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1085 Virginia Road
San Marino, CA 91108
$11,880,000
Conventional
Property
Bedroom
7
Bathroom
7
Property Type
Conventional
Square ft
8400
Property Description
Located within the highly coveted estates neighborhood of San Marino, this Regency Revival masterpiece was built in 1929 by the renowned architect Roland E. Coate. The home is set behind attractive iron gates and tall hedges at the front and is bordered by the Kewen Canyon at the back of the property to provide the ultimate in privacy. Attesting to its rich history and legacy, this was once the cherished USC Presidential Mansion. The home's luxury and elegance is highlighted by soaring ceilings, generously proportioned rooms, six fireplaces and an array of magnificent architectural details. Upon entering the home, one is welcomed into a long reception hall flanked by a large formal living room, the spacious dining room and a powder room. An enclosed loggia at the end of the reception hall features stenciled wood beams, an outfitted wet bar and arcade windows providing panoramic views of the meticulously manicured backyard gardens. A wood paneled library with fireplace is another gem of the house. The spacious gourmet kitchen, designed by Christopher Peacock, is decked out with a La Cornue range, a marble island with bar height seating, coffered ceiling and the highest quality custom cabinetry. A bedroom suite with a bathroom and adjoining office completes the main level. A grand staircase leads to the upper level presenting five bedrooms and four baths including a luxurious primary ensuite bedroom with fireplace and dressing rooms along with a junior ensuite bedroom with fireplace and dressing room. A large sun deck overlooks the backyard and beyond to canyon vistas. The basement, running nearly the length of the home, includes a wine cellar, storage rooms and a finished media room. Massive pocket doors, rolling window screens, operable shutters, and custom iron window grills showcase the era's masterful craftsmanship. The property has been renovated to a high standard exemplified by a walnut paneled elevator connecting all levels of the home. Immaculate gardens with oak, cedar, olive, magnolia and fruit trees grace this idyllic sanctuary. A lighted N/S pickleball/tennis flexible court, fountains, terraces, pavilions, glass mosaic tile spa and pool frame the backyard. Adjacent to the 3-car garage is a guest house with a bedroom, kitchen, bath and separate studio. Set in a prime location close to the Huntington Library, Lacy Park and the shops and restaurants along Lake Avenue, this property offers the utmost in privacy, comfort and modern sophistication.
Property Information
Lot Size
1 acre(s) square ft
Property Type
Other
Year Built
1929
MLS Number
P1-17599
Location
Address
1085 Virginia Road
City
San Marino
State
CA
Zip Code
91108
County
LOS ANGELES (SAN FERNANDO VALLEY)
Listing
Provider
Engel & Völkers Pasadena, original listing
Name
Engel & Völkers Pasadena
Phone
(626) 584-0101
Office Name
Engel & Völkers Pasadena
Office Phone
(626) 584-0101
Agent Name
Mark Jerusalem

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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.

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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.