Disaster on Dairy

JK writes:

Here's my pic of the week El Bee...

Just goes to show that some neighborhoods, no matter how low the price, are not worth it.

Look at the garage. Think the kids are just practicing their artwork?

Hey, but there is a bonus here. See the outdoor bookcase. Just love this hood!

Well, at least there aren't bars on the windows, right?

5575 DAIRY Ave, 90805
Asking Price: $230,000
Beds: 3
Baths: 21 (Wow! The Staples Center ain't got shit on this place!)
Sq. Ft.: 1,976
$/Sq. Ft.: $116
Lot Size: 5,492 Sq. Ft.
Year Built: 1990
MLS#: S08166353
Source: MRMLS
On Redfin: 375 days
Down Payment: $46,000
Monthly Nut: $1,300
Income Requirement: $57,500
Description: Short Sale approved, subject to lender's final approval. This property has 3 bedrooms, 2 1/2 baths, attached 2 car garage. Easy access to 405, 710 and 91 freeways.

This short sale is an utter disaster from head to toe. Despite the allure of 21 bathrooms crammed into 1,976 square feet, this dump has been fermenting on the MLS for 376 days.

When this ge(r)m of a property first hit the market in November '08, the wishing price was set at $380,000. You might think that sounds outrageous, but you have to consider that the home was purchased three years earlier for $475,000. Nearly half a million clams for this POS? In this neighborhood?!

Absolute madness.

Anyhow, this short-selling hopeful and their lender have been chasing the market down ever since...to the tune of $150,000 in price reductions.

And still no action.

I'm sure this stellar staging isn't helping:




Keep in mind, we're talking about $116 per square foot when the going ppsft in this 'hood is $200.

There has to be something seriously wrong with this place. I mean, other than a bank that clearly has no idea what it's doing (by virtue of the fact that they haven't been able to approve a short sale by now, and that they ever loaned out $475,000 for this shit box in the first place) scaring off potential buyers. And other than the house being tagged with graffiti. And other than the random pieces of furniture strewn about the driveway.

Could it be this?

Land Lease Type: Fee

It's either that or a corpse under the carpet. Or maybe it's just the constellation of FAIL that makes this place so unappealing. Because on paper this is a buy. I'm pretty sure this house could rent for $1,300. And the income requirement of $57,500 is pretty close to the median 90805 income of $42,194.

Is this just a matter of No Sale at Any Price? We'll find out...

P.S. You asked for me to feature more "good deals" on this blog. Well, here you go. This is what a "good deal" in Long Beach today looks like.