It’s time to revisit one of Burbed’s favorite properties on the market:
Popular Ave in East Palo Alto – houses for sale galore! 2164 poplar ave price reductions! — Burbed.com: Your Silicon Valley Home and Mortgage Insanity Blog
2164 Poplar Ave, East Palo Alto Property Details – East Palo Alto Real Estate – East Palo Alto Homes for Sale – Movoto
That was back in August. So what’s new?
Here’s what Burbed Reader Squisita wrote in:
This place is being advertised on Craigslist as a 2 bedroom rental. Interesting that the for-sale description was “one legal bedroom, plus three bonus rooms.” I don’t even know what that means. I’m intrigued that they can squeeze all that (legal or not) into 480 square feet.
As my friend put it,
What does “one bonus bath not warranted by seller nor agent” mean?
If neither the seller nor the agent call it a bath, then who wrote that?
Why don’t they just advertise it like: 4BR, 3BA luxury home with heated pool.*
* (3 of the BR, 2 of the BA, and pool not warranted by seller or agent)
Seriously? Well, it looks like the ad has changed a little recently – still absurd though. Here’s the Craigslist post:
Very Clean – Beautifluly Remodled Home ++Pics++
2164 Poplar Ave, East Palo Alto
Virtual Tour Link http://www.ewalk.com/tour.cgi?id=2164
This Bungalow style home is located in East Palo Alto. This cozy home is conveniently located near shopping and transportation and the trendy University Avenue area.
The home has 2 bedroom and 1 Bathroom plus a bonus cottage. The House also has been fully remodeled with new paint, granite counter tops, and a large front yard patio.
• Pets are negotiable. • Lease negotiable • AVAILIBLE NOW • Security Deposit $1300.00 Please Drive by unit and take a look. If you have any questions please feel free to call 650 814 9666 or reply to this add.
There’s a guest house? For a house that has 480 sqft?? Is the guest house for a car perhaps?
But even more interesting is the rent: $1300 a month. Yet the sales price is $499,000 a month.
Let’s say you put down 20% (OH NOES! TRAPPED EQUITY!)… according to Dinkytown, your mortgage would be:
- $2,457.94 for a traditional 30% loan (boring!)
- $2,142.99 for a ARM loan
- $1,663.33 for an Interest Only ARM loan
Let’s ignore property tax, maintenance and insurance – just like everyone else. Just think of the big fat juicy tax break you’ll get on this. And when you sell in 5 years, this will be a million dollar house – so you’ll definitely make back the $62k that you’ve lost by buying.
Remember, now’s a great time to buy or sell a house!