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 .

>>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?

MLS-2.com: Property Details
10376 MENHART LN, CUPERTINO,CA,95014 – $788,0003 Beds 1078 Sq.Ft. Aprx. 1 Car Garage MLS#: 749849
2.0 Baths 5,227 Lot Size 55 Yrs Old Aprx. List Date: 2007-09-05

What’s new on MLS-2: Search by % Price Drop // Search by “MOTIVATED SELLERS”

Description – 10376 MENHART LN, CUPERTINO,CA,95014
SHORT SALE!! AGGRESSIVELY REDUCED PRICE!! INESTORS DREAM!! MAKE AN OFFER!! AND LET’S MAKE IT HAPPEN!! Price is subject to lender approval

First, let’s note that this house has the lucky price of 88 in it. That’s a good sign already.

According to Zillow, this house was last sold about a year ago: 11/29/2006 for $967,000.

Now, as we all know, Cupertino is highly desirable because of it has the nation’s state’s region’s best schools. And, it’s full of AAPL holding millionaires. So could this house really be selling for a 18% loss in one year?

If you think so, you’re smoking crack.

Obviously this is a ploy to start a bidding war.

Burbed’s prediction? This house will be sold for $1,063,000. How did I get this number? Easy: $967,000 with 10% appreciation. (It should be 15%, but let’s face it, the market is a little soft.)

Let’s wait and see what happens…

Are there any Trulia experts reading this blog who can help me understand these crazy “sold price” numbers?

Recently Burbed reader remodelnerd sent in some photos he took of Coronado Villas. Here’s what he had to say:

First, here is a look at the Coronado “Villas” on Monroe St. in Santa Clara- I guess if you have ever wanted to live in a Villa there are a few available. We lived nearby when they build these units- only then they were called “apartments”, and they were for rent, not for sale. So what- do apartments grow up and become Villas?

Well, let’s take a look this soon to be world famous Coronado Villas:

So far so good. Nice, strong sign. A sign of the strong Bay Area economy. Let’s look at the street now:

Hey, what are those things around the strong Coronado Villas sign?

Oh my.

Aren’t you lucky prospective buyer? These sellers have decided to give you an opportunity to live in the Villas. Better bow down to them. I hear there are multiple offers – better overbid today!

Or better yet, buy a whole bunch of them and flip them after the Superbowl next year when the market soars again!

Yesterday, frequent Burbed reader ex-sunnyvale-renter and I got into a debate on who much do programmers/software engineers make.

Here’s a snippet of the thread:

Why can’t you afford a house in the Bay Area?

ESR:
Software pays maybe, if you’re lucky, $40k a year but woops an H1B got that job.

Burbed:
Are you kidding?

All the data is on http://www.Salary.com:

A Software Engineer I (crappy college grad) gets $65k a year.

A Software Engineer II (good college grad) gets $80k a year.

A Software Engineer III (college grad + 3 yrs) gets $93k a year.

Even a Public School teacher according to Salary.com makes over $40k (50-67k)

I’m not sure where you come up with that $40k number, but it’s pretty preposterous.

Heck, even a Software Engineer I in Mobile, Alabama makes more than $40k.

I’m also not sure why you blame H1B’s. Yes they are taking jobs – but the reality is that all the major companies and startups are hiring like crazy. It’s like blaming a few specific drops of rain for a flood.

Look at http://www.Apple.com/jobs or http://careers.yahoo.com/ – it’s crazy.

ESR:
Burbed I don’t care what those on-line Zestimates of programmers’ salaries are, they’re not true, not in the real world.

I have been around far, far too many programmers, most are laid off, going to be laid off, or already working at Home Despot.

Hell if I thought there was money in *programming* of all things I’d have gone into it. Sheesh! It’s not THAT hard to learn. It gets a little wierd when you get into n-dimensional pointer fields and such, but it is learnable.

What do you think? Any software engineers reading this? What’s the job market looking like for you?

The other day Burbed reader “Hedda” posted this comment:

“Those who rent instead of own look smarter these days” [Burbed.com]
My husband and I both have good jobs, and a 5/1 ARM is still a hell of a lot less per month than a 30-year fixed. I know better than to pretend that it magically stays a low monthly mortgage at the end of the ARM, but most people here are just desperate to have “the American Dream”.

According to DQNews, the median resale house in Santa Clara county was $765,000. With 10% ($76.5k) down, that’s just a mortgage of $688,500.

A typical software engineer makes at least $100k. Two would be $200k. So that mortgage is only 3.44x a household income.

According to Bankrate, a 30 yr fixed would be only $4,443 a month. A 5/1 ARM would be $4,002.

Is that really so out of whack?

Readers – Tell me (anonymously!) do you consider yourself to have a good job?

What are you doing?

