Author: SavedbyGrace
April 10, 2008
| Asking Price | $749,800 | ::: | Sq-ft | 1,714 |
| Purchased Price | $245,000 | ::: | Lot Size | 6,790 |
| Purchased Date | 09/15/2000 | ::: | Beds | 3 |
| Days on Redfin | 41 | ::: | Baths | 3 |
| $/Sq-ft | $437 | ::: | Year Built | 1950 |
| 20% Downpayment | $149,960 | ::: | Area | Near El Monte |
| Income Required | $187,450/yr | ::: | Type | SFR |
| Est. Payment* | $3,791/month | ::: | MLS# | H08030314 |
*Estimated monthly payment assume 20% down, 30-yr fixed @ 6.50%
It never ceases to amaze me how greedy people can become when they have their eyes and heart fixated on a certain price point. No one told this dreamer that the real estate boom is over and they can no longer expect buyers to put up with ridiculous, unjustified prices. I don’t know what these sellers expect out of this because they sure aren’t getting anyone to bite. Three-quarters a million dollars for this dump!
Purchase Price $245,000
Purchase Date 09/15/00
Loan $171,500
Downpayment $73,500
After holding the property for almost 8 years, these people aren’t flippers. As a matter of fact, they put 30% down when they purchased the property so they are vested in the property. However, greed must have gotten the best of them because after 8 years they’ve listed the house for over triple their original purchase price. Triple!!
This isn’t in the best of areas since it borders north El Monte so location is not a factor. They supposedly remodeled the kitchen, but they probably did a bad job or used cheap materials because even a realtor with half a brain is smart enough to take pictures of a renovated kitchen. There’s nothing in this listing that tells me I should pay more than 3X what they current sellers paid less than 8 years ago.
At 3, 4 and 5% annual appreciation/inflation, this house would be worth…
3% $310,158
4% $335,299
5% $361,976
Instead of the mid-$300k, it’s listed at $749,800! If this doesn’t scream greed, I don’t know what does. This listing is downright insulting to buyers. Even someone not following the market as closely as some of you would agree that it’s insanely overpriced. What an outrage!
Yes, I agree that I tend to be quite insulted when I see listing prices like these. Does this seller really believe that someone would be foolish enough to pay almost $4k/month to live in a dated place like this?
I’m glad I’m not the only one who feels this way.
Well if it has 12 fruit-bearing trees, it must be worth it!
I wonder why they didn’t have the carpets ripped out to show off the hardwood floors?
Does that mean if they had 24 fruit-bearing trees that the asking price would be $800k+? haha
Maybe they figured someone could sell the oranges, peaches, and avocados to motorists at traffic lights in order to supplement their income in order to afford the mortgage on this overpriced place.
all the surrounding homes are around $300/sf so it should be listed around $550,000 so from that standpoint it’s overpriced at $750K. However I don’t think it’s reasonable to think it’ll go down to $350K. Even though it is a dump that’s located next to a major shopping center.
$550k may be the going price right now, but I would not be the least bit surprised if it drops down to the mid-high $300k in a few years.
Medium-sized, older house on a good-sized lot, if a corner one (minimizes the backyard). Anybody remember when houses had less square footage than their lots, and back yards more than ten feet deep?
I’d figure in the $300K range if they’re lucky. Unfortunately, when the crash bottoms out and overshoots (like it did in OC in 1997), they’ll be lucky to get their 2000 purchase price.