Thursday, October 14, 2010

$805 Per Square Foot in The Heights

4512 East BARKER Way, Long Beach, CA 90814
Wishing Price: $670,000
Beds: 2
Baths: 1
Sq. Ft.: 832
$/Sq. Ft.: $805
Lot Size: 2,400 Sq. Ft.
Year Built: 1924
Community: Belmont Heights/Alamitos Heights
County: Los Angeles
MLS#: P748010
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:

Land $22,394
Additions $7,881
Total $30,275
Tax (2009): $542

Holy toledo!

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.


  1. If you are only paying 1 SIXTH of what everyone else is paying in property taxes, then why are you trying to sell??????????

    And you mentioned the street El Bee, but isn't this a really sweet area?

    I'm not familiar with this particular street.

  2. Mike,

    It's an amazing area and the street is kind of private with parking only on one side (makes it more secluded and less busy). Which is why they are shooting for the stars re: price. They think they're holding a royal flush.

    They should absolutely keep this property with the low tax basis and rent it out. So stupid to give up their Prop 13 protection.

  3. Oh, and I didn't publish that comment with your email. I now have your contact info, but assumed you didn't want everyone else to as well. Thanks.

  4. Wow... I'm guessing people just aren't educated in many facets of real estate, business, tax laws, etc., and that is why they make these bonehead decisions.

    It was always my thinking that the people with money were more educated, and had taken the time to learn all of this stuff, but as I'm discovering, many times these people have just fallen into fortunate circumstances.

    And wow that this place is not only in a nice area, but on that super secluded street?!!!!!

    And yeah, thanks for removing the email. I can just see some other people playing jokes on me. lol

    I just felt compelled because I have learned so much from this blog (let alone the entertainment value).

    When I do make the move to purchase a place, this blog will have (BY FAR) been the single-most valuable resource, except for maybe my mom (and I've got to say this because she might read this wink wink!).

  5. But, I know nothing about this house or the family therein.

    Mom and/or Dad are deceased and the greedy kids just can't wait to split that $600K check (assuming the home is free and clear)(I mean that check could buy a lot of iCrap) or Mom and/or Dad is now in an assisted living center, and they need the money to cover the medical costs.

    Morbid, I know, but I can not think of another reason why this home would be on the market now.

    Nice to see some more activity here! Now get back to work El Bee.

  6. Yup somebody trying to cash in by trying to find the top end of the market. I sure hope nobody was planning on actually selling that place, because unless they knock, I don't know, um, a couple of hundred thousand dollars off the price, it ain't going nowhere. Zombie sellers are alive and well in the LBC.

  7. Dave in Alamitos BeachWednesday, October 20, 2010

    Well I can guess that the kids don't want the hassle of having to be landlords and that's why they are selling. Plus, maybe they don't even live in the area?

    But yeah, that still doesn't explain the insane asking price. Has anyone actually seen this property? Is it just a shack in a swell location?