Poll: How much would you pay for this Cupertino house, and why?
Wow, there’s an unusual amount of vitriol about today’s house in the comments. Here are some snippets:
Short Sale in Cupertion: $967k house offered at $788k [Burbed.com]
>>Catch a Falling Knife Today and lose a quarter of a million dollars, step Right UP. Only the Best and smartest people live in Cupertino… Maybe that is why Apple leases much of their property?
>>Well, it has been unsold on redfin for 97 days. So I guess bidders are waiting for a bigger drop in price
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>>The local ERs will probably have their share of suicides come next year about tax and credit card paying time. Buy yourself a Police Scanner. It should be interesting listening…
>> 11/29/2006 $967,000 Grant Deed Resale Chekhanovsky, Yakov & Juliya Grizzle, Ruth D 514191969
8/15/2006 $845,000 Grant Deed Resale Frost, Keith Chekhanovsky, Yakov & Juliya 463194424
9/13/2005 Grant Deed Refi Frost, Karen Frost, Keith 108318143
3/30/2005 $680,000 Grant Deed Resale Yengst, Charles R Frost, Keith 100713086
Looking at Zillow, the price seems pretty inline:
And the fact is, we’ve all seen plenty of other houses in far worse shape that’s at this same price point.
Given that the starting salary of a software engineer in Silicon Valley is about $90k, that everyone else makes about $130k and up, and frankly this is a pretty crime free and quiet neighborhood with the area’s better schools. Granted, most of us haven’t seen this house in person, but the pics aren’t that bad.
How much do you think this house should go for? and why?
December 11th, 2007 at 12:57 pm
I love the “recently solds” of $594k in the neighborhoods with the 1.5m “zestimate” homes. Those zestimates are clearly completely out of whack and don’t reflect the end of the halcyon days of the bubble. Again, just because one COULD afford to spend $5000 a month on a mortgage for a 1025 sqft “starter” home, doesn’t mean one ought.
December 11th, 2007 at 1:09 pm
I would guess that a house like this rents for about $2800 a month. A PITI payment on 400K is about 2800 and throw in a 20% downpayment to get $480K. That would seem like a pretty reasonable price to me. What do you think?
December 11th, 2007 at 1:15 pm
I wouldn’t pay more than $500,000 for this STARTER home myself. And that’s including the “Cupertino Premium”.
December 11th, 2007 at 1:15 pm
> Given that the starting salary of a software engineer in Silicon Valley is about $90k, that everyone else makes about $130k and up,
And you have not mentioned that even VTA bus drivers earn more than 100k in bay area.
If I follow Kevin’s logic from previous thread – bus drivers who are earning less than 100k got to be bad drivers. Probably hitting pedestrians left and right.
December 11th, 2007 at 1:16 pm
It is worth no more than zestimates around 2004-05, i.e., around 400-450K.
December 11th, 2007 at 1:20 pm
>I would guess that a house like this rents for about $2800 a month.
And actually, rent has gone up
December 11th, 2007 at 1:29 pm
Zillow is horribly inaccurate for bay area housing during that time. I dont think houses have been sub-500K in Cupertino since pre-2000.
December 11th, 2007 at 2:20 pm
Does not matter. The house is frigging _old_! If someone is concerned about a good school district, it’s better to spend that extra 1000 on private schools in a cheaper place than on this crap-box.
December 11th, 2007 at 2:49 pm
I’d pay $200,000.01
December 11th, 2007 at 3:36 pm
That map eerily reminds me of the cubicles in the Dilbert animated cartoon……
December 11th, 2007 at 6:59 pm
Oooooooooo… Looking at that map makes me just DROOL! Look at all that “Equity Potential”, just waiting to be tapped! More Starbucks, bigger flat pannel TV, newer/bigger Lexus to lease, …
December 11th, 2007 at 8:27 pm
I Pay hmmmmmm 1 milllllllion Dallars. insert pinky in mouth
December 11th, 2007 at 9:06 pm
Come on! Why are you pulling your hairs to figure out how much you would pay? Isn’t it better to pay higher considering the fact that “home price always go up”? You pay 2 million today, the price of home will be 3 million next months. You pay 3 million today, it will be 4 million next month. Your net gain is 1 million in equity. If you pay $200k, it will be $250k next month. Only $50k equity. Come on! Why paying less and losing more in equity?
December 11th, 2007 at 9:09 pm
It looks like this house belongs to the prestige Lynbrook High School district. I would be interested to see how much it is sold for. Possibly it would be the asking price or a bit lower.
Burbed, please update us when it is sold.
December 11th, 2007 at 9:43 pm
400k, rather than 300k, because of the school district. Come on, it’s smaller than my freakin’ townhouse and older too. I do sincerely feel bad for Ruth D, though…
December 11th, 2007 at 10:06 pm
My neighborhood is priced exactly the same, and that’s WITHOUT the Cupertino school district.. or anything anywhere near as good. What the heck, Zillow?
December 11th, 2007 at 10:16 pm
It’s actually in the Cupertino High School area.
December 11th, 2007 at 10:50 pm
If it is in Cupertino High School area, it would be worth around $700K.
December 12th, 2007 at 12:00 am
There seem to be a lot of bitter renters round here. Given we’re so “special” in the Bay Area, don’t these folks realize that “it’s a great time to generate a realtor’s 6% commission”.
December 12th, 2007 at 9:27 am
Oh you guys need a price …. ok one MILLION pesetas