LA 'troll apartment' inside a bridge goes on the market for $250,000 - would ... trends now
One of the cheapest homes in a Los Angeles county has gone on sale for $250,000 - but there is just one catch.
The one-bedroom 450-square foot 'fixer-upper' is built into the side of a bridge.
The so-called 'troll apartment' in Alhambra, less than ten miles from downtown Los Angeles, is actually below street level and embedded into the bridge overlooking a stream.
But it is also one of only 11 properties in the county listed for under a quarter of a million dollars, according to listing agent Compass Real Estate.
Rampant inflation and Federal Reserve hikes have sent mortgage rates soaring and inflated rent costs across the country. At the beginning of this month, the average 30-year mortgage rose to 6.79 percent, according to Freddie Mac.
Southern California has been hit particularly hard by rising house prices, with the median sale price for a single-family house around $785,000 in the state. Buyers have been forced to move to far-flung suburbs, opt for much smaller properties near city centers, or consider more unusual options - like this 'quirky' bridge house.
The home on East Main Street in Alhambra, Los Angeles, is on the market for $250,000
The apartment has a 'rooftop patio' which is actually located at street level with only a metal fence separating it from the adjacent street
The property is listed as 'ideal for a young professional that wants to be close to downtown for work' and boasts a 'roof top patio which is perfect for entertaining.'
The 'roof top' patio is about the size of the home itself, and is located on street level above the stream with a metal fence separating it from the adjacent street.
The apartment is a 'cosmetic fixer' which is 'conveniently located to retail ships and good eats' and is an 'excellent opportunity to get into home ownership and build equity,' according to its listing.
Doug Lee, the agent with Compass Real Estate who listed the home for precisely $249,950 told the Los Angeles Times: 'We had no comparables … no similar properties. This is a very, very unique property.'
He said the apartment, which was built in 1949, had once belonged to his high school friend's parents, who bought it in 2005 for about $72,000.
The original plan was to build it in to a 'man cave' but the property has not been lived in for over 20 years so is in need of essential maintenance such as a $3,000 mold abatement job.
Lee told KTLA the home could do with some re-imagining to transform it into a 'modern treehouse.'
Instead of being put off by the unusual set up, he said people thought it was 'unique and cool.'
The home has been on the market for a few weeks, and Lee said he has been overwhelmed by the huge amount of interest in it.
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The 'fixer-upper', which is on the market for $250,000 has not been lived in for over 20 years
