WTF listing – $1.2MM for land | Arcadia Housing Blog

225 E. Longden Ave.
Arcadia, CA 91006

Asking Price	$1,200,000	:::	Sq-ft	1,817
Purchased Price	$473,000	:::	Lot Size	0.58 acres
Purchased Date	4/27/2000	:::	Beds	4
Days on Redfin	42	:::	Baths	2
$/Sq-ft	$660	:::	Year Built	1945
20% Downpayment	$240,000	:::	Area	Longden/2nd
Income Required	$300,000	:::	Type	SFR
Est. Payment*	$6,067/month	:::	MLS#	W08048163

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

This is one of the worst listings I have ever come across. It is so bad that I feel compelled to call the seller and tell him that it’s time to get a new real estate agent. Correct me if I’m wrong but there is no absolutely no reason to enter property descriptions in the following manner:

RERELY SEEN HUGE LOT IN PRIME. ARCD & ARCD SCHOOL. LOTS OF FRUIT TREES. NEEDS SOME TLC OR BUILD YOUR DREAM HOME. DRIVE BY ONLY. CONTACT L/A FOR SHOWING.

Are Realtors so busy these days that they have no time to type up a decent listing?

Chicken-scratch aside, this property is also a WTF listing. $1,200,000 for a 63 year old rundown home. Even if you’re buying it for the half acre lot, is Longden and 2nd St. where you imagined your DREAM HOME would be built?

Applying our appreciation table, you can see that $1.2MM isn’t even close to what it’s worth.

Purchase price: $473,000 in 2000.

3% $599,182
4% $647,333
5% $698,836

For around $1,200,000, I would rather pickup the mildly overpriced 1714 Highland Oaks Dr. You get a fully remodeled home, 2,788sf of living space, beautiful oak trees and a canyon view. SavedbyGrace profiled that property just last month.

If an equivalent sized home cost $334,000 to build ($120/sf), it would bring your total to $1,534,000 ($1.2MM + $334k).

Here at AHB we have seen some horrible listing descriptions, koolaid drinkers and downright WTF listings. I would say this property qualifies for all 3 of those.

Comments (4)

george8 · May 15, 2008 #2403

Well commented. This one goes to “sit and rot” pile too.

puckhead · May 15, 2008 #2405

I’m probably more bullish than most people about RE. But I almost fell off my chair when I saw this.

missedthebubble · May 15, 2008 #2406

awesome post yet again…..

I am still trying to figure out, how this is going to unfold…

JL · May 19, 2008 #2461

i actually saw the 1714 Highland Oaks place (from the outside since it wasn’t an open house). have you seen it in person? the pictures totally enhance the size and length. sadly it’s one of those listings where the pictures look amazing but less so in person. i was highly disappointed.

if you want another listing to profile, check out the 240 VAQUERO Rd one. i went to see it also and wow…you have to just go see it for yourself. and have fun talking to the agent who seems to get agitated if you don’t like the asking price. lol. said the owner won’t go below 900K and that it’s in a highly desirable area (small street right next to the arborteum?) and that you can’t find anything lower or better in the area. oh please.

i toured a few other places and was highly disappointed with the older homes for sale in arcadia. Most had some type of upgrade done (kitchen, master bedroom) but it looked like that was the only thing they did and left the rest of the house alone. so nothing matches.

if you have time, go see this house in person: 250 Oakhurst Ln off colorado. awesome in the pictures and it’s a huge property but it’s a maze inside.