tag:blogger.com,1999:blog-35190061.post8321735523122119388..comments2023-10-17T03:59:01.588-07:00Comments on Doctor Housing Bubble Blog: Real Homes of Genius: Today we Salute Los Angeles. $349,000 for 464 Sqaure Feet and a Fixer Upper.Dr Housing Bubblehttp://www.blogger.com/profile/12407700951720008626noreply@blogger.comBlogger27125tag:blogger.com,1999:blog-35190061.post-50791771840522391532007-05-23T07:57:00.000-07:002007-05-23T07:57:00.000-07:00I think I saw this on "Flip This House"! They bou...I think I saw this on "Flip This House"! They bought this... "crack house" would be kind, for $300-350k, gutted and double the square footage, and I think were going to ask 750k for it.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-35190061.post-44292410996195621472007-05-21T23:30:00.000-07:002007-05-21T23:30:00.000-07:00Its on the Eastside in Echo Park. I believe its o...Its on the Eastside in Echo Park. I believe its off Temple...<BR/><BR/>I have passed by it acouple of times. I think it might even be adjacent Angelino Heights.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-35190061.post-42913237150266281832007-05-21T15:53:00.000-07:002007-05-21T15:53:00.000-07:00Whats the address of this place Id really like to ...Whats the address of this place Id really like to know what http://www.easyonemortgages.com/home-value.html<BR/> values it at. haha.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-35190061.post-68262546159482144562007-05-21T08:36:00.000-07:002007-05-21T08:36:00.000-07:00Your blog is a pure joy to read-- not only is the ...Your blog is a pure joy to read-- not only is the content fascinating, your style is so fresh and elegant. Thank you.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-35190061.post-59452889771249267802007-05-20T13:17:00.000-07:002007-05-20T13:17:00.000-07:00I think we should keep in mind that one man's tras...I think we should keep in mind that one man's trash is anothers treasure, in this case a "castle". And if it's by a freeway, the sound of the cars going by sounds just like the ocean waves crashing, right.. What a bargain! <BR/>I will pass, and let some other lucky smuck grab this before its all gone.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-35190061.post-30173571474617371692007-05-20T12:09:00.000-07:002007-05-20T12:09:00.000-07:00All you need is a " cement pond" and Jed Clampett'...All you need is a " cement pond" and Jed Clampett's poor cousin folk can move on out to California!!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-35190061.post-82738067467806932512007-05-20T10:22:00.000-07:002007-05-20T10:22:00.000-07:00"this place is nestled between Echo Park, Boyle He..."this place is nestled between Echo Park, Boyle Heights, and East LA. That'll give you a perspective of this asking price and the location."<BR/><BR/>So that's the "up and coming" area the ad speaks of? LOLAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-35190061.post-62382265026775187522007-05-20T00:06:00.000-07:002007-05-20T00:06:00.000-07:00Dr. HB That price is what they are paying for some...Dr. HB <BR/><BR/>That price is what they are paying for someone to tear it down right? <BR/><BR/>Anyway I am letting everyone know about a luncheon on subprime in OC. I will be there and doing a post on IHB. <BR/><BR/>http://www.ocforum.org/speakers/?speakername=simon<BR/><BR/>OC forum is having a luncheon with Scott Simon of PIMCO on "The Subprime Meltdown" "What does it mean for OC?" on Wednesday the 23rd. Scott is the managing director of portfolio management of mortgage and ABS for PIMCO. OC Register blogger Matthew Padilla will be there to do the introduction.graphrixhttps://www.blogger.com/profile/13650760690215056873noreply@blogger.comtag:blogger.com,1999:blog-35190061.post-53699796175775148502007-05-18T20:53:00.000-07:002007-05-18T20:53:00.000-07:00Dr HB, Holy double-take batman ! There is a twin o...Dr HB,<BR/><BR/> Holy double-take batman ! There is a twin of this house on Sunland Blvd listed @ $399k which is also a POS "as-is trust sale".... see MLS# 22088632 for a good chuckle.<BR/><BR/> - Rich (Sherman Oaks)Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-35190061.post-44431856393427126532007-05-18T19:17:00.000-07:002007-05-18T19:17:00.000-07:00Found the place on ZipRealty......wierdly enough, ...Found the place on ZipRealty......wierdly enough, Zillow Zestimates it at $454K. <BR/><BR/>I'd like some of the drugs that the people at Zillow are on. Actually - both the sellers and Zillow are in possession of some mighty fine drugs.