborhood prices about $350,000, so Lee determined to strategically value the house at $250,000 to generate curiosity — and since there’s no devoted parking spot, Lee stated.
“There’s no devoted parking. It’s a fixer-upper. We didn’t know the way responsive the market could be,” he stated.
The house’s low value makes it one in every of solely 11 properties within the county listed for beneath $250,000, Lee stated.
There may be one potential hiccup. Whereas most owners personal the land beneath their home, the bridge is presumably public land, Lee stated. The actual property brokers are working to clear up such property points with the U.S. Military Corps of Engineers.
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