Santa Monica Neighborhood

[Lakewooder]

Originally Posted by Squirl

Went by this house. This property is bordered by Tennyson and it is a narrow 2-lane street but had a steady consistent flow of traffic. The homes actually on Tennyson facing this house were rather unattractive and not of the same vintage as the homes on Hammond. The house itself has some serious termite or dry rot which has consumed the front door threshold. All original windows. Window a/c units, the home sits above street level and the wall along Tennyson needs replacement. There is a foundation issue at one rear corner of the house. The detached garage is in bad shape. Many good things....roof looks good; house has great curb appeal and very good elevation. We will pass on this one......

You may have been on Tenison when school was getting out (the old church on the corner of Linsdsley is now a little private school).

I wouldn't worry too much about the threshold being rotten. Also, I don't hear much about termite damage in homes around here (also nothing about lead paint).

All original windows is a good thing!

Not sure what the foundation issue is but it's probably on the side of a small hill so that is part of the charm of the neighborhood - and with pier and beam should not be that hard to fix or ameliorate.

Most original detached garages around here are not in great shape. They were not built to the standards of the homes. Some even have dirt floors. You have to remember that cars were a relatively new development back in those days! A lot of people called them 'car sheds' back then...

I have not seen the property but I'm sure I've seen it in the past. Sounds like it's unadulterated and mostly original. That's highly valuable in my opinion.

[Squirl]

Originally Posted by Lakewooder

You may have been on Tenison when school was getting out (the old church on the corner of Linsdsley is now a little private school).

I wouldn't worry too much about the threshold being rotten. Also, I don't hear much about termite damage in homes around here (also nothing about lead paint).

All original windows is a good thing!

Not sure what the foundation issue is but it's probably on the side of a small hill so that is part of the charm of the neighborhood - and with pier and beam should not be that hard to fix or ameliorate.

Most original detached garages around here are not in great shape. They were not built to the standards of the homes. Some even have dirt floors. You have to remember that cars were a relatively new development back in those days! A lot of people called them 'car sheds' back then...

I have not seen the property but I'm sure I've seen it in the past. Sounds like it's unadulterated and mostly original. That's highly valuable in my opinion.

It was Sunday about 3 pm. Doubt that traffic was school traffic. Flow was at least a car every 10 seconds. If you stand at the intersection of Hammond and Tenison you'll see what I mean. Since we renovate for resale, we have learned neighborhood situation is important and interior lots are best for us..... If you walk around the side of the house (on the Tenison sidewalk) you will see that retaining wall needs replacement, too.

[Lakewooder]

Strange, I have never noticed there being a lot of traffic along there..I am wondering where everyone could possibly be going as it's sort of a dead end coming in...to Lindsley Park? There was a 5K recently on the Santa Fe Trail (another Hollywood Height / Santa Monica asset) and the staging area was the park...

First lesson of East Dallas is throw out all the guidelines and rules!

[jennifw]

I drove by this house last night. What a charmer! Sure it needs some work, but at that price, it is still a steal. I wouldn't worry about the garage being in bad shape - like someone said, they almost all are. I think that house is mostly original which is great. I am sure someone will snatch it up.

[SMS_Parent]

Originally Posted by Lakewooder

Strange, I have never noticed there being a lot of traffic along there..I am wondering where everyone could possibly be going as it's sort of a dead end coming in...to Lindsley Park? There was a 5K recently on the Santa Fe Trail (another Hollywood Height / Santa Monica asset) and the staging area was the park...

First lesson of East Dallas is throw out all the guidelines and rules!

Probably wouldn't be wise in Squirl's case. Squirl rehabs and resells houses, so needs to buy a house that doesn't need this much work (or get it at an even better price than this)-- take a look at TC's original post about what buyers of redone houses in this area expect -- a falling down garage probably isn't going to attract a buyer to a redone house.

[hamiltonpl]

It is clear to me that people who know this neighborhood realize the home's value. The people who don't know the neighborhood, don't get it. That's okay. Somebody from outside the 'hood would probably ruin this house anyway.

[SMS_Parent]

Originally Posted by hamiltonpl

It is clear to me that people who know this neighborhood realize the home's value. The people who don't know the neighborhood, don't get it. That's okay. Somebody from outside the 'hood would probably ruin this house anyway.

According to one of the previous posters on this thread who lives in the neighborhood, the house has been on the market "a long time." That suggests that it isn't priced right for the condition it is in -- even if it does seem to be a steal to someone who is just looking at the pictures of the house. Even reading the description on realtor.com -- only cash offers accepted "due to the condition of the house" raises red flags -- makes the house sound like it has too much work to be done for anyone to qualify for a mortgage.

[Squirl]

Originally Posted by hamiltonpl

It is clear to me that people who know this neighborhood realize the home's value. The people who don't know the neighborhood, don't get it. That's okay. Somebody from outside the 'hood would probably ruin this house anyway.

....^^ that's one possibility. The other possibility is that a professional investor of over 20 years DOES know the true value based on ROI and has assessed the property and passed on it..... (positive ROI means you renovate to meet neighborhood conventions and you actually make money on the project....homes that sit in questionable neighborhood locations can languish on the market and drag down any potential profits...even for the cash buyer investor such as me by tying up funds.) Totally different story for the occupant/purchaser who can restore and love the home and is ready to move in when the project is completed.

[Lakewooder]

Nevertheless, I am still kicking myself for passing on a bargain on Newell in Hollywood Heights back in 1983!

[chitowngirl70]

Originally Posted by Lakewooder

Nevertheless, I am still kicking myself for passing on a bargain on Newell in Hollywood Heights back in 1983!

Dang! I'll kick your butt for you! Newell is an awesome street!