<BR/><BR/>The first thing I thought when I saw this little gem was "wonder how many million roaches live there...?"<BR/><BR/>Unfrackingbelieveable.speedingpullethttps://www.blogger.com/profile/03115650690979498735noreply@blogger.comtag:blogger.com,1999:blog-35190061.post-68122193895764540002007-05-18T13:42:00.000-07:002007-05-18T13:42:00.000-07:00Doctor Housing Bubble, just happened upon this blo...Doctor Housing Bubble, just happened upon this blog and have laughed until I cried!<BR/><BR/>Thanks.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-35190061.post-64950105337929336492007-05-18T11:26:00.000-07:002007-05-18T11:26:00.000-07:00@dcrogers,This place on the westside of LA? Bwaha...@dcrogers,<BR/><BR/>This place on the westside of LA? Bwahaha! If that were the case, this "beauty" would cost $1 million, even for the land alone. No, this place is nestled between Echo Park, Boyle Heights, and East LA. That'll give you a perspective of this asking price and the location.<BR/><BR/>@etz3l,<BR/><BR/>Thank you for the comment. You can easily find this place on Realtor.com or any public MLS site. In addition, this is only one of thousands of overpriced places. These nuggets are to drive the point home that we are in a bubble like no other. <BR/><BR/>All,<BR/><BR/>This place is old and it is close to a freeway. But we are talking LA here, therefore the price is justified.Dr Housing Bubblehttps://www.blogger.com/profile/12407700951720008626noreply@blogger.comtag:blogger.com,1999:blog-35190061.post-52118229163736522272007-05-18T10:00:00.000-07:002007-05-18T10:00:00.000-07:00Noticing the towering wall in the backyard means t...Noticing the towering wall in the backyard means this gem is also freeway-close! Say hello to long nights of so-cal traffic noise.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-35190061.post-51050497525459244042007-05-18T07:33:00.000-07:002007-05-18T07:33:00.000-07:00Bear Cave, That house has got to be at least 80+ y...Bear Cave, <BR/><BR/>That house has got to be at least 80+ years old.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-35190061.post-57088591965186717802007-05-18T06:58:00.000-07:002007-05-18T06:58:00.000-07:00It struck me just now--for all you people in SoCal...It struck me just now--for all you people in SoCal, what are the zoning regulations like down there? I suspect part of the reason that you lack affordable housing, and part of the reason specuvestment by little guys took off, is that they saw the one-family unit as a way to "own" the American dream while renting it to someone else. But as a friend of mine pointed out, when was the last time a landlord wanted to build a one-unit when he could build a twenty-unit on the same property? The answer happens to be, "When the City Code won't let him", bogging him and developers down with mandatory setbacks, parking space requirements, impractical floor limits, etc., etc.<BR/><BR/>Building a 464 sq. ft. box screams "Zoning Laws" to me... So in the end you get garbage-can box-houses like this, but that urge to "buy the dream!" still lingers on in the late-night informercial set's heads and suddenly ever "investor" with a credit card is falling over himself to buy it.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-35190061.post-13265091049990369132007-05-18T06:57:00.000-07:002007-05-18T06:57:00.000-07:00I missed it- in which up and coming part of El Lay...I missed it- in which up and coming part of El Lay is this fine property located?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-35190061.post-8169437057136144292007-05-17T22:41:00.000-07:002007-05-17T22:41:00.000-07:00Doc,I truly appreciate your blog. Nice work.Can yo...Doc,<BR/><BR/>I truly appreciate your blog. Nice work.<BR/><BR/>Can you provide MLS link or reference to this "listing"?<BR/><BR/>It would be nice for people to see with their own eyes.Etz3lhttps://www.blogger.com/profile/11495814044550880758noreply@blogger.comtag:blogger.com,1999:blog-35190061.post-11328276211208033852007-05-17T21:59:00.000-07:002007-05-17T21:59:00.000-07:00C'mon, not much info on this house. Street? At lea...C'mon, not much info on this house. Street? At least a neighboorhood... LA is a BIG place. It's easier to laugh if this is Westlake rather than West Hills...Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-35190061.post-9916064126085071902007-05-17T21:11:00.000-07:002007-05-17T21:11:00.000-07:00Damn tightening credit market, they won't let litt...Damn tightening credit market, they won't let little cousin Jimmy buy it for $549,000 like they should!