$700k and 4 blocks from Monrovia

1535 Loganrita Ave.
Arcadia, CA 91006

Price: $700,000 ($393/sf)

  • Beds: 3
  • Baths: 2
  • Sq. Ft.: 1,779
  • Lot Size: 0.31 Acres

This is a new listing so no pictures have been posted yet. Fortunately, we won’t need photos to see how this story will unfold. The property is East of 10th Ave. and borderline Monrovia. In fact, it is about 5 big blocks away from the gang shootings earlier this year.

Although I love some parts of Monrovia, Old Town for instance, but the locals on this blog will know how rough some areas can get.

Fortunately for this seller, they purchased the property back in 2004 for $500,000. Applying the standard appreciation table will justify the price:

1995 price: $248,000
2004 price: $500,000

After 9 years of ownership…

5%    $384,729    ($216/sf)
6%    $418,991    ($236/sf)
7%    $455,938    ($256/sf)
8%    $495,753    ($279/sf)

4 years later and the seller wants $700,000 for the same home. There is no mention of upgrades, remodeling or even proper landscaping. Maybe the fruit trees are worth a bundle?

From the description:

What the Owner Loves: The yard is incredible – 3 avocado trees, 3 orange trees, lemon, lime, grapefruit and apple trees. A great house for people with children and/or pets. A separate concrete patio with a grapevine trellis. Corner lot, plenty of space.

Since appreciate is dead for a few years and real estate is, believe or not, depreciating, I’d peg this home at $300/sf – Giving us a value of $533,700.

One last thing. This is a FSBO listing so the seller probably knows $700,000 is just a wishing price. They will most likely find a knife catcher around $650k.

3 thoughts on “$700k and 4 blocks from Monrovia”

  1. You are probably right about someone buying this at $650k. However, it will take north of $130k income to finance $520k mortgage assuming the buyer puts down 20%.

    In a sharply declining market, does it make sense for the buyer?

    I’d dare to guess no. At least not yet.

  2. Yeah, so this isn’t a bad nieghborhood, but to go with what george8 said, the potential buyer will have to make north of 120K a year, and

    May 2010 this house is worth $275k to $325k in todays dollars.

  3. Thank you for profiling the reasonably priced property on Canyon. W/alt-A loans resetting and unemployment rate climbing, I hope to see more and more buyer friendly postings on this website. Although I need to buy a home for my family, I also have a duty to my wife and kids to not burn our life savings on some ponzi scheme. Speaking of scams, I’d love to hear your opinion on this property-

    http://www.redfin.com/CA/Arcadia/239-W-Norman-Ave-91007/home/7237774

    This appears to be a fabulously built McMansion, totally suited to the taste of foreign government officials and their family members. But unless the place is minted w/gold and diamonds, the $5.5 mil price seems a bit high for a home south of Naomi.

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