| Asking Price | $599,000 | ::: | Sq-ft | 1,688 |
| Purchased Price | $586,000 | ::: | Lot Size | 7,410 sq-ft |
| Purchased Date | 12/24/2007 | ::: | Beds | 3 |
| Days on Redfin | 41 | ::: | Baths | 2.5 |
| $/Sq-ft | $355 | ::: | Year Built | 1941 |
| 20% Downpayment | $119,800 | ::: | Area | 210 fwy |
| Income Required | $149,750/yr | ::: | Type | SFR |
| Est. Payment* | $3,029/month | ::: | MLS# | A08044213 |
*Estimated monthly payment assume 20% down, 30-yr fixed @ 6.50%
“Price Reduced !! Priced for quick sale. one story single family residence with swimming pool, located in a nice neighborhood, north of Colorado. 3 Bedroom plus a den. Property has been completely renvoated in 2007, including newer kitchen with granite counter tops, newer appliances, newer bathrooms, double pane windows, newer garage door with remote. Formal dining room , Separate family room with marble flooring and access to the big covered patio. large size pool. spacious storage room next to the 2 car detached garage. gated driveway. property is zoned for R-3. property to be sold in ‘AS IS’ condition.”
I hate reading the descriptions most realtors put on the Redfin sales page. A $29,000 price reduction is hardly anything to get excited about and I never understand real estate talk on “newer” this and newer that. Newer than what? The 1970s hardware that was there before it? How new is newer? Also, it’s amazing what realtors are willing to say to get a sale. This property is literally right next to the 210 freeway and within a stone’s throw of all the noise and smog that will drive anyone batty. It’s obviously not “in a nice neighborhood.” Oh and by the way, it’s another REO.
Undesirable properties like this are often the first to show signs of weakness in a tough real estate market. Although we’ve documented some other REOs in more desirable locations, most of the pressure so far has been on condos, townhomes, SFRs by the freeway and those along the city’s border. While homes in the premier locations are experiencing softness with some price reductions and sitting longer time on the market, they have yet to see the heavy pressure I’m anticipating for later this year.
What’s taking so long? The system. We are currently on number 17 of the famed Credit Suisse ARM Reset chart below, but are barely experiencing the price pressures of re-listed REOs that defaulted 9 months to a year ago. Consider this – notice of defaults from loans that reseted on number 5 through 8 on the chart are just beginning to show up on the market. It takes a while for these homes to work itself through the system so I’m not surprised there aren’t more REOs at this point in time. It’s going to be an ugly Fall and Winter season this year. Unfortunately (or fortunately – depending on how you look at it), 2009 won’t be any better.
As for today’s profile, $599k for this real-estate-owned dump next to the freeway is a complete joke. Holy freeway noise Batman, you’d have to pay me to live there. Thanks, but no thanks.
“I never understand real estate talk on “newer” this and newer that.”
It’s simple…By the description, the home was remodeled a year ago, at which time these “newer” appointments were presumably installed. Legally, upgraded items that a Realtor wants to advertise cannot be advertised as “new” unless the (kitchen, dishwasher, sink, refrig, etc) has NEVER been used before. If even used just once, it can only be described as “newer” or “upgraded”, otherwise the Realtor can be accused of false advertising, as “new” implies never used. And naturally, she/he wants to point out any and all upgrades. She/he would be remiss if she/he didn’t try to point out all positvie features in the marketing.
By the way, these Realtors do not put those descriptions on the Redfin sales page. Redfin pulls the data from the MLS. I see nothing really offensive with the marketing remarks here, except for the annoying lack of capitalization.
This home is literally right on the 210 exit ramp. A small accident can crash cars into the house.
Is there sound wall in this section of 210? It may help if it does.
george,
I see all the trees so I don’t think there is a sound wall comparable to the ones on Colorado (to the West). I could be wrong though so I’ll swing by the property this weekend to take a look.
Is every one going nuts? so foreclosures are rocketing up higher and higher, setting records every month, and gas prices are rising setting new records every month .. but we keep acquiring more and more debt… am I the only one not drinking the kool aid… and I use Kool aid loosely here, because it almost feels that way to me, like everyone is in the mass suicide plan… and I was not told about this…
Haha. Didn’t you get the Memo? Bernanke and Co. are doing everything possible to encourage Americans to spend, rack up more debt and spend some more.
Heck, our presidential hopefuls want to suspend gas taxes for the Summer. I doubt this this will save Americans any money because it’ll just encourage more driving, vacations and… spending.
It is now hitting the mainstream media…
http://www.latimes.com/business/la-fi-forbes-housing5-2008may05,0,1708683.story
So it looks like q1 of ’09 is looking like the ideal time to buy….
MTB,
Great article for reference! Thanks for the tip.
FYI. if you do pick this beauty up, make sure to move in by the end of the month. Otherwise put it off for a few months becuase the Sanitation District is going to be digging a 15 foot deep hole in front of the house for a new sewer.
The new sewer is going to run from the 210 up 1st all the way to Woodland then over to Santa Anita.