patrick.net

Wow.

Seems cheap at $1.4M, compared to the SF Bay Area.

http://www.trulia.com/property/3053448159-1717-Fletcher-Ave-South-Pasadena-CA-91030

Not bad at all to compare with $1.4M houses in my area, except the lot is small.

Seems cheap at $1.4M, compared to the SF Bay Area.
http://www.trulia.com/property/3053448159-1717-Fletcher-Ave-South-Pasadena-CA-91030

Here is our neighborhood:

http://www.trulia.com/property/3024105900-7327-Variel-Ave-Canoga-Park-CA-91303

http://www.trulia.com/property/3008118501-8544-Nevada-Ave-Canoga-Park-CA-91304

Both listings next door to mexican gangsters in a very destitute areas. Places where weird tattooed "homies" walk around randomly cursing at passer buyers and give you the look from the corner of their eyes checking for competing gang signs.

How is that house renting at only $2750/mo?

I know that rents in So Pas are way cheaper than buying, but if they are this out of line, it means that ANYONE buying in So Pas is borderline retard.

I would guess that $3800-4500/mo is much more likely.

This place is right up the block from me, it's a beautiful home. I bet it sells fast, like all the houses in this town - - high demand, low supply.

ChrisLA says

Both listings next door to mexican gangsters in a very destitute areas. Places where weird tattooed “homies” walk around randomly cursing at passer buyers and give you the look from the corner of their eyes checking for competing gang signs.

Yeah, that part of the Valley isn't the greatest...

Seems high based on recent comps:

http://www.redfin.com/CA/South-Pasadena/1803-Bushnell-Ave-91030/home/7008533 (2907 sqft 4/2.5 at $1.335M, for $459/sqft, also a Craftsman)

http://www.redfin.com/CA/South-Pasadena/1806-Wayne-Ave-91030/home/7008644 (2278 sqft 3/2.25 at $1.14M for $500/sqft)

This is a 4/2.75 with 2563 sqft at $542/sqft. At $500/sqft, it would be $1.28M, and at $459/sqft it would be $1.18M.

They just lowered the price to $1.389!! Woohoo!

"Sale Pending" already, just a week after the first open house. The rich are doing just fine it seems....

If you set the annual rent inflation to 3% (it could well be more, given US fiscal policy) and the after-tax return on your investments to zero, the house will break even if you own it for more than 32 years.

So if you want to own, own for life!