Wednesday, April 29, 2009

ur doin it wrong: UPDATE

Remember these next of kin trying to cash in on their dead relative shuffling off this mortal coil?

The little weasels have cut the price twice since we last checked in, totalling $75,000 in reductions. However, $399,000 (reduced from an original $499,000) still represents a logic-flattening $639 per square foot!

Here is the updated info:

Address: 535 Grand Ave, 90814
Asking Price: $474,000
Year Built: 1920
Size: 1 beds, 1 baths, 624 sq. ft.
$/Sq. Ft.: $639
Purchase price: N/A
Purchase date: N/A
MLS#: P662564
On Redfin: 183 days
Down Payment: $80,000 (from $95,000)
Monthly Payment: $2,100 (from $2,600)
Income Requirement: $114,000 (from $135,000)
Description: Charming 1 bedroom, 1 bath California Bungalow in fantastic Belmont Heights corner location. Great opportunity to own a single family residence in prestigous Belmont Heights for around the price of a condo. Close to the ocean, shopping, restaraunts and transportation.

How is being located on the corner of a busy four-way stop intersection "fantastic?"

And the only way $399,000 is "around the price of a condo" is if said condo had twice the bedrooms, bathrooms, square footage, and was close to the beach.

I have to give the little piggies credit for reducing the price on a fairly steady schedule, but they are still so far off it's amazing that they can even manage to pump their own gas (at this price, I think they're trying to ensure only their butler will be filling up the Escalade from now on).

According to my calculations, the monthly payment on $399,000 would be almost TWICE what you could rent this so-called "single family residence" for. Ridiculous.

Here is the price reduction history, along with my prediction for the future of this property should the sellers fail to get serious soon:

Oct 28, 2008 - Listed $499,000
Jan 06, 2009 - Price Changed $474,000
Mar 09, 2009 - Price Changed $449,000
Apr 21, 2009 - Price Changed $399,000
May 25, 2009 - Price Changed $369,000
Jun 26, 2009 - Price Changed $349,000
Jul 24, 2009 - Price Changed $339,000
Aug 20, 2009 - Price Changed $319,000
Sep 22, 2009 - Price Changed $299,000
Oct 15, 2009 - Price Changed $289,000
Nov 20, 2009 - Price Changed $279,000
Dec 12, 2009 - Price Changed $269,000
Jan 15, 2010 - Price Changed $255,000
Feb 16, 2010 - Price Changed $245,000
Mar 8, 2010 - Price Changed $229,000
Apr 27, 2010 - Price Changed $219,000
May 25, 2010 - Price Changed $215,000
Jun 26, 2010 - Price Changed $205,000
Jul 16, 2010 - Price Changed $199,000
Aug 17, 2010 - Price Changed $189,000
Sep 24, 2010 -
Sold $185,000

This place may be a detached bungalow, but it's not in a prime area of "prestigous" Belmont Heights and the corner location and shabby interior make it very undesirable.

This 90-year-old wobbler would only be of interest to an investor seeking cashflow or a retiree who doesn't want to live in Leisure World (considering it's a probate sale, it makes sense that's what happened here). But by asking such a ludicrous price, these probate pissants have effectively priced those buyers out of the market.

Good thinking, sport.

Who knows? Maybe they'll find a knife catcher during the Super Summer Selling Season(tm). Assuming of course said knife catcher isn't afraid of a further 50% drop in value.

However, after 183 days with no interest (or spell checks), finding that buyer seems increasingly unlikely.

1 comment:

  1. Look what came back on the market yesterday.

    Yes, 6564 E Brittain. They have reduced the price from the previous attempt by a whopping ZERO Dollars.

    Yes, and the home is priced about $175K more than the ZILLOW estimate.

    BTW, is that a new picture for this listing??? Picture 15. I didn't see the Kermit the Frog picture in your post "it's hard out here for a flip"