September 4, 2012

An awesome opportunity to own this terrific value, 75% complete sold AS-IS

Welcome back from your three-day weekend!  That’s assuming you didn’t work all three days because you’re up against some arbitrary deadline.  And if you did, maybe you’re thinking you really need a vacation.  Today’s property is for you!  Thanks very much to Burbed reader Dr. Jim for this superb bivouac in Big Sur!

120903-partington-redfin51422 PARTINGTON RIDGE Rd
Big Sur, CA 93920
$799,000

3 Beds 
3.5 Baths 
3,203 Sq. Ft.
$249 / Sq. Ft.
Built: 2003 
Lot Size: 2.03 Acres 
On Redfin: 483 days
Status: Active
Property Type: Detached Single Family
View: Green Belt, Mountains, Canyon, Ocean
County: Monterey
Stories: 2
Community: North Big Sur Coast
MLS#: 81120578

The essence of Big Sur, an awesome opportunity, to own an amazing Big Sur retreat property. A private & serene location, on 2+ acres with dramatic vistas of the Pacific Ocean, along with the green and gold flowered hills of the rugged Big Sur Coast. This diamond in the rough, a terrific value, property being sold AS-IS. 2728 s. f. main house, is 75% complete, & a separate 480 s. f. cottage.

120903-partington-ocean-viewAnd here’s why Dr. Jim took the time to share this with you:

Just found your web site – love it!
What’s going on with this one?  The property history is bizarre.

Property history?  What about the tiny little pictures that don’t show the 25% of the house that isn’t complete?  Talk about an awesome opportunity… to take on someone else’s money pit!

120903-partington-exposed-beamBut Dr. Jim is right.  Head over to the Redfin link and check out that property history.  We’d include it here, but it goes on for so long that we literally cannot copy it into one screenshot. Instead we’ll send you over there to have a scavenger hunt, where you have to find the not-an-arms-length transaction, the foreclosure, the sale at more than twice the above asking price, and count the exact number of times it went pending.

And then there’s this, back when the property was sold 9 years ago (for more than today’s asking price), when those plans for a “2800 SQ FT DREAM HOME MOSTLY FLAT” hadn’t been acted on yet.

120903-partington-redfin-old-listing$940,000 Last Sold Price 
0 Beds 
1 Baths 
500 Sq. Ft.
$1,880 / Sq. Ft.
Built: 1999 
Lot Size: 2 Sq. Ft. 
Sold On: Feb 25, 2004
HOA Dues: $655/month
Style: Cabin
View: Mountains, Canyon, Ocean
County: Monterey
Property Type: Detached Single Family
Stories: 1
Community: North Big Sur Coast
MLS#: 80340955

PRIVACY, OCEAN AND CANYON VIEWS WITH THE COMFORT OF PAVED AND GATED ACCESS GARDENS BLOOM WITH FLOWERS ON 2.1 AC. APPROVED PLANS FOR 2800 SQ FT DREAM HOME MOSTLY FLAT. VIEWS OF THE OCEAN AND A NATIONAL PRESERVE WILL GUARANTEE YOU

Will guarantee you what?  Argh, this is like reading a mystery and someone tore the last page out of the book!  Maybe it’s “If you build it, the foreclosure will come.”

Comments (7) -- Posted by: madhaus @ 5:02 am

7 Responses to “An awesome opportunity to own this terrific value, 75% complete sold AS-IS”

  1. Crissa Says:

    0 beds, 2 sqft? Wha?

  2. Crissa Says:

    Also, someone else’s driveway cuts through your lot…

  3. nomadic Says:

    HOA $655/month? Must be to fund the local fire brigade.

  4. sfbubblebuyer Says:

    I love that area of the coast. SOOOO pretty. However, it must not be pretty enough to help them move this half-pinched off loaf.

  5. mabeldu Says:

    based on the few pix available, that house ain’t 75% done. i can only assume the rest of the house is in rougher shape than what we’re being shown.

    whoever buys this money pit had better love, love, love that rock wall in the middle of the house. ‘cuz that’s support and it’s not coming down. except in an earthquake.

    would love to know what the HOA covers. fire protection, maybe. regular road repairs, maybe. trolls & fairies to dance thru your property and chant good vibes, i sure hope so for $8k/yr.

  6. Jb Says:

    Build it and foreclosure will come….love that.

  7. Ernie banks Says:

    We looked hard at it. Monthly fees are $300 a month for road maint and water. Guest house is almost done. Road easements aren’t a big deal. But county requires new plans, new structural calls, new geotechnical report, and property must be brought up to current code; we guessed that’s 6 months and $50k. Also needs retaining walls, emergency water tanks, paths, grading, stairs, landscaping – perhaps $300k – $400k more. Then add $300k – $400k to finish the house. Will take more than a year to complete. Then add an allowance for surprises, carrying costs of the property, selling costs when you’re done…

    You get the picture. Might work, might not. Lots of risk. We passed.


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