|Purchased Price||N/A||:::||Lot Size||0.45 acres|
|Days on Redfin||2||:::||Baths||2.25|
|20% Downpayment||$249,777||:::||Area||Santa Anita|
*Estimated monthly payment assume 20% down, 30-yr fixed @ 6.50%
This property is very similar to the 1219 S. 6th Ave. that I profiled 2 days ago. They both sit on large lots (0.45 – 0.61 acres), have comparable square footage (~1,900), very old (60+ years) and both listings hint that you’re better off demolishing the existing structure and building a new one. To top it all off, both properties are listing for $618+ per square foot.
Assuming the structure itself is worth nothing, does the listing price of $1,248,888 justify the cost for this sub-1/2 acre lot? If you look at the aerial map, the property is surrounded by half a dozen or more 3,000 – 4,000sf McMansions. Can you spot them?
It could be that I’m not the target audience for these types of properties but it looks like $1.2MM buys you very little. Permits, financing costs, architectural fees and the construction of a new three to four thousand square feet home will put you near or at the $2,000,000 mark. Even in this inflated market, $2MM can buy you a very nice existing home, not just in Arcadia, but in the Highland or Peacock Village communities.
I could go on and list a dozen more properties but I’m sure you get the point. So what’s your favorite property for under $2MM in Arcadia?