A whole lot of land on Orange Grove

1160 W Orange Grove Ave.
Arcadia, CA 91006

Price: $3,000,000 ($875/sf)

Beds: 3
Baths: 3
Sq. Ft.: 3,427
Lot Size: 1.3 Acres

This home has a lot going for it: 1.3 acre lot, large 1-story home, 1,100sf guest house and the desirable Santa Anita Oaks community (aka “Upper Rancho”). This is as close as an Arcadia home will get to being”A magnificent Spanish-style estate.”

There is almost enough land on this property to build 4 decent sized homes but the owner did well by maintaining its current condition. Although it’s being listed at $875/sf, my opinion is that 1.3 acres for $3,000,000 isn’t too bad. Compare that the the 1/3 acre property on 2428 S. 2nd Street also going for $3MM+:

Remember this property? $3.2MM and you get the convenience of no privacy.

Let’s just hope that a flipper doesn’t get a hold of this Orange Grove home and pack it with overbuilt McMansions.

Comments (8)

george8 · July 15, 2008 #3390

>>Let’s just hope that a flipper doesn’t get a hold of this Orange Grove home and pack it with overbuilt McMansions.<>..my opinion is that 1.3 acres for $3,000,000 isn’t too bad..<<

Are you serious? This a WTF bubbly asking as well.

Let all of them sit and rot.

TheArcadian · July 15, 2008

Perhaps I was being too optimistic last night. Let’s run through the numbers and see what we get:

Main house: 3,427sf
Pool house: 1,000sf
Guest house:1,177sf

Total square footage: 5,604sf

$350/sf = $1,961,400
$325/sf = $1,821,300
$300/sf = $1,681,200

Now we have to take in account that this property is located in Santa Anita Oaks and sitting on 1.3acres. A typical McMansion will be be lucky to have even half that square footage. I guess the real question is whether these two factors are worth the $1MM to $1.3MM premium.

Given everything that’s going on, I’d take back my previous statement and say that this home is at least $500,000 – $800,000 overpriced.

· July 15, 2008

I’m a flipper and I would love to put a 7-11 store or a mom and pop store.

Arcadia Lost · July 15, 2008 #3395

Would the city allow subdividing in that area? Maybe splitting the lot, but four would look strange in that neighborhood.

missedthebubble · July 15, 2008 #3396

Driven by this multiple times… and I will actually side with the 3 million dollar evaluation.

Why? When you drive by this house, this is what you have in your head when you say “million dollar home”. Is it over valued at 3 million, probably, but I would rather pay 3 million for this house, then 1 million for the one on 2nd street.

phantom600rr · July 15, 2008 #3414

I’d be amazed if someone is willing to pay anywhere near $3M for this property. Arcadia is a nice city, but not $3M nice…especially on high traffic Orange Grove Ave. At this point in our housing correction, there are simply way too many options for a potential buyer to choose from, within or outside Arcadia. And to pay nearly $3M for a property in a middle-to-upper middle class city is quite a stretch. More specifically to this property, the yard is moderately landscaped and the physical property is nothing special, with very little curb appeal. Just my 2cents…

· July 18, 2008 #3476

i agree who wants to pay $3m for a middle class neighborhood without a schooling system capable of producing ivy league qualified applicants!