March 01, 2007

Real Homes of Genius: Today we Salute you Baldwin Park. When you Only Need to Show Concrete to Sell at $400,000+.

The ad reads like a Dostoevsky novel, “new concrete entry” and all the amenities that come with a wonderful drive way. If a picture is worth a thousand words, the picture above must be worth 400 pictures because these folks are trying to unload a 814 square foot home for $395,000. They initially listed the place for $413,000 but it doesn’t seem that folks felt that a drive way was worth $18,000; actually you can pick up a few good workers at Home Depot, concrete, and a mixer, for about $2,000 but why do the math?

Not only does the ad have a wonderful front picture, we realize that this is an “awesome” property according to the ad since this is perfect for a first time buyer (read first time newbie). They do say a sucker is born every minute and we do have a lot of minutes in a day. For those of you who do not know about Baldwin Park let me give you some hard data:

Median Household income: $52,900
Population: 80,345
Average net worth: $38,493
Median Mortgage Debt: $37,782

Well after buying this home, you’ll put yourself in the top 1% of mortgage debt for the city. This place isn’t “exactly” a prime Los Angeles location. Either way, this is another unbelievable example of what is going on in Southern California. Inventory is rising, prices are dropping, and some folks still think we are in 2005.

Today we salute you Baldwin Park with our Real Homes of Genius Award.


chris g said...

Real Homes of Geeeeen-yuuuusss...

We salute you, Mr. negative amortization flipper!