Author: SavedbyGrace
March 27, 2008
| Asking Price | $3,450,000 | ::: | Sq-ft | 4,711 |
| Purchased Price | $2,400,000??? | ::: | Lot Size | 0.89 acre |
| Purchased Date | 02/17/2006 | ::: | Beds | 4 |
| Days on Redfin | 146 | ::: | Baths | 5 |
| $/Sq-ft | $732 | ::: | Year Built | 1966 |
| 20% Downpayment | $690,000 | ::: | Area | Santa Anita Oak |
| Income Required | $862,500/yr | ::: | Type | SFR |
| Est. Payment* | $17,443/month | ::: | MLS# | 22101527 |
*Estimated monthly payment assume 20% down, 30-yr fixed @ 6.50%
I couldn’t find a previous sales price for this house, but it showed a transaction on 2/17/2006. According to the property tax it paid in 2007, it’s was probably purchased for around $2.4MM. Zillow currently has its “zestimate” for this property at $2.3MM.
As a comparison, it’s neighbor 945 Singing Wood (3 doors down with 25,000 sqft more land and an extra bedroom) sold on 11/08/07 – again price not shown (what’s going on with that?). Zillow shows a sale at $1.45MM seven years ago on 09/14/01 and has estimated values based on property taxes paid of $1.5MM, $1.57MM, $1.57MM and $1.60MM in 2004-2007. That’s a lot of numbers; let’s break this down.
The current seller wants $732/sqft or $3.45MM for this property. That’s down $265,000 from last November, but still insanely overpriced. This is a gorgeous property with an exceptional layout in an upscale community, but that doesn’t justify the ridiculous price.
A 20% downpayment for this asking price is about the same as many people’s entire home value. On top of that, I don’t know of too many people who can afford the $20k+/month carrying cost. Surely this isn’t just any normal home so it’s not for the average joe or middle class family, but don’t you think $3,450,000 is a little steep? We’re not along the coastline or in Beverly Hills – this is suburbia.
Obviously it was marketed for the high end buyer since they went all out with the professional photography and staging. Aside from the sky-high asking price, it’s a pretty good listing. Not that I can afford this now (or ever), but if I could I’d gladly pay up to $1.90MM for this beautiful house today. If it ever sells, I’ll give an update on the actual sales price.
I personally think the physical structure on this property has absolutely zero curb appeal. If it wasn’t for the beautiful front and backyard landscaping, this property would be quite a dud. Adding recessed lighting and probably removing the popcorn ceiling just doesn’t cut it. Maybe it’s just me, but I need to see “A HOUSE” if I’m going to pay upwards of $2M for a property.
Wow, even the Redfin comps suggest this place should be at $2.3M. The inside (and the outside for that matter) look way too sterile and unattractive.
Also, I don’t see how a built-in “entertainment center” is necessarily a plus these days (see the listing where the realtor gushes over it). You have to make your TV fit your furniture, rather than the other way around.
Is it just me, or is the wall between the den and the front door paper thin in picture #11? It makes me wonder if there is cheap construction/workmanship all around. Speaking of which the “dramatic entry” looks like it’s facing a blank white wall with a large mirror — please explain the drama there…
It is sterile, but cosmetics are somewhat easy to change. A warmer color palette inside with some changes to the decor could help with that. Outside hmm…that’s a bit harder to do. And I totally agree with entertainment centers…lame.
Personally, I like the layout of the house. It’s open, but not so open that it’s difficult to furnish; something I see a lot in the newer mcmansions. I particularly like the courtyard in the back and how the master suite is completely separated from the rest of the house.
This is one of my favorite streets in Arcadia.
Too funny about the professional pictures. Can’t you just see the owners thinking, “I bet if we spring for the pro pics, we’ll easily get another 600 grand out of this deal!”
Ha!
I think a “Dear Sellers” letter is in order
God bless variety. I was really surprised at how people are bagging on this house. I generally like “contemporary” or “modern” houses, so this is one of my favorite properties in the area. Because houses of that ilk are relatively rare outside of Hollywood and Malibu, they typically go to some fool like me who is willing to pay a premium for the look. What makes this particularly attractive is that you still get a kick-ass yard, a nice pool, etc. But there’s just no way in hell this thing sells for more than $2.5M.
Different strokes for different folks. If we were all the same, then we’d like all the same stuff and everything will look *gasps* like cookie-cutter homes.