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.