|Purchased Price||$628,000||:::||Lot Size||0.26 acres|
|Days on Redfin||11||:::||Baths||2|
|20% Downpayment||$115,000||:::||Area||North Arcadia|
*Estimated monthly payment assume 20% down, 30-yr fixed @ 6.50%
“This 3 bedroom 2 bathroom home has Hardwood Floors and Fireplace. Dinning room has a great view with an elegant touch for hosting. This home has a huge front and backyard excellent for gardening of enjoying the outdoors. Convenient to shopping center. Great school district. Short Sale subject to lenders approval.”
I wonder if “enjoying the outdoors” includes listening to the freeway noise and breathing in all that toxic air from the exhaust of the nearby cars. Today’s profile shows the current listing price of a house under that of the 2004 purchase price. This is yet another short sale in Arcadia and may or may not be approved by the lender.
This propery sold for just above $200k near the bottom of the previous cycle and almost tripled in price in 9 years. Now it’s falling back to somewhere in between 2001 and 2004 prices. Just eyeballing it, the current asking price is around 2003 levels. In my opinion, it’s still overpriced.
It’s not something I’m seeing across the board in Arcadia as of yet, but we’ll probably start to see more 2004 rollbacks as we continue with the housing correction. Something like this will become the norm as we round out 2008 and move into 2009. This is sign of good progress, but don’t expect to find bottom anytime soon. Real estate cycles take years and it’s still early in the game.