Comments on: Knife catcher on Oxford

By: TheArcadian

TheArcadian — Sat, 12 Jul 2008 08:21:48 +0000

Irina,

Thanks for the support. SavedbyGrace has received your email. She’s been busy but plans to get back to you soon.

By: YuLu

YuLu — Fri, 11 Jul 2008 02:42:09 +0000

the lovely freeway traffic, of course.

By: Irina Netchaev

Irina Netchaev — Thu, 10 Jul 2008 18:34:25 +0000

Love your new series of freeway homes. You are doing a great job with these!

By: TheArcadian

TheArcadian — Thu, 10 Jul 2008 18:19:27 +0000

YuLu,

Where is the backyard noise coming from?

By: george8

george8 — Thu, 10 Jul 2008 18:05:51 +0000

I wonder if this was a purchase four months ago by a die hard flipper from the Great Housing Bubble era?

He has probably spent $40-$50k to improve the kitchen, bath rooms and floor. He has to budget at least $40-$50k for round trip transaction costs. Let’s use $90k in total as assumption. This adds up to $770k total cost. So he is asking about 10% for his effort which seems reasonable in a normal market condition.

He would have put it up for $1.2 million back in 2006, and, somebody would have bid up to $1.3 million for god’s sake with 100% financing.

However, the market is in a free fall. Odds are this flipper is going to flop on this property. Another “smart” flipper is just non-existent. How much he will lose depends on if he recognizes what really is going on.

By the way, the owner occupant rental equivalent on this is about $2500 monthly rent @ GRM160 – $400k. One could argue that the Arcadia super school district demand GRM 0f 200. Well, it is then $500k.

By: YuLu

YuLu — Thu, 10 Jul 2008 17:54:30 +0000

This is the list when the property was on market last time. You may compare what the new owner did to the property. Actually, I went to see the property several times. It’s very very old and bad maintained. Though the street is quiet and nice, it’s noisy in the backyard.

http://www.ziprealty.com/buy_a_home/logged_in/search/my_home_detail.jsp?property_type=SFR&source=MRMLS&cKey=6l3sj637&listing_num=W07169031&mls=mls_so_cal

By: TheArcadian

TheArcadian — Thu, 10 Jul 2008 16:26:37 +0000

It was pretty harsh, but from the photos I would expect a lot more to be done to justify the $200k premium on top of an already overpriced home.

I think you would agree that $100-200k could give any home a major face lift.

By: puckhead

puckhead — Thu, 10 Jul 2008 16:01:23 +0000

Little harsh on the remodeled comments. Does not look too bad to me. Price is still too high being so close to the FWY.

By: george8

george8 — Thu, 10 Jul 2008 14:18:49 +0000

$680k in remaining 2008 selling season if another smart knife catcher comes along.

$592k in 2009.

$500k in 2010.

$450k in 2011.