|Purchased Price||$473,000||:::||Lot Size||0.58 acres|
|Days on Redfin||42||:::||Baths||2|
*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.
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.