Author: TheArcadian
August 16, 2008
1061 Fallen Leaf Rd.
Arcadia, CA 91006
Price: $4,998,000 ($643/sf)
- Beds: 7
- Baths: 7.25
- Sq. Ft.: 7,769 (8,000sf+ incl. guest house)
- Lot size: 1.05 Acres
There’s not much to say about this property. The home is big, the lot is huge and the price… just under $5,000,000.
With 1 acre of land to work with, there’s no chance this home can be overbuilt like the hundreds of McMansions in Arcadia.
Of course, high-end homes like these are not immune to price declines:
Listing history
Jun 27, 2008 $5,488,000
Jul 29, 2008 $4,998,000
That’s a $500,000 (9%) price reduction in 30 days. Even at this price point, the seller is not looking for a knife catch. Rather, he needs a filthy millionaire to come by who just has to live in Arcadia (for whatever reason).
Valuation based on last sales price:
Purchased in 1996 for $1,750,000.
After 12 years of ownership:
4% $2,801,806 ($361/sf)
5% $3,142,749 ($405/sf)
6% $3,521,344 ($453/sf)
7% $3,941,335 ($507/sf)
8% $4,406,798 ($567/sf)
If you’re wealthy enough to buy this home, will another $400-600k price drop concern you?
If you’re wealthy enough to buy this home, will another $400-600k price drop concern you?
Yes! While housing price dropping 20% per year, why should I be so anxious to get this house? It will be there for a while, so … why not keep waiting and have the $400 – 600k make some money for me at the mean time?
[sigh] If I had the means to buy such a home I can assure you that A] I would not put it into real estate that I lived in, B] I would not be buying in Arcadia and C] I would not buy this ancient fossil.
I’ve seen homes like this in Pasadena, Arcadia and SM, w/o fail I bet the inside needs major remodel. Notice how there is no mention of renovation or upgrading? There’s a reason….there’s none!
Also Where does the realtor get the idea “home is set amongst centuries-old oak trees”? They don’t appear that old to me!
Regardless, another for idiots only listing taken by a realtor who is too afraid to slap the seller into reality.
Get a grip on yourself. Whoever is buying this property is not buying it beause of the fabulous architecture. It’s all about location and lot size.
My ball park guess is that this house is 2.5 million to 3 million, but that is with the caveat that the USSR… oh I mean Russia doesn’t dump US gov’t securities in response to…
Has the world gone mad?
For 5 Million you can live like an average person in the Midwest minus the great weather. That home with one acre of land would be about $300 in most of the Midwest. The home alone looks awful.
5 Million is not a joke. You need to be rich to buy this home. Period. And most rich people spending 5 Million will require a top notch home and this isn’t it. So this in my opinion is an acre of land with a 50,000 bill to dispose of a junk house. Plus another $1-2M to build a new 8000 sq ft house.
But remember some people have so much money they don’t know how to spend it, one of them will likely buy this home in a year or two.
I think this is worth $3.25M for the land, $1M for the building, for total of $4.25M.