Wednesday, October 15, 2008


1514 Glen Ave Pasadena, CA 91103 (MLS#: F1786630)Beds: 2
Baths: 1
Sq. Ft.: 704
$/Sq. Ft.: $604
Lot Size: 5,810 Sq. Ft.
Price: $425,000
"Wonderful investment opportunity. Start your passive income today with this 2 bedroom 1 bath income property located in a lovely residential neighborhood!"

This is comedy.

Thursday, October 9, 2008

Another Scary Chart

The blue line is the Dow in the Great Depression. Overlaid in red is the Dow now. From Dr. Housing Bubble.

Wednesday, October 8, 2008

Thursday, October 2, 2008


Let me say this: I love Pasadena. I love the old trees, the streets you can walk, the stores, the restaurants, the monthly flea market at the Pasadena City College, the houses with all the character. Not that I think I'll be able to buy there, but I keep checking the listings. Today this one caught my eye:

246 E Mountain St Pasadena, CA 91104 (MLS#: F1785347)
Price: $520,000
Beds: 2
Baths: 1
Sq. Ft.: 1,053
$/Sq. Ft.: $494
Lot Size: 5,160 Sq. Ft.

Almost 500 $/Sq. Ft. for a small cottage on a modest piece of land? The average price of recently sold porperties is $346/Sq. Ft. , and none of them reached even 400. Then I looked at the price history:

Date Price
Dec 01, 1972 $17,500
Mar 09, 2006 $275,000

I was wondering why somebody in this market trying to sell a house for almost double they paid for it only two years ago. Propertyshark gave me the answer: they took out a morgtage for $352,500 at 2/2/2007 from First Street Financial Inc. What kind of financial moron gives a loan for a bigger amount than the house was purchased for less then a year earlier?!!! No wonder we are in this mess now. I'm also curious what the owner of a 1,053 sq. ft. house spent$352,500 on.