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Recession Special: Historic Pasadena Water Tower

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A reader forwards this interesting listing for a bank-owned water tower that's asking $320,000. More via the listing: "This exceptionally unique home was converted from a water tower to a residence in 1924. Architect Frederick Roehrig [Green Hotel] designed this property to match the adjacent mansion (not included). Tree-top and city views are included in the 360 degree view from the top floor and other floors. Its located on a woodsy lot. Be adventurous, creative, romantic and live in this landmark property. Private patio, two balconies, hardwood floors, arched and oval windows." And it's listed far below previous sale prices. Notably, it sold in 2000 for $444,000. According to an undated LA Times story, the 1891 wood-shingle water tower was built to serve Grace mansion, the adjoining residence.
· 70 Grace Terrace [Redfin]
· High-Rise [LA Times]