February 23, 2008

RottenNeighbor.com – meet the neighbors!

Locate, Rate, and Share Good and Bad Neighbors Before and After You Move

rotten.jpg

Wow… hours of fun available at this site. See any good The Real Bay Area entries?

Maybe you should post your own!

Comments (5) -- Posted by: burbed @ 4:20 am






February 22, 2008

This Hurlingame house won’t last long

MLS-2.com: Property Details
500 HURLINGAME AV, Redwood City,CA,94063 – $484,800

500hurl.jpg3 Beds 1020 Sq.Ft. Aprx. 1 Car Garage MLS#: 762973
1.0 Baths 2,500 Lot Size 49 Yrs Old Aprx. List Date: 2007-11-14

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

Description – 500 HURLINGAME AV, Redwood City,CA,94063
WONDERFUL 3 BEDROOM RANCH HOME!THIS HOME OFFERS A FENCED FRONT YARD, TILE FLOORS IN THE KITCHEN AND BATHROOM, AND A DETACHED ONE CAR GARAGE. GREAT LOCATION! CLOSE TO ALL AMENITIES. HURRY, THIS HOME WON’T LAST LONG!

There’s really nothing wrong with this house – except for what appears to be a soldier’s memorial in the front yard (helmet on a shovel?).  But that’s to be expected for a deal like this – and in a great location right near Middlefield Road in Redwood City.

But the real reason I chose this house was because it’s on Hurlingame Ave – one of my favorite streets in the Bay Area.

Say it – Hurlingame! Whee!

Comments (9) -- Posted by: burbed @ 5:18 am

February 21, 2008

Sold at 29.5% over listing price: Palo Alto

775cereza.jpg

Thanks to Burbed commenter “Renter” for finding this. The fact that this house sold at 29.5% over asking restores my faith in humanity… and my faith in that there is a Real Bay Area.

Palo Alto – seriously, if you’re not getting an option arm to get in right now, I don’t know what you’re doing.

Comments (33) -- Posted by: burbed @ 5:29 am

February 20, 2008

Clinton to save homeowners and save mortgage companies

Clinton hones message
Mr. Clinton called his wife’s plan the most aggressive of any of the candidates running for president. “She wants to freeze monthly payments for 90 days, and give $30 million to states,” in order to implement a bailout plan.

“We’ll tell the mortgage companies: you eat 20 percent, we (the government) will eat 20 percent, you won’t foreclose on these people,” he said.

Wow!

Hillary Clinton will win in 2008. Foreclosures will hit 0 in The Real Bay Area. Houses will start at $1 million in Sunnyvale at end of 2009.

You heard it here first!

Comments (20) -- Posted by: burbed @ 1:32 pm

I thought of balloons when I saw this San Jose House

MLS-2.com: Property Details
1668 E SAN FERNANDO ST, SAN JOSE,CA,95116 – $570,0001668e.jpg2 Beds 1000 Sq.Ft. Aprx. 1 Car Garage MLS#: 739931
1.0 Baths 5,227 Lot Size 67 Yrs Old Aprx. List Date: 2007-07-18Description – 1668 E SAN FERNANDO ST, SAN JOSE,CA,95116
Remodeled Home! Just like new! New Hardwood Floors in this beauty! You’ll love this one. Make an offer today.

Sure this house is surrounded by freeways – but let’s overlook childhood asthma for a minute and think: when you pay your $570,000 to own this Bay Area beauty, you’re actually serving a civic role.

That’s right.

These neighborhood houses actually serve as tethers for the local zeppelins.

Bet you didn’t know that. Now you do!

Comments (9) -- Posted by: burbed @ 5:44 am

February 19, 2008

What does a $1 mil house look like in Redwood City?

Last August, Burbed posed this question:

What does a $1 mil house look like in Redwood City? [Burbed.com]

Well, a few short months later, the answer may for 610 Acacia Ln may look like this:

610ac.jpg

Oh come on, you should’ve tried harder. You were so close to $1 mil! That’s the magic number for The Real Bay Area – two engineer households, with 2 kids in school creating Web 2.0 startups can easily afford that.

Redwood City… tsk tsk.

Comments (20) -- Posted by: burbed @ 5:52 am

February 18, 2008

A Palo Alto house can pay for your European vacation

Wow… some more awesome discussion:

RealEstater Says:
Here’s how it goes:

Renter: Geez, you live in Palo Alto? Did you win the lottery?
Home Owner: No. I…
Renter: You must not have any life. When was the last time you look a vacation?
Home Owner: Just got back from Europe last week.
Renter: Come on…do you eat out or watch a movie?
Home Owner: Every week. Why?
Renter: Impossible. No way. I know the pay scale at your company, and I know the prices in Palo Alto.
Home Owner: I bought the home in 1997 for $500K.
Renter:

Hmm…

Malcolm Says:

7. Foreclosures are SKYROCKETTING. EVEN HERE IN THE BAY AREA! Once knowledge of the low prices being offered in auctions becomes more common (they do ads on this on TV now), people are not going to shell out copious amounts of money on a property when it is very obvious that other homes in the same area that were foreclosed upon are at drastically lower prices.

