Author: TheArcadian
July 8, 2008
348 Oxford Dr.
Arcadia, CA 91007
Price: $990,000 ($430 per sq. ft.)
- Beds: 3
- Baths: 1.75
- Sq. Ft.: 2,300
- Lot Size: 0.32 Acres
I really like this home, its ranch design and location. Although the property is sitting on a third of an acre, the 2,300sf home is built in such a way that it maintains curb appeal and still has room in the backyard for entertaining family and guests. Its landscaping is pretty simple but very well maintained. My only complaint is the proximity to the 210fwy.
And yet, as much as I like this property in the Colorado Oaks community, I would not spend $1MM for it. It last sold for $420,000 in 1997 and if we applied the standard appreciation table…
$420,000 after 11 years
3% $581,378
4% $646,570
5% $718,342
6% $797,285
So it would take an above-average appreciation rate for this property to be worth just $800,000 today; still $200k less than the current asking price. That gives us a $347/sf valuation.
Given the location and condition of this home, I’d say $800k is a fair asking price and would definitely attract many interested buyers.
Excellent comments. Without bubbly equity from the previous ownership, even $800k is too much for the mid class family to afford. After all, it is just a very humble 3 beds with 1.75 baths.
Be patient. It will slowly trade down to $650k in 2011.
The same property was listed on 04/21/08 for $1,280,000. On 05/23/08, it’s reduced to $1,188,000 and then was off the market. Now, it’s back on market with a new MLS#.
YuLu:
Good detective work. Just like most listings, except REOs, it is just asking yesteryear’s price. Most of them will be pulled out of the market for a while and try again. For those who must sell, they are simply chasing the market down, only a few steps too slow.
yulu,
Excellent work! I don’t know how this one got pass me.
I have a feeling that many of these “price chasers” are stuck with unexperienced Realtors who have no idea how to sell a home during a housing decline. During the Summer season, you essentially have a block of 4-5 prime months to market the home. Pricing potential buyers out right off the bat is a big disservice to the seller.
They are better off pricing this property at $800k and allowing multiple buyers bid up the price.
YuLu or others,
how did you find the info on past listings? is it available to the public?
Horrible! Unless you adore freeway dust and noise. That house could be $400 and I would not buy.
The owners bought it for $420k in 97 so they must be greedy and stupid to squeeze out a mil in todays market
[...] days ago I profiled a decent property on Oxford Drive that was overpriced by $200k. Today we have a home on the same [...]
Only beef I’d have with the property (other than being overpriced) is the fact it’s on a corner lot; you have two public street sides with an effective back yard of only 1/4 of the lot, max. Given that, the L-shape of the house does a pretty good job of hiding the back yard from both streets. And the simple landscaping would be easy to maintain.
Wow what happened? This home is no longer active on the Multiple Listing Service. If you are interested in other homes in Arcadia, or would like assistance with your home search, please call us toll-free
I found it…Sold in 13 days, it is pending sale.
Hi Jojo,
Thanks for the info! So you know what the sales price is?
Price not posted . Price will post after close.
P.S. Love this Site, keep up the great work …