Comments on: Flip ‘n Flop http://www.arcadiahousingblog.com/2008/02/06/flip-n-flop/ Tracking the Arcadia and San Gabriel Valley Housing Market Sat, 04 Feb 2012 08:44:24 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: And the prices come tumbling… | Arcadia Housing Blog http://www.arcadiahousingblog.com/2008/02/06/flip-n-flop/comment-page-1/#comment-4104 And the prices come tumbling… | Arcadia Housing Blog Tue, 12 Aug 2008 13:01:51 +0000 http://www.arcadiahousingblog.com/2008/02/06/flip-n-flop/#comment-4104 [...] profiled this property back in February when AHB was just getting started. At the time, its DOM (days on market) was 101 [...] [...] profiled this property back in February when AHB was just getting started. At the time, its DOM (days on market) was 101 [...]

]]> By: $1,180,000 for Dirt | Arcadia Housing Blog http://www.arcadiahousingblog.com/2008/02/06/flip-n-flop/comment-page-1/#comment-2688 $1,180,000 for Dirt | Arcadia Housing Blog Thu, 05 Jun 2008 13:01:03 +0000 http://www.arcadiahousingblog.com/2008/02/06/flip-n-flop/#comment-2688 [...] 725 Tiffany Terrace [...] [...] 725 Tiffany Terrace [...]

]]> By: SavedbyGrace http://www.arcadiahousingblog.com/2008/02/06/flip-n-flop/comment-page-1/#comment-783 SavedbyGrace Fri, 14 Mar 2008 14:52:32 +0000 http://www.arcadiahousingblog.com/2008/02/06/flip-n-flop/#comment-783 Home values are determined by market fundamentals (see here http://www.arcadiahousingblog.com/2008/01/29/market-fundamentals/) such as income, supply & demand and comparable rents. The incomes in Arcadia do not support this price, there is plenty of pent up demand and you can definitely rent a similar house for less money. I do not make $250k/yr, but if I did, this wouldn't be the house I'd want to live in haha :) Home values are determined by market fundamentals (see here http://www.arcadiahousingblog.com/2008/01/29/market-fundamentals/) such as income, supply & demand and comparable rents. The incomes in Arcadia do not support this price, there is plenty of pent up demand and you can definitely rent a similar house for less money.

I do not make $250k/yr, but if I did, this wouldn’t be the house I’d want to live in haha :)

]]> By: AClover http://www.arcadiahousingblog.com/2008/02/06/flip-n-flop/comment-page-1/#comment-779 AClover Fri, 14 Mar 2008 07:48:58 +0000 http://www.arcadiahousingblog.com/2008/02/06/flip-n-flop/#comment-779 Listing agent told us that there are 3 offers waiting for the approval from the bank. One is at $950K, one is at $930K, and the third one is the all-cash offer at $900K. Thank about it, this propety was sold in 10/1996 at $470K, which is the bottom of last real estate cycle. simply 2x at $940K now after 11.5 years would be quite reasonable. Listing agent told us that there are 3 offers waiting for the approval from the bank. One is at $950K, one is at $930K, and the third one is the all-cash offer at $900K.

Thank about it, this propety was sold in 10/1996 at $470K, which is the bottom of last real estate cycle. simply 2x at $940K now after 11.5 years would be quite reasonable.

]]> By: SavedByGrace http://www.arcadiahousingblog.com/2008/02/06/flip-n-flop/comment-page-1/#comment-65 SavedByGrace Thu, 07 Feb 2008 08:05:46 +0000 http://www.arcadiahousingblog.com/2008/02/06/flip-n-flop/#comment-65 I too have seen other homes in more desirable locations like the Highlands, Santa Anita Oaks and Peacock Village at around the same price range. This property may very well even dip below $650k when all is said and done, but only time will tell. I too have seen other homes in more desirable locations like the Highlands, Santa Anita Oaks and Peacock Village at around the same price range. This property may very well even dip below $650k when all is said and done, but only time will tell.

]]> By: phantom600rr http://www.arcadiahousingblog.com/2008/02/06/flip-n-flop/comment-page-1/#comment-64 phantom600rr Thu, 07 Feb 2008 07:06:56 +0000 http://www.arcadiahousingblog.com/2008/02/06/flip-n-flop/#comment-64 There are quite a few 2500-3000 ft2 houses in arcadia with about 15,000 ft2 lots for about $1M. Some are actually in the highland oaks area (northern part of arcadia). For a dated property like this that's sitting on only a 8600 ft2 lot, it's well overpriced, especially with its proximity to monrovia boundaries. I see this property going back to $650-$700k. There are quite a few 2500-3000 ft2 houses in arcadia with about 15,000 ft2 lots for about $1M. Some are actually in the highland oaks area (northern part of arcadia). For a dated property like this that’s sitting on only a 8600 ft2 lot, it’s well overpriced, especially with its proximity to monrovia boundaries. I see this property going back to $650-$700k.