Hmm…

Jim D Says:
Really? ‘Cause the conversations I’ve had in the last year tend to go as follows:

Renter: Actually, I rent.
Owner: Oh, you’re so lucky you don’t have a mortgage. Mine is killing me!

So, um, yeah, buying from 2005 on to today would have been dumb, dumb, dumb.

When it costs less to own than rent (like it did in 1997, REMEMBER?) then I’ll buy.

Hmm…

Lots of interesting thoughts… what do you think? Comments are closed for this post - click here to comment.

Comments Off Posted by: burbed @ 5:27 am

This Redwood City house leaves me speechless

MLS-2.com: Property Details
633 HAMPSHIRE AV, Redwood City,CA,94063 – $440,000633hamp.jpgTotal 1 photos: Previous Next

2 Beds 870 Sq.Ft. Aprx. 2 Car Garage MLS#: 770354
1.0 Baths 2,500 Lot Size 60 Yrs Old Aprx. List Date: 2008-01-07

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

Description – 633 HAMPSHIRE AV, Redwood City,CA,94063
Lowest priced home in Redwood City. Fixer upper. Near schools, shopping centers and major freeway’s. Seller has done some upgrades recently. Reports will be available after January 1st.

I’ve looked at thousands and thousands of houses in the course of running this blog. I’ve seen thousands and thousands of strange listings.

This one simply leaves me speechless.

Update: Actually it’s quite a deal! http://www.zillow.com/HomeDetails.htm?zprop=15567279

Sold 11/17/2005: $540,000

Comments (8) -- Posted by: burbed @ 5:24 am

February 17, 2008

Map of The Real Bay Area confirmed by SF Chronicle

Recently, the SF Chronicle posted this map:

Zillow maps ups and downs of housing prices
The Bay Area is known for its microclimates. That’s as true for the real estate market as for weather patterns.

therealbayarea.jpg

Hm… doesn’t that look familiar… kind of like the map I published nearly two months ago?

burbedrealbayarea.jpg

Figures it would take the Main Street Media (MSM) so long to get right what bloggers knew all along: that there is a Real Bay Area, and a Not Real Bay Area.

Well… congrats!

Updated: I linked the wrong graphic. Corrected.

Comments (10) -- Posted by: burbed @ 5:47 am

February 16, 2008

“California home prices still unaffordable”

California home prices still unaffordable
Despite recent declines in the cost of California real estate, median home prices remain unaffordable throughout the state, according to a report by a liberal research and advocacy group calling on the governor and state lawmakers to confront the issue.The authors of “Locked Out 2008: The Housing Boom and Beyond,” the study released today by the California Budget Project of Sacramento, said median incomes aren’t enough to buy median-priced homes in every county it studied, 36 of the state’s 58. The report assumes homes are out of reach if households have to dedicate more than 30 percent of their income to housing costs, the level above which the U.S. Department of Housing and Urban Development says people may have difficulty affording necessities such as food, clothing and transportation.

More than half of homeowners with a mortgage exceed that level in California, according to a 2006 survey by the U.S. Census Bureau. The lack of affordability is acute in the Bay Area, where the earnings required for purchasing a median-priced home is more than double the median household income in every county but Contra Costa and Solano, the California Budget Project said.

cost.jpg

Thanks to Burbed reader RWE for sending this! I know exactly what you’re thinking – THANK GOD!

If housing were affordable, any sort of riff raff could own a home here. People without C-level titles. People like teachers. Gah! Can you imagine that! Living in a place where people don’t make at least 6 digs and have stock options! OMG I think I’m going to faint just thinking about thinking about it.

Phew. Close call.

Thanks RWE for reminding us how lucky we are to live in a place so special. But that said, there’s still room for improvement:

Because of the high cost of housing in California, residents:

– Spend a larger share of their incomes on housing than residents of other states, with 43.5 percent allocating more than 30 percent of their earnings on shelter, compared with 29.1 percent in the rest of the country.

– Are more likely to live far from their jobs, with 10.1 percent spending at least an hour commuting, compared with 7.9 percent for the country as a whole.

– Have the second-lowest homeownership rates, at 58.4 percent, just ahead of New York.

– Face the second-highest rental rates in the nation, 41.6 percent, just behind Hawaii.

– Are more likely to live in crowded rental housing, with 13 percent packing in more than one person per room, compared with 5.8 percent for the country as a whole.

Maybe next year we can beat those bastards in New York. Together, we can win!

Comments (65) -- Posted by: burbed @ 5:39 am