January 22, 2007

Real Homes of Genius: 675 square foot home in Lynwood California at $425,000?!



Today we salute Lynwood California with the Real Homes of Genius award for Southern California. If you thought denial was only a river in Egypt, you need to take the 105 toward Lynwood and find some folks living in Wonderland; and I’m not talking about the posh rehab center Lohan is slumbering at. Today’s example is a 675 square foot home featuring an amazing 2 bedrooms and 1 bath. Even though this square footage is normally reserved for studios, you’ll notice that sleeping on top of your family members is rather enjoyable, especially 300 pound aunt Jenny. Not only that, but this home was built in 1937 so you’ll enjoy some pre-World War II smells as well. This home has been on the market for 154 days and had a reduction last November from $460,000 to $425,000.

What a generous seller, they have given us a cut of $35,000 merely for waiting an extra 2 months. But how much did they pay for this place?




Bwahahahhaha! Yes, you read correctly this place was purchased in 1998 for $78,000 and in 2005 for $290,000. So this person is trying to make the equivalent of $100,000 per year merely by living in this place. Talk about a massive flip! Again, those that deny the bubble need to check themselves in to Wonderland and join Lohan in their path to a sober recovery.

6 Comments:

oc_fliptrack said...

Holy sh!t! Irvine pricing in Crackwood. Whooda thunk?

Dr Housing Bubble said...

Why not ask $600,000 while they are at it? I mean this is like Let's Make a Deal retard edition. The price range from one end to another is astounding. Keep in mind this place would rent for $900 to $1000 a month.

Any housinghead, what is your justification for ridiculous homes like this?

Crash Landers said...

Shocking I tell you!

Great site.

I will post a link to your site on mine, I'm focusing on LA County as well. I have a 'gem' in Arleta that recently sold as and REO for over 400, they really can get these prices! even today! but the downtrend is in motion.

realestatehaircuts.blogspot.com

Dr Housing Bubble said...

crash landers:

REOs should start hitting the market in large number in Q3 of 2007. I'd be curious regarding your example. Again, my take is that investors are not buying these places but folks getting squeezed into exotic financing (i.e., 2/28 loans etc).

I'm sure we'll have plenty of examples to discuss in the upcoming months!

adviser said...

Grand villa in Bucharest centre can buy them for 1,900,000 euros. Several real estates and properties in Romania to selling. Kontakt-me: EU-Capital@web.de

Dr Housing Bubble said...

Adviser:

Maybe one of our readers will call up his local mortgage broker and get that funded with a 570 FICO. 1.9 million euros is too low for our readership so you may have a hard time marketing here. If the Grand villa was 2.5 million euros then we’d be talking…