REO in Manhattan Beach sells for almost 300K over asking…

3121 Alma (3br/3ba, 2600 sq. ft.), an REO that came on the market just after Christmas created a storm of interest with over 20 offers at the “let’s auction it off” list price of $1.147.

The sale closed on Feb. 23rd for $1.425m which still was not a bad buy considering the size, views and condition. However, the home was stripped of all appliances and though the bank did some “cheap” work to it, the new buyer will need to fix some things up. When you take that into account the house ultimately sold for around what it should have.

In July 2006, Alma sold for $650k more at $2.075m in July 2006 – before a remodel was undertaken …down about 20% since 2005…sounds about right.
(*sources: MLS, Manhattan Beach Confidential)

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