February 25, 2008

Rent or Buy: The saga of 2164 Poplar Ave continues…

Thanks to Burbed reader Sourav for this find:

Very Clean – Beautifluly Remodled Home ++Pics++
1200 / 2br – Very Clean – Beautifluly Remodled Home Pics (east palo alto)

poplarrent.jpg

2164 Poplar Ave, East Palo Alto

This Bungalow style home is located in East Palo Alto. This cozy home is conveniently located near shopping and transportation and the trendy University Avenue area.

The home has 2 bedroom and 1 Bathroom. The House also has been fully remodeled with new paint, granite counter tops, and a large front yard patio.
• Pets are negotiable. • Lease negotiable • AVAILABLE NOW • Security Deposit $1200.00 Please Drive by unit and take a look. If you have any questions please feel free to call 650 270 6869 or 650 344 4066 or just reply to this add.

Hey that seems familiar! Let’s take a stroll down memory lane!

February 2006:

July 2006:

Now:

2164pop.jpg

Now:

2164poplarmore.jpg

Hm… let’s say you put down 10% – thus your 30 year mortgage would be $2181.76 alone. But yet rent is $1300 a month.

Where does that $881.76 a month go? I’m terribly confused – can someone help explain?

Comments (15) -- Posted by: burbed @ 5:44 am

15 Responses to “Rent or Buy: The saga of 2164 Poplar Ave continues…”

  1. NOW IS A GREAT TIME TO BUY... Says:

    Let me explain. The difference goes toward small arms ammunition purchases and food and care for the attack dogs you will need to keep alive in that ghetto darktown next to ‘trendy’ = still shitty University Avenue… Make sure 911 is on speed dial…

    PT Barnum: You will never go broke underestimating the American Public.

    Here is a perfect example of what Barnum meant…

    The whole area should be plowed under for fill immediately.

  2. SantaClarite Says:

    You people are delusional. East Palo Alto is perfectly safe. If you want to see unsafe neighborhood, try living for a year in Baghdad, Iraq while a foreign army occupies and ravages it.

  3. SantaClarite Says:

    Value is intrinsic.

    Price is set by supply and demand.

    Demand for housing is not going up by 30% anytime soon –> we aren’t manufacturing that many “new people”. So rents are not going to rise by much.

    This means house prices have to fall until mortgage equals rent approximately, another 30% fall in prices.

    Burbed readers would do well to do this calculation every few years and buy soon after the price crosses over. Until then keep your money in other investments.

  4. GW Bush Says:

    You are delusional. Take your idiotic liberal politics to Marin.

  5. tenspeedsf Says:

    SantaClarite Says:

    “…we aren’t manufacturing that many “new people”. So rents are not going to rise by much.”

    Spoken like a person who hasn’t sat for hours in traffic on 101. ;-)

    In fact, California is growing by about a half-million people a year. I was one of the half-million that arrived from less desirable parts of the country (New York City in my case) in 1998.

    http://www.npg.org/states/ca.htm
    http://recenter.tamu.edu/data/pops/pops06.htm

  6. sg Says:

    Actually, the last ad on craigslist had the rent of $1200, $100 less.

  7. Renter Says:

    Sales history:

    12/21/2006 Grant Deed Refi Croshal, Bradley & Rani Croshal, Bradley J & Rani 530739770
    5/11/2006 Grant Deed Refi Croshal, Bradley Croshal, Bradley & Rani 397493004
    4/19/2006 Grant Deed Resale Croshal, Rani Croshal, Bradley 385358671
    4/19/2006 Grant Deed Resale Baez, Fernando Alvarez, Graciela C 385358670
    4/19/2006 $350,000 Grant Deed Resale Alvarez, Graciela C Croshal, Bradley J & Rani 385308647
    9/1/1989 $56,000 Grant Deed Resale Hary, A.&Y./Hary, Alvarez, Garciela 255509515
    8/8/1989 Trustee’s Deed upon Sale Resale Golden Pacific T Hary, Andre/Hary, 255519704
    3/8/1988 $50,000 Grant Deed Resale Diand Correa, Lorenzo 255518248

    The current owner is investor. He bought it for $350K in 2006 and refinanced to own $292K mortgage. With 6% interest only loan, his monthly payment is $1460. Added property tax, total monthly payment is $1800. He is subsidizing $500 a month for the renter, hopefully he could make some capital gain in the far future.

  8. ex-sunnyvale-renter Says:

    You’ll need 3 able-bodied people, able to shoot and know urban tactics, able to keep a rotating shift, 8 hours on, 12 off. Plus a dog or three is a very good idea – dogs can be poisoned, but so they’re not perfect, but they are very useful. Also, you might want to consider that tree, roof line, etc for installing some cameras, and a lot of sort of “sneaky” defenses like concertina wire hidden by ivy, broken bottles installed in top of cement wall, that sort of thing.

    MREs/water in cases of an extended siege, small-arms ammo, dog food, etc will eat up that additional $800 easily.

    I’d encourage returning Iraq vets to settle in this neighborhood, clean it up.

  9. Jim D Says:

    This means house prices have to fall until mortgage equals rent approximately, another 30% fall in prices.

    I don’t know about where you are checking for prices, but as long as I can rent a $750k Santa Clara house for $2200, prices have a lot further to fall than 30%.

  10. Jim D Says:

    In fact, California is growing by about a half-million people a year.

    Unfortunately, none of them are in the Real Bay Area.

    Population in the Real Bay Area is still approximately what it was in 2000, seven years ago.

  11. Tyrone Says:

    Must see for Silicon Valley slaves…

    http://www.youtube.com/watch?v=I6IQ_FOCE6I

  12. ex-sunnyvale-renter Says:

    “like a line of ants” lol!!

  13. densityduck Says:

    Holy crap, I just saw that “In-N-Out / Krispy Kreme” sign the other day…

  14. Pralay Says:

    In fact, California is growing by about a half-million people a year.
    —————

    And what percentage of that half million could end up in bay area?
    Just check this 2000 census data and 2006 estimate.
    http://quickfacts.census.gov/qfd/states/06/06085.html

    SC country growth is only 2.9% compare to California growth 7.6%.

  15. Hello again 2164 POPLAR Ave! [Burbed.com] Says:

    […] http://www.burbed.com/2008/02/25/rent-or-buy-the-saga-of-2164-poplar-ave-continues/ […]


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