May 11, 2007

Awesome Value Enhancement Opportunity

MLSlistings Property Detail for MLS number 716689
Redwood City, CA 94062

Awesome Value Enhancement Opportunity

This Single Family Residence has the following features:
MLS#: 716689 Approx Age: 51 Years Approx Sq Ft: 1920
Detached Single Family 2 Stories Traditional
3 Bedrooms 2 Bathrooms 2 or More Showers over Tubs

That’s a pretty good phrase: Awesome Value Enhancement Opportunity

Let’s think of some others:

  • Decustomized For YOU!
  • Home For Your HELOC

What else?

Comments (7) -- Posted by: burbed @ 5:34 am

May 10, 2007

$360k for a 832 sqft Single Residence in San Jose?


Is it just me, or is something not quite right about these listings?

Click here to post a comment -- Posted by: burbed @ 5:29 am

Help protect our Freedom – support sub prime lenders today!

The Seattle Times: Borrower, beware: Debt disaster looms as rates rise on easy-money mortgages
But when the couple — with no savings and about $20,000 in credit-card debt — shopped for a mortgage to buy their 1,200-square-foot house in Tukwila last year, they heard the same thing from lenders and in a home-buying class they attended: Forget it.

“You basically had to be Scot free, no massive credit debt, which we had, and to have money in the bank, which we didn’t,” said Swartz, 31. “How do people buy houses in America anymore?”

I agree. Our politicians and lenders are doing exactly what the terrorists would want us to do: stop good, hard working from owning homes.

Fortunately, this article is about Seattle, but this could easily happen in your neighborhood! We must find a way to help people who have no assets and lots of debt buy homes – freedom, justice, and our very way of life is at stake here!

Erin Rearden, a mortgage counselor at Solid Ground, a nonprofit social-service agency in Seattle, said the deal Fultz and Swartz struck is typical, especially as the cost of housing skyrockets out of reach for so many.

“They wanted a home. And a lot of this comes from operating under the assumption that owning a home is an inherent American right. So when someone offers a way to do it, you want to go for it,” she said.

Dear Erin:

Owning a home is an inherent American right. Period. Full stop. If you’re not helping people own a home, you’re helping the terrorists who hate our values. Are you with us? Or are you against us?

That said, there is something strange about this story:

Fultz makes $12.75 a hour driving a fish-food delivery truck. He recently paid off half of the 12 credit cards he used in buying a motorcycle, a couch and a television, going out to eat, “just buying stuff,” Fultz said. “I had no idea this credit-card debt was going to have such huge repercussions.”

Swartz was working at an insurance office, where she made $11.75 an hour.

After so much discouragement, Fultz said he found Kathy Mills at Gold Mortgage helpful and friendly. She drove over to pick up Fultz, who didn’t have a car at the time, to get the paperwork started. When the couple went on vacation in New Jersey, Mills dispatched a notary locally to get papers signed to keep the deal moving.

They went on vacation to New Jersey? Where did they go? Atlantic City?

Finally, my favorite part of this article:

“I didn’t make my own mortgage payment this month,” Mills said in April. “But nobody feels sorry for me.”

That’s right. The mortgage broker.

Click here to post a comment -- Posted by: burbed @ 4:33 am

May 9, 2007

London beats Bay Area for most expensive :(

London homes world’s most expensive: survey – Yahoo! News
London beat the glamour of Monaco, New York, Hong Kong and Tokyo to become the world’s most expensive place to buy residential property, a survey showed on Tuesday.

Residential property in the British capital costs on average 2,300 pounds per square foot, or 36,800 euros (49,889 dollars) per square metre, according to the ‘Wealth Report 2007.’

That beat nearest competitor Monaco, where property costs an average of 2,190 pounds per metre or 35,000 euros per square metre.

Damn it. We’re not #1! 🙁

When will our inept politicians realize that it’s too affordable and congested here? When will we finally start razing houses? When will we finally make 50 year the minimum loan terms?

We’re supposed to the place with the smartest people, with the best weather, the best food, and the best diversity. And still we can’t beat London, Monaco, Hong Kong, Tokyo, and New York?

Shame on us.

We need to work together: Realtors, Lenders, Appraisers, Buyers. We’re going to need at least 10%-15% appreciation per year to do this, guys. We’re already more expensive than 4/5ths of New York City – I think we can beat Manhattan with just some oomph, and if we can steal some of their current Irish attention.

Are you with me? Or are you against me?

Click here to post a comment -- Posted by: burbed @ 7:43 am

This Oakland house comes with free art! Find a Home – Listing Detail
1324 77TH AVE
MLS ID#: 40256277
2 Bed, 1 Bath
768 Sq. Ft.
0.04 Acres


Single Family Property, Area: Oakland Zip Code 94621, Subdivision: HEGINBERGER, County: Alameda, Approximately 0.04 acre(s), Lot is 1820 sq. ft., Year Built: 1927, Garage, Fireplace(s)

Some houses simply sell themselves – and this is a house. It does come with some really interesting street art – I believe it’s authentic! Also, you’ll save on cooling costs by not having pesky windows. Al Gore would be proud of you – thanks for reducing your carbon footprint!

