Author: TheArcadian
May 11, 2008
Zip Codes: 91006, 91007
Current Market Listings as of May 10th, 2008*
Properties for Sale: 218 (+0)
Median Listing Price: $779,000 (-0.38%)
Weekly Foreclosure Update*
Properties in Foreclosure: 23 (-1)
Properties in Pre-Foreclosure: 65 (-1)
*+/- is compared to previous week’s data.
495 days and counting. That’s how long the property below has been listed on the market. It’s a newly built detached townhome and from the way it looks, this home has been standing vacant for over a year (when it was first listed).
519 S. 5th Ave. #C
Arcadia, CA 91006
Listing Price: $768,000
Beds: 3
Baths: 2.5
Sq. Ft.: 2,002
$/Sq. Ft.: $384
This property’s listing price history is equally as impressive as its time on the market.
| Date | Price |
| Jan 26, 2007 | $779,000 |
| Feb 02, 2007 | $789,000 |
| Feb 24, 2007 | $809,000 |
| Apr 11, 2007 | $808,900 |
| Apr 29, 2007 | $819,000 |
| Jul 11, 2007 | $818,000 |
| Sep 04, 2007 | $798,000 |
| Oct 12, 2007 | $758,000 |
| Oct 16, 2007 | $718,000 |
| Nov 01, 2007 | $728,000 |
| Nov 02, 2007 | $739,000 |
| Nov 09, 2007 | $738,000 |
| Dec 19, 2007 | $769,990 |
| Dec 19, 2007 | $769,000 |
| Jan 11, 2008 | $729,000 |
| May 03, 2008 | $768,000 |
There are 13 units in this cluster of townhomes. From what I can see, the investor/developer who built these can’t afford to sell them for under $700,000. We profiled unit #B back in April that one eventually sold for $735,000 after sitting for 400+ days on the market.
How many more months of interest will these investor(s) pay on their unsold homes? What was initially a profitable investment is turning out to be a big headache as these units continue to lose their value each week that goes by.
Property and foreclosure numbers obtained from U.S. Census, ZipRealty, Trulia, Yahoo Real Estate and Foreclosure.com. Market listings and price data obtained from DataQuick News.
This type of condo (PUD) is really popular in arcadia. Especially in the area of south of Huntington Dr. Recently I just pass by a property (866-898 S Golden West Ave, 3/2.5, PUD, 2004 or 2005, 2100 sqft something), and the broker was just putting the “SOLD” sign on it. Tge agent said it just sold to a Chinese using “CASH”. WOW 745k asking price!! Even after bargin, it still around that range I think. 700k cash, who can afford it? Corrupted Chinese people. I am a Chinese too…sue me if I’m wrong!!
Oh yea, I definitely see why some folks are attracted to these PUDs. You can get decent square footage for a much lower price compared to SFRs. There are many people who don’t mind having a 50sf yard (i.e. less maintenance!).