Today we have two homes. They are both similar in size, acreage and condition. In this case, it’s the location and school district which will determine what their true market is. Which one would you buy?
|Lot Size:||6,464 Sq. Ft.|
Address may say Arcadia but this property is actually located within El Monte’s school district. In addition, the location is far from desirable. Check out the map:
Records show that the owner(s) bought this property in 2005 for $560,000 at… you guessed it, 100% financing. This home is definitely overpriced and not worth anymore than $300,000 to $350,000. Given that we have 2-3 years of decline to go, this short sale will most likely go back to the bank.
This is one property that will not benefit from sitting on a golf course.
|Lot Size:||7,800 Sq. Ft.|
Here we have a similarly sized home in a completely different setting. You get:
- Arcadia School District
- Desirable community of Peacock Village
- The heart of Arcadia: Nearby is the Santa Anita Westfield Mall (soon to be The Promenade), racetrack, Pavillions, 99 Ranch and a host of other shops amenities.
In late 2006, this home was purchased for $650,000. After some remodeling and 2 years later, the owner’s now want to make $150,000 . Unfortunately, they bought during the peak of the housing bubble and I predict many price reductions to come. They will be lucky to break even on this property after paying the sales commission!
Call me crazy but asking for $665 per square foot on a 1,200sf home is definitely not priced to sell.