$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.

Comments

Post a Comment

Popular posts from this blog

20 Ways to Rent Out Your Home Faster

Image
While running a successful rental marketing company and renting out my numerous rental properties. I have picked up a few tricks along the way. Below are 20 ways you can rent out your home faster  (There are plenty more ideas and if you have some please comment and I can add to the list): 1) Pricing Matters There are many ways to price your home competitively in the marketplace. Some tools to help you along the way are: RentSlicer.com, RentOmeter.com and Oodle.com 2) The time of the Month Counts The best times to gain a tenant are March, April, May, June, July and August. These are the main months when renters move due to seasons, schools, etc. 3) Throw some Make-up On Have you ever toured a model home for sale? What do you notice? Are there magnets on the fridge? Are there clothes in the hamper? Are the walls scratched? The answer is no. Why? This is what sells homes. Touch up with paint and remove all clutter and you will see a big difference. 4) Replace Light bulbs and Fixtures ...
Read more

Skaneateles Real Estate - The Weekly Update

Here we go! It's the start of something big! Currently, in the Skaneateles area of the multiple listing service there are 160 homes active on the market. This number seems to have held steady over the past few weeks, while the number of homes marked contingent or pending has increased slightly. Of the 6 new homes that have come on the market, 2 are re-lists and 3 are waterfront. Waterfront continues to sell and do very well this year. There are also 3 properties marked contingent this past week: 1 residential, 1 waterfront, and 1 for the die-hard investor who got a good deal, I think. The price had come down steadily - until it's last listing was about 60 % of the original price. There are now 30 closed properties this year. The latest is a village property which sold at a reduction of 12% of its original price. Last week I wondered about reducing all homes by 10% to sell them - and I think this is in part a validation of that assumption. I had a wonderful comment about ...
Read more

Skaneateles Real Estate - The Weekly Update

Image
Last Friday I returned from Manhattan in the morning.  I had just gone down on Thursday morning planning to come back the same night, but I was concerned about the flooding I had seen on the drive.  I stayed over, got a quick walk in on Riverside, then started home.  I flew out of the city easily - the Henry Hudson is so fast and uncomplicated in the morning! - but found myself sitting in traffic on 81 in Binghamton.  I listened to the reports:  the Governor was somewhere in a helicopter overhead, there were photos apparently of just the tip of the golden arches of some McDonald's restaurant somewhere, the water had crested but was threatening the structure of bridges.  I heard Owego was hard hit, and thought of Adam Weitsman's business (see http://www.syracuse.com/ for updates on this and his response).  I can't stand sitting in traffic, so I turned off and took Route 11 until I lost it somewhere in the country.  I stopped along the way at a sma...
Read more