Author: TheArcadian
August 7, 2008
587 Fairview Ave.
Arcadia, CA 91007
Price: $400,000 ($350/sf)
- Beds: 2
- Baths: 2
- Sq. Ft.: 1,144
- Lot Size: Attached, Condominium
This is part of the whole community of condos and apartments on the South-side of Huntington Dr. and Baldwin Ave. It’s not exactly a flattering property and $400,000 is definitely a wishing price. Add in the $260/month HOA fees and this is a BAD deal.
Valuation #1 – Appreciation
Last Sales Price: Dec 13, 2001 $179,000 ($156/sf)
After 7 years of appreciation:
3% $220,147 $192/sf
4% $235,552 $206/sf
5% $251,871 $220/sf
6% $269,150 $235/sf
7% $287,435 $251/sf
Valuation #2 – Rental evaluation
Average cost to rent a 2/2 apartment in Arcadia: $1,500/month
Gross Rent Multiplier
150 x 1,500 = $225,000 ($196/sf)
180 x 1,500 = $270,000 ($236/sf)
200 x 1,500 = $$300,000 ($262/sf)
Based on these two valuations, this 2/2 outdated condo is worth $250,000 to $270,000. If you factor in the $260 HOA fees, it’s worth even less.
Arcadian:
>>Average cost to rent a 2/2 apartment in Arcadia: $1,500/month.<<
Since I am out of the state with interest of moving in. I wonder if you could suggest some 2/2 condo or apt rental in decent Arcadia or Pasadena locations?
Thanks,
George
Hi George,
The $1,500/month figure is applicable to other similar apartment and condos running along Huntington Dr. As expected, most of these are older properties with the typical traits of dense apartment living: high traffic streets, parking space limitations and a big downgrade if you’ve ever lived in a single family home.
If you want something better, then $1,800 – 2,200 will get you a newer town home or condo in a slightly better area:
http://losangeles.craigslist.org/search/apa?query=arcadia&srchType=T&minAsk=1800&maxAsk=2200&bedrooms=2
I’m not entirely familiar with Pasadena so perhaps one of our readers can help you out with that.
HOA fee usally covers insurance and landscaping fees so it’s not entirely a sunk cost.
George 8,
If you can, I would suggest spending some time in the different neighborhoods in Arcadia and Pasadena and then decide where you want to live. There’s definitely differences between the cities and within each city. Maybe just get a monthly rental until you decide. Check out Craigslist, tons of rentals on the market.
Don’t forget property tax usually lower then single family homes because of lot sizes!
Not everyone perfers single family homes. Too many things to take care of.
Condos make you pay HOA but it covers the insurance and yardwork.
Basically, condos and single family homes are like apples and oranges. THEY ARE NOT THE SAME and THEY ATTRACT DIFFERENT BUYERS.
the people on this blog is so one-sided.
Anonymous,
I am comparing this condo to other similar condos and apartments. Based on the evaluation, the buyer is better renting and saving the difference.
And by the way, I’ve seen multi-level condos in Alhambra and near Arcadia that have HOA fees of $50-75 versus the $260 that we see here.
But you are right, some people do prefer condos because it is lower maintenance.
Gotta love that kitchen. Is there any counter space that isn’t taken over by a microwave of coffee maker?
George 8,
Parts of Pasadena are really nice, parts are iffy, and some parts (NW Pasadena) you should stay away from till you’ve lived here bit and get to know the neighborhood. I live in the SE corner of Pasadena and I like it but I’m used to some of the grittier aspects of urban living.
In fact I’d like to share a listing that makes my husband and I laugh hysterically every time we walk by.
http://www.redfin.com/CA/Pasadena/26-S-Sunnyslope-Ave-91107/home/12111385 “Huge reduction $331/sq ft” This is one of three condos stuffed like a tetris game on a tiny lot. Walled patios so small I don’t think a single folding chair would fit. And nice HOA fees too.
– The google map is a little off, head north a bit till you hit the alley. Check out the KFC across the street
very convenient. I do commend the Pasadena cops for lately chasing the working girls back towards Rosemead. I won’t even mention the sketchy hotels on Colorado.
IF you are ever at the Acapulco or Fu-Shing restaurants on Colorado check it out.
.. though when I think about it you could get loaded on margaritas and stumble the 10 yards to your door. is it worth it?
Who buys these 30 year old condos? I bet these were all the rage in the swinging 70s. The building is plain ugly today. For 400K you can get a new gated condo in Monrovia or Duarte. Heck, if I only had 400K, I’d go unincorporated Arcadia; even Temple City will do. If you want the schools, use a friend’s address or rent an apartment in AUSD for a short time.
Sadly, like a lot of sellers who can’t part with their property for under a million, they might just rent it out. Then the neighbors can enjoy the section 8 housing folks.