307 E. Duarte Rd. #B

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Asking Price $579,900 ::: Sq-ft ?
Purchased Price ? ::: Lot Size ?
Purchased Date ? ::: Beds 3
Days on Redfin 199 ::: Baths 3.5
$/Sq-ft ? ::: Year Built 1963 2007?
20% Downpayment $115,980 ::: Area Near Monrovia
Income Required $144,975/yr ::: Type Attached Condo
Est. Payment* $2,932/month ::: MLS# W07149970

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

“Bank owned foreclosure. Beautiful 3bed +3.5bath townhouse! Spacious LR w/ hardwood floors & frpl. Kitchen w/ granite counters, dishwasher & stove. Upstairs has a loft perfect for a small study area or office area. Spacious rooms. Master w/ walk in closet, his & hers sink +hot tub! WOW!”

There isn’t a whole lot of information on this property, but it’s another foreclosure so I thought I’d bring it to your attention. Last year there weren’t too many REOs in Arcadia, but now it’s fairly easy to find them on any given day. Although the economy is slowing and a recession is likely (if not already here), this housing downturn will be led by foreclosures. The combination of increasing inventory and homedebtors walking away from their mortgages will put immense pressure on the market.

This obviously wasn’t built in 1963 and looks like brand new construction to me. My fat thumb guess puts it as a new construction in 2006 or 2007. Let’s look as the listing price history.

10/13/2007 $769,900
10/27/2007 $679,900
11/14/2007 $599,900
12/19/2007 $589,900
01/25/2008 $579,900

In 6 months there were 4 price reductions totaling to $170,000 or 22% off the original listing price. These reductions will drag the rest of the neighborhood comps down with it. Banks don’t have any emotional tie with the property and are much more willing to work with any interested buyers, even if it means lowering the price. Many homedebtors are still hung over from the kool-aid overdose and have yet to see the light. It’s listing like these that force them to come to realization about today’s market conditions.