You would expect in a declining housing market sellers would have the wherewithal to adjust prices to meet market expectations. You would also expect sellers to put some effort in marketing their home by sprucing it up with new paint or staged photos to entice prospective clients. Well you are wrong! Welcome to Southern California, home of overpriced Wonderland housing followed by the stubborn seller mantra of “you can take it or leave it.” Today we salute Monterey Park with our Real Homes of Genius Award.
This marvelous 800 square foot villa is a looker. Enjoy 2 bedrooms and 1 large bathroom as you entertain your finicky friends. Make sure you tell your pals to watch out for the cracked driveway. Let them know that the cracks represent every major river in the world from the Nile to the Mississippi. Aside from impressing peers with geography, what home wouldn’t be complete without a custom installation of a modern television antenna?
Professionally installed, you’ll create healthy sibling rivalry as mom and dad race over to your place for some UHF/VHF channel surfing. No need for American Express payments to DirectTV when you can surf the free airwaves. If you stare at the home picture long enough, it starts bending in the middle as if partaking in a Matrix simulator. Alan Greenspan had it right when he stated that adjustable rate antennas where the wave of the future (or was it adjustable mortgages?). Either way, you’ll be making so much appreciation that in a few years, you can refinance and add a fresh coat of paint. But why ruin a good thing right? So let us take a look at sales history for this breathtaking place:
Now we’re talking. A healthy 8% annual growth rate for 29 years! Since typical housing growth is at the rate of inflation, we are nearly twice that. After running a few numbers, the median rent in the area is $1,200. Keep in mind that this home is selling for half a million dollars and you can rent it for $1,200. Do we really need to run the numbers to find out what the prudent thing is? I know you're itching to catch this falling knife so go ahead and give your broker a call.
Today we Salute you Monterey Park with our Real Homes of Genius Award.
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