Real Homes of Genius: $438,000 for 816 square feet in Pico Rivera! Another Example of Manic SoCal Housing!
The housing speculator-orgy-mortgage-bubble keeps marching on to a different beat in sunny Southern California. Today we salute Pico Rivera for giving us this wonderful example of loony housing prices. When we are talking about $536 per sq/ft we are not describing a posh home in Malibu or a nice fixer upper in Brentwood, we are talking about Pico Rivera. The home above is currently listed for $438,000 after being dropped by $10,000 (what a deal!). This home has been on the market three months and somehow I think it will stay there for a while, just a hunch. Let us examine the previous sales history:
So let me get this straight, you’re telling me this home is worth $238,000 more than it was in 2002? To break it down further, this uber-wealthy home went up $59,500 per year; much higher than the annual family median income in the area! Now I understand those late night commercials with the folks in the Hawaiian shirts and the golden tans; why work when owning a house produces more money than a 9 to 5 job. Let us all live in our houses and perpetually get rich. Here I was feeling bad that David Beckham was going to get $250,000,000 for five years essentially being a poster boy for the LA Galaxy. Now all we need to do is buy a home ANYWHERE in Southern California and ride this wave to another housing galaxy.
We salute you Pico Rivera with today’s Real Homes of Genius award.
Related Posts:
■Real Homes of Genius: Today we Salute you Pico Rivera. $300,000 for an 856 Square Foot Home with 5 Bedrooms?
■Real Homes of Genius: $80,000 off in San Fernando for 865 Square Feet of Joy!
■Real Homes of Genius: Today We Salute you Huntington Park. Tweedledum and Tweedledee of housing. $500,000 Homes in Wonderland.
■Real Homes of Genius: Today we Salute you Santa Ana. 498 Square Feet for $440,000, What a Deal!
■Real Homes of Genius Flashback: Looking back at Lakewood California. $105,000 Loss.
January 1st, 2008 at 1:13 pm
Good work!
Amazingly see so many buyers are still buying now. Simply don’t believe there is a bubble.
What could happen in Japan is not going to happen in the heaven of the Golden California. Their logics are simple enough that no new land is created in this desireable State, construction costs are more than double than 90′ (now it is about $250-300 per living sqft) and new immigrants need a shelter.
Their conclusion is there is no way for California to see a downhill housing market. Great! it helps the market.
I don’t mind that’s your money as Mr. Anderson of Chennel 9 always said.