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1551 N Neptune Avenue
Wilmington, CA 90744
$1,170,000
Conventional
Property
Bedroom
5
Bathroom
2
Property Type
Conventional
Square ft
2300
Property Description
PRICE REDUCTION on a Extraordinary one-of-a-kind two properties on a lot! 3-bedroom 2-bathroom home completly remodeled with an additional new construction dwelling unit (ADU) with 2 bedrooms 1 full bathroom that has its own laundry area central heating and air conditioner and solar panels. This beautifully remodeled property offers versatile living spaces that cater to multigenerational families or savvy investors looking to generate rental income. As you step into the main residence, you'll be greeted by a bright, open floor plan with recessed lighting throughout. Discover three spacious bedrooms, two modern bathrooms, and a kitchen that is the epitome of luxury, featuring quartz countertops, sleek cabinets, and enchanting special lighting. Every detail has been carefully considered to enhance comfort and convenience, from the spacious walk-in closet in the primary suite to the dedicated areas for shoe organization in one of the bedrooms. The private laundry area adds another layer of functionality to this already impeccable home. Just steps away, the ADU provides a retreat of its own, complete with a fully equipped kitchen and bathroom facilities, ensuring autonomy and privacy for its occupants. But the beauty doesn't end there – this property also boasts a 2-car garage with a sizable attic. Outside, the ADU features its own private backyard. Beautifully designed pavers in the front, driveway and back yard with artificial grass in the front yard adds to the allure of outdoor living while minimizing maintenance. Ideally situated in a desirable area of Wilmington, close to the Harbor, shopping, and major freeways. This property offers the perfect blend of convenience and luxury. Don't miss your chance to experience the magic of contemporary living in this breathtaking home and ADU combination.
Property Information
Lot Size
6,649 sqft square ft
Property Type
Residential
Year Built
1927
MLS Number
SB24049301
Location
Address
1551 N Neptune Avenue
City
Wilmington
State
CA
Zip Code
90744
County
LOS ANGELES (SOUTH BAY)
Listing
Provider
Century 21 Union Realty, original listing
Name
Century 21 Union Realty
Phone
(310) 371-6330
Office Name
Century 21 Union Realty
Office Phone
(310) 371-6330
Agent Name
Laura Luna

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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.