509 E 97th Street, Inglewood, California 90301, Inglewood, 90301 - 1 bed, 1 bath
ACTIVE$749,999
509 E 97th Street, Inglewood, California 90301
1Bed
1Bath
560Sqft
7,523Lot
Year Built
1921
Close
-
List price
$750K
Original List price
$800K
Price/Sqft
$1,339
HOA
-
Days on market
-
Sold On
-
MLS number
WS24222544
Home ConditionTear down
Features
View-
About this home
Possibly Over-Priced:The estimated price is 8% below the list price. We found 3 Cons,6 Pros. Rank: price - $750.0K(21th), sqft - 560(7th), beds - 1(7th), baths - 1(21th).
This property has great land value! All information deemed reliable but not guaranteed.
Price History
Date
Event
Price
11/21/13
Sold
$165,000
Condition Rating
Tear down
Built in 1921, this property is over 100 years old. The listing description explicitly highlights 'great land value' and the property analysis notes 'Advanced Age and Condition,' stating it 'likely requires extensive modernization, repairs, and updates to its systems and aesthetics.' The absence of interior photos, especially for the kitchen and bathroom, further suggests these areas are in very poor, unpresentable condition. Given the age, the emphasis on land value, and the implied extensive work needed, the structure is likely beyond economical repair, making its value primarily in the land.
Pros & Cons
Pros
High Available Lot Utilization: The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 7523, living area = 560.
Exceptional Land Value & Development Potential: The property boasts a generous 7,523 sqft lot, explicitly highlighted for its 'great land value,' offering significant potential for expansion, an ADU, or redevelopment in a desirable area.
Strategic Location in a Growth Hub: Situated in Inglewood, a rapidly appreciating area benefiting from proximity to major entertainment venues like SoFi Stadium, The Forum, and the upcoming Intuit Dome, ensuring strong future demand.
Recent Price Adjustment: A recent price reduction from $799,999 to $749,999 indicates a motivated seller and presents a more attractive entry point for potential buyers.
Detached Single-Family Residence: Despite its modest size, the property is a standalone single-family home, offering privacy and greater flexibility for renovation or expansion compared to attached units.
Strong Investment Opportunity: The combination of a large lot, prime location, and development potential positions this property as an excellent long-term investment for appreciation and future value creation.
Cons
Limited Living Space: The existing home is very small at only 560 sqft, which may not accommodate the needs of most families or individuals seeking a primary residence without significant expansion.
Advanced Age and Condition: Built in 1921, the property is over 100 years old, suggesting it likely requires extensive modernization, repairs, and updates to its systems and aesthetics.
Discrepancy with Estimated Value: The current list price of $749,999 is notably above the estimated property value of $686,447.3, potentially indicating an overvaluation in the current market.