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-35190061.post-57471180492468452102007-05-17T15:47:00.000-07:002007-05-17T15:47:00.000-07:00@socalwatcher,Print this home, store it somewhere ...@socalwatcher,<BR/><BR/>Print this home, store it somewhere and pull it out in 2008/09. You'll be shaking your head wondering what people were thinking about in the 2004-2006 market.<BR/><BR/>@kevin,<BR/><BR/>The boards on the windows are for keeping those folks out. Can you imagine boarded up windows in a "up and coming" neighborhood?<BR/><BR/>@bitterlarenter,<BR/><BR/>I think the note holder believes an investor will knock it down, build two condos on it and flip it. This was the mantra for so many years.<BR/><BR/>@anon 11:40,<BR/><BR/>Not thinking like an entrepreneur. Glad you can see the potential residual income on this place. Where would we put that source of income on our 1040?<BR/><BR/>@bear cave,<BR/><BR/>The land does have some value. I'll give you that much. And your comparison to Detroit is aptly noted because people in the area need to afford to live in the place. The median rent in this area is slightly over $1,100. How this is an investment is beyond me.<BR/><BR/>All,<BR/><BR/>If anything this is to cement the fact that we are in a housing bubble. Sellers, be it banks or individuls, still believe the antiquated appraisals from 2005 and 2006 will somehow yield the same value in 2007. Unfortunately we are in a different market. <BR/><BR/>Then we have DataQuick saying that the median home price is $540,000 in Los Angeles. Well look at the massive drop in sales. The homes that are moving are the high priced ones in Brentwood, BH, and other posh areas. So anyone with a basic knowledge of statistics actually will realize that prices will go up ! Say we have a 400k, 400k, 500k, 800k, 800k, 900k, 1000k that all sell. What is the median? 800k. But let us examine the current market and we see that the two 400k and 500k homes do not sell. What happens to the median? It goes up to $850k!<BR/><BR/>That is why the massive 28% sales drop in Southern California is so ominous. This is suppose to be the beginning of the spring and summer buying season. Maybe we are seeing "deferred" sales eh?Dr Housing Bubblehttps://www.blogger.com/profile/12407700951720008626noreply@blogger.comtag:blogger.com,1999:blog-35190061.post-78657536552996868742007-05-17T12:52:00.000-07:002007-05-17T12:52:00.000-07:00If it had a viable structure on it might be worth ...If it had a viable structure on it might be worth 200K. Since it does not...maybe 50K? Clearly they are looking for a greater fool...Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-35190061.post-3452035742819721332007-05-17T12:38:00.000-07:002007-05-17T12:38:00.000-07:00Read the description, it's all there! The "value i...Read the description, it's all there! The "value is the the land," duh. If you mined the lot for every mineral between the surface and the earth's mantle, you'd be raking in literally tens of dollars a day!<BR/><BR/>Socal, did you flunk marketing? You don't sell crack to the occupants, you make crack in the house and sell it to the neighborhood!<BR/><BR/>Seriously, this is on par with houses listed in Detroit, where part of the deal listed is "demolition at seller's expense." But those places sell for a couple thousand at most, not three hundred grand.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-35190061.post-30654375522379857172007-05-17T12:11:00.000-07:002007-05-17T12:11:00.000-07:00You got it all wrong. That is a crack house. The v...<I>You got it all wrong. That is a crack house. The value of the home is not in the structure itself, the real money is in selling crack to the occupants. That's the only conclusion I can come up with after looking at the picture.</I><BR/><BR/>You should email the listing Agent to include "Potential Business opportunity".Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-35190061.post-52671018183313208842007-05-17T11:40:00.000-07:002007-05-17T11:40:00.000-07:00Dr HousingBubble, You got it all wrong. That is a ...Dr HousingBubble, <BR/><BR/>You got it all wrong. That is a crack house. The value of the home is not in the structure itself, the real money is in selling crack to the occupants. That's the only conclusion I can come up with after looking at the picture.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-35190061.post-14197539113985924252007-05-17T10:59:00.000-07:002007-05-17T10:59:00.000-07:00What maintenance *wasn't* deferred on that home? ...What maintenance *wasn't* deferred on that home? Besides the boarded up windows, I mean. Best thing you could do for this is burn it down.Anonymousnoreply@blogger.com