The bubble isn’t limited to El Segundo

I read an article about a home in Eagle Rock.  It’s your basic old house with pink bathrooms and a galley kitchen. Eagle rock has nice amenities and if I remember correct many areas have access to decent public schools.

Listed for $699k and sold for $981K! 40 fucking percent over asking? Funny enough the final sale price of $980,888 is a clue to a Chinese buyer as the number 88 is believed to be a sign of good luck.

The redfin estimate is only $780K and my guess is that appraisal was near the list price. This is wrong on all fronts.

So even though I write about El Segundo, know that this is happening all over the country.

 

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One thought on “The bubble isn’t limited to El Segundo

  1. leydan

    Indeed it is not. I live near Seattle. Last year a house was listed in an “up and coming” neighborhood of Seattle that was so damaged by flood and toxic mold only licensed contractors who signed a liability waiver were allowed to enter it.

    It had 41 offers and sold for double the list price. In 10 days.

    Hard to believe what they say about real estate being local when you hear these same stories all across the nation.

    Like

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