Inventory & Market Report – 5/10/08

Zip Codes: 91006, 91007market_icon.jpg

Current Market Listings as of May 10th, 2008*
Properties for Sale: 218 (+0)
Median Listing Price: $779,000 (-0.38%)

Weekly Foreclosure Update*
Properties in Foreclosure: 23 (-1)
Properties in Pre-Foreclosure: 65 (-1)
*+/- is compared to previous week’s data.

495 days and counting. That’s how long the property below has been listed on the market. It’s a newly built detached townhome and from the way it looks, this home has been standing vacant for over a year (when it was first listed).

519 S. 5th Ave. #C
Arcadia, CA 91006




Listing Price: $768,000
Beds: 3
Baths: 2.5
Sq. Ft.: 2,002
$/Sq. Ft.: $384

This property’s listing price history is equally as impressive as its time on the market.

Date Price
Jan 26, 2007 $779,000
Feb 02, 2007 $789,000
Feb 24, 2007 $809,000
Apr 11, 2007 $808,900
Apr 29, 2007 $819,000
Jul 11, 2007 $818,000
Sep 04, 2007 $798,000
Oct 12, 2007 $758,000
Oct 16, 2007 $718,000
Nov 01, 2007 $728,000
Nov 02, 2007 $739,000
Nov 09, 2007 $738,000
Dec 19, 2007 $769,990
Dec 19, 2007 $769,000
Jan 11, 2008 $729,000
May 03, 2008 $768,000

There are 13 units in this cluster of townhomes. From what I can see, the investor/developer who built these can’t afford to sell them for under $700,000. We profiled unit #B back in April that one eventually sold for $735,000 after sitting for 400+ days on the market.

How many more months of interest will these investor(s) pay on their unsold homes? What was initially a profitable investment is turning out to be a big headache as these units continue to lose their value each week that goes by.

Property and foreclosure numbers obtained from U.S. Census, ZipRealty, Trulia, Yahoo Real Estate and Market listings and price data obtained from DataQuick News.

2 thoughts on “Inventory & Market Report – 5/10/08”

  1. This type of condo (PUD) is really popular in arcadia. Especially in the area of south of Huntington Dr. Recently I just pass by a property (866-898 S Golden West Ave, 3/2.5, PUD, 2004 or 2005, 2100 sqft something), and the broker was just putting the “SOLD” sign on it. Tge agent said it just sold to a Chinese using “CASH”. WOW 745k asking price!! Even after bargin, it still around that range I think. 700k cash, who can afford it? Corrupted Chinese people. I am a Chinese too…sue me if I’m wrong!!

  2. Oh yea, I definitely see why some folks are attracted to these PUDs. You can get decent square footage for a much lower price compared to SFRs. There are many people who don’t mind having a 50sf yard (i.e. less maintenance!).

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