March 19, 2008

Who lives here in Willow Glen, the Pope?

MLS-2.com: Property Details
1597 CROSS WY, San Jose,CA,95125 – $799,000

1597cross.jpg4 Beds 2028 Sq.Ft. Aprx. 2 Car Garage MLS#: 770159
2.5 Baths 6,534 Lot Size 4 Yrs Old Aprx. List Date: 2008-01-04

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

Description – 1597 CROSS WY, San Jose,CA,95125
Majestic Sleeping Beauty 9? Ceilings Built NEW in 2004 From the Floor UP! 4 Bedrooms 2.5 Baths Extensive Crown Molding Pergo & Tiled Flooring Dining & Family Combo Recessed Lighting {Master Bath Has Separate Jacuzzi Tub & Full Shower} Brand New Kitchen Cabinets Slab Granite Counter Tops New Appliances Formal Living Room Gas Log Fireplace Stunning Bathrooms Inside Laundry Room Large Patio Area

Now let’s face it – columns make anything look classy. That’s why Burbed reader Brendan sent in this house.

Let’s take a look inside, shall we?

columnsgalore.jpg

WOW! Everything looks so much classier when you have columns! It’s like the whitehouse – it’s classy because it has columns! Man, this totally blows the last columned house on Burbed out of the water!

If you don’t believe me that columns make any property better, check out this testimonial that was featured on national broadcast TV!

Comments (27) -- Posted by: burbed @ 5:45 am

27 Responses to “Who lives here in Willow Glen, the Pope?”

  1. RoxBoy Says:

    I think those columns are to support the deteriorating ceiling. They are not for looks. Where there is a leak in the ceiling, you put a hollow column to store the dripping water. An unsuspecting buyer would never know there are leaks in the ceiling.

  2. islandboy Says:

    4 years old. Looks like they gutted it, and replaced all the load-bearing walls with columns.

    Other than the columns, the pepto-bismol color, and the fact that it’s on HWY-87 (according to the map), it looks like a pretty nice house.

  3. been_there_done_that Says:

    Why do people insist of putting in brand new ugly kitchens? If they are going to put in a new kitchen why don’t they put something in that looks nice, or at least looks like they consulted someone who knows something about color and design?

  4. Mark Says:

    That column in the entrance looks like a pretty good door stop!

  5. Renter Says:

    It’s bank owned:

    12/14/2007 $611,000 Trustee’s Deed upon Sale Resale Landamerica Default Services American River Home Loans Inc 666492484
    9/24/2007 $670,000 Grant Deed Resale Cisneros, Norberto & Zinnia Cisneros, Hector 647756311
    5/29/1998 $225,000 Grant Deed Resale Stole, Patrick A & Angela B Cisneros, Norberto & Zinnia L 272383347
    8/3/1990 $199,000 Grant Deed Resale Walton, P.&K. Stole, Patrick&An 272393674

  6. sg Says:

    WG,

    Looks like this locality of Willow Glenn will be kicked out the RBA. The price has dropped by 120K since last Jan.

    Listing Price History
    Date Price Jan 04, 2008 $799,000
    Jan 22, 2008 $769,000
    Feb 07, 2008 $739,500
    Feb 27, 2008 $719,000
    Mar 05, 2008 $679,000

  7. WillowGlenner Says:

    I know this area. The same thing is happening to Willow Glen as what happened to San Mateo, Palo Alto etc. Since the beginning of time there were these undesirable parts of the area that SHARE THE SAME ZIPCODE as the good parts of WG. Cross is one of those streets. The real willow glen when you look on a map is to the left of Bird. to the right of Bird is 87, so you are under a freeway or too close to one if you buy there. It used to be apts were out there but in the housing bubble a lot of speculators bought these and “fixed them up”, still you are right under a freeway. the other funky part that they are calling WG but is not WG, is from that picture above the railroad tracks above Minnesota. thats where the condemned house is. this isn’t WG either! The amount of fixers people bought, fixed up and expected to make a mint on, there is astounding.
    I am looking for bank owned in the general area as this, and the number of bank owned that are on a major street or under a freeway like this is unreal. None of these are worth anything, really.

  8. WillowGlenner Says:

    BTW the pricing dropping 20K at a time starting at an unrealistic overpriced initial estimate, is the typical bank owned experience I am having. The banks are the stupidest RE sellers there is. They should have priced this at 585K to begin with and even then they would be lucky to get it, this is under a FREEWAY.

