Comments on: $1,075/sq-ft on Norman Ave – Update http://www.arcadiahousingblog.com/2008/05/05/1075sq-ft-on-norman-ave-update/ Tracking the Arcadia and San Gabriel Valley Housing Market Sat, 04 Feb 2012 08:44:24 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: TheArcadian http://www.arcadiahousingblog.com/2008/05/05/1075sq-ft-on-norman-ave-update/comment-page-1/#comment-2470 TheArcadian Tue, 20 May 2008 05:32:12 +0000 http://www.arcadiahousingblog.com/2008/05/05/1075sq-ft-on-norman-ave-update/#comment-2470 Hi tom Glad to have you as a reader! I had a question regarding the advertisement on chinese newspaper. Is it normal for Taiwanese to advertise their home overseas? Btw, that living diety comment was a first. i love it. Hi tom

Glad to have you as a reader! I had a question regarding the advertisement on chinese newspaper. Is it normal for Taiwanese to advertise their home overseas?

Btw, that living diety comment was a first. i love it.

]]> By: tom http://www.arcadiahousingblog.com/2008/05/05/1075sq-ft-on-norman-ave-update/comment-page-1/#comment-2469 tom Tue, 20 May 2008 04:35:26 +0000 http://www.arcadiahousingblog.com/2008/05/05/1075sq-ft-on-norman-ave-update/#comment-2469 i was born in Arcadia in 1952. I lived on So. 1st ave for grades 1-12. Parents bought the house (3-2 5000 sq ft lot ) in 54 for $ 18,500 and sold it in 92 for $375,000. Thats normal appreciation but this market is abnormal even for the Chinese who look at money as a living diety. For the Chinese spending money is like killing the diety a little at a time.Mother still lives in Arcadia in a condo bought in 92 for $325,000. The condo peaked last year at $680.000 now it is $ 525,000 (maybe). When the time comes to sell we will advertize in a Chinese language newspaper in Taiwan. Just thought you would like to know. i was born in Arcadia in 1952. I lived on So. 1st ave for grades 1-12. Parents bought the house (3-2 5000 sq ft lot ) in 54 for $ 18,500 and sold it in 92 for $375,000. Thats normal appreciation but this market is abnormal even for the Chinese who look at money as a living diety. For the Chinese spending money is like killing the diety a little at a time.Mother still lives in Arcadia in a condo bought in 92 for $325,000. The condo peaked last year at $680.000 now it is $ 525,000 (maybe). When the time comes to sell we will advertize in a Chinese language newspaper in Taiwan. Just thought you would like to know.

]]> By: GP http://www.arcadiahousingblog.com/2008/05/05/1075sq-ft-on-norman-ave-update/comment-page-1/#comment-2159 GP Wed, 07 May 2008 02:47:27 +0000 http://www.arcadiahousingblog.com/2008/05/05/1075sq-ft-on-norman-ave-update/#comment-2159 That's exactly what I had in mind but I just want to be polite when I'm in someone else's home :) That’s exactly what I had in mind but I just want to be polite when I’m in someone else’s home :)

]]> By: SavedbyGrace http://www.arcadiahousingblog.com/2008/05/05/1075sq-ft-on-norman-ave-update/comment-page-1/#comment-2144 SavedbyGrace Tue, 06 May 2008 01:11:32 +0000 http://www.arcadiahousingblog.com/2008/05/05/1075sq-ft-on-norman-ave-update/#comment-2144 You say keep it. I'll say the heck with that - SHOVE IT. ;) You say keep it. I’ll say the heck with that – SHOVE IT. ;)

]]> By: SavedbyGrace http://www.arcadiahousingblog.com/2008/05/05/1075sq-ft-on-norman-ave-update/comment-page-1/#comment-2143 SavedbyGrace Tue, 06 May 2008 01:10:18 +0000 http://www.arcadiahousingblog.com/2008/05/05/1075sq-ft-on-norman-ave-update/#comment-2143 "When this phenomenon will stop remains to be seen." This has already started. Sales volume in Arcadia has dropped by half from the pre-bust numbers. Buyers, wealthy Asian or not, stop buying because they see what's going on in the market. Just like everyone else, they don't want to be left holding the bag on an illiquid asset that's worth less than what they would pay for it today. “When this phenomenon will stop remains to be seen.”

This has already started. Sales volume in Arcadia has dropped by half from the pre-bust numbers. Buyers, wealthy Asian or not, stop buying because they see what’s going on in the market. Just like everyone else, they don’t want to be left holding the bag on an illiquid asset that’s worth less than what they would pay for it today.

]]> By: GP http://www.arcadiahousingblog.com/2008/05/05/1075sq-ft-on-norman-ave-update/comment-page-1/#comment-2142 GP Tue, 06 May 2008 01:04:43 +0000 http://www.arcadiahousingblog.com/2008/05/05/1075sq-ft-on-norman-ave-update/#comment-2142 The wealthy Chinese or Taiwanese didn't get rich by being foolish. They work very hard for their wealth. I don't think they wouldn't study the local condition before putting down that kind of money. There are some other listing in the 90210 zip code that would be more realistic than this one. Keep it. The wealthy Chinese or Taiwanese didn’t get rich by being foolish. They work very hard for their wealth. I don’t think they wouldn’t study the local condition before putting down that kind of money. There are some other listing in the 90210 zip code that would be more realistic than this one. Keep it.

