Tuesday, July 21, 2009


Address: 711 E 1st St., 90802
Asking Price: $155,000
Year Built: 1920
Size: 1 beds, 1 baths, 468 sq. ft.
$/Sq. Ft.: $331
Purchase price: $23,000
Purchase date: 8/1976
MLS#: A09042437
On Redfin: 98 days
Down Payment: $31,000
Monthly Payment: $900
Income Requirement: $44,000
Description: ??? Investor???s Delight! Lease or Built (Lots of room to build) ??? Square feet: 486 SF, Lot: 2,444 SF, 1 bdrm/1bath, Zoning: LBPD30, Use Code: Single Family Residential. ??? Beach Lovers Dream, 1st Time Buyers Dream. ??? Cozy, warm, family home. ??? Close to Pacific Ocean, Queen Mary, Grocery market. Library, and Food Courts. FRONT AND BACK PATIO. LARGE FRONT YARD 3 BLOCKS AWAY FROM THE PACIFIC OCEAN

"FRONT AND BACK PATIO"? Dude, with 468 square feet of living space--this property is all patio!

According to the listing description, this is an "Investor???s Delight," as well as a "Beach Lovers Dream" and a "1st Time Buyers Dream." All things to all people, eh?

However, the interior pictures tell a much different story. A story which eerily mirrors the general plotline of Leaving Las Vegas.

Yikes! This place is obviously--OBVIOUSLY--a tear down, which means you're essentially buying a 2,444 square foot lot three blocks from the beach for $155,000. Not too shabby. So, what kind of lot are we talking about?

Check out the Aerial View.

Go ahead, I'll wait.

Yep, just click there.

Uh huh.

Scroll down.

Aaaaaaaand there!

I know! Weird, right? I've seen horseshoe pits with wider dimensions!

All I want to know is how the fuck this wincing turd pile has a Notice of Default when the original mortgage was $23,000. How much of a loser do you have to be to fuck that one up? Just how many greased-up HELOC and Refi orgies do you have to attend before a low five-figure mortgage issued in the 70s becomes unmanageable?

And the sad part is I still don't think the lot will sell for the current asking price. To wit:

Whoa! That's quite a divergence. What happened between April and July? I thought real estate was supposed to be saved by the Super Summer Selling Season(tm).

Hell, even this guy believed it!

Jun 02, 2009 Price Changed $170,000
Jun 09, 2009 - Price Changed $200,000

LOL! Riiiiiiiiiiiiiiiiiiiiiiight. How'd that work out for you, sparky?


  1. Security bars on the window, right next to a big sliding door.

  2. Redfin does not provide service for properties with list prices less than $175,000.

    I haven't paid much attention to that area, but how is that lot zoned for an SFR? It looks like the area around it is commercial or multifamily.

    If you were to raze this home, could you even fit a backhoe on the lot? I am thinking a demo could be all elbow grease!!!! :)