Click here to post a comment -- Posted by: burbed @ 5:50 am

May 8, 2007

What's $565,000 and 555 square feet?

San Jose, CA Homes for Sale – 373 Clifton Ave, San Jose, 95128
373 Clifton Ave, San Jose 95128
373clifton.jpgBedroom: 1 Bathroom: 1 MLS#: 715337 Square Footage: 555 $565,000
Year Built: N/A Parking Spaces: 1 List Date: 3/27/2007 Lot Size: 5662

373 Clifton Ave, San Jose
Cute Bungalow near Santana Row, Valley Fair, freshly painted, new carpets, pergo in kitchen, bonus room in the back, some new windows, large lot lots of space for expansion.

I guess you have to wonder: why bother remodelling this if the first thing the next owner has to do is demolish it? I especially like the part about “some new windows”. But let’s say you don’t demolish it – that’s just $1018 per square foot!

Interestingly enough, it looks like this was purchased on 10/14/2004 for $390,000. What a difference 2.5 years makes!

(Thanks to Peter for this find!)

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

Bay Area is still too darn affordable

Want to know why I think housing prices and rent is too low in the Bay Area? Why I think that it is still too affordable here?

If it weren’t affordable here, why wouldn’t we have this?

Japanese find sleep, shelter in cyber cafes


Men make use of the internet service in the private rooms of an internet cafe in Tokyo May 2, 2007. Some low-wage earning young people who cannot afford apartments in Tokyo are choosing to live in internet cafes, which are cheaper than a hotel and even offer showers, microwaves and large libraries of manga to read. Picture taken May 2, 2007. (Kim Kyung-Hoon/Reuters)

Damn it. Tokyo still has us beat. Please please please contact your political leaders that you elected to let them know that we must do something about the housing prices here – they must go up!

Let’s all work together to bring Bay Area affordability down to 1% this year. Are you with me?

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

May 7, 2007

149 Mangels had Frosted Flakes Boxes as a wall

Thanks to Burbed reader Nancy for this find:

Buyers finding most area homes too costly –
SAN FRANCISCO (Map, News) – When Roberta Morales got the e-mail from her friend, she almost fell out of her chair — a $400,000 house for sale in San Francisco!

“I said, ‘What are you smoking? There’s no house for that price in San Francisco,’” Morales remembered. “But then I drove by, and it really does exist.”

Morales recounted the exchange during her tour of 149 Mangels, a 1910 one-bedroom home in San Francisco’s Sunnyside neighborhood. She stood in the basement next to a wall made out of cardboard Frosted Flakes boxes that she could have punched her arm through.


Lest anyone be confused, the house was described in blunt terms: “Major Fixer Upper needs everything. Buyers and agents beware of unstable building, floors, dry-rot and foundations. Enter at your own risk.”

That blurb was floated on local blogs this past week as a slight reality check — even with a softening market, even with rising interest rates, in San Francisco, this is the best $400,000 will buy you.

Or not. At a court proceeding Tuesday morning, the house went for $524,250 after a frenzied bidding process.

Does that address sound familiar?

It should!

Click here to post a comment -- Posted by: burbed @ 1:45 pm

$525,000 house collapses

House collapses in Sunnyside area –
A one-story house at 149 Mangels Ave. in the Sunnyside neighborhood collapsed Sunday, damaging a neighboring home.

Fire Department officials received a call reporting the collapse at 2:45 p.m.

No one was injured in the incident, but a neighboring home to the east at 139 Mangels Ave. was damaged when a falling roof corner struck it. A public walkway west of the collapsed house will also be closed indefinitely.

Lisa Katzman, a resident of the damaged house next door, said her home had been yellow-tagged until it could be inspected.

“They’re telling us we can’t spend the night here,” Katzman said.

Katzman described the collapsed house, which was reportedly undergoing construction, as being “a wreck” and in poor condition even before the collapse. The owners had reportedly bought it for around $525,000 despite problems including dry rot, she said, and were trying to repair it themselves when it fell in on itself.

Uh. Yeah. What did you think would happen if you spent a mere $525k on a house? Come on! $1 million or bust!

(Thanks to Richard for the link!)

Click here to post a comment -- Posted by: burbed @ 9:34 am

looks like a model … of a real house

Palo Alto, CA Homes for Sale – 746 Homer Ave, Palo Alto, 94301
746 Homer Ave, Palo Alto 94301
746homer.jpgBedroom: 2 Bathroom: 1 MLS#: 712869 Square Footage: 675 $769,000
Year Built: N/A Parking Spaces: 1 List Date: 3/15/2007 Lot Size: 2000

746 Homer Ave, Palo Alto
Absolutely charming & chic cottage with lots of updates — looks like a model! Great value in great school district. Ultra-private street location. Walk to University Ave. Bike to Stanford. Lounge in private rear deck. MUST SEE!!!

Yeah it’s $1139 per square foot, but hey, it’s in Palo Alto near Downtown. This will totally impress your friends!

It’s in a great school district – which is useful because you and your family of 4 will be able to live comfortably in this 2br/1ba. That’s almost 168 sqft per person!

Looks like a model all right… like one of those houses on the Monopoly board.

Click here to post a comment -- Posted by: burbed @ 5:29 am