Author: TheArcadian
June 19, 2008
Holy cow! I can’t keep up with all the new $2,000,000+ listing that keep popping up every other day. This will be an interesting Summer as all the folks who can’t afford their McMansions anymore try to pawn it off to a lucky clueless buyer. Heck, some of them will even try to make a buck or two during the process….
2428 S 2nd Ave
Arcadia, CA 91006
Asking price? A whopping $3,188,000 (478/sf)!
You are in fact getting a lot of home for the money:
- Beds: 6
- Baths: 6.5
- Sq. Ft.: 6,671
It is possible to squeeze 3 families into a home this size. Unfortunately, similar to other million dollar plus homes I’ve profiled, privacy is not something $3MM+ will buy you. This house is sitting on a tiny 1/3 acre:
In fact, if you carefully look, only a 5′+ wall separates you from the neighbor’s backyard (also another McMansion).
At $3,188,000, this seller want to make a cool $500,000 on his investment.
SALES HISTORY
Date Price Appreciation
May ’91 $340,000
Oct ’96 $80,000 -23.6%/yr
Nov ’04 $713,000 31.2%/yr
Nov ’06 $2,688,000 92.5%/yr
This is ridiculous. Even in extraordinarily pricey areas, $3.2MM can buy you more than a over-sized home. Take Newport Coast for instance. You’re money won’t go too far in this community, but dollar for dollar you at least get a view of the Pacific Ocean.
6 Dolomiti
Newport Coast, CA 92657
wow. 3M, 1/3 acre.
And with the NC house, you don’t have to run the AC much, and the air quality is much, much better.
How do the schools in Arcadia compare with Corona del Mar?
wow.
CDM 2007 API ratings are slightly above Arcadia’s. Search google for California High School API ratings and it’s the first link that comes up.
The listing agent for this McMansion is one of the top performers in SGV, best known for selling McMansions to Asian immigrants. W/the PRC govt. increasing fuel/electricity costs by 17% today, there may be hope that demand from the nouveau riche McMansion buyers will slow down signficantly in the coming months.
Keep up the good work… one suggestion would be to profile something in Monrovia, Temple City, and San Marino… i.e. how are other areas doing…
Apparently, the Royal Bank of Scotland has issued a impending Global markets crash warning, and states it will occur Aug/Sept/Oct…. check the BBC…
However, I still think it is scary that only a few people are aware of what is really going on…
Thanks for the support! Great idea. Tomorrow’s post will compare a Arcadia and Temple City home listing for $630k. I’ll expand to other cities in the coming weeks. It’s always good to know how far you will will go in neighboring cities…
Ignore the Royal Bank of Scotland , there will be no stock market crash. Stocks are selling at very low historical valuations already.
If there is a crash it will be in commodities and nose bleed real estate. Banks are not playing games anymore and not lending at favorable rates …. now THAT will kill RE for the next few quarters.
BTW, it’s times like this when all those people who appear to be rich are exposed to be frauds. You know the type, Lexus/MBZ, fancy clothes, $4k refrigerators, travel, etc. all on a salary of a dental hygenist and a computer programmer.