Author: SavedbyGrace
April 29, 2008
| Asking Price | $575,000 | ::: | Sq-ft | 1,631 |
| Purchased Price | $628,000 | ::: | Lot Size | 0.26 acres |
| Purchased Date | 09/01/2004 | ::: | Beds | 2 |
| Days on Redfin | 11 | ::: | Baths | 2 |
| $/Sq-ft | $353 | ::: | Year Built | 1950 |
| 20% Downpayment | $115,000 | ::: | Area | North Arcadia |
| Income Required | $143,750/yr | ::: | Type | SFR |
| Est. Payment* | $2,907/month | ::: | MLS# | H08056514 |
*Estimated monthly payment assume 20% down, 30-yr fixed @ 6.50%
“This 3 bedroom 2 bathroom home has Hardwood Floors and Fireplace. Dinning room has a great view with an elegant touch for hosting. This home has a huge front and backyard excellent for gardening of enjoying the outdoors. Convenient to shopping center. Great school district. Short Sale subject to lenders approval.”
I wonder if “enjoying the outdoors” includes listening to the freeway noise and breathing in all that toxic air from the exhaust of the nearby cars. Today’s profile shows the current listing price of a house under that of the 2004 purchase price. This is yet another short sale in Arcadia and may or may not be approved by the lender.
Sales History
09/01/2004 $628,000
08/03/2001 $348,000
09/20/1995 $222,500
This propery sold for just above $200k near the bottom of the previous cycle and almost tripled in price in 9 years. Now it’s falling back to somewhere in between 2001 and 2004 prices. Just eyeballing it, the current asking price is around 2003 levels. In my opinion, it’s still overpriced.
It’s not something I’m seeing across the board in Arcadia as of yet, but we’ll probably start to see more 2004 rollbacks as we continue with the housing correction. Something like this will become the norm as we round out 2008 and move into 2009. This is sign of good progress, but don’t expect to find bottom anytime soon. Real estate cycles take years and it’s still early in the game.
5% increase compounded from 1995 to 2010, this property will be $462,560 in 2010.
However, I personally will not touch this for it is only 60 yards or so from 210. This distance is too short even for a short par 3.
george8….
I am thinking your estimate is high.
You may ask why, I got back to the 3x income equasion… 460k means the potential buyer is earning 150k plus a year, for a 2 bedroom house 60 yards from the freeway.
I just dont’ think this house appeals to someone in that income bracket, especially with the amount of competition on the market.
Perhaps 4% increase should be used instead. Then it will be $400,700 in 2010. ($222,500 compounded 1.04 15 times)
The location so close to the fwy is a deal killer. A few years ago when houses were flying off the shelves people were willing to overlook blemishes like this. Buy in the current enviroment with so many houses out there and little risk of housing prices going up, buyers can wait for the perfect house and houses like this will languish.
I’d have to agree. Now that buying means you have to hold the property or even LIVE in it, would you even put down $80,000 today (20% of $400k) to buy this home?
LA Smog is already a killer so living close to the highway with the increased noise and pollution is not a good investment at any price. If you knew you could own this home for $1 but you would soon get lung cancer because of it would you buy it? (Maybe a chain smoker might not care, but a family with small children should think twice.)
Also – Look at the drive way, it should have sloped away from the home. When it rains I bet the garage turns into a swimming pool.
wow. i just noticed that. Any chance the angle is warped due to how the photo was taken?
I think that’s why the driveway has that white mark at the garage-end. It could be all the sediment and whatnot.