A reader asked for some MLS numbers for the Long Beach properties featured on Dr. Housing Bubble Blog last week.
Dr. HB was kind enough to get those to me. Here are the two remaining active listings:
R804042
R808109
Yikes.
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Cameron-are you sure that isn't Carson, not LB?
ReplyDelete$405k? I guess you can rent out the shack in the back to help out with your mortgage payment!
And that Denver is in the same area. but it doesn't even have the shack. I guess here you will have to rent out your 1-car garage!
For both of these, the 100 grand they went for 10 years ago was about right, but now they need some maintainance.
What do you think LB? $75k each?
FreedomCM
Yep, this is LB--but barely. It continues to amaze me how absolutely ENORMOUS Long Beach is. I know I feature coastal properties primarily, but North LB is where the real action/asset destruction is.
ReplyDeleteI call it "The Other LB" for various reasons.
If we go strictly by household median income, this POS shack
would be between $100k and $120k. But, as you pointed out, some serious maintenance is required. Plus, does this look "median" to you? Looks more like "government cheese" to me.
I think a knife-catching investor will jump in at around $120k, but they will lose their ass during the next few years as foreclosures in this area mount.
Can you even believe this dump went for $405,000 two years ago?! I smell fraud, but guess how many nearby properties used this shack as a comp. Rut roh.