O Capitan! My Capitan!

2301 El Capitan Ave

http://www.redfin.com/CA/Arcadia/2301-El-Capitan-Ave-91006/home/7239879

This one just boggles the mind. Who in their right mind would pay $775k for a 2 bedroom starter home. Granted, it is in one of the nicer areas of Arcadia but seriously? I actually had a chance to view the property and its straight-up crap. The lot size is big but there really isn’t much room for expansion. There’s carpet in the bathroom and the “bonus” office/den room is actually the original dining room sectioned off by a couple pieces of poster board. Good luck trying to make that a 3rd bedroom. Since it was only pending for 11 days, I’d have to guess the buyer paid straight up cash for this! It was last purchased in 2008 for a whopping $730k originally listed at $799k. Me thinks the buyer in 2008 was one of those wealthy asian dudes that purchased the property so their son/daughter could go to the “prestigious” Arcadia High school a couple blocks away. Once they graduated they decided to sell the place to another rich dude. Its deals like this that make it impossible for us normal folks to purchase a decent single family house in Arcadia.

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