Why can’t you afford a house in the Bay Area?

MLS-2.com: Property Details
1279 AYER DR, Gilroy,CA,95020 – $609,999

Total 7 photos: Previous Next

3 Beds 1512 Sq.Ft. Aprx. 2 Car Garage MLS#: 762193
2.0 Baths 7,840 Lot Size 28 Yrs Old Aprx. List Date: 2007-11-09

What’s new on MLS-2: Search by % Price Drop // Search by “MOTIVATED SELLERS”

Description – 1279 AYER DR, Gilroy,CA,95020
HOME FOR THE HOLIDAYS!!! LOVELY HOME IN GREAT NEIGHBORHOOD! SPACIOUS 1,512 SQ.FT.HOME ON A LARGE 7,841 SQ. FT. LOT. LIGHT AND BRIGHT OPEN FLOORPLAN. MASTER SUITE WITH BATH.GRANITE COUNTERTOPS IN KITCHEN AND BATHS. HUGE REAR YARD WITH STORAGE SHED. PERFECT FOR THE GROWING FAMILY!

At first I was drawn to this house because of the additional parking – I mean look, you can park on the lawn. This means that the house isn’t under control of some evil HOA – you have freedom to do whatever you want at this house. Absolute freedom. Celebrate America by buying this house.

By the way, this house was last sold on 4/26/2006 for $686,000 – so you’re also getting a great deal! This is clearly the bottom, buy now and ride the prices back up! Back up to the lawn!

MLS-2.com: Property Details
7249 DOWDY, Gilroy,CA,95020 – $499,900

Total 2 photos: Previous Next

2 Beds 864 Sq.Ft. Aprx. No Garage MLS#: 759167
1.0 Baths 6,969 Lot Size 55 Yrs Old Aprx. List Date: 2007-10-23

What’s new on MLS-2: Search by % Price Drop // Search by “MOTIVATED SELLERS”

Description – 7249 DOWDY, Gilroy,CA,95020
Investors special! You have to see it to believe it. Freshly painted. New carpets coming later this week. Ready for your renters. Non-conforming separate living unit (3/2) in back detached 2-car garage with individual access. R-3 zoning. Large lot with alley access, ample parking area, front and rear lawn areas, private patio, and much more. Not a short sale! Bank owned.

Haha. I bet you thought this was an unbelievable deal in the Bay Area – fooled ya!

It’s still a pretty good deal, after all, Gilroy used to be in the Bay Area – and it might be allowed back if it is able to abide by the Bay Area Code of Conduct (Rule #1: Never lower your home prices.) Maybe in 2010?

But for now, this house was last sold waaaaaaaaaaay back when in August 21, 2007 for $536,135.

Great deal if you ask me. Not to mention that this house is ready for your renters!

Paranoid? Afraid of the 5-0 looking into your place? Wear a tin foil hat? This might be the home for you!

MLS-2.com: Property Details
1918 SILVERWOOD AV, Mountain View,CA,94043 – $478,000

Total 9 photos: Previous Next

2 Beds 984 Sq.Ft. Aprx. 1 Car Carport MLS#: 761915
1.5 Baths 435 Lot Size 33 Yrs Old Aprx. List Date: 2007-11-08

What’s new on MLS-2: Search by % Price Drop // Search by “MOTIVATED SELLERS”

Description – 1918 SILVERWOOD AV, Mountain View,CA,94043
Freestanding secluded chalet style condo w/ SFH feel. Enter the beautifully landscaped private fenced garden thru the LR sliding glass doors or thru the exterior gate. Double pane windows thruout add to the warmth of the home along w/ the recently redone heating system. High ceilings. Mirrored closet doors. Copper plumbing. New dishwasher & refrig. A/C Laundry hookups.Come see the possibilities.

WAIT A MINUTE. I made this same joke last year!

Oh, but it was for a different property:

http://www.burbed.com/2006/04/13/hate-windows-this-529k-home-in-mountain-view-is-for-you/

That’s strange, the old one was $529k, but this one is $478k.

You know what this means: Prepare to overbid on this house!

It’s going to be a wild and crazy bidding war. The lucky owner will probably get this for $600k – if he’s lucky.

Best of luck to you!

San Jose Mercury News – Those who rent instead of own look smarter these days
Those who rent instead of own look smarter these days
NO WORRIES ABOUT FALLING PRICES, MAINTENANCE COSTS
By Nancy Trejos
Washington Post

I’m not going to even bother quoting from this article.

This is more typical nazi communist fascist socialist hype fud from the Mercury News and Washington Post.

Even pondering the possibility of renting being smarter is criminal behavior at best.

This is a classic example of how the MSM (Main Street Media) is hurting homeowners by driving down prices.

Fortunately, you Burbed, and the National Association of Realtors, to set you straight!