Author: TheArcadian
August 26, 2008
1235 Magnolia Ct.
Arcadia, CA 91006
Price: $1,800,000 ($418/sf)
- Beds: 5
- Baths: 4.5
- Sq. Ft.: 4,304
- Lot Size: 10,729 Sq. Ft.
This McMansion is part of a new 5-home cul-de-sac located East of 10th Ave. and near the Monrovia borderline:
It is so far from the other McMansion neighborhoods that these 4,000+ square foot properties look completely out of place:
During the height of the bubble, flippers and developers realized that anything they put on the market would sell. Everything from raw land, fixer-uppers to overbuilt McMansions could all be sold at a premium. Since buyers were not required to make a 20% down payment, getting into a new home was easy and effortless.
Since the listing shows this property as a “new construction” built in 2007, I suspect that it’s been on the market for some time now. Developers typically try to sell the home before construction is completed to reduce carrying costs (e.g. taxes, interest and maintenance).
If I recall, a couple of large McMansions near Longden and Baldwin Ave. sold for around $1.8MM earlier this year. If that’s the case, would you spend the same amount to live near Monrovia and a much older neighborhood?
Sales Comps:
370 Walnut Ave. – $1,789,000417 W. Norman Ave. – $1,480,000
I am surprised this property has already gone off the market as you post on here, maybe the seller will lower price and put on the market again. who will be next silly knife catcher…
strange indeed!
I’ve driven by this area many times and it is the last place in the world where I would spend $1.8MM.
Hello,
I went to an open house at one of these, right when they were completed.
This will sound crazy, but when I walked through them… I thought.. $750k would be reasonable price for this, and that was back in the early innings of the crash.
I can’t remember what they were listed at when I first looked at them, but I remember saying… huge house, but unfinished. You would still have to drop some coin to make it home.
A request for a profile on 118 Rose Ln Monrovia, CA 91016.
The guy built 7 houses, and 4 are still left for sale.
With easy credit gone, it will take an MD and a lawyer couple or any couple who earn combined $450k a year to buy this place.
I wonder how many couples are like this around?
Each would make a good subdivided tenement for half a dozen Mexican families…
[...] – bookmarked by 3 members originally found by drchew on 2008-10-16 $1.8MM McMansion near Monrovia http://www.arcadiahousingblog.com/2008/08/26/18mm-mcmansion-near-monrovia/ – bookmarked by 6 [...]
yeah. realestate prices certainly keep going up and up with out much additional value.
Well this property came back on the market just last month at $1.66 Million, and today they dropped the price to $1.48 Million, if they would have list it for this current price last year, they might have sold it already, but they waited too long, I think they might be able to find some sucker… uh, I meant buyer to take this McMansion off their hand if the price is closer to $1.1 million.
The really crazy part is it listed the house as built in 2006 and in the description, they claim this house is “Brand New, no one live in before”! Have they been trying to sell this for 3 years! That’s gotta a record.