$5,000,000 on Fallen Leaf | Arcadia Housing Blog

Price: $4,998,000 ($643/sf)

Beds: 7
Baths: 7.25
Sq. Ft.: 7,769 (8,000sf+ incl. guest house)
Lot size: 1.05 Acres

There’s not much to say about this property. The home is big, the lot is huge and the price… just under $5,000,000.

With 1 acre of land to work with, there’s no chance this home can be overbuilt like the hundreds of McMansions in Arcadia.

Of course, high-end homes like these are not immune to price declines:

Listing history
Jun 27, 2008 $5,488,000
Jul 29, 2008 $4,998,000

That’s a $500,000 (9%) price reduction in 30 days. Even at this price point, the seller is not looking for a knife catch. Rather, he needs a filthy millionaire to come by who just has to live in Arcadia (for whatever reason).

Valuation based on last sales price:

Purchased in 1996 for $1,750,000.

After 12 years of ownership:

4%    $2,801,806    ($361/sf)
5%    $3,142,749    ($405/sf)
6%    $3,521,344    ($453/sf)
7%    $3,941,335    ($507/sf)
8%    $4,406,798    ($567/sf)

If you’re wealthy enough to buy this home, will another $400-600k price drop concern you?

Comments (6)

Kuma · August 16, 2008 #4208

If you’re wealthy enough to buy this home, will another $400-600k price drop concern you?

Yes! While housing price dropping 20% per year, why should I be so anxious to get this house? It will be there for a while, so … why not keep waiting and have the $400 – 600k make some money for me at the mean time?

Tootsie · August 17, 2008 #4230

[sigh] If I had the means to buy such a home I can assure you that A] I would not put it into real estate that I lived in, B] I would not be buying in Arcadia and C] I would not buy this ancient fossil.

I’ve seen homes like this in Pasadena, Arcadia and SM, w/o fail I bet the inside needs major remodel. Notice how there is no mention of renovation or upgrading? There’s a reason….there’s none!

Also Where does the realtor get the idea “home is set amongst centuries-old oak trees”? They don’t appear that old to me!

Regardless, another for idiots only listing taken by a realtor who is too afraid to slap the seller into reality.

· August 18, 2008

Get a grip on yourself. Whoever is buying this property is not buying it beause of the fabulous architecture. It’s all about location and lot size.

missedthebubble · August 18, 2008 #4258

My ball park guess is that this house is 2.5 million to 3 million, but that is with the caveat that the USSR… oh I mean Russia doesn’t dump US gov’t securities in response to…

Has the world gone mad?

Sean · August 18, 2008 #4264

For 5 Million you can live like an average person in the Midwest minus the great weather. That home with one acre of land would be about $300 in most of the Midwest. The home alone looks awful.

5 Million is not a joke. You need to be rich to buy this home. Period. And most rich people spending 5 Million will require a top notch home and this isn’t it. So this in my opinion is an acre of land with a 50,000 bill to dispose of a junk house. Plus another $1-2M to build a new 8000 sq ft house.

But remember some people have so much money they don’t know how to spend it, one of them will likely buy this home in a year or two.

JW · February 23, 2009 #173507

I think this is worth $3.25M for the land, $1M for the building, for total of $4.25M.