Author: SavedbyGrace
February 16, 2008
| Asking Price | $1,149,000 | ::: | Sq-ft | 1,207 |
| Purchased Price | $816,000 | ::: | Lot Size | 19375 sqft |
| Purchased Date | 02/17/2004 | ::: | Beds | 3 |
| Days on Redfin | 150 | ::: | Baths | 1 |
| $/Sq-ft | $952 | ::: | Year Built | 1946 |
| 20% Downpayment | $229,800 | ::: | Area | Santa Anita |
| Income Required | $287,250/yr | ::: | Type | SFR |
| Est. Payment* | $5,809/month | ::: | MLS# | W07137114 |
*Estimated monthly payment assume 20% down, 30-yr fixed @ 6.50%
This is the most over priced house in Arcadia and probably the most over priced house I’ve ever seen. When I decided to sort by $/sqft in Redfin for this post, I was expecting to see many $4XX/sq-ft and maybe a handful of $6XX/sq-ft, but nothing prepared me for what I found.
A whopping $952/sq-ft. That’s no typo.
$1,149,000 for a 1,207 square feet 62 year old house.
This property was purchased almost exactly 4 years ago for $816,000 with 50% downpayment. Think about this for a minute. The owner plunked down $408,000 of cash to buy this and still owe the bank another $408,000. They dumped more money into the house when it was renovated 2 years ago and now they want to make $333k in just 4 years. That’s equivalent to making $83,250/yr after taxes. Do you think this is worth $1,149,000?
It’s been on the market for 5 months with just one price reduction ($48,800). There’s obviously no justification for this outrageous asking price. The granite counters in the kitchen don’t cost $333k. Perhaps it’s the non-landscaped yard or the old pool with green water that they hope will bring in an offer. If the seller or realtor is reading this blog, please leave a comment and let us all know why you’ve listed the house at this price. That is, if you can come up with a reason other than greed.
It’s another case of a delusional seller ignoring the market and hoping for a huge payoff. I wouldn’t pay half of the asking price for this house. Not half.
This is ridiculous! How can the person selling this home look ANYONE in the eye when sputtering out the price of this home and not feel like a complete shuckster! Ditto the realtor.
It’s amazing that this house is even listed at that asking price. People got greedy during the boom, but these folks are just down right out of their minds.
This is greed to the nth degree.
The only justification for the ridiculous ask price is the 19375 sqft size lot. I’m assuming the seller is hoping to find a delusional private builder who may want to tear the 1200 sqft structure down and put up a mansion. The fact that the property is cornering Santa Anita Ave (a high traffic street) does not help the price at all. The seller’s original $408k down is in cold water.
I drove by this house yesterday and the traffic noise is really quite loud. The grass is also overgrown compared to the picture above with the house looking almost unlivable (at least from the outside).
is it possible that this property can be subdivided/short platted into two/more parcels?
llking,
That’s a good question. A quick look at the property records shows a zoning of “LA ARR1YY”. I’m unfamiliar as to the interpretation of this code but I’ll scan through the city’s Municipal Code on Monday to see if it reveals anything.
I believe I have seen this house on my way to the Santa Anita Mall and can’t fathom the 1 Mil asking price for this property. Finally a housing blog near the San Gabriel Valley which is where I reside. Keep up the good work.
i’d pay it just for the green pool! HAHA! who would take a picture of that as a selling point?
I never understood the logic behind posting bad pictures for a property. Maybe it’s because I’m a bit of a photography nut, but these pictures are awful. They tell a story you don’t want to tell about the house. Then again, I don’t understand why so many realtors like to WRITE IN ALL CAPS to scream at buyers either.