Home for Sale at 190 Pacific Street, Tustin, CA 92780

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190 Pacific Street
Tustin, CA 92780

Albert Ricci with Ricci Realty, original listing - (714) 633-3600

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Property Details

List Price:	$1,349,900
Beds:	3
Baths:	Full: 1
Status:	Active
SqFt:	1446 Square Feet
Agency:	Ricci Realty
Agency Phone:	(714) 633-3600

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Description/Comments

Lot Size:	0 acre(s)
Property Type:	Residential-Single Family Residence
Year Built:	1940
Notes:	Welcome to the historic old town of Tustin! Charming 1940 craftsman bungalow with all the charm of yesteryear located on a 12,000+ sq.ft lot! Build your adu or units as the city permits. The wood split rail fence encloses a front-yard full of color that accentuates the full-width front porch. A sitting area to enjoy the sights and sounds of the old town. The large living room features wood floors, plaster walls, and a fireplace flanked with custom bookcases. The dining area has the original carriage porch doors with sidelights that served as the main entrance to drop off the homeowner before the horse and carriage entered the barn. Classic built-in china hutch with display cabinet and silverware drawers. 2 bedrooms with walk-in closets with built-in dressers/drawers. A tile-accented tub/shower bath with vintage medicine cabinet. Newer mini split heater/air conditioners to relax in comfort while saving money. A family room and 3rd bedroom have been added over the years to provide for more living area. The bedroom has a triple-wide mirrored closet and can easily accommodate a king-sized bedroom set. The kitchen has stainless appliances, including a convection double oven, a built-in 5-burner gas range, a dishwasher, custom tile counters, and a backsplash. A convenient laundry room and storage sheds, even a chicken coop. Grow your own limes, lemons, apricots, and peaches. This lot is 50 ft wide by 242 ft deep, a rare find with future development possibilities, or just your own farm! Two structures at the back of the lot, one used as an office and one for additional storage.
MlsNumber:	--
ListingId:	PW24206602

Listing Provided By:	Ricci Realty, original listing
Phone:	(714) 231-6058
Office Phone:	(714) 633-3600
Agent Name:	Albert Ricci
Disclaimer:	Copyright © 2024 California Regional Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

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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.

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.

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