Comments on: 290% Return in 4 months http://www.arcadiahousingblog.com/2008/05/23/290-return-in-4-months/ 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: Ken http://www.arcadiahousingblog.com/2008/05/23/290-return-in-4-months/comment-page-1/#comment-3409 Ken Tue, 15 Jul 2008 20:58:18 +0000 http://www.arcadiahousingblog.com/2008/05/23/290-return-in-4-months/#comment-3409 Flipper-man he greedy -- I say GREEDY! He no chop my dollar! He no make my money disappear! Flipper-man he greedy — I say GREEDY!

He no chop my dollar!
He no make my money disappear!

]]> By: Ellie http://www.arcadiahousingblog.com/2008/05/23/290-return-in-4-months/comment-page-1/#comment-2553 Ellie Mon, 26 May 2008 18:10:04 +0000 http://www.arcadiahousingblog.com/2008/05/23/290-return-in-4-months/#comment-2553 This is too funny. Who's dumber, the seller or eventual buyer? Just goes to show you there are plenty of knife catchers and risk takers still out there. A sure sign we have a lot more to drop. This is too funny. Who’s dumber, the seller or eventual buyer?

Just goes to show you there are plenty of knife catchers and risk takers still out there.

A sure sign we have a lot more to drop.

]]> By: T K Eng http://www.arcadiahousingblog.com/2008/05/23/290-return-in-4-months/comment-page-1/#comment-2516 T K Eng Fri, 23 May 2008 21:35:56 +0000 http://www.arcadiahousingblog.com/2008/05/23/290-return-in-4-months/#comment-2516 This seller won't be able to move this property unless she finds a knife catcher who is clueless about the housing market crash. Good luck. This seller won’t be able to move this property unless she finds a knife catcher who is clueless about the housing market crash. Good luck.

]]> By: puckhead http://www.arcadiahousingblog.com/2008/05/23/290-return-in-4-months/comment-page-1/#comment-2514 puckhead Fri, 23 May 2008 18:36:46 +0000 http://www.arcadiahousingblog.com/2008/05/23/290-return-in-4-months/#comment-2514 That "enclosed patio" as all the charm of a 1970's office building. That “enclosed patio” as all the charm of a 1970′s office building.

]]> By: TheArcadian http://www.arcadiahousingblog.com/2008/05/23/290-return-in-4-months/comment-page-1/#comment-2511 TheArcadian Fri, 23 May 2008 16:27:13 +0000 http://www.arcadiahousingblog.com/2008/05/23/290-return-in-4-months/#comment-2511 StillWaiting, I have definitely seen many investors go the route of splitting up a property into 2 parcels. This may have very well been the original intention. Unfortunately, many uninformed 'investors' don't understand how the process works. Just because an area is zoned for higher density doesn't mean the City will blindly allow you to cut up lots into multiple smaller ones. Unfortunately for this guy, the lot is narrow and no other properties on his street have been split up! http://www.redfin.com/CA/Arcadia/443-LAS-TUNAS-Dr-91007/home/7238878 StillWaiting,

I have definitely seen many investors go the route of splitting up a property into 2 parcels. This may have very well been the original intention.

Unfortunately, many uninformed ‘investors’ don’t understand how the process works. Just because an area is zoned for higher density doesn’t mean the City will blindly allow you to cut up lots into multiple smaller ones.

Unfortunately for this guy, the lot is narrow and no other properties on his street have been split up!

http://www.redfin.com/CA/Arcadia/443-LAS-TUNAS-Dr-91007/home/7238878

]]> By: GP http://www.arcadiahousingblog.com/2008/05/23/290-return-in-4-months/comment-page-1/#comment-2510 GP Fri, 23 May 2008 16:05:20 +0000 http://www.arcadiahousingblog.com/2008/05/23/290-return-in-4-months/#comment-2510 "he/she hopes to make a 290% return in just 4 months!" I think he/she may end up loosing all of the investment and then some. “he/she hopes to make a 290% return in just 4 months!”

I think he/she may end up loosing all of the investment and then some.

]]> By: StillWaiting http://www.arcadiahousingblog.com/2008/05/23/290-return-in-4-months/comment-page-1/#comment-2509 StillWaiting Fri, 23 May 2008 15:24:12 +0000 http://www.arcadiahousingblog.com/2008/05/23/290-return-in-4-months/#comment-2509 I have a theory on what the seller had in mind. The seller probably bought this property because of the large lot for development. Maybe, he was thinking of splitting the property into two to build two houses on it. I’m not sure about the numbers but if two new houses cost $600K to built then that would only be $1.2M total. He might be able to sell each house at $800K or more, which would give him a profit of $400K or more. I think the City rejected his proposal or he couldn’t find any investor. I have seen some of these in other cities. I saw a listing in Rosemead that falls into this scenario. The seller got the permit to separate the property and even have the plans to develop two new houses. But, he is currently selling the split lot separately for a little less than $400K each, which would cost the same ask this asking price. I have a theory on what the seller had in mind. The seller probably bought this property because of the large lot for development. Maybe, he was thinking of splitting the property into two to build two houses on it. I’m not sure about the numbers but if two new houses cost $600K to built then that would only be $1.2M total. He might be able to sell each house at $800K or more, which would give him a profit of $400K or more. I think the City rejected his proposal or he couldn’t find any investor. I have seen some of these in other cities. I saw a listing in Rosemead that falls into this scenario. The seller got the permit to separate the property and even have the plans to develop two new houses. But, he is currently selling the split lot separately for a little less than $400K each, which would cost the same ask this asking price.

]]> By: Patomusa http://www.arcadiahousingblog.com/2008/05/23/290-return-in-4-months/comment-page-1/#comment-2508 Patomusa Fri, 23 May 2008 14:18:23 +0000 http://www.arcadiahousingblog.com/2008/05/23/290-return-in-4-months/#comment-2508 I'm not familiar with this area but... If I was smart enough to have save $155,000 for the downpayment and make $200,000/yr I wouldn't put my family in a 2 bed 1 bath 1K sq ft box!!! Where this seller thinks he is going to find any buyers???? I’m not familiar with this area but… If I was smart enough to have save $155,000 for the downpayment and make $200,000/yr I wouldn’t put my family in a 2 bed 1 bath 1K sq ft box!!! Where this seller thinks he is going to find any buyers????

]]> By: george8 http://www.arcadiahousingblog.com/2008/05/23/290-return-in-4-months/comment-page-1/#comment-2507 george8 Fri, 23 May 2008 14:01:24 +0000 http://www.arcadiahousingblog.com/2008/05/23/290-return-in-4-months/#comment-2507 This flipper is so daring and smart - he skipped the pergraniteel face-lift phase and directly jumped to profit taking. Let's smack him with a 2x4. Wake up. This flipper is so daring and smart – he skipped the pergraniteel face-lift phase and directly jumped to profit taking.

Let’s smack him with a 2×4. Wake up.

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