|Purchased Price||$610,000||:::||Lot Size||7,500 Sq. Ft.|
|Days on Redfin||98||:::||Baths||2|
|20% Downpayment||$20,000||:::||Area||Santa Anita/fwy|
*Estimated monthly payment assume 20% down, 30-yr fixed @ 6.50%
Am I dreaming? A single family home in Arcadia for $100,000? Yeah right. In another case of agents trying anything and everything to get homes sold, Joshua Chao of Help-U-Sell Smart Realty has listed this property for an unbelievably low price in order to get your attention.
And it worked. I clicked the link only to find out that this is really an auction with bids starting at $100,000. If you really like this property, there’s a convenient Buy it Now price of $799,000.
So let me get this straight:
- California home prices are down 26%.
- California foreclosures are up 20%.
- The median sales price of single family homes in zipcode 91006 are down a whopping 33.2%.
So after 90+ days on the market and despite the direction this housing market is heading, the seller still wants to makes $189,000 after owning this home for under 3 years. That’s a 31% return on his original purchase price of $610,000.
Check out the transaction history. It was bought and sold for a lost during the last bubble. It looks like history is ready to repeat itself.
Mar 14, 1989 – $260,000
Apr 10, 1992 – $225,000
July 08, 2005 – $610,000