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John Herkenrath

johnherkenrath@epiquerealty.com +1(310) 221-2910

$659,000

Est. payment - /mo

2 Beds

2 Baths

1,204 SqFt

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Key Details

Property Type Condo

Sub Type Condominium

Listing Status Pending

Purchase Type For Sale

Square Footage 1,204 sqft

Price per Sqft $547

MLS Listing ID PTP2504323

Bedrooms 2

Full Baths 2

Condo Fees $695

HOA Fees $695/mo

HOA Y/N Yes

Year Built 1966

Property Sub-Type Condominium

Property Description

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 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.

Location

State CA

County San Diego

Area 92037 - La Jolla

Zoning ATTACHED

Interior

Cooling None

Fireplaces Type Electric

Fireplace Yes

Laundry Washer Hookup, Electric Dryer Hookup, Inside

Exterior

Pool In Ground, Association

Community Features Biking, Dog Park, Foothills, Hiking, Park, Sidewalks, Water Sports

Amenities Available Clubhouse, Pool, Racquetball, Tennis Court(s)

View Y/N Yes

View Hills, Neighborhood, Peek-A-Boo

Private Pool Yes

Building

Entry Level One

Sewer Public Sewer

Level or Stories One

Schools

School District San Diego Unified

Others

HOA Name Torrey Pines Property Management, Inc.

Senior Community No

Tax ID 3465402832

Acceptable Financing Cash, Conventional, VA Loan

Listing Terms Cash, Conventional, VA Loan

Special Listing Condition Standard

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Listed by Gabriel Mendez ROA California Inc gabe@gabemendez.realtor

"John takes great pride in helping his clients through every step of the buying and selling process. Leveraging two decades of experience in pre-construction, new home sales and market sales exclusive representation. his vast knowledge in brokering home sales within luxury communities and new developments has proven invaluable to his clients."

+1(310) 221-2910

johnherkenrath@epiquerealty.com

8383 Wilshire Blvd #800 Beverly Hills CA 90211

2610 torrey pines road #C21 La Jolla, CA 92037

John Herkenrath

Key Details

Location

Interior

Exterior

Building

Schools

Others

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2610 torrey pines road #C21