15 Responses to “What’s $729,000 and has bars on the windows?”

1. Area 51 Says:
   August 27th, 2007 at 6:58 am

   Burbed, don’t know what magic you possess, but every time you post a listing, it immediately drops in price. This one is no exception, now listed for $699,000.
   P.S. You gotta post more of the outstanding photos for this property, the backyard would be great for entertaining, that is if you have quail over for guests………..
   And the linoleum floor in the family room, the kids could use their little roller-shoe things on it….

2. gfw Says:
   August 27th, 2007 at 8:29 am

   Burbed: Instant Anti-Equity!

3. sonarrat Says:
   August 27th, 2007 at 9:14 am

   Sold 10/06/2006: $659,000*

   I’d shoot for $500K. That ought to cover what it would cost to make it respectable again.

4. nss Says:
   August 27th, 2007 at 9:33 am

   Sonarrat,
   Do you know of any sucessful low balling instances in this area (95008). I want to offer on a house that is in almost simlar condition as this one, and is listed at about 20% lower than its zestimate.

5. IUnknown Says:
   August 27th, 2007 at 9:50 am

   It looks like the price has already been lowered to $699,000… I wonder, how long its been on the market? How long does it take for grass to grow 2′ and turn desert dry?

6. sonarrat Says:
   August 27th, 2007 at 10:59 am

   nss,

   I am a renter. I was only giving my opinion of the home, I do not think it will sell for that little if only because the seller probably cannot afford to cough up $200K upside-down. Also, do not rely on zestimates.

7. Moe Says:
   August 27th, 2007 at 11:01 am

   Besides the tumbleweed, barred windows, and general neglect, that place is almost identical to the house I grew up in.

   So for just seven times the cost of my parents’ house, I could get the bizarro version. Nice!

8. burbed Says:
   August 27th, 2007 at 11:26 am

   Yeah but did your parents have Google?

9. sonarrat Says:
   August 27th, 2007 at 2:50 pm

   You joke, but my parents had Digital and Oracle (their employers). They paid $400,000 for a huge house with a lake view in Morgan Hill back in 1989. And if you’re looking at that year and thinking, hmm – yep, that was right at the peak of the market at that time. It was a bubble house. It appreciated for one year, and then they were upside down by tens of thousands of dollars until the mid-90s. People were bailing out left and right. Not them – they held on and continued to endure the 120-mile round trip commute to Redwood City. Now it’s worth around $1.5 million. If you can swallow hard and pay for a nice house, it will pay off in the long run. (Of course, most of the property you see on Burbed could never perform like that.)

10. burbed Says:
    August 27th, 2007 at 2:59 pm

    Being upside down in the tends of thousands isn’t so bad if you have a fixed mortgage and can afford it I suppose.

    Are they still holding onto it?

    At the rate of 7.6% per year appreciation, I bet in 2025 it will be worth $5.6 million.

    That’d be pretty sweet.

11. sonarrat Says:
    August 27th, 2007 at 3:41 pm

    Yes, they’re still holding onto it. I keep telling them to cash out and retire someplace where they could live like kings on the interest from the equity alone, but they refuse to budge! And believe it or not, they had (and still have) an ARM. But it’s capped at 7.5% or something so it’s not as bad as the scams you associate with the term nowadays.

12. christina Says:
    August 28th, 2007 at 5:27 am

    It looks like a crack house – nice yard if you live by the train tracks… heh, tracks… crack house… Er, back to work I go…

13. Adam Says:
    August 28th, 2007 at 3:51 pm

    Nitpick alert:

    It’s on Campbell Avenue but is in the city of San Jose.

14. sonarrat Says:
    August 28th, 2007 at 8:10 pm

    Actually, it is in Campbell. It’s pretty far west of Highway 17 and close to the Westgate Mall in Saratoga.

15. Adam Says:
    August 29th, 2007 at 9:43 am

    That’s what happens when an East Bay-er trusts the MLS, I guess!

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