Before reading on, I wanted to let you know that the following property listing nearly floored me. We have profiled several ridiculously overpriced properties the last 2-3 weeks but this one gets to take home the prize.
1015 S 8th Ave
Arcadia, CA 91006
|Purchased Price||$1,017,500||:::||Lot Size||0.49 acres|
|Days on Redfin||2||:::||Baths||2|
|20% Downpayment||$236,000||:::||Area||Near Monrovia|
*Estimated monthly payment assume 20% down, 30-yr fixed @ 6.50%
$1.18MM for a property located approximately 6-8 blocks from the Monrovia gang shootings back in January. Not only that, you only get a 1,374sf 74 year old home so a new construction is in order. Essentially, you are buying a piece of land just shy of half an acre.
I know what this seller is thinking – “Just like my neighbors, this lot is big enough to be split into multiple smaller lots so it must be worth a fortune.”
Unfortunately, there’s nothing in the listing saying that the owner got the Permits approved or even bothered to get plans approved for a new McMansion. All they did over the last 2.5 years was water the grass until it was green again (aerial photos show a brown piece of dirt).
If you were to buy the property and live in it, you’d be paying a whopping $859 per square foot. Lets compare that figure to its neighbor located right next door.
Listing price: $998,000 ($359 per sf)
For $182,000 less, you get a livable decent sized home. Oh yea, this property has been sitting on the market for 221 days, has 2 price reduction and is a short-sale.
I’m not nitpicking with my properties either. Just 2 blocks South is 1318 8th St.
This home was completely gutted and remodeled several months ago. It’s currently listed for $928,000 ($414 per sf).
After construction, new landscaping, permit and financing costs, today’s subject property will cost you over $1,700,000. Would you spend that kind of money to live on 8th Street?
6 thoughts on “$1,180,000 for Dirt”
“All they did over the last 2.5 years was water the grass until it was green again (aerial photos show a brown piece of dirt).”
hahaha! someone should drop off a postcard to this website address at these houses.
great research on digging up the aerial photo and the gang shooting incident! i check your site on a daily basis now
great idea. Maybe someone can design an AHB postcard or business card for us. 🙂
“hahaha! someone should drop off a postcard to this website address at these houses.”
You guys are cruel!
I love that idea! Hahaha! I wish I thought of it.
Is there something wrong with me/us if we enjoy watching this meltdown?
Why do realtors waste their time on listings like this? If someone is dumb enough to make an offer the bank surely will save them from being stupid.
Also what are sellers thinking? I see so many listings where they purhased in 2004-2007 and are now asking 50%-100%+ higher than they paid?
I have found that homeowners always believe their property to be worth more than comparable neighbors. I work with a lot of real estate investors and they never admit that there is something inferior about their investment.
In this market it’s ridiculous because the longer they overprice their listing, the more money they’ll lose.
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