Home for Sale at 2081 261st Street, Lomita, CA 90717

2081 261st Street
Lomita, CA 90717

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Property Details

List Price:	$768,000
Beds:	3
Baths:	2
Status:	Pending
SqFt:	1418
Agency:	Vista Sotheby's International Realty

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Description/Comments

Lot Size:	5,760 sqft
Property Type:	Residential
Year Built:	1954
Notes:	If you are looking for charm, tranquility and originality in a home, you have finally found it here at 2081 261st St in Lomita. This Ranch style home in Lomita Pines has hardwood and Spanish tile flooring throughout, wood beam vaulted ceilings, some rooms have Knotty/Natural Pine wood walls. There are wide windows and skylights, filling it with light. There are three bedrooms, one full and one three quarter bathrooms, living room (with a five foot wide fireplace), family/game room (an additional 400 sq ft), dining area, kitchen, inside laundry room, and back patio. The heating/air conditioning unit was replaced 2011, as well as a 200 AMP electrical panel installed and copper plumbing. There is also a two car garage plus four uncovered parking area. Charm, tranquility and quality emanate throughout this home and neighborhood. Rustic Lane in Lomita Pines is a private cul de sac where, in 1954, twelve unique homes were built alongside Oak trees. Although built in the Ranch style, the interior design is in a class of its own. Today, 2081 261st St is the only one remaining true to its original design. And it is the best of the lot. Located closest to the junction of 261st st and Oak St, this was the model home, and where the "meet and greet" took place. Because of this, there is an extra 400 sq ft non permitted bonus area which is great added value for the new owner. Areas need TLC. Sold as is, Come by and take a look, You will not be disappointed.
MlsNumber:	SB24043503

Listing Provided By:	Vista Sotheby's International Realty, original listing
Name:	Vista Sotheby's International Realty
Phone:	(310) 541-8271
Office Name:	Vista Sothebyâ€™s International Realty
Office Phone:	(310) 541-8271
Agent Name:	Katherine Muller
Disclaimer:	Copyright Â© 2024 California Regional Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

HUD Foreclosures

HUD foreclosures and VA Foreclosures are some of the best homes to buy when price is part of the equation. As with most Americans, price is always a concern. If not buying the same house for less, why not buy more house for the same dollar invested? When looking for a good deal it is hard to do better than the VA or HUD foreclosures market. The simple truth is that there are just more VA and HUD homes on the market, as they represent such a large number of mortgages that are generated each year. This translates into more foreclosures just by the magnitude of difference between all others comparing to the two largest.

The two largest also being government owned and operated means that they have less time to wait to make money back on the home. The FHA is especially known for selling HUD homes for less than the average sales price in a given area. FHA foreclosures represent a fraction of HUD but they are still a significant number of homes and both should be considered.

VA (Veterans Administration) and HUD (Housing and Urban Development) have different and unique opportunities for the buyer. Both are often forgiven for the local taxes normally associated with the purchase of a home (this is on a county by county basis). Be sure to ask the local title company or escrow company to look into it for you before closing as this is often missed due to their are not used to dealing with the 2 to 3 percent of the market that VA and HUD foreclosures represent.

Foreclosure Listings Increasing

As the market settled after the mortgage meltdown foreclosure listings also settled and fewer homes were on the market with a placard reading “Bank Foreclosure” in big red lettering. This was a good thing for the entire real estate market. Having an abundance of foreclosures brings the entire market down and it makes it harder for home owners, who would like to move, to get the appropriate price for their home as a similar home down the same street was sold for substantially less and the appraiser is using the foreclosure as a comparable sale.

This is just one of the problems when there are too many foreclosure listings in any area. Another issue is the television set that sits in everyone’s living room harping about the price of homes based on the number of foreclosures and this constant barrage of negative information makes most people sit on the sidelines waiting for the market to either implode completely or to correct itself. Meanwhile while they wait, others are buying foreclosure listings and making great investments.

Whatever the reason, a market can only handle so many foreclosure listings at any given time. The more foreclosures, the lower the market gets and this is a lesson the banks that were foreclosing and selling off realized too late. The market and their investments would have been better off if there had not been a rush to divest themselves of the toxic assets made more toxic by their own actions.

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Property Details

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Description/Comments

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HUD Foreclosures

Foreclosure Listings Increasing