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Friday, October 24, 2014

Eastside Property: A Montecito Heights home for those who love flatland living

Photo from Redfin.com

In a neighborhood where many homes are cantilevered from steep hillside, this 1926-Spanish Colonial home sits on one of the rare flat lots at the top of Montecito Heights.  Sitting on the perimeter of the aptly named Montecito Circle,  the tw0-story, three-bedroom home with a blue front door  is part of an early generation of hilltop development in Montecito Heights, where most of those boxy, cantilevered houses were built after World War II. What will it cost to live  on a flat top at the top of Montecito Heights?  The owners are asking $299,000, according to Redfin.



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17 comments

  1. this looks amazing for that price in that neighborhood, what’s the catch?

    • It’s a short sale, the seller can ask anything they want, but it comes down to what the bank is willing to accept since they are taking the brunt of the loss.

  2. Last sale was for $659K in 2007. It’s doubtful it will go for as little as 299. But it’s flipper bate. Even if they get it for high 300s, they can tart it up with cheap fixtures and finishes and still make a nice profit. Sad. And another triumph of capitalism.

  3. Article should say the “owners”…

  4. Already under contract (no surprise). Nice little street/neighborhood on Google street view.

  5. How can it be pending when it says “All offers due by 5pm Monday Oct 22″

  6. Nothing is stopping any of you from buying it. There isn’t some grand conspiracy to enrich capitalists. In fact, the people who bought this home 5 years ago are losing whatever cash they put into the house. Most likely, someone offered a strong enough offer that the sellers just accepted it and moved on to getting bank approval for a short pay sale.

  7. How to be a house flipper 101 get a loan for a real POS then get a Home depot line of credit make cheap cosmetic upgrades that will break on first use then quadruple the sale price, Nothing wrong with capitalism but there is something wrong with putting shoddy home makeovers on the market and inflating the real cost of housing for investors who want good rental stock and the rest of the buying public.
    I have had the pleasure of getting a few of these “house flipper” gems at a steal after the crash they had to be totally renovated by real contractors buyer beware get your own contractor and go over these properties before you make a deal.

  8. The property has foundation issues and termites. Huge crack running down one of the bedrooms. One bathroom not on property records. Open house was a mad house with people scrambling to get in. Kitchen and bathrooms tiny and outdated.

  9. People say such bad things about flippers… if most of the local residents got into this house they’d be crying victim when they found out the property has 100k in minimum repairs to bring it to legal habitability. Let someone with more cash bring it up to a decent quality level then let it be flipped for a reasonable value. You probably couldn’t get a mortgage on this anyway if the bank found out there was foundation issues.

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