$718k Short Sale

8 W. Camino Real Ave.


Asking Price $718,000 ::: Sq-ft 1,956
Purchased Price $268,000 ::: Lot Size 8,875
Purchased Date 09/23/1993 ::: Beds 3
Days on Redfin 2 ::: Baths 3
$/Sq-ft $367 ::: Year Built 1969
20% Downpayment $143,600 ::: Area Santa Anita
Income Required $179,500 ::: Type SFR
Est. Payment* $3,630/month ::: MLS# A08071473

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

* Short Sale * Nice corner lot, needs new owner to give it TLC. Good size pool in backyard. Property is being sold in its “as is” condition. Buyer and buyers’ agent to verify all listing information. Seller to choose all services.

When I starting looking at Arcadia properties on a daily basis a little over a year ago, it was difficult to find many properties in distress. Today, the picture is very different. Today’s short sale is one of the 65 pre-foreclosures TheArcadian reported on in last Sunday’s inventory report. With a good chunk of Alt-A loans still to reset in the coming months, I can’t imagine things getting any better any time soon.

This property is listed as a fixer upper with no pictures of the interior. If I were a buyer, I would just consider the interior a complete gut. Also, if the inside is in bad shape, it’s fair to assume the exterior of the house has not been maintained well either. Anything that’s being sold “as is” should raise a red flag caution in any buyer’s mind.

From the available loan information, this house was purchased for $268k in 1993. If they had a 15yr mortgage, the house would be paid off by now. Instead, this listing is currently a short sale subject to lender approval. For that to happen, the seller must owe the lender more than the $718k asking price if it requires the bank’s approval. That means they pulled out their 20% downpayment, the payments they made over the years plus some easy HELOC money during the boom to fund whatever lifestyle and/or investments they have going on.

Purchased for $268k and listed as a short sale for $718k. If this is typical of the massive housing bubble, and I believe it is, then we’re in for a rough ride. The weekend has arrived so keep your eye out for interesting properties, distressed or not, in the area and come back to AHB to let us know about it.

3 thoughts on “$718k Short Sale”

  1. A fixer inside and out at $367/sf at a busy street corner?
    —> sit and rot.

    This would have been a paid off shelter for the owner with 100% equity with 2006 property of $3700. The original intent of Prop 13 got totally destroyed by the RE bubbly ATM.

  2. You must be talking about that flashy Caddy. Probably a lot of realtors would love an old whip like that in this housing market.

    Also $718 to live there. Wow. Looking back how did housing prices get so out of line. That house has the curb appeal of a dumpster.

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