October 16, 2006

Fairoaks War Gets Worse – Now it's a 3 way!

The Fairoaks War that was covered here a week ago has gotten worse. Last Monday there were two parties at war:

At last count, they were running neck and neck… here are some comments from readers. Bub said:

They both have the exposed electrical panel in the kitchen. But…..

Gotta go wth 002. That killer peak view of the parking lot. Damn!

and Eslpeth said:

I like the “flipped” look of #4. It even looks like the kitchen and bathroom countertops match.

Now, the game has changed. Why? There now 3 units available:

fairoaks3.jpg

Wow… I really didn’t see this coming. #5 comes in, and undercuts #2 and #4 by $11,000!

Just for fun, Zillow says that #2 was last sold on 2/14/2005 for $365,000… #4 has no data, and that #5 was last sold on 9/12/2000 for $275,000.

What will happen next? Which one is your favorite?

Let’s see some interiors:

fairoaks3-1.jpg

fairoaks3-2.jpg

fairoaks3-3.jpg

fairoaks3-4.jpg

fairoaks3-5.jpg

fairoaks3-6.jpg

What?? No stainless steel appliances? Boo! Hiss!

Click here to post a comment -- Posted by: burbed @ 5:11 am






October 15, 2006

Poll: You used to get paid 40% more in Silicon Valley

MercuryNews.com | 10/05/2006 | Despite housing costs, valley still luring the best
“There’s not the salary differential there used to be,” Pierce said.

Workers at all levels in Silicon Valley once made as much as 40 percent more than in other parts of the country, as compensation for the higher cost of living. But computers and the Internet make it easy to set up offices anywhere, so the differential is now in the range of 10 to 20 percent.

Burbed Poll Time!

Are you making 40% more than you would be if you lived somewhere else?

Click here to post a comment -- Posted by: burbed @ 5:27 am

October 14, 2006

The rules have changed…

The Housing Bubble Blog » When Did Median Incomes Afford Median Prices?

The rules have changed. We’re operating in a completely new paradigm!

Click here to post a comment -- Posted by: burbed @ 5:33 am

October 13, 2006

Age unknown – no kidding

MLSlistings Property Detail for MLS number 635155
130 HENSLEY ST
San Jose, CA 95112
130hensley.jpg

$550,000

This Single Family Residence has the following features:
MLS#: 635155 Approx Age: Unavailable Approx Sq Ft: 930
Detached Single Family 1 Story Contemporary

I’m surprised they didn’t say that “This won’t last long” – because that’s what I’m thinking.

I bet this house would be good if your last name is Winchester…

Click here to post a comment -- Posted by: burbed @ 5:52 am

October 12, 2006

Make money fast! How? Just say you do…

cbs5.com – Liar Loans
Brian is a Bay Area mortgage broker. “Michael” is his client — a 23-year-old auto mechanic. The payment on Michael’s new home is $4,200 a month, but he only earns about $4,000 a month — leaving him $200 in the red. He was only able to get the loan because his broker used “stated income” to inflate his paycheck. Brian (the broker) said, “I put on the application that he made $13,000 a month, which was unverified … That’s the definition of a stated income loan. You state the income. Most definitely it was a fraudulent loan. The income was literally made up from thin air.”

But… but… all the cool kids are doing it. What are you… chicken?

You don’t want to be priced out for ever and miss out on that equity!

Be sure to click this link to watch the video!

Click here to post a comment -- Posted by: burbed @ 5:14 am

October 11, 2006

Housing Boom due to the collapse of the Berlin Wall – Alan Greenspan

I saw this article: Housing boom due to global intergration says Greenspan – Financial Times – MSNBC.com

It makes more sense once you represent it in a graphic:

greenspan.gif

Do you agree with Alan Greenspan?

