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POLL: Is 1,287-sq. ft. house on busy street worth $508k?
December 22nd, 2008, 3:00 am · 28 Comments · posted by Marilyn Kalfus, real estate reporter
The listing emphasizes the Pergo flooring, dual pane windows, butcher block kitchen island, living room fireplace and remodeled bathrooms. The 7,000-square-foot lot includes a yard with a lawn and a mini orange tree. 
This house is bank-owned, 3-bedrooms, 2-baths, and 1,287 square feet. The rooms are small.
The whoosh of cars was non-stop when I went to see this ranch-style house, built in 1962, at 7002 Ford Dr., on the corner of Ford and Goldenwest in Huntington Beach.
The bank took it for $401,000 in September, got it in shape and listed it for $529,000 earlier this month. The price dropped to $508,000 two days later, according to Redfin.
Closest similar listings on the Web site are much higher: $585,000 to $689,000.
The map shows the proximity to Goldenwest. CLICK on map or photo of yard to enlarge.
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So what do you think? It is priced right?
Would you buy this house for that price?
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28 Comments
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Surf City home "mood ring"
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RED! ZIP Price Ch. Sold Ch. 92646 $477,000 -14% 59 +40% 92647 $530,000 -3% 32 +10% 92648 $693,500 -6% 46 -4% 92649 $668,500 +14% 31 +7% - Overall O.C. home trends are HERE!
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This truly is the “Gilded Age” A house on a busy street that your children cannot play in the yard. A tiny yard…so what if there is pergo and butcher block…Half A MILLION DOLLARS? This real estate market…this state…it is out of control. A house like that in most other states would be selling for less than $150k. Ridiculous. I can’t wait for a correction in the marketplace. This state needs it.
Denial..When this whole thing is over in 2011 this house will be worth $158,000 and foreclosures will skyrocket in the coming year. The best is yet to come.
SOME ARE JUST PLAIN DELUSIONAL.
Only revolutionary change will fix our housing problems “If the American people really knew what was going on, we would have revolution in the streets tomorrow”.
I was looking to buy this house actually, but the inside is kind of ugly. I got a better deal. On a much more nicer and smaller property. I would only pay 200k for this, and it will get there
The reason this house is sitting empty and unsold is because it is overpriced.
This is precisely why the city of Huntington Beach should not be getting into the foreclosure fix up business. Let the market work.
Only in Socal would someone think that this home is worth that much. Whith appraisers and banks going back to basics I would wait untill the owners pull their head out of their behind and get real. With all of the lawoffs happening and to the ones still to come these prices wont last for sure, no one will qualify for that kind of price. If I were in the market for a home right now I would save my dough and wait for a year or two, price will plunge even further then.
Denial is right… I would offer 130,000 and live there
I love the weather in OC and I miss OC but….. I moved an hour outside of Washington DC and have a 3600sf house on 4 acres with a 90 foot wide creek behind the property, all for under $400K!!!! Job market is stable, gas is $1.55 a gallon and my utilities are no worse than OC.
Oh yeah, it’s 15 degrees with a 20mph wind today and there’s no good surf here!!!!! I WANT TO COME HOME TO OC!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
laissez faire - keep out HB. lets the markets work themselves out. a home is only worth what a ready, willing, and able buyer is willing to pay
What;s really funny is that the previous owner paid $642,500 in January 2007.
Guess how much money he put down??? 0
And he probably got an option ARM and probably lived there and didn’t make payments for 6+ months.
The stupid lender is the one left holding the bag.
$300k today, who knows next year.
Before easy money and faux equity, houses appreciated 2-3% per year
Technically, the house is worth 25% more than it was valued in 1998.
That puts it @ $238k
But, @ $150 per SqFt, it’s worth 193k tops.
I’d rather live in a newer house, in a newer neighborhood, with more square footage. Why would I pay an overpriced $508k to live in an 40 year old house on a noisy, busy street corner when I can pay less and get so much more. Pergo floors…HAHAHAHA I don’t think I would advertise that one.
Address: 7002 Ford Drive, Huntington Beach, CA
House is worth $128,700 (depreciation not factored) plus the cost of a 7,000 sq ft lot. Total value with depreciation, $228,000 would be about right. OK its in Huntington Beach, make that $338,000 for house and lot. But don’t forget the house is located in a flood basin and requires flood insurance which is currently 8 times less than it should be!
This is why we/us this country is in such a precarious place; over inflated real estate prices, sub prime loans, Banks collapsing. Why keep continuing the same devestating cycle? This house is clearly not worth more than $250K and that is being generous. GET REAL. Correct the price of the real estate market, especially in the So. Cal. Market where people have been screwing each other for too long with these outrageous prices–buyers and sellers.
Why is there no option to vote “no?” What’s up with that?
If this house is worth 508K, I’M MOVING !!!!!!!
Is that house worth $500,000 … probably not in today’s market. I’d say $450,000. But really the only people in denial here are those who think this house will ever sell for $150,000. The reason so cal homes are priced so high is a basic rule of real estate. Location, location, location. My 2,000 square foot ranch style home on a quarter acre lot in north OC would sell for twice as much if it was in HB or Newport. That’s just a fact of life folks. You don’t just buy wood and stucco you buy neighborhood, schools and location, location, location. If you don’t like it, don’t live here. There are plenty of $150,000 “deals” in Fontana.
oops…misread the last option. Mea culpa, mea culpa.
It’s worth whatever the market will bear. Those that draw comparison to what you can afford in other parts of the country just don’t get it…there’s more to value than $/sqft. There’s more to life than a big house.
Personally, I’d rather live in a shoebox so my family can surf, mountain bike, etc year round. If you want to sit on your couch and watch TV non stop, then go live in Minnesota or some God-foresaken place and enjoy your big home!
This house is a no sale at this price in today’s market. Extremely busy street, and nothing special about the house. 200K overpriced.
The bank is dreaming.
Minnesota has year round fishing, watersports in the summer, and snowmobiling in the winter. There are worse places to live.
While the price seems a little on the high side, someone will probably buy it for somewhere between $400K and $450K. Compared to the high rent in OC, the mortgage payment might not be too bad after tax saving taken into consideration. BTW, I personally would not buy it to live in or for investment purpose. There are other deals out there.
The market is flat and will stay that way until prices get inline with incomes.
A 15oo sq ft home in a good neighborhood will go below 225 before it rebounds to 300k in the OC. MARK MY WORDS, I’m right on with this housing market and have been for 5 years.
And that won’t happen as long as layoffs keep wiping out the middle class.
Does the house come with the Camry as shown in the photo? If so, the price is still way expensive!
Off Goldenwest??? HELL NO!!! But that may be just my opinion.
This whole housing situation is unbelievable. I agree with a lot of the previous comments that this house appears to not worth what the bank wishes. Small rooms and on an extremely busy street (I drive by there several times a week). I understand the location, location, location idea… and it is true, to a point. However, I really wish that the housing market would revamp itself so the middle class could afford a home without going into foreclosure only 6 months later. RIght now, what I have seen is that the High SES population still can afford these prices, which drives others further out of town. Or the opposite happens, the lower SES population families either get “creative” loans for the homes or live with their parents and just stay there after their parents/grandparents death. It is us middle to upper middle SES that cannot get into a home. I understand that life is not fair… However, to keep the housing and ability to achieve “the American dream” within the reach for most of the working population.. would be a worthy goal for our society as a whole. Plus, I do not think that the banks/lending institutions should be “bailed out”. Let the chips fall where they may.. sometimes one has to hit bottom before they will be motivated create change.