Author: TheArcadian
July 15, 2008
1160 W Orange Grove Ave.
Arcadia, CA 91006
Price: $3,000,000 ($875/sf)
- Beds: 3
- Baths: 3
- Sq. Ft.: 3,427
- Lot Size: 1.3 Acres
This home has a lot going for it: 1.3 acre lot, large 1-story home, 1,100sf guest house and the desirable Santa Anita Oaks community (aka “Upper Rancho”). This is as close as an Arcadia home will get to being”A magnificent Spanish-style estate.”
There is almost enough land on this property to build 4 decent sized homes but the owner did well by maintaining its current condition. Although it’s being listed at $875/sf, my opinion is that 1.3 acres for $3,000,000 isn’t too bad. Compare that the the 1/3 acre property on 2428 S. 2nd Street also going for $3MM+:
Remember this property? $3.2MM and you get the convenience of no privacy.
Let’s just hope that a flipper doesn’t get a hold of this Orange Grove home and pack it with overbuilt McMansions.
>>Let’s just hope that a flipper doesn’t get a hold of this Orange Grove home and pack it with overbuilt McMansions.<>..my opinion is that 1.3 acres for $3,000,000 isn’t too bad..<<
Are you serious? This a WTF bubbly asking as well.
Let all of them sit and rot.
Perhaps I was being too optimistic last night. Let’s run through the numbers and see what we get:
Main house: 3,427sf
Pool house: 1,000sf
Guest house:1,177sf
Total square footage: 5,604sf
$350/sf = $1,961,400
$325/sf = $1,821,300
$300/sf = $1,681,200
Now we have to take in account that this property is located in Santa Anita Oaks and sitting on 1.3acres. A typical McMansion will be be lucky to have even half that square footage. I guess the real question is whether these two factors are worth the $1MM to $1.3MM premium.
Given everything that’s going on, I’d take back my previous statement and say that this home is at least $500,000 - $800,000 overpriced.
I’m a flipper and I would love to put a 7-11 store or a mom and pop store.
How about a Bodega, with all the thump-trucks pounding out Mariachi music and Mexican Deejays?
“VIVA MEHEEEEEECO!”
Would the city allow subdividing in that area? Maybe splitting the lot, but four would look strange in that neighborhood.
Driven by this multiple times… and I will actually side with the 3 million dollar evaluation.
Why? When you drive by this house, this is what you have in your head when you say “million dollar home”. Is it over valued at 3 million, probably, but I would rather pay 3 million for this house, then 1 million for the one on 2nd street.
I’d be amazed if someone is willing to pay anywhere near $3M for this property. Arcadia is a nice city, but not $3M nice…especially on high traffic Orange Grove Ave. At this point in our housing correction, there are simply way too many options for a potential buyer to choose from, within or outside Arcadia. And to pay nearly $3M for a property in a middle-to-upper middle class city is quite a stretch. More specifically to this property, the yard is moderately landscaped and the physical property is nothing special, with very little curb appeal. Just my 2cents…
i agree who wants to pay $3m for a middle class neighborhood without a schooling system capable of producing ivy league qualified applicants!