March 13, 2006

Thanks Caterina

Caterina.net: Pieces of string
Something’s gotta give — I just can’t see how this can be sustained.

Thanks for linking to Burbed!

Click here to post a comment -- Posted by: burbed @ 12:32 pm






$1,198,000 1200 sqft house w/HUGE FENCE in Sunnyvale on Beemer!

Let’s start this week off with a nice 1.2er.

MLSlistings Property Detail for MLS number 609735
393 BEEMER AV
Sunnyvale, CA 94086
$1,198,000

393BEEMER.jpg

This Single Family Residence has the following features:
MLS#: 609735 Approx Age: 83 YearsApprox Sq Ft: 1216
Detached Single Family1 StoryRanch
2 Bedrooms1 Bathroom1 Stall Shower
1 TubDining Area in Family RoomLiving Rm/Dining Rm Combo
WorkshopLaundry Area – InsideExtra Storage
Partial BasementHardwood FloorsVinyl Floors
Gas HeatCity/Public WaterRV or Boat Parking
Lot: .25 to .50 AcreCooktop RangeFireplace

That’s a huge lot – is that why there’s a huge fence? Why do I have a suspicion that this 83 year old home has had no improvements other than this huge fence? The ideal buyer should probably own a limo fleet as this property already has a huge fence!

HUGE FENCE!

Comments (1) -- Posted by: burbed @ 5:00 am

March 9, 2006

Welcome Curbed SF

Curbed SF: Bay Area Blogwrap: Developments Up, Buyers Flee
3) Burbed continues its chronicle of insane Valley pricing thusly: “$600,000 for a 51 year old house you need to knock down in Santa Clara.” [Burbed]

Woot! Got a mention from Curbed SF today. Welcome to the club, Curbed SF!

Click here to post a comment -- Posted by: burbed @ 1:24 pm

$600,000 for a 51 year old house you need to knock down in Santa Clara

MLSlistings Property Detail for MLS number 610413

702flannery.jpg

702 FLANNERY ST
SANTA CLARA, CA 95051
(Unincorporated Santa Clara)
View More Photos

$598,000
OPPORTUNITY KNOCKS
Excellent Home for Contractors OR First-Time Buyers Looking to Get Into a Great Neighborhood.

* 4 bedroom, 2 bath (on title as 3BD/2BA)
* 1,396 /-Square Feet, 5,662 /- Lot
* Vaulted Ceilings in Living Room
* Kitchen that opens up to the Dining Room
* Great Schools! Sutter Elementary & Buchser Middle
* Open For Viewing THURSDAY Mar 2, 9:30 to 1:00PM & SUNDAY Mar 5, 1:30-4:30 (Monday cancelled, sorry).

This Single Family Residence has the following features:
MLS#: 610413 Approx Age: 51 Years Approx Sq Ft: 1396
Detached Single Family 1 Story 3 Bedrooms
2 Bathrooms 1 Stall Shower 1 Shower over Tub

Opportunity knocks indeed. On the other hand, entering this house would probably be a nifty time warp!

Comments (1) -- Posted by: burbed @ 5:00 am

March 8, 2006

Sathish Pottavathini’s Bay Area Housing Plan

This article caught my eye in the New York Times over the weekend – it’s about Sathish Pottavathini, an engineer at eBay, and his Bay Area Housing Plan:

Hoping for Best in Home Sales, 2 Sides Sit Tight – New York Times
In the San Jose, Calif., area, where the average house price increased 21 percent last year, Sathish Pottavathini, a programmer at eBay, said he was taking his time with the search for a new home and trying to find a good deal.

“I don’t want to rush into things especially in this kind of situation,” Mr. Pottavathini, who is 32, said, “where you hear about a slowing down everywhere.”

He and his wife, Madhuri, spend $1,200 a month renting an 800-square-foot two-bedroom apartment, where they live with their 21/2-year-old daughter, Siri. They would like to find a three-bedroom town house with a two-car garage for less than $500,000.

Although he does not expect prices to fall significantly, he does not think they will rise either and hopes he can find a bargain — a goal that seemed all but impossible in Northern California in the last few years. Now, Mr. Pottavathini said, “If I wait, I might get a better place.”

… [silly impossible comments about how house prices sometimes drop removed] …
Mr. Pottavathini, meanwhile, is giving his San Jose search four months. After that, he plans to take a break and wait until his daughter is a bit older and his wife returns to work. With more money coming in, they might be able to pay more.

If they still have not succeeded, they would then consider leaving Northern California — which he called “the best place in the world” — and returning to their native India.

“If the condos become $600,000, it doesn’t make any sense to live here,” he said. “Imagine owning a house and paying your whole life for that house. I would rather move back to India.”

