April 29, 2008

You too can be a playa… in Milpitas! MB G500!

Spence Ave, Milpitas

Photo: << 1 2 3 4 5 6 7 8 >> All

* Status: Active
* Bedroom: 3
* Bathroom: 2
* Year Built: N/A
* Lot Size: 7840
* Square Footage: 1401
* List Date: 6/21/2007
* Garage Spaces: 2
* MLS#: 734459

Very good home in xcllent location. Walk to stores,bus line, school & all conveniences. Huge 8050sq ft corner lot. Over $40K upgrd Granite kitchen counter tops & 2 baths floor & wall. Dbl pane- windows,plantation shutters,hardwood floors.Sold “as-is” condition.

Wow… check out the ride in the photo. Yep. That’s right. It’s the car that football stars, movie stars, and rappers all prefer. The MB G500:

That’s right player. All you have to do is buy this sweet crib in Milpitas and soon you’ll be on your way to reaching A-list celeb status. Get the crib, get the bling, and soon you’ll be getting all the shawties that you want.

It all starts with the house in Milpitas. It’s the escalator of prosperity.

Comments (17) -- Posted by: burbed @ 5:31 am

17 Responses to “You too can be a playa… in Milpitas! MB G500!”

  1. SantaClarite Says:

    Is that SUV plus 30 years’ gas free with the house?

  2. mrbogue Says:

    As-is huh? I’d be pretty weary of this one.

  3. SantaClarite Says:

    weary? why? what is exhausting about this house? oh i get it, must be the fumes from the SUV.

    This house is the answer to “so, lord won’t you buy me a mercedes benz?”

  4. Pralay Says:

    Dbl pane- windows

    Hint: Too much noise.

    After all, it is “located xcllent location” and walking distance to “stores,bus line, school & all conveniences“.

    As far I remember that area located between 237, I-680 and I-880 is full of cheap motels, dollar stores and fastfood chains.

  5. Robert Says:

    To be fair, it looks like it’s a decent California ranch. The shake roof, board-and-batten-walls, and details like the shutters make me think was decently built. It’s even got an 8000 square foot lot! Half-decent Bay Area houses within sneezing distance of $500K is exciting; I haven’t seen that for years! I’ll be more impressed when it hits Mountain View, though.

    Other sign that this doesn’t suck: I can’t see any apartment buildings or duplexes nearby in the satellite photos. Duplexes and ’50’s era strip malls always seem to go together.

    I’ve never understood the “as-is” label. As long as it isn’t being sold by an estate, there’s nothing to keep someone from making an offer with some requirement that the seller fix something. I can’t imagine a seller these days blowing off any offer that way. I doubt that word would help at all if the buyers find some horrible, already-known problem and decide to sue.

    And as for the Mercedes, I’d bet it’s the realtor’s. She probably thought it would make the neighborhood look classier if her car was in the driveway.


  6. sonarrat Says:

    More likely the Benz was bought with a cash-out refi.

  7. mrbogue Says:

    I’d be weary since the house looks like a pretty good deal at $549k. Milpitas ain’t a bad place if you like shopping at walmart and smelling the dump from time to time. I wouldn’t be surprised if there is some kind of crazy foundation problem and the house is ready for the bulldozer.

    At the rate we’re going at in terms of gas, 5 years of gas for that guzzler will equal a 20% down payment for this place.

  8. madhaus Says:

    From the outside, this house looks like something I’d see in my neighborhood, even the color scheme fits in. What I’m saying is it looks well-kept (going back to my comment about some newer places already being trashed but some 1950s-era housing being kept up). No year given for when this house was built, though.

    Interesting that they don’t want to give out the actual house number. Is that so would-be buyers not annoy the people renting the place, or does the house exist in an alternate universe where addresses have decimal points?

    That said, it looks like it’s a block from 237 and Abel, not exactly quiet.

    Finally, Milpitas isn’t in the Real Bay Area:

    Foreclosure info for ZIP 95035
    Homes 15,273
    Community Milpitas
    Foreclosures Q1 2007 8
    Foreclosures Q4 2007 23
    Foreclosures Q1 2008 31
    One-Year Change 288%
    Change Since Last Quarter 35%

    Whatever you offer on this house, it is guaranteed to be worth less next year due to all the REOs. burbed said something yesterday about foreclosures in Gilroy, but they are much, much closer than that.

  9. Winston Says:

    Looking at what similar properties are renting for in Milpitas, I’d say that 190K (or $188,888 if you want a lucky price) is about right for this house, so it’s selling for about 3 times what it should. I would pay that price though IF they threw in 5 of the benzes.

  10. MSG Says:

    Yeah, eff Milpitas. That place sucks as bad as San Jose. Not only is it lame, ugly, and boring, you have that landfill to smell. I have a friend that bought a place out there, and to this day, he gets pissed off if anyone mentions, “what’s that smell??”

  11. RealEstater Says:

    This is an example of why affordability is not a serious issue in the Bay Area. There are still plenty of affordable homes like this one, so it’s not like folks earning less income have absolutely no place to live within a reasonable commute to work.

  12. snooker Says:

    In response to #4 regarding double paned windows. I would not consider that to be for noise rather than added insulation to your home thereby decreasing your heating bills in the winter. You actually loose loads of heat through single paned windows and a poorly insulated roof. Double paned windows should actually be regarded as a definate plus.

  13. Robert Says:

    ” it’s not like folks earning less income have absolutely no place to live within a reasonable commute to work”

    where “less income” for this house would be a family income of $189,000 if we use the old fashioned 3x income rule. Remind me to throw a couple extra quarters in the Starbucks tip jar.

  14. Renter Says:

    Case-Shiller housing index for February is out today. San Francisco area single family house index on average is down to 07/2004 level.

  15. madhaus Says:

    Case-Shiller housing index for February is out today. San Francisco metro area single family house index on average is down to 07/2004 level.

    Renter: D’oh, I meant to link to that when I saw it on one of the other bubble blogs. Yeah, the index for SF is down to 174. The peak was May 2006.

    If you look at the tiered-pricing indices, the story is even more interesting. Here’s the data for the last 12 months in the highest tier (>$756K), March ’07 thru Feb ’08. Look at how it’s crashed (the second number is the same index a year before)

    Case-Schiller SF Market Index, Highest Tier
    2007-8 2006-7

    Mar 186.05 184.06
    Apr 188.19 186.4
    May 188.78 188.34
    Jun 189.15 189.34
    Jul 190.05 189.57
    Aug 191.29 189.05
    Sep 190.78 188.11
    Oct 188.51 187.07
    Nov 182.65 185.55
    Dec 178.88 182.77
    Jan 175.75 182.06
    Feb 171.32 182.26

    Look at Sept-Feb, avery bad fall. And don’t give me Spring Bounce, compare it to the previous year where the index would go up or down a point or two per month.

    Remember, the aggregate peak was in May 2006. Well, the higher tier kept going up until August ’06, then came down, then went up again next Spring Bounce. So why did the aggregate index continue going down? Because the low and middle tiers went down.

    Case-Schiller is a great index because they pair sales of the same houses.

    For more info look here. They have info on other places, but you have to BUY them.

  16. madhaus Says:

    hey where’s my comment on Case-Schiller?

  17. ex-sunnyvale-renter Says:

    Needs to be about $150k and that’s if they throw in the pimp-wagon.

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