April 27, 2018

Speaking of Fire Sales, Here’s One in Willow Glen

High house prices have you down? Well here’s some great news for everyone. The houses aren’t what’s high priced. It’s the LAND.

Burned out property in Willow Glen sells for over $900K

KTVU
POSTED: APR 18 2018 03:08PM PDT, UPDATED: APR 19 2018 11:21AM PDT

SAN JOSE, Calif. – A burned out home, and the property it sits on, in San Jose’s Willow Glen neighborhood is in contract for more than $900,000 and is expected to close in 10 days.

The home, which hit the market last week, was originally listed for $800,000. The realtor said the asking price was reasonable given the housing market and its location.

Realtor Holly Barr said the value is in the 5,800-square-foot lot — not the house.

The asking price was reasonable? Let’s take a look at what you’re getting.

1375 Bird Redfin

1375 Bird Ave. SAN JOSE, CA 95125
Listed at Price: $799,000
Beds: —
Baths: —
1,066 Sq. Ft.   $750 / Sq. Ft.
Redfin Estimate: $1,003,089
On Redfin: 15 days
Status: Pending
Property Type: Single Family Home
Community: SAN JOSE
County: Santa Clara
MLS#: ML81700339
Built: 1976
Lot Size: 5,850 square feet

Barr said she received 6 offers, all of them all-cash. Here she is proudly posing next to her sale on her aptly named Facebook page, Willow Glen Charm.

Realtor Holly Barr with burned down house she sold

Remember one of our Burbed catchphrases, “Value is in the land”? Well the value was also in that lovely house. If it had been scraped off, anyone wanting to get a loan on the property would have to put 50% down. Then again, since all the offers were cash, it didn’t make any difference.

Another view of 1375 Bird Ave

San Jose real estate: hot, hot, HOT!

Comments (4) -- Posted by: madhaus @ 6:18 am






April 26, 2018

We Did It Again! Record Home Prices!

Great news everyone! Homes in the Bay Area are now less affordable than ever!

Bay Area home prices soar to new record

San Francisco Chronicle, April 24, 2018

The median Bay Area home price surged to an all-time high of $820,000 in March, up 9.3 percent from February and up 14.7 percent from March of last year, research firm CoreLogic reported Tuesday.

The previous peak was $784,000 in November. The report includes newly built and existing homes and condos sold in all nine counties. For the past six months, the median price has risen 12.8 percent year over year on average.

For the fourth consecutive month, Santa Clara and San Mateo counties showed the steepest year over year gains: 33.6 and 25.7 percent, respectively.


Look how amazing this is: prices in every Bay Area country except Sonoma are up.

And don’t worry about Sonoma, they’re still having that fire sale.

You know what’s even more awesome? Burbed readers who are still renting get to share in the excitement, too! Watch your lease renewal to see how you’ll share in the price climbing fun.

Do you live in a neighborhood where prices are actually going down? Or even staying the same? Let everyone know in the comments, and we guarantee you’ll have lots of visitors very very soon.

And once you get enough, you’ll join in the up, up and awayyyyyy delight of bubblicious Bay Area bargains! Oh my gawd, this is so beautiful.

Comments (3) -- Posted by: madhaus @ 3:18 am

December 28, 2017

Republican Tax Plan: Screw You, Blue States!

Everyone hates paying taxesThanks to Burbed reader Real Estater for suggesting this as a topic for discussion.

Let’s review the many ways the new tax plan is gunning for Silicon Valley, Hollywood, SF, and all the engines of prosperity California provides.

By limiting SALT (that’s State And Local Taxes) deductibility to $10,000, every homeowner who bought more recently than 1987 just got a kick in the Schedule Effing A. And with that top bracket of 13.3% the most compensated will notice a corresponding Federal tax increase as well.

Next, what will this do to real estate prices? Only $750,000 of mortgage is now deductible. What can you get for around $950,000 (assuming a 20% down payment) in the Bay Area? Certainly not the luxury homes the angrybois on social media imagine. Maybe a crapbox in South San Jose? A condo in Santa Clara? A sleeping bag under the porch in Menlo Park?

And what will happen when the powerhouses of the US economy start fizzling as blue states start having serious budget issues?

There’s plenty to discuss, so have at it.

Comments (14) -- Posted by: madhaus @ 6:31 am

November 28, 2017

Bubblicious Sunnyvale home sells for $780K over asking

Now this is ridiculous: $782,000 over asking for a house in Sunnyvale

The once modest community has become one of the Bay Area’s real estate hot spots

A house in Sunnyvale just sold for close to $800,000 over its listing price.
Your eyes do not deceive you: The four-bed, two-bath house — less than 2,000 square feet — listed for $1,688,000 and sold for $2,470,000.
“I think it’s the most anything has ever gone for over asking in Sunnyvale — a record for Sunnyvale,” said Dave Clark, the Keller Williams agent who represented the sellers in the deal. “We anticipated it would go for $2 million, or over $2 million. But we had no idea it would ever go for what it went for.”

$2.5M crapbox. In Sunnyvale. Really.

This house in Sunnyvale recently sold for $2,470,000 — nearly $800,000 above its asking price. Close to tech centers, once modest Sunnyvale has become one of Silicon Valley’s real estate hot spots. (Courtesy/Dave Clark and Keller-Williams)

This delightful news is from a couple months back, but why not savor this wonderful event? This house sold for more than “not a lot of money” over the overly modest asking price. Remember when asking prices were called “wishing prices” back in 2009? If amazing results like this keep happening, we’ll have wishing prices back even sooner than you think!

Discuss among yourselves.

Tags:
Comments (28) -- Posted by: madhaus @ 6:13 am

September 16, 2017

SF Median Home Price to Median Income Ratio: 10.8x

The Real Bay Area is simply firing on all cylinders!