  9. sg Says:

    WG,

    Yes, the house is indeed right under 87, even though it is not that old. That itself is more than enough to bring its price down.

    I agree with your comment about banks. The longer they keep at a higher price, the more likely they will lag behind the depreciation.

  10. Pralay Says:

    It used to be apts were out there but in the housing bubble a lot of speculators bought these and “fixed them up”, still you are right under a freeway.
    ————-

    WG,
    Are those amazing white columns supporting the freeway flyover too?

    That means they got be damn strong and earthquake-proof – like those columns in Roman Empire architectures still standing after 2000 years.

    I am smelling “instant equity”!

  11. sonarrat Says:

    Could be worse. I believe 87 doesn’t have big-rig traffic. Now those houses on Rollins Road in Burlingame (mere feet from 101) – THOSE are some seriously overpriced turds.

  12. DensityDuck Says:

    “9? ceilings”…like, they aren’t sure how many there are in the house? “Eight, Nine, whatever it takes…”

  13. Must walk 2 work Says:

    “The banks are the stupidest RE sellers there is. They should have priced this at 585K to begin with and even then they would be lucky to get it, this is under a FREEWAY”

    WillowGlenner, you are a real estate oracle. Banks regularly shoot themselves in the foot by starting with an absurd asking price and then doing Fed-like incremental reductions.

    Burbed, Please consider making WG a guest host.

  14. ex-sunnyvale-renter Says:

    LOL this reminds me of the episode of South Park, the one where the Iranians are going to buy the gay bar, and they’re talking about how Iranians always paint the place white and put in gold fixtures, or something…..

    Still, if it’s 4 bedrooms, then you can have 4 workers in there, at $10/hr each, that’s like one $40/hr worker owning the place, except no one makes that much in the BA.

    And the garage could be turned into an illegal apartment and rented out too!

  15. madhaus Says:

    Ex-svl-renter, the garage doesn’t even have to be converted, it already has windows!

    Renter says it’s bank owned, but what does Renter know? Redfin says it isn’t, and would they lie?

    NOT A SHORT SALE ~ NOT BANK OWNED 9??? Ceilings Built NEW in 2004 From the Floor UP! 4 Bedrooms 2.5 Baths Extensive Crown Molding Pergo & Tiled Flooring Dining & Family Combo Recessed Lighting {Master Bath Has Separate Jacuzzi Tub & Full Shower} Brand New Kitchen Cabinets Slab Granite Counter Tops New Appliances Formal Living Room Gas Log Fireplace A MUST SEE. .. ..

    Density Duck asks about the “9? ceilings” but on Redfin it’s even better, “9??? ceilings,” they really are not sure how many are in the house, given that there are an unknown number of rooms.

    And stop saying the house is under a freeway, it is above a freeway since 87 is sunken. That makes it easier to smell the gas fumes and hear the traffic.

    I love how it was sold in September for $670K and then let go for $610K only three months later, along with price reductions of $20-30K every 2-3 weeks, but no, not bank owned! Excuse me, NOT A SHORT SALE, NOT BANK OWNED 9???

    I can’t wait for the Spring Bounce. How many Facebook Employees do you think will snap this up? They will have a blast playing Hide & Seek with all those columns.

  16. madhaus Says:

    irvinehousingblog.com has a term that applies here: Pergransteel — new Pergo floors, granite countertops and steel appliances, all showing a kitchen remodel in the early oughties. This house not only has Pergransteel, it has COLUMNS! All you need are some tacky statues.

  17. madhaus Says:

    burbed, please do this one, and the redfin listing is even more amusing. Same great Willow Glen zip code, nucking futz price! And tell me it’s bad feng shui to put the for sale sign in line with the front door.

    Best of all, sold in March 2007 for $600K less than original (1/08) asking price! Somebody sure timed the market well for a major remodel!

    On market 191 days, just waiting for the Spring Bounce! Unlock the equity or be priced out forever! Just think of how pretty you’ll be sitting in 2020 if you invest in this place. Pretty bankrupt.

  18. Renter Says:

    WillowGlenner,

    “The banks are the stupidest RE sellers there is.”