]]> By: TK Eng http://www.arcadiahousingblog.com/2008/05/05/1075sq-ft-on-norman-ave-update/comment-page-1/#comment-2141 TK Eng Mon, 05 May 2008 23:04:09 +0000 http://www.arcadiahousingblog.com/2008/05/05/1075sq-ft-on-norman-ave-update/#comment-2141 I know this area, there are many McMansions nearby made for wealthy foreigners. In fact, this listing agent deals mostly w/such type of buyers. The target market segment of this property is probably not your long time SoCal residents who are familiar with market history/housing condition. Instead, the seller is looking for a knife catcher from overseas, who will probably think in the context of land prices to places like Shanghai or Taipei. As long as wealth foreigners/recent immigrants are interested to live in Arcadia b/c of the school district, restaurants, ethnic market, etc., demand for Arcadia housing will be higher than other places (e.g. Monrovia) and some greedy sellers will continue to fish for knife catchers with outrageous prices. When this phenomenon will stop remains to be seen. I know this area, there are many McMansions nearby made for wealthy foreigners. In fact, this listing agent deals mostly w/such type of buyers. The target market segment of this property is probably not your long time SoCal residents who are familiar with market history/housing condition. Instead, the seller is looking for a knife catcher from overseas, who will probably think in the context of land prices to places like Shanghai or Taipei. As long as wealth foreigners/recent immigrants are interested to live in Arcadia b/c of the school district, restaurants, ethnic market, etc., demand for Arcadia housing will be higher than other places (e.g. Monrovia) and some greedy sellers will continue to fish for knife catchers with outrageous prices. When this phenomenon will stop remains to be seen.

]]> By: Sean http://www.arcadiahousingblog.com/2008/05/05/1075sq-ft-on-norman-ave-update/comment-page-1/#comment-2140 Sean Mon, 05 May 2008 17:35:33 +0000 http://www.arcadiahousingblog.com/2008/05/05/1075sq-ft-on-norman-ave-update/#comment-2140 The realtor says "A very rare opportunity to build a custom luxury mansion in a highly desirable area." That means they are asking 1.4M for .5 acres. Does anyone know how expensive it is to tear down a home? It's not as easy as putting it in a dumpster. You need to meet EPA requirements, you need to extract any asbestos via strict codes, etc... I see a nice 500K piece of property + 100K to clear the lot. Then you can build a custom 3000+ sq ft home for about ~600K. So you are back at 1.2M for a new home! Thus 1.4M for this old dump is a joke! Keep it. The realtor says “A very rare opportunity to build a custom luxury mansion in a highly desirable area.”

That means they are asking 1.4M for .5 acres. Does anyone know how expensive it is to tear down a home? It’s not as easy as putting it in a dumpster. You need to meet EPA requirements, you need to extract any asbestos via strict codes, etc…

I see a nice 500K piece of property + 100K to clear the lot. Then you can build a custom 3000+ sq ft home for about ~600K. So you are back at 1.2M for a new home!

Thus 1.4M for this old dump is a joke! Keep it.

]]> By: george8 http://www.arcadiahousingblog.com/2008/05/05/1075sq-ft-on-norman-ave-update/comment-page-1/#comment-2139 george8 Mon, 05 May 2008 17:19:07 +0000 http://www.arcadiahousingblog.com/2008/05/05/1075sq-ft-on-norman-ave-update/#comment-2139 I'm not familiar with the area, but is it in the middle of all multi-mil residences? Once the bubbly equity disappears and easy credit goes away, things turn upside down quickly. This is a potential foreclosure in the making, or is it a pre-foreclosure already? I’m not familiar with the area, but is it in the middle of all multi-mil residences?

Once the bubbly equity disappears and easy credit goes away, things turn upside down quickly.

This is a potential foreclosure in the making, or is it a pre-foreclosure already?

]]> By: TheArcadian http://www.arcadiahousingblog.com/2008/05/05/1075sq-ft-on-norman-ave-update/comment-page-1/#comment-2138 TheArcadian Mon, 05 May 2008 17:07:18 +0000 http://www.arcadiahousingblog.com/2008/05/05/1075sq-ft-on-norman-ave-update/#comment-2138 They hope someone who wants to build a "7,600 square foot home" will pick up this property. Since no investor is going to risk building a McMansion to flip in this market, their only chance is someone who wants to construct a custom home for their personal residence. All-in cost could easily exceed $2.2 - $3MM (land+construction)! They hope someone who wants to build a “7,600 square foot home” will pick up this property. Since no investor is going to risk building a McMansion to flip in this market, their only chance is someone who wants to construct a custom home for their personal residence.

All-in cost could easily exceed $2.2 – $3MM (land+construction)!

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