Author: TheArcadian
July 9, 2008
Some of you might think that I purposely seek out undesirable overpriced properties in Arcadia for the sake of bashing them. This is absolutely not the case.
SavedbyGrace and I have profiled many homes that we love along with highlighting some of the best neighborhoods in the city. It just so happens that while many of these properties are great, they are not worth the $1MM+ price tags that come bundled with it!
I will go ahead and profile one of the newest Arcadia listings. Listing price? A cool $980,000.
1031 Loma Verde Dr.
Arcadia, CA 91006
Price: $980,000 ($450 per sq. ft.)
- Beds: 4
- Baths: 1.75
- Sq. Ft.: 2,180
- Lot Size: 10,112 Sq. Ft.
A decent sized home sitting on 10,112sf of land. From the photos it looks well maintained and 9 out of 10 local Realtors would tell you that its North-of-the-210 location commands at least $900k – $1MM.
Except for one thing – It’s virtually standing on top of that freeway!
This is the third listing the past week that features freeway-loaded properties. Are these sellers just realizing that the market is tanking and their properties will be significantly impacted?
The current owner bought this home back in 2004 for $758,000. Now he’s trying to unload it for a $222,000 premium. Unfortunately, he’s a little late to the party and I expect to see multiple price reductions in the near future.
This home isn’t worth more than $700,000 ($321/sf). With an adjustment back to 2002/2003 prices, $650,000 ($298/sf) seems like a realistic value 2-3 years from now.
What is 0.75 bath? I could not tell from the photo.
4 matured beds sharing 1.75 bath close to highway asks $980k?
I wonder if the owner has taken out more equity? If yes, he is or will be in big trouble.
2004 purchase should be under the water now. Wake up.
i think 0.75 bath means a toilet, sink and shower. a full bath would include a tub. a 0.5 bath is just a toilet and sink.
“Some of you might think that I purposely seek out undesirable overpriced properties in Arcadia for the sake of bashing them.”
You don’t have to seek them out in this market, almost EVERY home qualifies. The economy is slowly sinking into a recession and that will last for many years. We will be very lucky if we can avoid a depression. If gas prices continue to rise, inflation eats away savings, incomes are down, unemployment is up, most new jobs are low paying service jobs, the country is at War, and the outlook is grim. There is not a quick answer in the near future (20 years), no new economy, no new cheap energy, nothing!
People should THINK long and hard right now before they commit to buying that home. If the reality of $6-10 dollar gas happens and you really need to move you could be stuck.
Before everyone says I am just being pessimistic, I am not. I am just looking at the facts. Life will go on, but change is coming. I am ready to deal with the changes and the first change is to keep dept LOW. And the biggest two debts are Home and Auto. The rebound realtors dream of is a long way off, every news story is about how banks can’t get money to loan and when they do they are VERY careful on how they pass it out.
So I think SavedbyGrace is truly teaching us the value of a dollar. And for most the biggest investment of your life needs to be dealt with very objectively. A home is not a dream or an investment. It’s a box you live in that will cost a lot of money to buy, maintain, and pay tax on.
I always thought I was being picky not wanting to live near a busy street. I sold my last place at the height of the last bubble and when they enlarged a 2 lane road into 6 lanes about 20 years from my front yard. Still people wanted it for the school district.
I just don’t get spending stupid money on undesirable locations. CA is nice but not THAT nice that I would drop 800-1000k on a house!
Doesn’t quality of life count?