Monday, April 27, 2009
Cheap Land in Pomona
This sign just went up on lower Garey, and it totally makes me laugh. I am wondering about the asking price, given that the last time I checked the vacant gas station at Alvardo and Garey was something like a million dollars. Yeah right.
I checked zillow.com last night for the current estimated price of our home, and found out that the price has now dropped to within $30,000 of the price we purchased it at 6 years ago. Of course part of that is due to the redlining that is inherent in the appraisal industry, thanks to the whole "comps" system, not to mention the economy. When we sold our last house, comps were also an issue and we literally had to choose the buyer based on who would be best able to pay the agreed upon sales price, no matter what the appraisal came in at. As it turned out, that person paid $30,000 over the appraised price. And they still got a bargain.
Today at work, my coworker who lives in the Murrieta area was telling me that the house he bought two years ago for $500,00 is now worth $250,000, so I no longer feel bad about at least still being above water at our house in Pomona. I think for the most part we'll do okay here in Pomona because we always got a good value for our money. I mean the house I live at here in Pomona would be double the amount, in not more, in Pasadena, and triple in Santa Monica.
Some of the real estate information on the web is kinda scarey. I periodically google my name in order to see where I need to remove my information from. I recently found out that my name comes up with a hit on a site called blockshopper.com, which shows my address, the sales price of the home, all my neighbors' information, a map and photograph of the house. I'm kind of reluctant to email them to remove me from their list, as I figure they'll add my email to the information they already give out.
I wish I had the money to buy some Pomona real estate right now. I think it would be a great investment for what I do believe is a bright future. Sadly, though, all I can afford these days are shoes from one of Garey Avenue's newest businesses: "Runshoes 3 for 20."
Cheap land and runshoes 3 for $20: Just two more reasons to love Pomona.
And here is the rest of it.