Black Friday Comes Early!!! Or did it?
As I’ve mentioned there are dozens of people in the wings that are foaming at the mouth for a livable home at or under $1 million in El Segundo.
Think about that figure – One Million Dollars. If you took your $200k down payment and could get a 6% return every year at the end of 30 years you would have $1.2 million.
To live in this very marginal home, a person would need about $175K and $4400/month.
The buyer of this house will need to swallow their pride and pray that it will increase enough in value that they can sell it to a greater fool in a couple years. In the mean time it’s a three bedroom one bath with a back room behind the one car garage and a weird pool. They threw some lipstick on this pig in the form of new counter tops in the kitchen and some new carpet.
The location and footprint make this a tough sell to remodel, but even at $880k you are getting close to the recent price of tear downs.
Regardless, the trend is down.
We thank you R. Houston Smith, you out-of-town agent, for the downward pressure you have put on the market. Funny how redfin doesn’t even think this home is worth $880…