2610 torrey pines Rd C21, La Jolla, CA 92037

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.