720 Almar: The Lemon of Pacific Palisades?

About three months ago the bank owned 720 Almar was the talk of the Palisades real estate community and unfortunately it is still a topic of conversation because it hasn’t sold. However, it just went into escrow for the second time since the bank took ownership so hopefully this time it sticks.

Quick history: Potential buyers were lined up and ready to offer on the newly built home with rumors on the street it was going to list for around $2.3M about three months ago. In fact, other sellers in that price range were forced to wait and see what was going to happen. Many thought it would go out in a flurry of multiple offers at that price point since it originally hit the market in 2008 for $3.749! After multiple reductions and no takers, the builder could no longer hold on and they stripped the property of the fixtures and appliances and let it go to the bank.

Once the property hit the market a few months back at a $2.349M list price, most buyers were disappointed at the cheap fixtures the bank installed and it just didn’t live up to the hype. Despite this, they still had takers and the home went into escrow fairly quickly…only to fall out.

The word on the street is the house must have endured heavy water damage at some point and could be facing over $70K+ in mold related fixes.

The current listing price seems to have figured that into the equation but with the work that needs to be done on top of the appropriate fixtures and appliances, the deal is not as amazing as it originally appeared.

The property just went into escrow again so it will be interesting to see if it sticks.

One comment

  1. First thanks for sharing. Its very interesting to get this insight on this property. I am involved with Pacific Palisades Real Estate and finding sites like this that can help me stay on top this great community and its real estate is always a plus. I’ll definitely bookmark your site for reference. Thanks! Elika

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