120 W Sycamore 90245

Today’s “let’s find another sucker” listing is courtesy of Bill Ruane, the godfather of El Segundo real estate agents. 

120 W Sycamore St. 

WTF, $1000/sq ft for an 850 sq ft home on a 3200 sq foot lot. So much for any helpful logic coming from your local real estate agent. I guess if there are still suckers out there dying to own a SFH under one million in El Segundo then this house is for you. 

One car garage, don’t bother bringing your king size bed unless you like wall-to-wall mattress. I can’t tell from the photos but it looks like one of the “bedrooms” is now the office. So it’s a one bedroom one bath?

So here’s the rub that I see a lot of sellers not considering, where do you go after you sell? Someone paid $610k in December 2012 they made 40% in less than four years. High five! So you take your $275K and do what? Upgrade to a bigger house? The next step up is $1.2 mil. So even with your $275K down you now have a note that’s almost double your previous mortgage. So you made the next step up and despite making a life changing amount of profit it’s going to go down the drain in one fell swoop with your down payment. Your monthly cashflow will most likely go up by 50%. With a little downdraft on prices your down payment can easily be halved in a matter of months. $100K just vanishing into this air. 

What do you do? Move to Portland? Move to Nevada? That’s the rub, no one wants to leave SoCal despite the cost and pain in the ass factors of living in LA

I’m sure it will sell. Good luck to the sucker who buys this. No matter how many shows they make about tiny homes, a tiny home that cost $1000 sq ft are no longer tiny homes, they are bad investments. 

Good luck sucker. 

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