Another $1.2MM for land

68 W. Longden
Arcadia, CA 91007

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Asking Price $1,248,888 ::: Sq-ft 1,937
Purchased Price N/A ::: Lot Size 0.45 acres
Purchased Date N/A ::: Beds 3
Days on Redfin 2 ::: Baths 2.25
$/Sq-ft $645 ::: Year Built 1938
20% Downpayment $249,777 ::: Area Santa Anita
Income Required $312,222 ::: Type SFR
Est. Payment* $6,314/month ::: MLS# 22110727

*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?

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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.

$940k – 240 Vanquero Rd., 0.4 acres
$1,358,876 – 1714 Highland Oaks Dr., 0.28 acres, 2,788sf
$1,580,000 – 1249 Oakhaven Rd., 0.35 acres, 3,700sf, Private gated community (Whispering Pines Estate)

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?

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