I was going to save this newly listed property for Monday but it got me so excited that it’s only right I post about it today. Since Father’s Day is coming up and we’ll be busy with family, I will just leave this profile up over the weekend. I’d love to hear your thoughts regarding the $2,500,000 monstrosity.
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Five days ago I profiled a $2.5MM property renting for just $3,500. In exchange, you are required to showboat the home to prospective buyers. More details can be found here and many thanks to our reader T K Eng for the info.
Redfin caught the listing today providing additional details.
2002 N Bella Vista Ave
Arcadia, CA 91006
| Asking Price | $2,498,000 | ::: | Sq-ft | 5,600 |
| Purchased Price | $625,000 | ::: | Lot Size | 0.45 acres |
| Purchased Date | 6/30/2003 | ::: | Beds | 4 |
| Days on Redfin | 1 | ::: | Baths | 4.5 |
| $/Sq-ft | $446 | ::: | Year Built | 2008 |
| 20% Downpayment | $499,600 | ::: | Area | Longden/Holly |
| Income Required | $624,500 | ::: | Type | SFR |
| Est. Payment* | $12,629/month | ::: | MLS# | A08086465 |
*Estimated monthly payment assume 20% down, 30-yr fixed @ 6.50%
With the addition of this home, there are now 15 homes in Arcadia listing for over $2,000,000. It is definitely an elite club to be in since the buyer would have to be flushed with cash and have extra cashflow to maintain these homes. Heck, property taxes alone will be over $20,000 per year.
I have a few comments regarding this listing:
1) Where’s the landscaping? For $2.5MM I would expect some exotic landscaping, privacy trees and perhaps even a pool and spa. Instead, you get grass and some shrubs.
2) No privacy. Make sure you install curtains because the McMansion next door can monitor your every movement.
3) 5,600sf building on a sub-half acre lot? Take a look at the aerial – the home and garage cover half the parcel.
I could go on and on about this property but we’ll save that for the upcoming week. From what you’ve seen so far, is this the luxury home you would envision a multi-millionaire buying?
For the average American and many others, this house does not have many things one would expect of a 2M plus house. However, the typical buyer for this type of house in Arcadia is more interested in living space. I wouldn’t be surprised if the detached gargage is converted to extra living space eventually. The yard is plenty big for kids to run around in and privacy is not a big drawback because many of the typical buyers come from densely populated urban areas or living arrangements that didn’t include much day to day privacy. Quite frankly, if zoning allowed, the house have been built to take the entire lot. Also, a pool for many buyers, Americans included, is just a big headache and if someone has 2.5M to spend on a house, should be able to add later if desired.
I may be way off, but that’s my take on this and similar properties that locals/natives keep bashing. Maybe TK can comment on this.
I fully agree that most people would not want to pay full price for something like this. However, living in Arcadia is a status symbol for many first generation Asian immigrants, both recent (10 yrs)residents. As you pointed b/4, Arcadia does have much to offer and demand is significantly higher than the neighboring cities such as El Monte or Monrovia. The LA Times reported today that median prices in Socal are 27% off of last year’s avg. Despite this, sellers in Arcadia have not significantly cut their prices b/c demand remains high- for now. The question is whether the rising commodity prices and unemployment rates will cause the bubble prices in Arcadia to collapse (-30% or more). I think at this point it is still uncertain b/c there are still a lot of McMansion buyers outthere from what I can see…and yes, I too can’t stand the McMansions and have started looking eastward to places like W. Covina for more living space.