Extremely low prices in Sylmar (L.A. County)???

[avidsaver]

I was looking on Zip Realty and clicked on “Featured Homes” and noticed three VERY nice looking homes in Sylmar. I would never move there because it’s too far, and I don’t think that the neighborhood is that great (but I really don’t know), but they seem to be priced abnormally low for L.A. County and compared to the surrounding homes. Here is the address. The prices are under $200K. Would anyone know what the deal is?

13691 GAVINA AVE 368, Sylmar, CA 91342**
Bedrooms: 2
Full Baths: 2
Partial Baths: 0
Square Feet: 1,720
Lot Size: N/A
Year Built: 1990
Listing Date: 05/02/06
On Market: 147 days
Type: SFR
Status: ACTIVE
MLS #: R2029823

[(former)FormerSanDiegan]

Maybe because it’s in the middle of nowhere, compressed up agiinst the mountains along with all the smog.

No, it’s the HOA dues of $912 per month.

At 7% that’s equal to about 156K in purchase power … almost the price of the house!

[avidsaver]

The mystery is solved…

I didn’t even notice the HOA dues. Here’s some other info from the representative at Zip Realty:

These are manufactured homes. Meaning you purchase these pre-fabricated/manufactured homes and then you still have to pay for the land lease because you don’t own the land that the house sits on. The land lease is $912.87/mo. (on top of the monthly mortgage for the home).

Furthermore, these types of homes are difficult to obtain financing.

So that’s why they’re priced as low as they are. There are 3 different units: #485, #398 and #368 all for sale.

Let me know if you have any other questions.

Oh wait… I guess that’s the same??? In any case, $912/month for “nothing?” Phew…

[FutureSDguy]

nevermind

[VCJIM]

You really don’t want to live in many parts of Sylmar. Parts of Tijuana are nicer.

[an]

I’ve seen something very similar in RSF. It’s a 2400 sq-ft townhouse going for $475k, IIRC. But the HOA is $1k/month.

[Author]

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