More Bank Owned Foreclosures

307 E. Duarte Rd. #B


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.

14 thoughts on “More Bank Owned Foreclosures”

  1. “No air conditioning” the listing says. How can it be? I wonder if any of you near by can go and check this unit out. Maybe $480k will be a decent buy for owner/occupant?

  2. Driven by this house on my way to my daughters soft ball games about 50 to 60 times.

    In my opinion, this house is worth 350k to 400k, crazy talk you say.

    With that many vacancies, and that many impending foreclosures, and the lending standards getting stricter and stricter, I am probably pretty high.

    The banks eventually are going to be forced to start unloading properties, because of the 10% reserve standard, holding onto a depreciating asset is going to eventually come to roost, and then they will start.

    So then you will ask, who would be willing to buy… Someone who is in to property management, rental properties, and has the cash flow and scale to deal with this.

    Saying that, the question would be… What is the rent on a house like this? and if rented for that amount, what is the price to get a 5 to 10% return on investment.

  3. I was visiting my inlaws who live in Rosemead last week. I do frequently drive to Arcadia to buy Chinese drinks/junkies at Phoenix on Baldwin and Duarte (I think).

    We couldn’t stand the heat in the valley. it was only in the mid 80’s.

    I’m not too surprised to see that no AC was built for this condo. It would have been extra cost for ducting for AC. As for heating, it could very well be baseboard.

    Need someone to verify.

    We don’t mind moving back to Cal as where my wife grew up. But I need to find a job first. No way in hell that I would uproot and move without a job. My wife still nags me about moving back once every 3-4 weeks. We live in Bellevue Washington, seattle suburb.

  4. Hey I’m from Rosemead. My parents have lived in the same home since ’63(?). Now I live in Seattle. Small world. Bellevue is way better climate-wise.

  5. OT — Yippeee!! There is a light at the end of my Claremont tunnel.

    Just listed:

    Really cute, good neighborhood, decent price. It’s not the home I want, but if there is one this year that I like, then in two years, there’ll be another one even better in my price range!

    Yee-haw!! I feel so much better now. Thanks for letting me share in a forum where people really care. LOL.

    –Leigh Anne

  6. yeah, I totally agree with you.

    My wife is from Rosemead. She graduated from Rosemead High.

    I’ve been living in Bellevue since 1981. Had many offers out of state coming out of college, but took the offer from the local phone company. I’ve moved over to the wireless now. couldn’t find a similar job down in SoCal.

  7. OMG. I graduated from RHS too. Class of ’80. Long time ago . . . in a galaxy far, far away. Moved to Seattle about two years ago. Nice talking with you.

  8. what brings you over to Seattle?

    I need to ask my wife what year she graduated. My guess is in the 90’s.

  9. Well, uh, I had a strong reason to move north. I received good advice from someone I respect. Hey, I’m anonymous. Let me just say it. I moved here because of peak oil. On the plus side, my energy ETF has doubled since I bought it in ’04. Take care lucky you in Bellevue.

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