August 13, 2007

We’re #1! Highest Mortgage/Rent Ratio!

I noticed that HousingTracker finally refreshed to show 2007 Q1 stats:

HousingTracker.net: Affordabilty Measures
Mortgage to Rent: The ratio of the mortgage payment on a median (sale) priced single family (again assuming 20% down and a 30-year fixed rate loan) to the local median rent for a 3 bedroom apartment.

mortgagerent.png

Sweet! We’re #1!

I love being #1. Next year, our Mortgage/Rent ratio will be 3! You heard it here first!

Comments (4) -- Posted by: burbed @ 4:52 am






August 12, 2007

Can’t get a supbrime loan? You can get this!

Can’t get a NINJA (No Income No Job or Assets) loan to buy your $1 million starter home in Milpitas?

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Thanks readers!

Click here to post a comment -- Posted by: burbed @ 5:32 am

August 11, 2007

We’re #1! “highest home prices in the continental United States”

U.S., European central banks step in to contain mortgage crisis
Thursday’s developments will make it even more difficult to borrow and could put a further crimp in home prices and the broader economy, experts said. The Bay Area, which has the highest home prices in the continental United States, could be particularly vulnerable, some economists warn.

Take that New York! You can keep your Statue of Liberty, your Empire State Building, your Wall Street.

The market has spoken! The Great Mall, Google, and Sand Hill Road are much more special. And that’s why we – not you – have the highest home prices in the continental US.

We’re #1! We’re #1!

Booyah baby. Booyah.

Comments (3) -- Posted by: burbed @ 5:17 am

August 10, 2007

Most buyers are from China or India

San Jose Mercury News – Santa Clara County adding Asians at nation’s fastest pace
Loann Tran, a real estate agent with Judy Wang Realtors in Milpitas and San Jose, says an influx of young Asian families buying homes has insulated her from some of the pain of this year’s real estate slowdown.

“Most of the buyers are either from China or India; they are a majority of those that are still buying,” said Tran, whose clientele is predominantly Asian.

And as we know, China’s and India’s economies are soaring. Housing prices are going to be unstoppable here.

Cupertino’s median price to hit $2 million this time next year. You read it here first.

Comments (8) -- Posted by: burbed @ 6:24 am

$988 per square foot for a guac colored Millbrae house

510 Anita Ln, Millbrae, CA 94030 – Property Details.
510 Anita Ln, Millbrae 94030510anita.jpg

Bedroom: 3 Bathroom: 2 MLS#: 723429 Square Footage: 1290 $1,275,000
Status:
Active
Year Built: N/A Parking Spaces: 2 List Date: 5/1/2007 Lot Size: 5445

DESCRIPTION –
510 Anita Ln, Millbrae
Millbrae rancher licensed to care for elderly residents. Interior newly painted. Viewing by appointment only w/ 24 hour notice. Please do not disturb occupants.

Seriously, why not just go for $1000 per square foot? After all Millbrae is pretty special – and they’re not making any more land. If I were to put a bid on this, I’d bid $1000 per square foot just for the heck of it.

But here’s a question – what does it mean that this house is licensed to care for elderly residents? Are you supposed to buy this and turn it into a nursing home? What’s the biz plan here?

Comments (5) -- Posted by: burbed @ 5:19 am

August 9, 2007

Poll: How many millions do you have? — Burbed.com: Your San Francisco Bay Area Home and Mortgage Insanity Blog

Poll: How many millions do you have? — Burbed.com: Your San Francisco Bay Area Home and Mortgage Insanity Blog
Ok, time for a poll. To all readers (yes YOU): How many millions do you have (excluding house value)?

Are you a nobody? Do you feel secure?

Post your reply in the comments!

This thread continues to go strong. Click the link above to read the responses so far, and to post your own!

Comments Off Posted by: burbed @ 6:44 am

Where's the nearest Target?

MLSlistings Property Detail for MLS number 712887
1875 E SAINT JAMES ST
San Jose, CA 95116
1875saint.jpg

$499,900

This Single Family Residence has the following features:
MLS#: 712887 Approx Age: 56 Years Approx Sq Ft: 832
Detached Single Family 1 Story 2 Bedrooms
1 Bathroom 1 Shower over Tub 1 Tub

I thought it would be interesting to point out that the nearest target to this house is 1.2 miles away.

Comments (6) -- Posted by: burbed @ 5:20 am

August 8, 2007

"What a JEWELL" – $529k for a 942sqft house

MLSlistings Property Detail for MLS number 731565
385 EDWARDS AV
San Jose, CA 95110
385edwareds.jpg

$529,000
** What a JEWELL **
* Do not miss this charming home! * Beautiful Hardwood floors,Classic Tile in kitchen & bath, original Crown & Floor molding,Built-in cabinet and Nooks,Recessed Ceiling, Double paned windows & Copper Plumbing. Meticulously Maintained!! A DREAM COME TRUE

This Single Family Residence has the following features:
MLS#: 731565 Approx Age: 72 Years Approx Sq Ft: 942
Detached Single Family 1 Story Cottage/Bungalow
2 Bedrooms 1 Bathroom 1 Shower over Tub
1 Tub Eat in Kitchen Utility Room

Did you know that one of the resolutions passed in the 1956 National Association of Realtors Convention requires that all ads have a minimum of one significant typo?

Oh I’m just kidding. This clearly is a reference to the famous Jewell, Kansas! See, you can pretend you’re living in a Kansas house – but paying $529k for it! Sweeeeeet!

Comments (4) -- Posted by: burbed @ 5:15 am

August 7, 2007

$775k for 830 sqft – easy access to freeway

483 Oconnor St, Menlo Park, CA 94025 – Property Details.
483 Oconnor St, Menlo Park 94025483oconnor.jpg

Bedroom: 2 Bathroom: 1 MLS#: 711527 Square Footage: 830 $775,000
Status:
Active
Year Built: N/A Parking Spaces: 2 List Date: 3/7/2007 Lot Size: 4500

DESCRIPTION –
483 Oconnor St, Menlo Park
Motivated Seller Perfect starter home for 1st time buyer. “Make Offer Today” Cozy well maintained home,Completely remodeled kitchen, 2 car garage w/opener.Washer & Dryer, Close to dntn Palo Alto/shopping. Subject to 1031 exchange.

Oh come on – how could they not advertise this as being “easy access to freeway”? Or “close to ikea/home depot”? That was such low hanging fruit.

I think I know what a 1031 exchange is – but could a Burbed reader explain why it needs to be called out?

Thanks!

Click here to post a comment -- Posted by: burbed @ 5:15 am

August 6, 2007

$499,000 for a 708 sqft garage

MLSlistings Property Detail for MLS number 734477
593 N 18TH ST
San Jose, CA 95112
593n.jpg

$499,000

This Single Family Residence has the following features:
MLS#: 734477 Approx Age: 82 Years Approx Sq Ft: 708
Detached Single Family 1 Story 2 Bedrooms
1&1/2 Bathrooms 1 Stall Shower 1 Tub

Oh come on, you don’t seriously expect me to believe there’s a house there do you? Let’s face it – you’re paying $499,000 for a giant garage. But just think – if you service enough cars, you can easily make the PITI payment each month! Sweet investment!

Comments (2) -- Posted by: burbed @ 5:05 am