Author: SavedbyGrace
April 2, 2008
| Asking Price | $1,888,000 | ::: | Sq-ft | 1,757 |
| Purchased Price | $1,350,000 | ::: | Lot Size | 0.58 acres |
| Purchased Date | 01/04/2008 | ::: | Beds | 3 |
| Days on Redfin | 2 | ::: | Baths | 2 |
| $/Sq-ft | $1,075 | ::: | Year Built | 1949 |
| 20% Downpayment | $377,600 | ::: | Area | Santa Anita |
| Income Required | $472,000/yr | ::: | Type | SFR |
| Est. Payment* | $9,546/month | ::: | MLS# | A08047321 |
*Estimated monthly payment assume 20% down, 30-yr fixed @ 6.50%
First and foremost, don’t be fooled by the picture. That’s not the picture of the house for sale – that’s a picture of the house across the street. The are pictures of other homes on the street as well, but I can’t tell if any of them show the actual property for sale. What a horrible listing.
“A very rare opportunity to build a custom luxury mansion in a highly desirable area. It is an excellent location as the neighborhood is surrounded by newly constructed multi-million dollar homes. A beautiful tree-lined street with an enormous lot, the frontage is approximately 100 feet wide. The existing plans reflect building a 7,600 square foot home here. A chance of a lifetime for the opportunity to build a custom, dream home & most certainly, a golden chance for investors. Please call for additional detailed information.”
This realtor gets 2 points for not writing in ALL CAPS and using the annoying exclamation points!!! But I’m going to deduct 100 points for lying through her teeth. This is a 59 year old house next to the drainage ditch asking for $1,075/sq-ft. If stating that this is “most certainly, a golden chance for investors” isn’t a lie, I don’t know what is. These sellers are obviously looking for an even bigger knife-catcher to bail them out.
Purchase Price $1,350,000
Purchase Date 01/04/2008
Loan $1,080,000
Downpayment $270,000
Let’s look at some rental comparisons. With other 3bed, 2bath SFRs in Arcadia like this and this renting for $2000/month, this property is wayyy over-priced. The numbers are so out of whack I had to check it twice because I couldn’t believe my eyes.
Asking Price $1,888,000
Rental Equiv $2,000
GRM 944
$2,000 x 180 GRM = $360k
$2,000 x 200 GRM = $400k
$2,000 x 225 GRM = $450k
$2,000 x 250 GRM = $500k
For $1,888,000 you’d think you’d be buying the custom home in the description – not the lot with the old house on it. These sellers are attempting to make $538k in 3 months; that’s over $6,000/day. This is absurd. There are no other words to describe it.
Hello there, I just found your blog and I’m glad I did! Do you happen to know of any blogs like yours that focus on the cities of Pasadena and South Pasadena? Keep up the great work!
Thanks! I don’t know of one and you’re not the first reader to ask. There are others who have expressed their interest in a Pasadena/S.Pasadena housing blog. I have considered starting one, but it takes a lot of time to run a blog and I’m not sure I want to sign up for double duty right now. I’ll re-evaluate the situation if the demand for one continues to increase.
Although it is not a very active blog, it is however dedicated to Pasadena market:
http://www.up2daterealestate.com/
I came across this several months ago, but didn’t like the site. It’s run by real estate brokers who could benefit (financially) from pushing transactions. From what I saw, it’s mostly sugar-coated realtor mish-mash.
Even just to be in line with the other optimistic listings, this place should be listed between $1.0M and $1.1M, methinks. And while nominal lot value might be close to that $1.0-$1.1M, the new owner would still have to teardown the existing structure, etc. This listing is such a scam.
I think us readers are already impressed with your and the Arcadian’s ability to maintain the Arcadia housing blog at such a high level while juggling real jobs. Starting completely new blogs dedicated to other areas would probably end your personal lives as you know it.
But perhaps instead of creating separate websites, you could form a SGV category where you would feature properties or comment on trends in neighboring cities like San Marino, Pasadena, etc. every so often? Also, how would you feel about readers sending you guys listings to analyze from other neighboring cities? I think the information and insight that you offer on this site is incredible and could benefit a lot of people who are looking for homes in cities that are comparable to Arcadia.
Just a suggestion, don’t want to overwhelm you guys with even more work. You’re already doing a great job and offering a valuable public service with this blog!
I think it’s a great idea. Thanks for your suggestion and we’ll discuss that at our next meeting. I’m glad you’re voicing your opinions and suggestions. It really helps us to steer this site towards what our reader base would like to see. I can’t guarantee that we’ll be able to accomodate it, but if anyone else has suggestions – please send them our way.
Thanks
Who the hell is still buying at this ridiculous price in 2008 except taking back by the bank at loan balance?
The purchase price $1,350,000 on 01/04/2008 appears to be a REO by the bank. Or, is there indeed still flipper doing this, and bank is backing this stupidity?
The picture shown is the house across to the listed house. I think it is not appropiate because it mislead people for the house information.
[...] profiled this house a month ago when it was asking for an even more ridiculous $1,888,888. At the time, the lame realtor had posted a picture of the house across the street and after a [...]