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1466 E Covina Hills Road
Covina, CA 91724
Nicholas Abbadessa with RE/MAX MASTERS REALTY, original listing - (909) 445-8100
$2,199,000
Conventional
Property
Bedroom
6
Bathroom
Full: 5, ½: 1
Property Type
Conventional
Square ft
4800 Square Feet
Property Description
SPRAWLING SINGLE STORY SITED ON A FLAT AND USABLE OVER ONE ACRE LOT. As you approach the property, a long driveway leads to a convenient turnaround in the front yard, ensuring easy access and ample parking for family and guests. Upon entering the double front doors, you are welcomed into a foyer that sets the stage for the grandeur that lies within. The impressive family room features peg and groove hardwood flooring, exposed beam ceilings with tongue and groove detailing, a stately stone fireplace, and a thoughtfully integrated wet bar- an ideal space for gatherings and relaxation. Beyond the family room, you'll discover the inviting living room with a stone floor-to-ceiling fireplace and LED lighting. A wall of windows frames a captivating view of the meticulously manicured courtyard, complete with a fountain as the centerpiece. An elegant formal dining room awaits, boasting a trey ceiling, an exquisite chandelier, and direct kitchen access. The kitchen features travertine stone flooring, rich wood cabinetry, high-end stainless steel appliances, a convenient breakfast bar, a nook, and an adjoining butler's pantry, seamlessly connected to the indoor laundry area with direct access to the outdoors. The oversized primary bedroom offers ample space and comfort, while the ensuite primary bathroom is a luxurious oasis, featuring dual sinks, a walk-in shower with a glass enclosure, and a separate soaking tub. Three additional bedrooms, with one offering an ensuite bathroom and two sharing a jack-and-jill bathroom. Additionally, a large bonus room can serve as a fifth bedroom or a versatile space to suit your needs. The detached four-car garage comes a guest house featuring a spacious family room with vaulted ceilings, LED lighting, a separate 6th bedroom, and a remodeled bathroom with a custom-tiled shower and sliding glass enclosure. Stepping into the backyard, you'll find a pool awaiting your creative vision, along with a spa that was in the process of being redesigned to gracefully spill into the pool. The expansive outdoor space is surrounded with mature trees, pathways, a gazebo, and a built-in barbecue area, creating an idyllic setting for outdoor entertainment. For added convenience, there are two restrooms accessible from the pool area within the garage. The driveway leading to the garage also offers space for RV parking and more. Lastly, this property is zoned for horses, providing an opportunity for equestrian enthusiasts to create a haven for horses.
Property Information
Lot Size
1 acre(s) square ft
Property Type
Residential-Single Family Residence
Year Built
1947
MLS Number
--
Location
Address
1466 E Covina Hills Road
City
Covina
State
CA
Zip Code
91724
County
LOS ANGELES (SAN GABRIEL VALLEY)
Listing
Name
Phone
(909) 292-7888
Office Name
Office Phone
(909) 445-8100
Agent Name
Nicholas Abbadessa
Agency Phone
(909) 445-8100

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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.