Sunday, October 21, 2007

Riverside "Real Homes of Genius"

Dr. Housing Bubble
does a "real homes of genius" for the LA area, so I thought I would post one from Riverside.

For your pleasure, here we have our diamond in the rough. Oh wait, that's not a diamond it's a turd.

5660 34th ST, Riverside, CA 92509 This gem (turd) is in the ghetto over in Rubidoux, yet our intrepid home owner thinks his castle is worth a whopping $410,000 or $438 a sq/ft!. This charming 936 sq/ft 2 bed 1 bath cottage was built in 1926. I'm sure it's been remodeled at least once since then. This luxury castle sold at a bargain price of $8,292 in 1992, or about 1/2 what I paid for my 92 Isuzu Rodeo that year. If only I would have bought this instead I could have been looking at a nice profit of over $230k with it's 2005 sales price of $250K. Our most recent owner thinks his turdburger has gone up $160K since his purchase 2 years ago. It must be that fresh coat of blue paint or maybe it's just the fumes or possibly he's gone mad looking at those red living room walls. Whatever did it our owner has definitely lost his marbles if he thinks this shack is worth even 1/2 his asking price. For pete's sake the roof is falling off, the lot is dirt, the home is 90 years old and looks it!

Even the realtor must be dumbfounded, not one word describing this shack, just a few pics.

We salute you, Real home of Genius!


Angela said...

That $8,292 price tag in '92 could have been an assumption. They still had a few of those back then. The buyer assumed the existing loan and paid the difference in cash (his down payment). Only the difference (down payment) would show up as the sales price because of the transfer tax paid to the county. This is what we did when we purchased our first home in 1988. I agree with you though. $400k+ for this dump? No way. Maybe $175k.


golfer_X said...

Could be an assumption but it still only sold for $30k in 1994. Even today I just can't see this shack being worth more than the land value. The building needs torn down by the looks of it. The land can't be worth much since the location is terrible.