20 hours ago
Sunday, November 30, 2008
Friday, November 28, 2008
The High End
Interesting trend I noticed in Pasadena: more and more million, multi-millon dollar homes are entering the market. No week passes without a couple of them getting listed. I did a search on Redfin, and found 115 homes in Pasadena over a 1 million dollar for sale. Some are condos, town houses, but mostly detached houses. The averaged stats are interesting too:
listing price: $1,690,000
sqft: 4,338
$/sqft: $602
days on market: 106
Longest on market: 515 days
Highest listing price: $19,000,000 (same house)
Highest $/sqft: 2,089
What it says to me that the well-to-do is not immune to the market meltdown, but perhaps even more susceptible to delusions.
Let's look at this listing:
Price: $1,859,000
Beds: 4
Baths: 2.75
Sq. Ft.: 3,005
$/Sq. Ft.: $619
Lot Size: 9,152 Sq. Ft.
Style: Craftsman
Year Built: 1906
Area: Southwest Pasadena
On Redfin: 126 days
It's a beautiful craftsman home, at a prime area of Pasadena, but I don't think that in the current market it will fetch nearly 2 million dollars. According to PropertyShark, at the peak median pride of 2006 it would be worth $804,925, but at the pre-bubble year 2000 price a mere $393,284. Even if we calculate all the extras, it'll have hard time fetching three times the median in this rapidly sinking market.
While the listing price for the above house is probably unrealistic, the next one is just punch-drunk, what-the-the-hell-are-they-thinking insane:
Wonderful, classic garbage can photography.
Price: $1,875,000
Beds: 3
Baths: 4
Sq. Ft.: 1,914
$/Sq. Ft.: $980
Lot Size: 8,415 Sq. Ft.
Style: Craftsman
Year Built: 1906
Stories: 2
Area: Pasadena Southwest
On Redfin: 87 days
At a closer look, the house turns out to be in less then top condition, as the peeling paint on the porch demonstrates. Inside is even worse:
Someone has been at this place since the beginning of time, and it shows. This lonely survivor of a bygone era, surrounded by condos/apartment buildings would have been the perfect property to be sold to a developer for a premium price two years ago. It looks like somehow the owner missed the boat, and would now be kicking himself if he was not busy trying to turn back time by willpower alone.
The listing description is schizophrenic rant, at once touting the benefits the house and the benefits of tearing it down and replacing it with townhouses, plans already approved. Somebody is not reading the news about the sorry state of new home constructions. That's a hefty price tag for "potential."
listing price: $1,690,000
sqft: 4,338
$/sqft: $602
days on market: 106
Longest on market: 515 days
Highest listing price: $19,000,000 (same house)
Highest $/sqft: 2,089
What it says to me that the well-to-do is not immune to the market meltdown, but perhaps even more susceptible to delusions.
Let's look at this listing:
Price: $1,859,000Beds: 4
Baths: 2.75
Sq. Ft.: 3,005
$/Sq. Ft.: $619
Lot Size: 9,152 Sq. Ft.
Style: Craftsman
Year Built: 1906
Area: Southwest Pasadena
On Redfin: 126 days
It's a beautiful craftsman home, at a prime area of Pasadena, but I don't think that in the current market it will fetch nearly 2 million dollars. According to PropertyShark, at the peak median pride of 2006 it would be worth $804,925, but at the pre-bubble year 2000 price a mere $393,284. Even if we calculate all the extras, it'll have hard time fetching three times the median in this rapidly sinking market.
While the listing price for the above house is probably unrealistic, the next one is just punch-drunk, what-the-the-hell-are-they-thinking insane:
Wonderful, classic garbage can photography.Price: $1,875,000
Beds: 3
Baths: 4
Sq. Ft.: 1,914
$/Sq. Ft.: $980
Lot Size: 8,415 Sq. Ft.
Style: Craftsman
Year Built: 1906
Stories: 2
Area: Pasadena Southwest
On Redfin: 87 days
At a closer look, the house turns out to be in less then top condition, as the peeling paint on the porch demonstrates. Inside is even worse:
Someone has been at this place since the beginning of time, and it shows. This lonely survivor of a bygone era, surrounded by condos/apartment buildings would have been the perfect property to be sold to a developer for a premium price two years ago. It looks like somehow the owner missed the boat, and would now be kicking himself if he was not busy trying to turn back time by willpower alone.
The listing description is schizophrenic rant, at once touting the benefits the house and the benefits of tearing it down and replacing it with townhouses, plans already approved. Somebody is not reading the news about the sorry state of new home constructions. That's a hefty price tag for "potential."
Wednesday, October 15, 2008
HAHAHA
1514 Glen Ave Pasadena, CA 91103 (MLS#: F1786630)
Beds: 2
Baths: 1Beds: 2Sq. 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
Insanity
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:
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.
246 E Mountain St Pasadena, CA 91104 (MLS#: F1785347)
Price: $520,000Beds: 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.
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