Comments on: Update Empty McMansion #2 – SOLD!

By: george8

george8 — Mon, 23 Feb 2009 16:26:11 +0000

JW:

How did you know this for sure – Chinese immigrants who paid cash?

Could you provide evidence?

Thanks,
George

By: JW

JW — Mon, 23 Feb 2009 02:03:27 +0000

Buyer are rich Chinese immigrants who paid cash. Upside doesn’t matter if you plan to live in it your whole life.

By: Andrew

Andrew — Wed, 01 Oct 2008 06:44:28 +0000

Columns make it classy.

By: Arc Lost

Arc Lost — Wed, 03 Sep 2008 06:29:16 +0000

Most Chinese in the area know this but it’s been look, see, and hear no evil as long as the commission checks keep rolling in and sellers can cash out on their way to more reasonably priced pastures. The way I see it is it’s just US consumer money being recycled back into the local economy.

By: Anonymous

Anonymous — Wed, 03 Sep 2008 06:08:13 +0000

One realtor told me that many of the current buyers now in Arcadia are from China with a lot of cash.

By: jojo

jojo — Wed, 03 Sep 2008 03:46:25 +0000

http://www.youtube.com/watch?v=4upEgP7AbSY

By: T K Eng

T K Eng — Tue, 02 Sep 2008 21:19:25 +0000

The USDOJ is finally cooperating with the Chinese government to go after corrupt former government officials taking up refuge here in the U.S. It is believed by many in the SGV real estate circles that corrupt $ from the PRC has contributed to the continued high demand for luxury homes in the SGV, especially in places like Arcadia. A recent conviction in the Central District of California is a wake up call to many such potential “McMansion” buyers from the PRC:

http://news.asiaone.com/News/Latest%2BNews/Asia/Story/A1Story20080902-85487.html

There are estimated more than 1000 major corrupt officials “hiding” in the U.S., and perhaps thousands more “lesser” corrupt officials living here as well. Surely they know that buying McMansions at inflated prices will send a red flag to the USDOJ as to their whereabouts. Let’s hope the USDOJ will finally deport some of these McMansion owners/buyers/potential buyers back to where they belong and bring down the demand a bit at the same time.

By: phantom600rr

phantom600rr — Mon, 01 Sep 2008 05:30:35 +0000

Actually, I see it as the fact that we have one less buyer in the market to prop up prices.

By: IdiotBoy

IdiotBoy — Sun, 31 Aug 2008 22:12:59 +0000

My God the Buyer is a doofus. The house is a mishmash of conflicting architectural styles. Just another generic stucco mess. Blech.

Buyer has to be a multi-generational family. Nobody else would pay nearly that much for such a POS. The house is nearly twice as large as one could possibly need, even before taking into consideration the additional sf in the back house.

The neighborhood is pure sketch, and the home and the lot dwarf all but a few homes in the surrounding area. I hope the buyer plans to be there for a full 10-15 years, because they’re not getting their money back otherwise. They overpaid by at least $300,000, probably closer to $500,000.

To provide a comparison – I lost a bid on 1964 Glenview Terrace in the estate section of upper Altadena. The property – 2/3 acre, all flat, gorgeous residential street – sold for land value of $1.1M (which was at least $100K more than it was worth). You could build this same ugly house on that lot – in a much, much better neighborhood – for the $2.6M this sucker of a buyer paid.

The frustrating thing for other buyers is that fools like this guy are keeping the market from settling back to something more reasonable.

They’re like the idiots at the blackjack table who hit on 17. Aaargh.

By: TheArcadian

TheArcadian — Sun, 31 Aug 2008 21:49:00 +0000

The builder did not account for a 13% price reduction in his budget. It is evident from the property’s listing time of 217 days. By waiting so long before reducing the price, the seller ended up paying 7+ extra months in interest on his construction loan.

Being very familiar with experienced local and national builders, I can tell you that the goal is to sell the home before construction is even completed. Of course, the housing bubble made many normal folks believe they were “experienced developers”. Go figure.

Comments on: **Update** Empty McMansion #2 – SOLD!