$888k – Lucky enough to find a knife catcher?

The following property is profiled by the request of one of our readers. It seems like many people are attracted to these PUD/townhomes. If you’re not into yard maintenance, driveways or require large lots to entertain with, then I suppose this is the perfect property for you!

901 Holly Ave.
Arcadia, CA 91007

Price: $888,000 ($334/sf)

Beds: 3
Baths: 3.75
Sq. Ft.: 2,660
Lot Size: 10,408 Sq. Ft.
Property Type: Attached, PUD

Excellent location, walk to Arcadia Golf Course and Park, custom built PUD, like new condition, many upgrades and features…

I can’t argue about the location of this PUD. It’s a stone’s throw away from the golf course, Santa Anita Race Track, Arboretum and Westfield Shopping Mall. In fact, this is probably one of the closest properties to all 4 attractions!

Exit, make a left and you’re on Huntington Dr. Can someone tell me whether this is a high traffic intersection?

As far as valuation goes, my first comment would be that PUDs like this one used to go for ~$400k+ in early 2000. Although I know much has changed since then, it doesn’t change the fact that this class of property was built to be more affordable than single family homes and still generate a sizable profit for developers.

Today’s valuation will be based on 2 properties located fairly close to this one or at least within proximity to all the same attractions.

453 Fairview Ave #D.
Arcadia, CA 91007
Currently listing for $669,000 ($284/sf)

– 3 bed, 3 bath and 2,356sf

815 W Duarte Rd.
Arcadia, CA 91007
Sold on 7/31/08 for $680,000 ($230/sf)

– 6(?) beds, 3 baths and 2,962sf

So just based on these 2 comps, $334/sf for today’s PUD is asking too much. If this was a small detached home on a 7,000sf lot then maybe there would be a case for the $888,000 asking price.

Since this property is new(er) and appears to be well maintained, here’s how I would value it:

$260sf – $691,600
$270sf – $718,200
$280sf – $744,800

Stray a little farther West on Huntington Dr. and you will start to see PUDs currently listing for around $680,000 – $750,000. That is far below the today’s “lucky” $888,000 asking price.

Comments (7)

JY · August 19, 2008 #4276

“Exit, make a left and you’re on Huntington Dr. Can someone tell me whether this is a high traffic intersection?”

i wouldn’t consider it a high traffic intersection…most of the traffic is to the left where baldwin is. i think if i remember correctly, the stop light at that intersection takes awhile. i always hated that one when i was leaving AHS and heading west.

TheArcadian · August 19, 2008

Thanks for providing the valuable information. I used to live right off a busy street and the traffic noise was unbearable.

missedthebubble · August 19, 2008 #4280

Busy… yeah, that intersection is busy.

The triple 8 price, Have anything to do with the Olympic start date?

Maybe the strategy is to start high, and then lower it every 2 weeks etc. to make people feel like they are getting a bargain.

My Price point for this place… $400k to $450k…

akr889 · August 19, 2008 #4282

There are not much traffic on that intersection. I ride bike on Huntington a couple of times. Traffic normally dies east of Baldwin ave. But if the south parking lot of the race track is converted to a Shopping mall, the traffic will be as bad as Baldwin

Curious mind · August 19, 2008 #4290

I don’t know whether this changes your valuation. Per LA County Assessor, there are two units at 815 W. Duarte,

#A: Square Footage 1,557
Year Built / Effective Year Built 2007 / 2007
Bedrooms / Bathrooms 3 / 3
Units 1

#B: Improvement 1

Square Footage 1,669
Year Built / Effective Year Built 2007 / 2007
Bedrooms / Bathrooms 3 / 3
Units 1

TheArcadian · August 19, 2008

Curious,

Thanks for cross checking my data. Since this was just a comp, I just relied on Redfin’s data.

If this is indeed 2 small units, then my evaluation of 815 W. Duarte is completely off. But basing the $680k sales price on the larger unit would give us $407/sf. If that is the case, then today’s property is way underpriced. What are the chances of that?

I’ll dig a little deeper tomorrow morning to see if we can report the correct data. Thanks again!

Tootsie · August 20, 2008 #4307

Nearly 900k for a view of a parking lot across the street?

I seriously suspect some people will buy in Arcadia just to say they are in Arcadia. For 900k there are plenty of nice places that look like real neighborhoods in SGV. This is not one of them.