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20460 E Rancho Los Cerritos Road
Covina, CA 91724
$2,388,000
Conventional
Property
Bedroom
5
Bathroom
5
Property Type
Conventional
Square ft
4693
Property Description
SOPHISTICATED SINGLE-STORY WITH MULTIGENERATIONAL DESIGN. Sited on a nearly flat acre of land, this expansive and completely remodeled single-story pool home with paid solar panels presents an unparalleled living experience designed for both luxury and functionality. Surrounded by majestic trees and manicured landscapes, a stamped concrete walkway leads through a gated courtyard. Upon entering, you're greeted by a spacious foyer that immediately offers breathtaking views of the pool and meticulous backyard, setting the tone for a home that celebrates indoor-outdoor living. Adjacent to the foyer are two distinct living areas, making this estate an ideal choice for multi-generational families seeking both togetherness and privacy. The kitchen features antiqued white cabinetry, granite countertops, and professional series stainless steel appliances. An inviting island with countertop seating and a walk-in pantry enhance the kitchen's functionality. The dining room, adorned with exposed beams and a tongue-and-groove ceiling, extends seamlessly into the family room where a custom fireplace and crown molding add elegance. Natural light floods in through 12' sliding doors, framing the serene backyard views. The primary suite is a sanctuary of luxury, boasting exquisite finishes, a spa-like bathroom with a custom-tiled tub surround, and a frameless glass shower. A custom walk-in closet with finished cabinetry offers ample storage and organization. Also features two additional bedrooms, two remodeled bathrooms, and a convenient laundry room. Versatile living options await on the opposite wing with an attached guest quarters. Newly laid hardwood floors lead to a kitchen with white shaker cabinets, granite countertops, and a wine fridge. An open eating area overlooks the backyard and a separate family room with matching exposed beams and ceilings, recessed lighting, and a secluded game room offer additional spaces for entertainment and relaxation. A second primary suite with a remodeled ensuite bathroom is tucked away for added privacy. Last, an attached gym (formerly an office with direct access to the home). The backyard is a showcase, featuring a pebble-finished saltwater pool and spa, a cozy pool room with a bathroom, multiple stamped concrete sitting areas, and a built-in BBQ under a pergola invites alfresco dining. There is a pond with a waterfall, and a gazebo, a barn, gated RV parking, a second covered patio and built-in BBQ, raised garden beds, and storage.
Property Information
Lot Size
36,737 sqft square ft
Property Type
Residential
Year Built
1964
MLS Number
CV24057806
Location
Address
20460 E Rancho Los Cerritos Road
City
Covina
State
CA
Zip Code
91724
County
LOS ANGELES (SAN GABRIEL VALLEY)
Listing
Provider
RE/MAX Masters, original listing
Name
RE/MAX Masters
Phone
(626) 967-1779
Office Name
RE/MAX MASTERS REALTY
Office Phone
(909) 445-8100
Agent Name
Nicholas Abbadessa

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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.