Click here to post a comment -- Posted by: burbed @ 5:25 am

Relocating to Cheaper Housing May Not Help Low-Wage Families – WSJ.com

This is an interesting finding:

Relocating to Cheaper Housing May Not Help Low-Wage Families – WSJ.com
The study, which looks at families with low to moderate incomes in 28 metropolitan areas, found that transportation costs in places with cheaper housing are often so high that they wipe out the savings from lower rent or mortgage payments. Such places tend to be farther from employers or short on public transportation, which makes commuting costlier.

The study found that housing and transportation costs combined eat up an average of 57% of annual income for “working” families, which the study defines as those with incomes of $20,000 to $50,000 a year. The combined costs ranged from 54% of income in Pittsburgh to 63% in San Francisco; in 25 of the 28 metro areas, the combined total was within three percentage points of the 57% average.

The findings contradict the common notion that many people would be better off financially if they moved from areas with high housing costs, such as California, to states like Texas or Georgia, where housing is much cheaper.

The median house price in San Diego, at $613,000, is four times that of Dallas. But the study found that working families in San Diego spend 59% of their income on housing and transportation, only slightly more than the 57% they spend in Dallas. Families in Dallas spent just 26% of their income on housing, compared with 31% in San Diego, but the Dallas families spent more on transport.

The study also found that moving to an inexpensive outer suburb, but continuing to work near a city center, often backfires. Typically, a move that adds more than about 12 miles to a one-way commute will result in a rise in transport costs that outweighs the savings on housing, the researchers found.

The data on housing and transport costs for working families come from the 2000 U.S. Census. Since then, both housing and transport costs have jumped, but Barbara J. Lipman, research director at the Center for Housing Policy, said the results are still valid. Housing and transport costs have grown by roughly similar amounts.

Something to keep in mind.

Click here to post a comment -- Posted by: burbed @ 4:56 am

October 10, 2006

Best Pic of a House eva! $625,000 in east palo alto

MLSlistings Property Detail for MLS number 621027
2740 FORDHAM ST
East Palo Alto, CA 94303
2740fordham.jpg

$625,000

*
* 3 BEDROOMS

1 BATH

* NEWLY UPDATED KITCHEN WITH STAINSTEEL APPLIANCES

* BRING YOUR CLIENTS
* MAKE AN OFFER
* VERY MOTIVATED SELLERS
* CALL LA BEFORE VIEWING THE HOUSE

This Single Family Residence has the following features:
MLS#: 621027 Approx Age: 52 Years Approx Sq Ft: 1070

Yes – that has to be best picture for a real estate posting for a house ever. Congrats!!

Click here to post a comment -- Posted by: burbed @ 5:19 am

High housing prices mean more road rage

KTVU.com – News – Bay Area Roadways Filled With Rage
Road rage in the Bay Area has caused close to a dozen serious injuries or fatalities this year, including three violent attacks in the past week, according to police.

A man was shot in the back in Dublin Saturday after tailgating the shooter and engaging in other unsafe driving maneuvers, police reported.

A motorcyclist was run down, brutally beaten and thrown into a drainage ditch in Union City Thursday during an apparent incident of road rage.

Also on Thursday, a Dixon man was clubbed and stabbed during a confrontation over a traffic incident in Fairfield, police reported.

All three victims survived the attacks, but had to be hospitalized.

[snip]

Comey said that it was difficult to measure how widespread road rage violence was in the Bay Area, but his impression is that as people move farther away from their jobs in search of affordable housing, they are forced to spend more time in their cars, which could be increasing the number of aggressive driving incidents.

It’s very special here!

Click here to post a comment -- Posted by: burbed @ 4:05 am

October 9, 2006

War on Fair Oaks – Upstairs v Downstairs – who will win?

I saw this recently:

Ooh – 2 condos for sale at the same price. One upstairs, and one downstairs!

First, let’s take a look at 002, on the market since 6/15:

Not too shabby. Now let’s take a look at 004, on the market since 9/12:

(Notice how the rose bush has grown in since June!)

002

004

Wow… a close one… who should win?

Vote now and leave a comment!

Click here to post a comment -- Posted by: burbed @ 5:23 am