Comments on: Supersized Trouble for Unsold McMansions http://www.arcadiahousingblog.com/2008/02/26/supersized-trouble-for-unsold-mcmansions/ Tracking the Arcadia and San Gabriel Valley Housing Market Sat, 13 Mar 2010 20:20:44 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: CivilSoccerCoach http://www.arcadiahousingblog.com/2008/02/26/supersized-trouble-for-unsold-mcmansions/comment-page-1/#comment-426 CivilSoccerCoach Wed, 27 Feb 2008 19:01:08 +0000 http://www.arcadiahousingblog.com/2008/02/26/supersized-trouble-for-unsold-mcmansions/#comment-426 Live Oak is Temple City soccer. I live in Arcadia and coach there. Civil Engineer by trade. I noticed that after my post yesterday the "ugly" TH found a camera. Live Oak is Temple City soccer. I live in Arcadia and coach there. Civil Engineer by trade.

I noticed that after my post yesterday the “ugly” TH found a camera.

]]> By: SavedbyGrace http://www.arcadiahousingblog.com/2008/02/26/supersized-trouble-for-unsold-mcmansions/comment-page-1/#comment-388 SavedbyGrace Tue, 26 Feb 2008 17:15:23 +0000 http://www.arcadiahousingblog.com/2008/02/26/supersized-trouble-for-unsold-mcmansions/#comment-388 CSC - The time for correction has come, but it will take a few years to sort out. You are correct regarding the increase of townhomes and detached condos in the area. I see many of these in both Temple City and Arcadia. They are the least desirable and will take the hit sooner and harder than the SFRs. I too have noticed the townhome property across from Big Lots for months and it doesn't look like it's going anywhere anytime soon. There's also a similar unit on Santa Anita, just north of Freer that's experiencing the same problem. I'm glad to have more locals on the board and happy you enjoy the blog. Are you one of those soccer coaches I see at Live Oak Park on the weekends? :) CSC – The time for correction has come, but it will take a few years to sort out. You are correct regarding the increase of townhomes and detached condos in the area. I see many of these in both Temple City and Arcadia. They are the least desirable and will take the hit sooner and harder than the SFRs.

I too have noticed the townhome property across from Big Lots for months and it doesn’t look like it’s going anywhere anytime soon. There’s also a similar unit on Santa Anita, just north of Freer that’s experiencing the same problem.

I’m glad to have more locals on the board and happy you enjoy the blog. Are you one of those soccer coaches I see at Live Oak Park on the weekends? :)

]]> By: CivilSoccerCoach http://www.arcadiahousingblog.com/2008/02/26/supersized-trouble-for-unsold-mcmansions/comment-page-1/#comment-386 CivilSoccerCoach Tue, 26 Feb 2008 15:06:53 +0000 http://www.arcadiahousingblog.com/2008/02/26/supersized-trouble-for-unsold-mcmansions/#comment-386 I have been living in Arcadia for 12 years and have seen incredible demographic shifts along with the quadrupling of home prices. This area needs prices to significantly drop so that families with kids come back. These big McMansions are displacing families (most of the McMansions are Chinese (questionable) money in safe American land investments). These people have few children but......I love the fact that they are paying extremely high property taxes for my four kids to go to some of the best public schools in the state. Each one of these $2.0 M homes is paying from $15k/year and up in property taxes. It is great!!!! Buy more of these McMansions!!! I hope that these fools continue to build their huge homes because with the economy retracting and the prices beginning to plummet and prices dropping it is getting very funny. Please use a (big) down payment so we can really enjoy your horrific situation as your mortgage goes upside down over the next four years. The latest trend in Arcadia area is the high number of new townhouse projects but they are just not selling. http://www.redfin.com/stingray/do/printable-listing?listing-id=1506150 This three unit TH has been sitting on the market (9 months) with big signs begging for buyers. Do you notice they don't have a camera to put a picture up? Because the TH is "UGGGGGLIE". I do not have the original listing but at $589k per door the builder/bank must be sweating bullets. A developer is building another TH up Baldwin by Lemon and that place looks like a 1950's style boarding house. No one will buy these places because people with money will not buy a $600k apartment. The smart money will wait until they can get a decent home without shared walls for $450k which I believe will happen by mid-2009. I would not be at all surprised to see these units in less than ten years be low priced (<$2,000) rentals after they drop in value and go back to the bank and then picked up by an investor for 50 cents on the dollar. Thanks for the blog. It is very enjoyable to read. I have been living in Arcadia for 12 years and have seen incredible demographic shifts along with the quadrupling of home prices. This area needs prices to significantly drop so that families with kids come back. These big McMansions are displacing families (most of the McMansions are Chinese (questionable) money in safe American land investments). These people have few children but……I love the fact that they are paying extremely high property taxes for my four kids to go to some of the best public schools in the state. Each one of these $2.0 M homes is paying from $15k/year and up in property taxes. It is great!!!! Buy more of these McMansions!!!

I hope that these fools continue to build their huge homes because with the economy retracting and the prices beginning to plummet and prices dropping it is getting very funny. Please use a (big) down payment so we can really enjoy your horrific situation as your mortgage goes upside down over the next four years.

The latest trend in Arcadia area is the high number of new townhouse projects but they are just not selling.
http://www.redfin.com/stingray/do/printable-listing?listing-id=1506150
This three unit TH has been sitting on the market (9 months) with big signs begging for buyers. Do you notice they don’t have a camera to put a picture up? Because the TH is “UGGGGGLIE”. I do not have the original listing but at $589k per door the builder/bank must be sweating bullets.

A developer is building another TH up Baldwin by Lemon and that place looks like a 1950’s style boarding house. No one will buy these places because people with money will not buy a $600k apartment. The smart money will wait until they can get a decent home without shared walls for $450k which I believe will happen by mid-2009. I would not be at all surprised to see these units in less than ten years be low priced (<$2,000) rentals after they drop in value and go back to the bank and then picked up by an investor for 50 cents on the dollar.

Thanks for the blog. It is very enjoyable to read.

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