Author: TheArcadian
August 8, 2008
*** EPIC FAILURE – I profiled the following property and praised it for being priced correctly. Unfortunately, some other listings have convinced me that this is a 55+ senior condo complex. If that is really the case, then $383,900 is probably near the highest this property would go for. ***
1126 W Duarte Rd #5
Arcadia, CA 91007
Price: $383,900 ($295/sf)
- Beds: 2
- Baths: 2
- Sq. Ft.: 1,300
- Property Type Attached, Condominium
After all the heat we give Realtors and homeowners about listing their home for “show” rather than to sell, I’m happy to say that not all hope is lost. Today’s REO is listed at $159,100 below its 2006 sales price of $543,000 (this figure has not been confirmed). That’s a 29% price reduction.
With a 20% downpayment, your mortgage will be approximately $1,941 per month. Propety taxes and HOA fees will bring your total to $2,412; about $200-400 more than what it cost to rent. Factor in some tax savings and it becomes a reasonable Buy VS Rent decision.
At this price point, I can see many buyers/investors showing up to bid on the condo. Built in 2006, well maintained, decent square footage and lower HOA fees than the Huntington Dr. condos. The only problem I see is that this section of Duarte tends to be busy… but for $383k, not too many people with complain.
So I was thinking, about foreclosures.
There is so many of them, that banks are having huge issues just processing them. It has created a backlog, that some say is 9 to 10 months long.
Who pays the property taxes on the house? Meaning, if I mail in the keys, it takes them a year to finally foreclose, who pays the taxes in between those two points.
The bank or the freeloader?
Thanks
I’m guessing the homeowner is responsible for the property taxes up until he is no longer the owner of the house. Once you hand over the keys, the bank pays the property taxes or else the County will coming knocking.
How abuot this property?
37 ALICE St #C
Arcadia, CA 91006
http://www.redfin.com/CA/Arcadia/37-ALICE-St-91006/unit-C/home/12422463
Hi Curious,
We briefly mentioned this property back on April 26th: http://www.arcadiahousingblog.com/2008/04/26/arcadia-properties-in-distress/
They must have re-listed the property because it would not sell at $598,000. I am estimating that it has sit unsold for 120 days. The 27 days that Redfin’s showing is a lie.
At $250/sf, this property on Alice is worth only $491,000; $108,000 less than the current asking price.
Oh, Thanks! Really funny. keep working!
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