Thursday, October 14, 2010
$805 Per Square Foot in The Heights
4512 East BARKER Way, Long Beach, CA 90814
Wishing Price: $670,000
Sq. Ft.: 832
$/Sq. Ft.: $805
Lot Size: 2,400 Sq. Ft.
Year Built: 1924
Community: Belmont Heights/Alamitos Heights
County: Los Angeles
On Redfin: 61 days
Down Payment: $134,000
Income Requirement: $153,000 (3.5x mortgage)/$191,000 (3.5x home price)
Monthly Nut: $3,400
Description (if you can call it that): Stunning Belmont Heights, very private location! This home has never been on the market! This spanish home is very rare.
They're not far off on that "This home has never been on the market" claim. Check out the 2009 tax basis:
Tax (2009): $542
This thing has been in the family for ages. And now the next of kin want to sink their greasy fangs into mee-maw's goldmine. But their greed is preventing them from seeing just how unbelievably outrageous this asking price is.
It's worth noting that not a single property has sold during the last six months for above $635,000 in this area. And that 635k sale was a great looking bungalow in Belmont Shore, sporting 130 extra square feet, a bigger lot, and, well, SOME ACTUAL FUCKING PHOTOS.
What is this listing agent thinking letting a property with such an ambitious (read: absurd) asking price sit on the MLS for 62 days without a single decent picture?
Furthermore, what is this agent thinking letting his clients be the laughing stock of Belmont Heights? I mean, $805 per square foot?
For this shack?!
WTF are you smoking?
The house is on Barker Way, so I thought this quote from Happy Gilmore was appropriate:
"The price is wrong, bitch!"
Believe me, if there is a nationwide foreclosure moratorium and REO and short sale properties (which are a considerable chunk of Southern California supply) are taken off the market, all we'll be left with is greedtards like this.
Try to contain your excitement.