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

By: ex-sunnyvale-renter

ex-sunnyvale-renter — Wed, 30 Apr 2008 00:45:58 +0000

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

By: madhaus

madhaus — Wed, 30 Apr 2008 00:36:58 +0000

hey where’s my comment on Case-Schiller?

By: madhaus

madhaus — Wed, 30 Apr 2008 00:35:41 +0000

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.

By: Renter

Renter — Tue, 29 Apr 2008 23:27:00 +0000

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

By: Robert

Robert — Tue, 29 Apr 2008 22:57:01 +0000

” 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.

By: snooker

snooker — Tue, 29 Apr 2008 22:35:12 +0000

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.

By: RealEstater

RealEstater — Tue, 29 Apr 2008 22:07:05 +0000

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.

By: MSG

MSG — Tue, 29 Apr 2008 20:53:37 +0000

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??”

By: Winston

Winston — Tue, 29 Apr 2008 18:38:58 +0000

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.

By: madhaus

madhaus — Tue, 29 Apr 2008 17:59:10 +0000

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.