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277 S Spalding Drive 303, Beverly Hills, California 90212, Beverly Hills, 90212 - 2 bed, 3 bath

277 S Spalding Drive 303, Beverly Hills, California 90212 home-pic-0
ACTIVE$1,250,000
277 S Spalding Drive 303, Beverly Hills, California 90212
2Beds
3Baths
1,926Sqft
13,227Lot
Year Built
1994
Close
-
List price
$1.25M
Original List price
$1.25M
Price/Sqft
$649
HOA
$5,203
Days on market
-
Sold On
-
MLS number
25482631
Home ConditionPoor
Features
View-

About this home

We found 3 Cons,5 Pros. Rank: price - $1.25M(21th), sqft - 1926(47th), beds - 2(50th), baths - 3(50th).

Bring your developers or investors. Available at sellers loss. HOA is currently under ongoing Los Angeles County Superior Court ordered receivership with oversight for repairs, which has ordered priority to be given to Unit 303 and another. Legal paperwork can be made available for review. Buyers' investigation should include, but not limited to, necessary south-side structural building repairs @cityofbevhills and receiver proposal to effectuate repairs to the south side and to building. #cityofbevhills . Temporary emergency structural shoring (installed in early 2023) in 3 units. Light and bright front corner unit of 2 bedrooms and 2.5 bathrooms in an 11-unit building, in a premier Beverly Hills location. Large kitchen with center island. Living room and dining room combo with floor-to-ceiling French door windows. Center hall with a powder room/half bath. Also includes a private, large storage room. Hoa fee presently abated. Owner is a California licensed Real Estate agent and the listing agent. Remediation is underway.

Price History

Date
Event
Price
09/05/02
Sold
$685,000
07/03/97
Sold
$485,000
10/13/95
Sold
$435,000
Condition Rating
Poor
The property, built in 1994, is currently unlivable and requires substantial repairs and rehabilitation. The building itself is under court-ordered receivership due to severe structural issues, including temporary emergency shoring, as evidenced by the exterior images showing exposed framing and plastic coverings. Inside the unit, several images reveal rooms gutted to the studs with exposed ceilings and subflooring, indicating extensive demolition and a need for a complete rebuild of major interior components. While the kitchen cabinets are present, they are unfinished, and no appliances are visible, confirming it is not functional. The property has significant defects affecting safety and structural integrity, making it unsafe and uncomfortable to live in its current state, aligning with the 'Poor' condition criteria.
Pros & Cons

Pros

Premier Beverly Hills Location: The property is situated in a highly desirable and prestigious Beverly Hills location, offering excellent access to amenities and a strong market.
Spacious Corner Unit: As a light and bright front corner unit, it offers more natural light, privacy, and a generous living space of 1926 sqft compared to interior units.
Desirable Interior Features: The unit boasts a large kitchen with a center island and a living/dining room combo featuring floor-to-ceiling French door windows, enhancing its appeal.
Private Large Storage Room: The inclusion of a private, large storage room is a valuable and often sought-after amenity for condo residents.
Developer/Investor Opportunity: Explicitly marketed for developers or investors, suggesting potential for significant value creation or return on investment once the building's issues are resolved.

Cons

Severe Structural Issues & HOA Receivership: The building is under Los Angeles County Superior Court ordered receivership due to necessary south-side structural repairs, including temporary emergency shoring, indicating significant and costly building-wide problems.
Extremely High Underlying HOA Fees: The stated association fee of $5,203.00 per month is exceptionally high, and while currently abated, will resume and likely increase further to cover extensive repair costs and potential special assessments.
Uncertainty of Repair Scope, Cost, and Timeline: Despite remediation being underway, the full financial and logistical implications for buyers regarding the structural repairs are substantial and largely unknown, posing significant risk and potential for future financial burden.

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