Sunday, June 21, 2009

For the Love of Money

For a small piece of paper it carries a lot of weight,
Oh, that mean, mean, mean, mean, mean green.
Almighty Dollar!
Talkin' bout, talkin' bout - cash!
I know that money is the root of all evil,
Do funny things to some people.
Give me a nickel, brother can you spare a dime?
Money can drive some people out of their minds.

For the love of money.
No good, no good, no good.

For the love of money.
Don't sell ya soul for the money - no, no.

-The O'Jays, For the Love of Money

Address: 5216 E. Vista, 90803
Asking Price: $729,000
Year Built: 1941
Size: 3 beds, 1 baths, 1,243 sq. ft.
$/Sq. Ft.: $586
Purchase price: $225,000
Purchase date: 10/1993
MLS#: P684522
On Redfin: 62 days
Down Payment: $146,000
Monthly Payment: $4,200
Income Requirement: $208,000
Description: This 3 bedroom 1 bath fixer property is in heart of Belmont Park. Walking distance to many restaurants, shops, just minutes from the beach and the marina. Hardwood floors throughout, 1/2 block to Lowell Elementary

LOL: "Listing Price Excludes: Dining room light, entry hall light"


The word "fixer" should never be a descriptor for a house asking $586 per square foot. Not that that nugget of common sense would ever stop delusional Long Beach sellers from their delusional ways.

But don't worry about it, pal, I'm sure there are plenty of doctor/lawyer couples looking to shell out $4,200 a month for the privilege of sharing a bathroom and paying for all of your (obviously substantial) deferred maintenance.

Incredibly, this asking price of $729,000 is a $79,000 increase from the original April demand of $650,000!

Great sales tactic!

Here is where my jaw hit the floor: This (outwardly) cute little house was purchased in 1993 for $225,000, but even if they found a buyer for $729,000 IT STILL WOULDN'T COVER THE LOANS!


If serial refinancing were heroin, before his fatal short-sale overdose this guy was in the "turning-tricks-on-Santa-Monica-Boulevard-and-shooting-up-in-between-his-toes" stage.

The amazing thing is, if he hadn't taken out so much money against the house, a few years from now he would probably own this place free-and-clear.


He would have absolute financial freedom and could retire in this absolutely amazing neighborhood with no house payment. But instead of monetary liberty, our avarice-fueled seller chose a life of unchecked greed, rampant consumerism, and living above his means. The implacable desire for cash money can truly drive people out they damn minds.

There are no other pictures provided, so for the sake of alacrity I'll keep this short. I just thought you'd like to see where your hard-earned tax dollars are going: To myopic, irresponsible turds like this one.


  1. 700k for that piece of junk? Forget it. I hope this guy crashes and burns. A year later it will go to auction at 700k and noone will pick it up. 2 years later investors will pick it up at 600k and flip it at 650 within a month. Noone will buy it, then it will foreclose again and start the process all over again.
    Housing bottom= 2015 anyone?

  2. See El Bee what you have caused. You were asking one guy to raise the price, and now 2 have been found.

    I blame you, El Bee. WHY MAN WHY!!!!????

    Come on Alt-A and Option Arms.. I can not believe people who bought home for over 600K all had 30 yr. fixed with 20+% down.

    Is it wrong for me to hope for a bloody winter?