Comments on: REO on Colorado for $265/sqft

By: AKR

AKR — Sun, 16 Mar 2008 17:25:07 +0000

SparkingWater. Can you please tell us how bad the noise from the street or freeway is inside and outside of this house since you have been there many times?

By: SparklingWater

SparklingWater — Fri, 14 Mar 2008 05:53:54 +0000

I’m a little shocked. I’ve been inside this house often a decade or so ago. Nice house, but the stairs were particularly narrow for the square footage; always thought it was odd. Not worth 850K, more like 600K.

By: Don’t Poke The Peacock | Redfin Los Angeles Sweet Digs

Don’t Poke The Peacock | Redfin Los Angeles Sweet Digs — Fri, 14 Mar 2008 02:35:09 +0000

[...] at $1,513,915. So it was with only partial surprise, to see the very same property featured on the Arcadia Housing Blog today as an exemplification of lending stupidity. It’s a great blog with a close analytical [...]

By: SavedbyGrace

SavedbyGrace — Thu, 13 Mar 2008 20:57:49 +0000

I go there with coworkers sometimes when we’re craving for some animal fries. The lines are horrendously long!

By: Anonymous

Anonymous — Thu, 13 Mar 2008 20:47:10 +0000

On the bright side, you can ride your bike down the street to Inn-n-Out and avoid the long lines.

By: SavedbyGrace

SavedbyGrace — Thu, 13 Mar 2008 19:44:12 +0000

Thanks for the tip Beachy. I left a comment pointing the readers to this site and hopefully that will break some misconceptions about the SGV market.

People need to understand these bubbles takes time to deflate and don’t “pop” like many believe. Markets rise during the boom at different times and in different magnitudes so why wouldn’t they fall at different times?

We are definitely seeing stress in the market and it’s unfortunate that the median price does not reflect it. It is often misleading during the early stages of a bubble because lower end markets are squeezed out sooner so the recorded median sales price goes up. It goes up because the remaining buyers are looking at high price points so naturally, those sales will push the median up. As the bubble continues to deflate, the median price will better reflect the market.

By: SavedbyGrace

SavedbyGrace — Thu, 13 Mar 2008 19:21:50 +0000

Maybe that’s when the bank took it back. It takes a couple of months for them to prepare a listing for a REO sale.

By: Beachy

Beachy — Thu, 13 Mar 2008 19:21:47 +0000

SBG, you might want to let the LA Times real estate blog see this. They are all but calling an end to the bubble in this price range – and used Arcadia as an example just the other day.

A tale of two markets: High end holding steady (Mar 12, 2008) http://latimesblogs.latimes.com/laland/

By: AKR

AKR — Thu, 13 Mar 2008 17:21:28 +0000

This REO is just two houses away from the 210 freeway. Other than that, it’s a pretty nice house. I don’t know why Zillow says it’s recently sold for $894,773 10/02/2007.