|Purchased Price||$758,000||:::||Lot Size||10,500|
|Days on Redfin||3||:::||Baths||4.5|
|20% Downpayment||$331,600||:::||Area||Santa Anita|
*Estimated monthly payment assume 20% down, 30-yr fixed @ 6.50%
“Brand New home in a quiet cul-de-sac, great curb appeal, 4 spacious bedroom suits, (two upstairs, two downstairs), 4.5 baths, family room overlooking backyard, upstairs tatami room and 2nd family room (or den), high ceiling, grand entry, kitchen with two refrigerators and all stainless steel applicance, butler pantry, bamboo floors throughout, finished garage can be used as gym, two A/C units, Arcadia schools, A must see!”
Last week we wrapped up our mini-series on Empty McMansions. Just a week later I see yet another brand new 2008 construction up for sale. This one is a 5000 sqft monster asking for a mere $1,658,000 in this bustling RE market. Interestingly enough, this new construction is of a different style and looks nothing like the other Spanish-Mediterranean style homes that have become so common for these types of projects.
I’ve been looking at the picture for a few minutes now and cannot figure out how a car is suppose to get in and out of that garage. In the description it says “finished garage can be used as a gym” so if it’s not convenient for vehicles to be parked in the so called garage, why even call it a garage? Just call it a gym and put in a real wall instead of a garage door. From the overhead view on Redfin, the lot is an odd triangle shape and the framing of the house appears to be built out almost to the edge.
The asking price is $1,658,000 for this new construction. A buyer purchasing this would need almost a third of a million dollars for a 20% downpayment and make over $400,000/yr to pay carrying costs of roughly $12,000/month that include the mortgage payment, insurance, maintenance and property tax. What percentage of the population is able and willing to take on this property at the current asking price? Who is this seller fooling? Potential buyers or himself?