patrick.net

Rats, the link vanished, I'll repost.

Here we go:

http://www.redfin.com/CA/Venice/30-19th-Ave-90291/home/6734023

ptiemann says

Look at the 1998 sale ($390k) and 2004 sale ($1149k). I am waiting for thomas.wong to post something like “1998 was overpriced already”, and “due to inflation, it’s worth 400k today”.

The price history speak for itself.

another example below....

http://www.redfin.com/CA/Venice/655-Mildred-Ave-90291/unit-102/home/6734938
Property History for 655 MILDRED Ave
Date Event Price Appreciation Source

Apr 24, 2011 Listed (Active) $1,250,000 -- TheMLS #11-522271
Oct 22, 2004 Sold (Public Records) $799,000 9.2%/yr Public Records
May 21, 2003 Sold (Public Records) $705,000 15.9%/yr Public Records
Dec 27, 1996 Sold (Public Records) $275,000 9.3%/yr Public Records
Dec 22, 1994 Sold (Public Records) $230,000 219.9%/yr Public Records
Sep 01, 1994 Sold (Public Records) $161,000 -- Public Records -foreclosure
Sep 01, 1994 Sold (Public Records) $161,000 -- Public Records

All I can say is, I was underwhelmed. I don't know what the world is coming to! :-D

Underwhelmed for what? If you're talking about the small home at tiny lot, I feel the same way too.

seaside says

Underwhelmed for what? If you’re talking about the small home at tiny lot, I feel the same way too.

Well, there's your answer.

He's not paying for the house, he's paying for the location. Not that I'd do that, but to each his own.

I guess to each his own of course, but I do think your friend has money burning his pockets.

seaside says

small home at tiny lot

What Lot?

Oh but what a backyard.

StoutFiles says

He’s not paying for the house, he’s paying for the location.

The location has been around for a long time. Anyway, the buyer from 2004 found out the hard way, he overpaid for the location.
He thought he was gonna get +10% but lost 10% not to mention commission +6%. Prop tax another $100K out of pocket. Foolish!

Care to explain what went on in the mid 90s?

Property History for 30 19TH Ave
Date Event Price Appreciation Source
Apr 06, 2011 Sold (Public Records) $1,040,000 -1.4%/yr Public Records
Apr 06, 2011 Sold (MLS) (Closed) $1,040,000 -- Inactive TheMLS #10-493889
Mar 03, 2011 Price Changed $1,105,000 -- Inactive TheMLS #10-493889
Jan 04, 2011 Price Changed $1,125,000 -- Inactive TheMLS #10-493889
Dec 02, 2010 Listed (Active) $1,249,000 -- Inactive TheMLS #10-493889
May 24, 2004 Sold (Public Records) $1,149,000 18.8%/yr Public Records
Feb 20, 1998 Sold (Public Records) $390,000 52.1%/yr Public Records
May 23, 1997 Sold (Public Records) $285,000 -- Public Records

PasadenaNative says

and it looks like it costs an arm and two legs to get a place a block from the beach!

As in the price from the other home in Venice from back in the 90s
most buyers seemed to have paid 3.5-4x incomes.

Arm and two legs may well be very true.

Just learned he paid cash for the place. Wealthy parents in Europe....

Well if he paid cash then if that home rents for 4k a month 1040k cash is 21 years of rent at 4k a month.

I would bet during that 21 years he would think at some point 'i prefer to rent elsewhere for 4k a month'.

But then earning 1.5% on a CD or giving it to the next Madoff also is a poor use of zeros and ones ($).

Circa 1991:

http://www.comeinandburn.com/archive/hqmay97.htm

AHB says

Circa 1991:
http://www.comeinandburn.com/archive/hqmay97.htm

Never met Henry, did see him perform though!