Congrats to San Francisco Peninsula Metro for having a median home price/median income ratio of 10.8x.

Congrats to San Jose Metro for having a median home price/median income ratio of 7.8x

Suck it New York Metro with your paltry median home price/median income ratio of 5.8. Delete your account.

If we all pull together, we can drive this to 15x. What will you be doing this weekend to help increase the ratio further?

Comments (10) -- Posted by: burbed @ 6:05 am

February 24, 2017

Congrats everyone! San Francisco and San Jose are more expensive than New York!

The 10 most expensive cities to live in

Using the “mean multiple” approach — the median house price divided by the median household income — the data shows that the most “severely unaffordable major housing markets” are in Australia, New Zealand, China, Canada, the UK, and the US.

High house prices are not a sign of city’s success but a sign of failure to deliver the housing that its citizens need.”

10. Bournemouth & Dorset, UK
9. San Francisco
8. Los Angeles
7. Honolulu
6. Melbourne, Australia
5. San Jose, US
4. Auckland, New Zealand
3. Vancouver, British Columbia
2. Sydney
1. Hong Kong, China

And this, my friends, is what we call fake news. High house prices are most definitely a sign of a city’s success – and the Real Bay Area is truly successful. Where’s our arch nemesis New York in this list? Banished! Where’s London? Missing!

Congrats everyone. Great work so far, but the job’s not done. Let’s keep our eyes on the prize and aim to take on those final four spots so we can be at #1 in the world!

What are you doing to help us become the #1 world’s most expensive real estate market?

Comments (6) -- Posted by: burbed @ 6:21 am

November 9, 2015

The one true unicorn: Palo Alto

 

 

829 La Para Ave
PALO ALTO, CA 94306
$1,998,000 Listed at Price
1 Bed
1 Bath
180 Sq. Ft.
$11100 / Sq. Ft.
Built: 1930Lot Size: 6,886 Sq. Ft.On Redfin: 25 daysStatus: Contingent

829lapara

Exciting opportunity to build your dream home in charming Barron Park neighborhood. Quiet streets in an established community. The neighborhood is home to Bol Park, bike paths, close to top Palo Alto schools, Stanford University and California Avenue with restaurants, the farmers’ market, and shopping. City of Palo Alto allows for above ground max floor area of approx. 2,816 sqft not including possible basement addition (buyer to verify with city).

Whoops, it looks like I was a bit slow on this one!

Can you blame me? Every day there’s another unicorn popping up. Money is overflowing! It’s hard to keep track when every house is going up 100% per year!

This Palo Alto house represents the best of Silicon Valley growth. From just 180 sqft  for $1.998M, this will inevitably rocket to a 2816 sqft house that will be valued at $30M.

It’s only a matter of time before houses in Silicon Valley also become unicorns and reach the $1B price.

The only question is – how can we make this happen even sooner?

So, my question to you is this: What are you doing to help The Real Bay Area™ house prices climb even higher?

Comments (83) -- Posted by: burbed @ 5:53 am

August 10, 2015

“San Francisco Home Prices Reach All-Time High”

San Francisco Home Prices Reach All-Time High

San Francisco’s residential market not only remained strong in the second quarter of 2015, but hit an all-time high: the median sale price reached $1,185,000, a 20% increase over Q2 2014.

The median price per sq. ft. ($915) — up 10% Q-o-Q and 15% Y-o-Y — mirrors the trend for median sale prices and marks another record for the SF housing market.

San Francisco home prices even exceed Manhattan numbers, where the median sale price for residential properties hasn’t reached $1M yet.


Oh my god. This is so beautiful. Of course, NYC places are a little smaller… so we still have a ways to go.

How can we further accelerate this? How can we pull together to make this happen?

Comments (168) -- Posted by: burbed @ 5:01 am

July 22, 2015

Yes! Yes! Yes! “Silicon Valley’s housing affordability crisis worsens”

Report: Silicon Valley’s housing affordability crisis worsens
Less than 25 percent of workers and just 40 percent of households in metro San Jose are able to rent or buy average-priced housing, according to a new report from the Silicon Valley Competitiveness and Innovation Project.

The new analysis underscores some of the region’s long-term affordability trends and the impact on quality of life and business competitiveness. Compiled by Peninsula-based Collaborative Economics, the data show that the average rent in May for a two-bedroom apartment in metro San Jose was $2,917 — and that residents would need to earn $116,680 annually to afford that. Yet the median income in the area was $57,400 for individual workers and $91,500 for households, according to the most recently available statistics, the study says.

Citing data from the California Association of Realtors for the first quarter of 2015, the report says only 44 percent of Santa Clara County households could afford to purchase an entry-level home — defined as costing $833,850, or 85 percent of the county’s median sale price. That percentage shrank to 29 percent in San Mateo County (where an entry-level home was $1.11 million in the first quarter) and 27 percent in San Francisco ($1.15 million).

 

I don’t know about you, but this is music to my ears. As we all know, the more unaffordable something is, the more exclusive it is – and therefore the better it is. Hermes, Rolex, Ferrari, San Jose.

It’s already so beautiful that that an entry-level home is defined as $833,850 (and it probably requires $100k of work) in Santa Clara- and that includes laggard Gilroy. Come on Garlics, shine! Shine!

Where do you think we will be next year? What will an entry-level home cost? $1M? $2M?

Comments (38) -- Posted by: burbed @ 5:44 am

June 15, 2015

Prop 13 – Real Examples of Property Taxes

LosAltos-Prop13

(Estimates based on current assessed value in Zillow X .0125)

Discuss!

Comments (118) -- Posted by: burbed @ 5:03 am