Author: TheArcadian
July 7, 2008
303 Joyce Ave.
Arcadia, CA 91006
Price: $999,000 ($301 per sq. ft.)
- Beds: 4
- Baths: 5
- Sq. Ft.: 3,324
- Lot Size: 8,999 Sq. Ft.
At first glance, this home seems like a great deal. $1MM for a 3,324sf “custom-built” 2003 McMansion. Aside from the usual overbuilt living area, this owner opted for more garage space:
There is a 4 car detachable garage with the add-on full bath and can easily add a one bedroom complex to the property.
But there’s always a catch, isn’t there?
#1 – Property is overbuilt.
If you take a look at the aerial, there’s virtually no green yard left. Concrete driveways dominate the leftover open space on this property.
#2 – Location, Location, Location
I guess one lucky buyer will be able to enjoy soothing sounds from the 210hwy.
I find that valuing these types of properties very difficult due to its proximity to the freeway. I am certain that the lower dollars per square foot will attract certain buyers. Even at $250/sf, we’re looking at a sales price of $831,000. Would you spend that much money to live next to the 210?
Loved the post on the fireworks show, I watched the one in Monrovia from my backyard.
Maybe living near the 210 freeway won’t be that bad when gas prices are $6 to $9 a gallon, this will dramatically change the amount of traffic on the 210.
Also, not having a lot of green area on your property might be a good thing, since the water shortage eventually will force water prices up as well.
I say this tongue and cheek of course, but…. a lot of what is going on right now is going to dramatically effect the way we think in the near future. Everyone expects gas prices to go back down, but what if they don’t. Everyone expects that the mortgage crisis is just a phase, a short term situ, but we are now finding out, that it is far far worse then some expected.
So with that in mind, maybe what we should be asking is how far is this house from the metro line? and does this house come equipped with solar panels, and gray water systems etc.
Any news on the metro line progress?
All those folks who moved into the outlying deserts and chose to commute into Downtown are definitely feeling the pain. Many families relocated in search of more affordable housing. But now the price of gas is starting to wash those savings away.
At $100 for Tank of Gas, Some Choke on ‘Fill It’
http://www.nytimes.com/2008/07/06/business/06tank.html?ex=1373083200&en=93b3af51607d2e99&ei=5124&partner=digg&exprod=digg
Even being local, I am starting to consider taking the Pasadena Metro in Downtown.
>>Even at $250/sf, we’re looking at a sales price of $831,000. Would you spend that much money to live next to the 210?<<
Hell, no.
Hmmm, that’s pretty tricky — a detachable garage.
I will not pay over $800K to live near the freeway. No way.
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