]]> By: SavedByGrace http://www.arcadiahousingblog.com/2008/02/06/flip-n-flop/comment-page-1/#comment-58 SavedByGrace Thu, 07 Feb 2008 00:57:14 +0000 http://www.arcadiahousingblog.com/2008/02/06/flip-n-flop/#comment-58 I never said it wasn't a nice house. I just don't think it's worth anywhere near a million dollars. Do you think it's nice enough to warrant that price tag? Even if you did, comparable homes in the same area can be rented for far less than $5,000+ month. I never said it wasn’t a nice house. I just don’t think it’s worth anywhere near a million dollars.

Do you think it’s nice enough to warrant that price tag? Even if you did, comparable homes in the same area can be rented for far less than $5,000+ month.

]]> By: SavedByGrace http://www.arcadiahousingblog.com/2008/02/06/flip-n-flop/comment-page-1/#comment-57 SavedByGrace Thu, 07 Feb 2008 00:54:31 +0000 http://www.arcadiahousingblog.com/2008/02/06/flip-n-flop/#comment-57 I'm seeing a bit of schadenfruede here haha. Your patience will pay off. You've been waiting since 2001 so what's another few years. Way to go! It's great to see another well-informed sideline buyer waiting out the market in the SGV area. I'm glad you enjoy the site :) I’m seeing a bit of schadenfruede here haha. Your patience will pay off. You’ve been waiting since 2001 so what’s another few years. Way to go!

It’s great to see another well-informed sideline buyer waiting out the market in the SGV area. I’m glad you enjoy the site :)

]]> By: Patism http://www.arcadiahousingblog.com/2008/02/06/flip-n-flop/comment-page-1/#comment-56 Patism Wed, 06 Feb 2008 23:09:31 +0000 http://www.arcadiahousingblog.com/2008/02/06/flip-n-flop/#comment-56 Don't listen to him. It's a nice house. Don’t listen to him. It’s a nice house.

]]> By: Mark http://www.arcadiahousingblog.com/2008/02/06/flip-n-flop/comment-page-1/#comment-55 Mark Wed, 06 Feb 2008 22:39:31 +0000 http://www.arcadiahousingblog.com/2008/02/06/flip-n-flop/#comment-55 <blockquote cite="If you made almost a quarter of million dollars a year, would you plunk down $200k on a $1million dollar property off 8th street near Monrovia?"> .... I make $200k+ a year and wouldn't buy this piece of junk. I've been living in the same condo I bought in 1997 out of foreclosure for $170k in Pasadena and have been sitting on the sidelines since 2001 since I've been hesitant to enter the RE market even though I could afford to buy a 1 to 1.5 million home with 20-30% down since I knew we were in a bubble and have been waiting since then for it to deflate as it currently is. I don't care if my condo, which neighbors were selling exactly the same unit for $580k in early 2006, goes down to $300k in 2-4 years, I'll still be up due to my well-informed and intelligent timing of entering the market in 1997. Once I detect a bottom in the market I will buy a $1-1.5 million house in Pasadena...and it'll be the same house that's currently bubbled to $2-2.5 million right now. I will then rent my condo out for a couple of years until the market recovers a bit (at normal 3-6% yearly compounded appreciation rates, not 20% bubble rates). I just can't wait until I get to move into my 1-1.5 million dollar house where "squatters" have been living in and have kept me out of since 2001, when Bear Stearns offered them the opportunity to become SQUATTERS in __MY__ house and kept me out of it. Revenge on these irresponsible delusional squatters will be sweet. Thanks for working on this blog, it's better for me than the Irvine Housing Blog since it's closer to my target area in Pasadena which I love so much. Irvine has so many tract new homes, so their market it quite different than established nice areas of the SGV like Pasadena (south of the 210) or Arcadia.

….

I make $200k+ a year and wouldn’t buy this piece of junk. I’ve been living in the same condo I bought in 1997 out of foreclosure for $170k in Pasadena and have been sitting on the sidelines since 2001 since I’ve been hesitant to enter the RE market even though I could afford to buy a 1 to 1.5 million home with 20-30% down since I knew we were in a bubble and have been waiting since then for it to deflate as it currently is.

I don’t care if my condo, which neighbors were selling exactly the same unit for $580k in early 2006, goes down to $300k in 2-4 years, I’ll still be up due to my well-informed and intelligent timing of entering the market in 1997. Once I detect a bottom in the market I will buy a $1-1.5 million house in Pasadena…and it’ll be the same house that’s currently bubbled to $2-2.5 million right now. I will then rent my condo out for a couple of years until the market recovers a bit (at normal 3-6% yearly compounded appreciation rates, not 20% bubble rates).

I just can’t wait until I get to move into my 1-1.5 million dollar house where “squatters” have been living in and have kept me out of since 2001, when Bear Stearns offered them the opportunity to become SQUATTERS in __MY__ house and kept me out of it. Revenge on these irresponsible delusional squatters will be sweet.

Thanks for working on this blog, it’s better for me than the Irvine Housing Blog since it’s closer to my target area in Pasadena which I love so much. Irvine has so many tract new homes, so their market it quite different than established nice areas of the SGV like Pasadena (south of the 210) or Arcadia.

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