Author: TheArcadian
July 18, 2008
Today’s homeowner is left holding the bag and desperately needs to sell the it before his 20% downpayment is gone. No pictures have been provided but the aerial photo is all we need to see…
344 W Foothill Blvd.
Arcadia, CA 91006
Price: $1,775,000 ($685.sf)
- Beds: 3
- Baths: 3.25
- Sq. Ft.: 2,590
- Lot Size: 1.14 Acres
At first glance, this property seems like a decent deal. Although the home itself is only 2,590sf, it has been completely renovated AND you get a 1.14acre lot. Think of the possibilities (i.e. 4+ McMansions).
Of course, we already know that anything too good to be true… usually is!
[Click below to see the property's incredible location.]
Wow. It sure has one heck of a view (of the 210fwy). On top of that, it is buried between 2 cul-de-sacs so the owner has no room left to pave a street through it. There goes any plans of breaking this property up into 6 smaller lots.
I’m certain the owner had grand dreams of making a killing on this home when he bought it in 2005:
Sales History
Jun 24, 1992 $620,000
Jul 12, 2005 $1,050,000
Sep 15, 2005 $1,550,000 <– WTH
Looks like flipper #1 knew he had a dud in his hands and immediately sold it to flipper #2 for a $500,000 profit after 2 months. $100,000+ in renovations and 3 years later, flipper #2 is trying to break even by listing the home for $1,775,000 ($100k for remodel & $100k for commissions).
$1.775MM to live next to the freeway? I’ll pass.
Knowing all this, I’d have to say this seller is screwed and his $310,000 downpayment will get eaten up significantly by the time the home sells.
The second transaction in 2005 appeared to be fishy being $500k higher in just two months. I wonder if there was any dirty dealing involved to get more cash from the lender?
This one can really go low, as low as $750k in 2011.
I’d say some of those involved in the 1.55M purchase should keep an eye out for cars of men and women in black suits stopping outside their homes or offices. Maybe an Indymac special.
Hi, Guys,
There was a 13 year and 2 month period between sales. In Arcardia, there was a trend of tearing down old houses and building new on the same lot. Folks would buy a brand new large home on a large lot.
However, then the trend of subdividing the lots occurred (late 90′s through the bubble burst)
I have a hard time feeling sorry for these folks. Do they feel sorry for me if a 99-1 shot does not come in? They should not be playing with more than they can afford to lose.
I really feel bad for the residents of properties in that stretch between Foothill Blvd and the 210 Freeway. I do not know much about air pollution, but I’m sure the levels are quite high in that area. And neeedless to say, the noise level is way up there! I wonder if the houses in that area were built before or after the existence of Foothill Blvd and the 210…
Wait until the seller goes under, pick it up at the base of the trough for pennies on the dollar, do a little fixup, plant a victory garden and orchard in that HUGE back yard…
I wonder if that’s enough arable acreage to make a big dent in the ever-increasing grocery bills? And the “gentleman farmer’s back forty” when the fruit trees grow in WOULD damp down the noise from the 210…