    Indeed! I have been sniffing REOs for months and here is what I learned about how banks sell properties:

    Each asset manager of banks has hundreds of REOs to sell. A lot of asset managers are in other states. They haven’t seen the property. They have no first hand knowledge of condition/location, etc. A bank owned property to them is no different than a stock. They rely on local listing agent to set the initial listing price to match or a bit lower than comparable house listed nearby. They won’t accept any low ball offer. They want to sell it at market price or a little below. Then every 30 days they will lower the price a little bit. But they must sell it when they need to write-off or they need the cash. So to get a good deal, you need to be patient.

    Here is my experience of buying the bank owned condo in south San Jose’s 95123:

    It was sold for $370K in 03/2006; foreclosed by Wells Fargo in 03/2007. Wells Fargo listed it for $350K in 03/2007, matching the listing price of similar condos in that neighborhood. Someone offered $330K, got rejected by Wells Fargo. Later, WF dropped the listing price to $330K, got a $320K offer but rejected it. Later, WF dropped the price to $320K, got a $300K offer but rejected it. Later, WF dropped the price to $300K, got a $270K offer but rejected it. I offered $200K in 11/2007. WF countered offer me $270K, but I didn’t accept. In 12/2007, right before WF announced $4B writeoff, WF accepted my $200K offer. How stupid they are!

    Now they are in big trouble. Just be patient and buy at the last moment, just like J.P.Morgan bought Bear Sterns for $2/share for the book value of $80/share. Their pain would be your gain.

  19. burbed Says:

    @Renter: I’ve got a bunch of q’s about that. Could you follow up by sending me an email?

  20. Bala Says:

    Just look at this data once again:
    9/24/2007 $670,000 Grant Deed Resale Cisneros, Norberto & Zinnia Cisneros, Hector 647756311
    5/29/1998 $225,000 Grant Deed Resale Stole, Patrick A & Angela B Cisneros, Norberto & Zinnia L 272383347
    8/3/1990 $199,000 Grant Deed Resale Walton, P.&K. Stole, Patrick&An 272393674

    1990: 199k
    1998: 225k
    2007: 670k

    Between 1990 and 1998 the home appreciated by 26k. But between 1998 and 2007 the home appreciated by a mere 445k!

    One year later isn’t it normal for the sellers (or the bank) to expect 799k? Spring bounce is on the way and this home is easily worth a million! Agree “9? or Disagree “9???

  21. Pralay Says:

    Between 1990 and 1998 the home appreciated by 26k.
    ————-

    Bala,
    There got to be something wrong in your calculation. Is your calculator OK? Battery is fine? If your calculator is ok, then the calculation should have been: 225-199=199.

    According to RealEstater, home price doubles every 10 years. Period.

    If your calculator is ok and it still its shows 26K, then you can consider all these sales information are “USELESS DATA”.

  22. WillowGlenner Says:

    I think the problem with the 1990-1998 appreciation might have been the expansion of 87? This house might be a special case, rendered worthless after the expansion of 87 … but resurrected by the RE bubble and “gentrification” of Willow Glen.

  23. The blog of all and sundry » Blog Archive » Bay Area housing Says:

    […] sterling post from Burbed.com: WOW! Everything looks so much classier when you have columns! It’s like the […]

  24. Herve Says:

    MLS 784205: $14,500,000 columns included (900 University Ave, Palo Alto)

    MLS 763160: $10,500,000 – smaller columns so $4M cheaper (490 Kingsley Ave, Palo Alto)

  25. Willow Glen Extra Says:

    Great website … I recently picked up your post for http://www.WillowGlenExtra.com ….. hope you don’t mind: http://www.willowglenextra.com/2008/03/does-the-pope-live-in-wg/

    Also, I have a property for you to consider …. “sale pending” …. no house yet, but features two newly planted sycamore trees on the corner of Willow and Camino Ricardo in Willow Glen area of SJ. Sound familiar?

    Hit me with an email to see what can be said ….

  26. Who lives here in Campbell? (When stagers attack!) [Burbed.com] Says:

    […] Who lives in this house? Is it the Pope? (No, he lives in Willow Glen […]

  27. $290,000 for a house that’s in Silicon Valley and not in East Palo Alto! [Burbed.com] Says:

    […] Now, when Burbed reader Michele submitted this house, she thought that perhaps Fred Flintstone or Barney Rubble lived in it. (Definitely not the Pope – he lives in Willow Glen) […]


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