Tuesday, September 22, 2009

Solar Heated Fool

3626 E Vermont St, 90814
Price: $589,000
Beds: 2
Baths: 1
Sq. Ft.: 1,180
$/Sq. Ft.: $499
Lot Size: 5,940 Sq. Ft.
Year Built: 1920
MLS#: P703217
On Redfin: 8 days
Down Payment: $118,000
Income Requirment: $168,000
Monthly Nut: $3,300
Description: 1920 Craftsman gem located in Belmont Heights. No water landscaping in front yard. Expansive front porch with stone accents. New carpet and fresh paint in living room and both bedrooms. Completely remodeled kitchen with granite, new cabinets and new appliances. Laundry room located off of the kitchen for convenience. Back yard has a solar heated endless pool and large patio. Huge back yard perfect for gardening. One car finished garage and long driveway for extra parking.

"Completely remodeled kitchen." Thanks for not providing a decent photo. Bang up job there, Sparky!

This thing was purchased in 1988 for $230,000. Now that the mortgage has reached legal drinking age, they're unburdening themselves and trying to walk with a tidy little profit.

And by "tidy little profit" I mean $324,000 after commissions. That's a lot of loot! That must be a very special house.

Oh, uh, wow. That dirt yard is mighty special. A blank canvas, if you will!

I think they meant to say, "No water landscaping anywhere."

And can someone please tell me just what the hell this thing is?

Is this the "solar heated endless pool" or did they steal one of those big ass grills from El Pollo Loco?

But if you thought that back yard was fancy, prepare yourself to be blown away by the interior:

Boo ya! How about some wood paneling for that ass?! What a quaint retro (wretch-ro, more like) touch!

Other than the new windows, I'm having a tough time identifying any significant upgrades. In fact, the interior looks pretty dreadful for this price point:

But, before we get carried away with how ridiculous $589,000 seems for this shabby house, let's check out some sold comps:

$588,000 4201 E 3rd St Sold on May 19, 2009
0.38 miles 2 bd / 1 ba 1,163 Sq. Ft.

$695,000 366 Orizaba Ave Sold on Jun 11, 2009
0.39 miles 2 bd / 1 ba 1,112 Sq. Ft.

Hmmm...so maybe this guy is priced where he should be. But let's check out the rest of the comps:

$452,000 627 Loma Ave Sold on Aug 05, 2009
0.25 miles 2 bd / 1 ba 1,088 Sq. Ft.

$400,000 630 Obispo Ave Sold on Jul 22, 2009
0.36 miles 2 bd / 1 ba 1,078 Sq. Ft.

$385,000 229 Loma Ave Sold on Apr 17, 2009
0.39 miles 2 bd / 1 ba 1,032 Sq. Ft.

$360,000 3107 E Theresa St Sold on Apr 21, 2009
0.44 miles 2 bd / 1 ba 1,272 Sq. Ft.

$355,000 435 Orizaba Ave Sold on May 20, 2009
0.44 miles 2 bd / 1 ba 1,100 Sq. Ft.

Gee, now I'm not so sure.

The median price per square foot of sold properties in this zip code is $435, making this house about $74,000 overpriced. Plus, you can rent nicer, bigger Belmont Heights houses for $500 - $1,100 less per month. The fundamentals are screaming "NO SALE!"

BUT, never underestimate the amount of stretching that families will do in order to get into prime areas like Belmont Heights.


  1. El Bee: Would appreciate your thoughts/comments relative to the scenario outlined in the below article.


  2. So much material, so little time, must have been your first thought El Bee.....

    I was looking over the photos, and just shaking my head.

    600K for THAT?!?!?!?!

    As much as I'd love to live across the street from MVP's (the best burger place in town, next to Russel's), that's a ridiculous price for less than 1200 square feet.

    And that thing in the back yard???

    I'm glad you asked the question, cause I was seriously tilting my head sideways, like a confused animal, trying to figure it out.

    The interior of that house is filled with needs for upgrades.

    Knock 200K off the price and maybe I'll think about it.

  3. Anton Chigur.
    Purely a business decision.
    Nothing ethical or moral.
    It's in the contract,house is collateral for loan. They made loan with said collateral.
    Also to be considered: With so many walkers..
    credit scores will adjust to suit.