May 01, 2007

Real Homes of Genius: Today we Salute you Westminster. $500,000 for 886 Square Feet of Orange County Goodness.


This is only a dream, this is only a dream, this is only a dream. Yet you open your eyes and you land in a world where common sense is detached from reality. Today we salute Westminster with our Real Home of Genius Award. As you can see from this wonderful rental property, you’ll be getting all 886 square feet of this place for only $500,000. Okay, I’ve overstated the price; you can have this charming home for only $499,000 but you need to act fast. According to the agent this place is “very low priced” and selling as is. They’ve added a 3rd bathroom to a one bedroom home? Are they saying they got someone living in the garage back there? Either way, this place is sold as is. Again we are finding a unique pattern of sellers telling you the buyer what the terms are. Didn’t they receive the FedEx memo that buyers are in charge of the current market?

Either way, let us dig deep into the house history of this charming Orange County home:

Sale History

04/16/2004: $200,000

06/03/1999: $123,000

11/15/1995: $50,028

Say what Willis!!! Are you telling me that this place appreciated $100,000 per year for the past three years? That means that this place appreciated 150% in three years; even better than the 20% year over year gains in general California. Why didn’t anyone tell us Westminster is hot? Maybe the seller is throwing in both cars as a concession to the buyer. This place has been on the market for 54 days and was originally listed at $520,000. As all of you dear readers wonder in amazement how such a bargain is still on the market I need only point toward the other delusional wonderland sellers thinking that 2006 redux is around the corner.

We are now in May and the spring bounce didn’t show up. Maybe summer will usher in new prosperity. And maybe the Easter bunny will drop off a bucket of gold on your green lawn. Today we Salute you Westminster with our Real Homes of Genius Award.

18 Comments:

Johnny said...

Just when I think they can't get any better, they do. Great work!

Kevin in Baltimore Maryland said...

You could at least fit a dozen or so Mexicans in that garage for rent...

socalwatcher said...

This one is interesting...keep us posted to see how long it takes for the price to be cut in half (where it would be more realistically priced) or taken off the market completely.

I guess the crack must be of good quality in that 'hood...

johnny said...

Wow I am a bitter renter alright. This S*box is worth 75 maybe. Not so long ago 500 would buy you a beautiful house. The market has a *long* way to go for this to correct. infreakingsane.

speedingpullet said...

Using the 1995 price, with 5% appreciation a year, this place pans out at $89,843.

So, let's play nice and be generous in saying this place is worth a cool $100K - what's $10k between friends.... ;-)

Make Mine A Bubble said...

I am absolutely stunned by the huevos on these people...yet no one seems to think this is a RIDICULOUS asking price, but us.

I'll bet I would get more shock and outrage thrown my way if I went up to them and offered $75k...than they get when they originally listed for $520k in the first place.

Yep, reality bye-bye. Hello kookoo land.

MMAB

Anonymous said...

A few years ago, a house similar in size, 1 bdrm, 1 bath, sold for ~$900,000 in Palo Alto, CA. That was the red flag for me -- I began to realize house prices were out there...

Anonymous said...

Well, what this crazy realtor with this listing must be thinking is...well if our neighbor, Huntington Beach can get $550 per sf on an 1100 sf condo, we should be able to at least get that for this little s-hole because it's a single family....s-hole property. The lucky buyer can just raze it and rebuild it into a McMansion!

lendingmaestro said...

HAHAHAHAHA!!!

That's all I can say

lendingmaestro said...

HAHAHAHAHAHAHA!!!

That's all I can say

lendingmaestro said...

HAHAHAHAHAHAHA!!!

That's all I can say

Ben Franklin said...

A few years ago, a house similar in size, 1 bdrm, 1 bath, sold for ~$900,000 in Palo Alto, CA. That was the red flag for me -- I began to realize house prices were out there...


No offense, but that was your FIRST clue that something was amiss? ;)

Anonymous said...

Seriously, you should start listing the names of the owners and agents - shaming these people is all we can do for now.

spencer0804 said...

dude, let's park the mercedes in front. Adds class and blocks weeds.

Anonymous said...

The owner can't drop the price that much now, he needs to upgrade the Benz!

chris g said...

Asking $499K for an "as-is" sh*thole....Bwahahahaha...

When the agent tells you the house is being listed "as-is", you say "Okay then....I'll offer $100K for this house, and by the way, that's an "as-is" offer."

Bwahahahahaha.....my tummy hurts...

Anonymous said...

"They’ve added a 3rd bathroom to a one bedroom home? "

Perfect for the 15 illegal immrigants you could house throughout the house.

Lost Cause said...

If that house was across the street in Huntington Beach, it would be worth $600,000.