December 19, 2007

SFGate: Bay Area is too Expensive. Burbed:Bay Area is too Affordable [Burbed.com]

The other day, a commenter named Martin posted this (edited) comment:

SFGate: Bay Area is too Expensive. Burbed:Bay Area is too Affordable [Burbed.com]
Look at this house:
http://www.movoto.com/real-estate/homes-for-sale/CA/Daly-City/1125-Hanover-St-100_728944.htm

I selected a decent house in Daly City. It costs $514,900. Other houses before this one I consider a junk.
Sorted by price from low to high. So, it’s 9th, out from 339.

[snip]

A tiny amount has a household income above 150k.

So, what can justify this kind of house pricing???!
Why it costs so much and who can afford it???!
Daly City is a dirty neighborhood with a worst weather on a peninsula.

I wouldn’t buy this house even for 100k!

Let’s look at the house he found:

 1125han.jpg

Hey that looks familiar!

Why, it’s from the famous “Yellow house that had me at hello” post from back in August…

And the original post back in January:

Wow! What a wild year it’s been!

Come on Martin – this house has already been reduced 39%. Buy it! It was meant for you!

Comments (15) -- Posted by: burbed @ 5:06 am

15 Responses to “SFGate: Bay Area is too Expensive. Burbed:Bay Area is too Affordable [Burbed.com]”

  1. waiting_for_the_fall Says:

    How come the sq ft is so different?

  2. et_tu_alt_a? Says:

    Looks like the oldest listing confuses sq ft of the house with the sq ft of the lot.

    And there’s a mistake in the newest listing too: the price. Zillow says it’s worth $846k, and we all know prices never go down in the “we’re special” Bay Area…. right?

  3. gfw Says:

    Hahahahahahahaha!

  4. mw_dude Says:

    Sale History from Zillow:
    04/20/2007: $558,763
    05/30/2006: $815,000
    04/05/2004: $575,000

  5. et_tu_alt_a? Says:

    It’s bank owned so that last sale was presumably a foreclosure “sale”. Plus it’s been on sale for 204 days so noone is rushing to snap up this “bargain”. What’s up with that?

  6. ex-sunnyvale-renter Says:

    Ugly, ugly, ugly, and the haircut’s ugly too.

  7. 3rd Generation Says:

    I lOVE you. I HATE you.

  8. Malcolm Says:

    LMAO!

    Is that Big Bird’s house or something?

    And we thought people were stupid for buying shares of pets.com in 2000. But $850k for that thing??

    People truly are stupid. Unbelievable.

  9. sonarrat Says:

    They finally got a picture with sun on it. That’s pretty hard to do in Foggy City.

  10. Pralay Says:

    Instead of pictures of the home, I would like to see the picture of the person who bought the house for $815K. Got to be the poster-child among the believers of “they aren’t making any more land”!

  11. Renter Says:

    It is owned by HSBC. Americans should feel very luck with so many foreign banks lending them free money and eating the loss.

    Even the previous owner who bought in 2004 for $575K had 100% financing from New Century. And that lender was gone. Nice profit for that owner, $140K gain in just 2 years.

  12. Renter4 Says:

    It really shocks me that, of all the owners it’s had, not one has ponied up to change the color. I thought the point of investing was to add a little value for a lot of markup–are sellers really that complacent that they expect to get the markup regardless?

  13. Selma Says:

    What housing bubble?

  14. Daly City: Gateway to Peninsula- and Homeownership? | Redfin San Francisco Sweet Digs Says:

    […] Neighborhoods of Daly City include Westlake, St. Francis, Serramonte, Top of the Hill, Hillside, Crocker, Southern Hills, and Bayshore. Wherever you chose to settle, you’d find prices falling. Burbed.com traces the decline of one single family home from $850k to $514,900! […]

  15. Deal of the Century in Daly City: Auctioned Houses [Burbed.com] Says:

    […] December 2007: […]


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