Property listed by ROA California Inc, Gabriel Mendez [email protected]
$659,000
This is La Jolla’s most compelling real estate opportunity. Located just 0.9 miles from the sand at La Jolla Shores beach, this fully remodeled 2-bedroom, 2-bathroom condo presents a rare chance to secure coastal property significantly under market value. Listed at just $659,000, this unit offers an exceptional… Read More opportunity for cash buyers or fully DU-approved financing buyers to walk into over $200,000 of potential equity once HOA litigation is resolved. The property was purchased by a professional investor for $698,000 and underwent approximately $90,000 in renovations with modern finishes and design. It has never been lived in since the remodel was completed. Originally listed at $755,000, the price was adjusted to reflect the current legal status of the building, not the condition or value of the unit. The La Jolla Racquet Club complex is currently in active litigation and undergoing structural repairs. The HOA has already conducted engineering inspections and has retained McCormick Consulting to lead the repair and compliance process for SB 326. Critical repairs include garage stabilization, walkway shoring due to collapse risk, slope stabilization behind buildings C and D, and repairs to balconies, boiler rooms, stairwells, and other areas connected to the garage structure. The HOA passed an Emergency Special Assessment totaling $1,068,750, and Unit C21’s share is $18,750, due by September 1, 2025. Monthly HOA dues are currently $747.86. While a timeline for full repair completion depends on contractor availability and funding, discussions from recent community board meetings suggest the resolution process could conclude within the next 6 to 12 months. These timelines are not guaranteed, and no formal documentation has been released by the HOA confirming completion dates. The unit itself is stunning and turn-key, featuring brand-new kitchen appliances, an open concept layout, updated bathrooms, and in-unit laundry, which is a common and approved feature at LJRC. The remodel was completed with HOA awareness and in compliance with expected standards. Specific records are available through Prescott Management upon request. The litigation includes four unresolved lawsuits, one recently filed, and potentially two more under consideration. One of the active cases was brought by a unit owner named Sally Ly, involving her request to install an electric vehicle charger and an alleged discrimination claim. This lawsuit is being handled by the HOA’s legal team and insurance provider, and it is not expected to have any financial impact on other unit owners. Buyers may review the case directly through the San Diego Superior Court Public Case Index by searching “La Jolla Racquet Club” under civil cases filed in San Diego County. The HOA has indicated long-term plans to enhance the complex beyond immediate structural needs, including tennis court upgrades, common area renovations, and modernization of systems like the central water boiler. The association is also exploring phased financial strategies and lender engagement to complete all necessary work. This offering is not for the average buyer, but for the right buyer who understands value and timing, this is an opportunity to own prime La Jolla real estate at a fraction of its true worth. Cash buyers are preferred due to the current litigation status. However, if you are submitting a financed offer, you must include a full DU approval with your offer confirming that your lender is aware of the active litigation. This is a serious sale by a motivated seller who is carrying a hard money loan on the project and is offering this property below replacement cost. This is not just a home, it is an investment in a future with built-in equity located in one of the most desirable coastal communities in California. Please read all disclosures before reaching out for additional information. Do not contact the agent regarding HOA information until you have read this description in full. Read Less
Property listed by ROA California Inc, Gabriel Mendez [email protected]
Listing Snapshot
Days Online
62
Last Updated
Property Type
Condominium
Beds
2
Full Baths
2
Square Ft.
1,204
Year Built
1966
MLS Number
PTP2504323
30 Days Snapshot Of 92037
$2.99M
+8%
(avg) sold price
42
+27%
homes sold
56
-12%
(avg) days on market
Snapshot
Area Map
Additional Details
Building
Built in 1966, Levels: One, Living area: 1204, 1 story, Architectural style: , Attached, Common walls: TwoCommonWallsOrMore
Community
Biking, DogPark, Foothills, Hiking, Park, Sidewalks, WaterSports
Cooling
None
Fireplaces
Electric
Home Owner's Association
Association fee: $695, Association amenities: Clubhouse, Pool, Racquetball, TennisCourts
Laundry
WasherHookup, ElectricDryerHookup, Inside
Pool
InGround, Association
Property
Zoning: ATTACHED, Hills, Neighborhood, PeekABoo
Sewer
PublicSewer
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Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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