But wait a minute… if this is the best place in the world, then wouldn’t it be worth it to spend your entire life paying for a condo?

After all, with just a mild rate (for the Bay Area) of 10% appreciation a year… that $500,000 condo would be worth $4,924,866 by just 2030! That’s $5 million at stake!

Come on Sathish, how could you even consider leaving the best place in the world? Think of the children!

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Comments (1) -- Posted by: burbed @ 5:00 am

March 7, 2006

Reader Submission: $1 million in Burlingame

Hurray! Another reader submission. This one from Sebastian F who write:

Here’s what a $1 million will buy you in Burlingame. And bonus… the price was reduced!

Let’s check it out:

MLSlistings Property Detail for MLS number 601149
400 HOWARD AV
Burlingame, CA 94010
$995,000

400howard.jpg

This Single Family Residence has the following features:
MLS#: 601149 Approx Age: 67 Years Approx Sq Ft: 1356

Ouch! A bit pricey! But it’s on sale: original listing price? $1,029,000!

Wow… that’s a whopping 3.3% off! With the $34k you save, you could pay the property tax for about 4 years. (While your neighbors who moved in there before 1978 pay like $100 a year in propety tax… but I digress…)

Click here to post a comment -- Posted by: burbed @ 5:00 am

March 6, 2006

Housing Slowdown Ripples Through Economy – Yahoo! News

Housing Slowdown Ripples Through Economy – Yahoo! News

The slowdown that is showing up in national statistics hasn’t reached all parts of the country.

“I’ve never seen a market as good as this,” Mike Mishler said as he took a break from making finishing touches on a $1.6 million lakeside home near Dallas. “Maybe it will slow down in a couple years, but right now we have lots of California folks coming in, and empty-nest people looking for new homes.”

Mishler, president of the local builders association, says Texas markets are holding up because they are affordable — the median price in Dallas is $145,000 compared to the national average of $213,000.

$145? That’s about 1/6 of the price in the Bay Area. Is this where everyone is going?

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Click here to post a comment -- Posted by: burbed @ 4:10 pm

Does P/E in real estate valuation matter?

The other day Dan at the Bayosphere linked to this site. One of the comments for that entry had this to say:

Home Prices and People’s Long-Range Dreams | Bayosphere
By-the-by, you DO understand that P/E is a real estate valuation model is almost useless, right?

Is it?

Does it make sense that if you buy a home and spend $4000 a month in PITI (Principal, Interest, Taxes, and Insurance) – that you can only rent it out for $2000 a month?

Maybe a P/E ratio of 1 is old and busted, and that a P/E ratio of 2 is the new hotness. Maybe homes in the Bay Area are meant to have Silicon Valley style P/E’s!

Maybe Taser can relocate here and help drive the P/E ratio to be closer to theirs… you know… 496!

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Comments (4) -- Posted by: burbed @ 5:00 am

March 3, 2006

$750,000 for a 704 sqft 1br/1ba cottage in Sausalito

It’s Friday… I think that it’s time for a reader submission. Here is one from Myles W:

Real Estate for the Bay Area- BayHomeSite.com

417pine.jpg

Price: $750,000
Bedrooms: 1
Baths: 1
Sq ft: 704
property information
Type: Single-Family
amenities & features
Fireplace Garage
417 Pine St #A Sausalito, CA 94965

Private 3 room cottage. Spacious living room with breakfast bar. Updated kitchen with stove refrigerator, disposal and dishwasher. Great closet space with separate linen closet. Close to shops and ferry. One of the best weather areas of Sausalito. Listing agent has ownership in property.

Myles notes:

704 sqft cottage in sausalito — $750,000!!

this is next door to us … and i can attest — it’s a TINY cottage on a TINY plot with a HUGE towering house right in front of it.

But just think of how much money you’ll save on shades!
Have you seen a property in the Bay Area that deserves to be listed here on Burbed.com? Let me know! burbed@burbed.com.

Comments (2) -- Posted by: burbed @ 5:00 am

March 2, 2006

Thank you Curbed

I just wanted to take a moment to thank Curbed for the inspiration for this website. If you haven’t seen it, go check it out.

As crazy as real estate is here in the Bay Area, let’s face it: it’ll never be as insane as New York City.

But here’s a myth to dispel: there’s no affordable housing in New York. That’s simply not true.

Unlike the Bay Area where the entire metropolitan region is expensive, it’s mostly Manhattan that’s insanely expensive in NY. Sure, Queens and Brooklyn are pretty pricey too these days. But there’s always Long Island – home of the first suburbs. And still, pretty affordable – with some of the best public schools in the nation.

Click here to post a comment -- Posted by: burbed @ 5:00 am