20% loss on this San Jose house – or not!
560 W Virginia St, San Jose, CA 95125 – Property Details.
560 W Virginia St, San Jose 95125 (Willow Glen)
Photo: << 1 2 >> All
$525,000* Status: Active
* Bedroom: 2
* Bathroom: 2
* Year Built: 1938
* Lot Size: 6098
* Square Footage: 1296
* List Date: 10/31/2007
* Parking Spaces: 0
* MLS#: 760882
*DESCRIPTION -
560 W Virginia St, San Jose
Fixer upper 2 bed/2 bath in downtown San Jose. Older Victorian home that was built in 1938. Needs some work, however, a great buy for an investor or handyman.
Thanks to Burbed Reader Brendan for this find. (Thanks to Chris for submitting it as well!)
Brendan had originally sent this comment:
Nice 3rd world country home
But there’s more to the story than just the strange pic on the front. Let’s see what Zillow has to say:
Sold 02/28/2006: $660,000
Uh, but the current listing price is $525,000.
Those crazy bubbleheads and their Main Street Media will tell you that this means the owners just lost 20% – that this house has appreciated -$221 per day.
Burbed, your voice of reason, has two thoughts:
1. This offer price was set low on purpose to encourage a bidding war. The current ZEstimate is $730,659 – and that’s probably what will happen after the 21982340 offers pile in.
2. Maybe this house really will sell for a loss. Which makes sense because… well… San Jose really isn’t part of the Bay Area anymore, if you know what I mean.
What do you think will happen?
December 3rd, 2007 at 7:11 am
The poverty in this area is so thick you can taste it in the air – and the dereliction is really hard on the eyes. I think the seller will be taking a larger loss than that.
December 3rd, 2007 at 8:33 am
That yard needs some chickens and maybe a few goats.
December 3rd, 2007 at 9:43 am
Uh… victorian? Built in 1938? Was this built during the vampire reign of Queen Victoria?
I’m always amazed how many real estate agents, people who supposedly are really well-informed about houses, can’t identify an architectural style.
December 3rd, 2007 at 10:40 am
It’s a “victorian” the same way that certain models of Honda Civic are marketed as “sports coupe”.
December 3rd, 2007 at 2:57 pm
Yeah …. I grew up in places like that ….. of course we were on Welfare!!
me, I’d have a full-on garden going there, I just want to be a farming fool! But, I’d not pay more than say … oh … $130k for that place, and that’s only because there are a lot of farmer’s markets and swap meets out that way to make $$ at. Look for me someday with my geetar if I get good, otherwise doing caricatures of you and your ugly kids too.
Grow my own veggies, do my own handywork, avoid even having a car if possible (I’ve gone as far as a small motorcycle lately) and keep FRUGAL as possible, the American future if we’re lucky is The Waltons not Gordon Gekko.
December 3rd, 2007 at 3:44 pm
I guess that’s where we differ – I happen to like Gordon Gekko. He was unlocking trapped value for shareholders.
December 3rd, 2007 at 6:23 pm
I was informed at a nice condo development on Sunday (spyglass hill) that the San Jose housing market does not follow national trends. It’s still going up! I mean the woman in the office had the audacity to tell me that prices will go up. Real estate is always a good investment. Doesn’t she read the f’ing paper? Granted I thought it would be nice to get a 3bdrm 3bath unit for 550.(which is still honestly too much to spend) Hahaha. She wouldn’t even budge 50k. Those places honestly aren’t that great. I guess I’ll have the last laugh when I drop by next year and they’re selling for 400.
December 3rd, 2007 at 7:43 pm
I should check out that condo farm in Millbrae. The building is very appealing, and I imagine the view from the front units is incredible, but the constant eighteen-wheeler traffic all day and night would be a bummer.
December 3rd, 2007 at 8:16 pm
Slightly off topic:
Hoorayyyy!!! The bottom is near!!!
Home builders patient, confident of market rebound
Q When do you think the market will recover – not to the go-go days of 2003-04 and early 2005 – but to a moderate pace?
A Menard: There is pain in the industry. The Bay Area is doing OK in relation to the rest of the country. Plus, there is an undersupply of housing. The big thing is the local economy is doing extremely well.
We all believe that if we haven’t hit bottom yet, we will in a couple of months. Then this market will be right back in gear again.
For the South Bay market, we’ll hit a moderate pace in spring of next year. Prices will flatten out and start to go up. We’ll see a slow increase through 2008. In 2009, it will be a very good moderate pace. My only caveat is because it’s an election year, that can affect buying decisions. People will sit on the sidelines.
(The builders – Scott Menard from SummerHill Homes of Palo Alto)
December 3rd, 2007 at 10:36 pm
I think the backyard would be perfect for a go-kart, dirt bike, or midget car racetrack. You could sell tickets for seats on the neighbors’ roofs.
December 3rd, 2007 at 11:07 pm
Couldn’t pay me to live in San Jose, much less that neighborhood. Apparently crap in the yard is code for “pride of ownership”.