Can’t See the Forest for the Trees

44 E. Forest Ave.

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Asking Price $1,350,000 ::: Sq-ft 2,200
Purchased Price $506,000 ::: Lot Size 7,570
Purchased Date 08/24/2005 ::: Beds 4
Days on Redfin 140 ::: Baths 2.75
$/Sq-ft $614 ::: Year Built 2007
20% Downpayment $270,000 ::: Area Santa Anita
Income Required $337,500/yr ::: Type SFR
Est. Payment* $6,825/month ::: MLS# W07152876

*Estimated monthly payment assume 20% down, 30-yr fixed @ 6.50%

brand new under construction…convenient location, near stores, shop & transportation…homes will be ready until early next year

Looks like these sellers listed the house last year before it was even completed. As it stands right now, this property has been on the market for well over 4 months and counting. The sellers are asking $614/sqft for a cookie cutter home on a triangle-shaped lot that literally backs right up to the Santa Anita on/off ramps off the 210 freeway. Wow, $1.35MM for this?!

These sellers obviously can’t see the forest for the trees. They’re so engulfed and consumed by their greed (or denial) that they’ve completed missed the mark. There is nothing in the market right now that points to a sale at the current asking price and things will only get worse for the next few years. Yet after almost 5 months on the market, they’ve held onto the $1,350,000 asking price tighter than ever. It’s a classic example of wishing thinking. Unfortunately, ignorance (at least in real estate) is not bliss.

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The price is definitely not right for this listing. I wouldn’t pay a third of the asking price for this property. You can change the way a house looks and feels, but you can’t changes it’s neighbors and location. It only has a neighbor one side, but you’d have to pay me to live here because the location is absolutely awful. The freeway noise itself would drive me batty. Would you consider living here if the price was right? What price would that be?

9 thoughts on “Can’t See the Forest for the Trees”

  1. You couldn’t PAY me to live right next to flippin’ freeway. PLLLLLEASE..quit beer bonging the koolaid, sellers!

  2. Basically, all these newbie builders are stuck. They got caught at the peak. They will soon realize that they would be lucky to fetch for $300/sf.

  3. Actually, I would live here IF they paid enough haha, sure beats paying rent. Then I’d be saving even more $$$ for an even bigger downpayment. ๐Ÿ™‚

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