June 3, 2008

Congrats to Regis Homes for selling out Gables End in Mountain View

Remember this from two weeks ago?

I noticed on a drive down 101 that the two units directly facing the Bay Area’s best highway had giant signs in the window that said they were sold.

But wait, there’s more!

That’s right! Prices have gone up 4% already – in just 2 weeks! That’s right, the days of 4% monthly appreciation are back baby.

Didn’t buy yet? Better hurry! You are about to be priced out forever! This was the last time they will ever make new land in the Bay Area.

Here’s a preview of where your future town home will be:

Congrats to Regis Homes for selling out Gables End – soon!

Comments (33) -- Posted by: burbed @ 6:30 am

33 Responses to “Congrats to Regis Homes for selling out Gables End in Mountain View”

  1. sw Says:

    The Real Bay Area: So great it’s worth having disfigured children to live here.

  2. WillowGlenner Says:

    I’m surprised there were enough units left to even bother raising the price. People had been talking about these places on various blogs on trulia, etc. for months. Sheesh what a dump. It just goes to show you there are some people out there who will jump right in to anything that is new and sells with a shiny showroom. The resale mkt for these will be quite different. Although they did price them well.

  3. buckborden Says:

    You forgot: after sales commissions and escrow garbage fees, etc., you’re INSTANTLY 6% or so in the hole! What a great deal real estate is! Oh, and don’t forget, DEBT=WEALTH. Your mortgage is actually MONEY IN THE BANK. That’s right: you pay at least a third more for your money, just by “owning.” And when you can live atop a toxic dump with escalating association fees and a great view of 101, what are you waiting for? Oh, yea, and in a declining market to boot! I hear they’re going to build another phase atop this one, so those folks will be able to see across the freeway and inhale the fumes while stomping on the ceiling of their neighbors below. Now that is what I call quaint New England style living!

  4. madhaus aka guitar hero Says:

    This is a good time to introduce the concept of “equity burn.” I read it on irvinehousingblog.com. The idea is that if your equity is declining (since the whole neighborhood or zip code or county is going down), figure a monthly decline as part of the costs of owning your house. Every property featured on the blog has a “monthly equity burn” figured by dividing a 10% drop by 12 — this is how much money you are losing just by having bought the place.

    So, what would the monthly equity burn be on these townhouses? They’re cheap, they’re next to the freeway, and they’re on a Superfund site, but they’re in Mountain View where the jobs are.

  5. bob Says:

    The other thing that I bet most people who buy these won’t realize until after they’ve been there for a week is that the the freeway is going to cause a significant dust problem. One of my friends owns a condo in SF right next to 280, but not as close as these. His car stays clean for approximately half a day before the whole thing is blanketed with soot.

  6. buckborden Says:

    Burning through thousands a month–wanna bet that it’s more than these folks earn–just to live near your job and right next to a freeway, and calling it quality living … now THAT’S forward thinking! But then again, this is where the best and the brightest want to be…

  7. burbed Says:

    Dude that’s Real Bay Area dust. .01 cents per particulate. Better collect some now before you can’t afford dust anymore.

  8. Pralay Says:

    This is the property that is sitting right on SuperFund site.

  9. RealEstater Says:

    >>People had been talking about these places on various blogs on trulia, etc. for months.

    Just curious, what have people been saying?

    >>It just goes to show you there are some people out there who will jump right in to anything that is new and sells with a shiny showroom.

    It just shows the amount of desparation for affordable housing out there.

    By the way, I see another huge housing development by 101 in South Palo alto. Appears to contain quite a few single family homes. Anybody have info about that project?

  10. bob Says:

    How’s 600K+ considered affordable on any scale? That’s still a significant chunk of change, and especially since these aren’t even SFH units. I would never consider a town home to be a good investment,and especially not in the current market.I get a feeling that if any of these people decide to sell within the next 5 years, they will see little if any profit, and perhaps even a loss.

  11. sonarrat Says:

    RealEstater: I don’t know about that one, but there’s a development at 1000 Willow Road in Menlo Park that is selling in the millions. It’s called Heritage Place, fronts to Willow, Bay, and 101, and the lots are truly tiny at around 1800 sf..

  12. Winston Says:

    Hey, at least they have toilets.

  13. San Mateo Home Sellers in Trouble Says:

    hahaha . You’d hope they have toilets. In mountain view you can rent apartments and condos like these for under $1500 a month in much better neighborhoods. I don’t understand why people want to pay 600k for the 101 to be their backyard.

  14. been_there_done_that Says:

    I don’t know why people buy these places, they are not a good value. Wonder what the price will be for them next year? You can buy houses away from the freeway for much less than this in Fremont, Santa Clara and Redwood City.

  15. RealEstater Says:

    Bob,

    $600K in itself is affordable, but in this case it’s not good value for what you’re getting.

    In general, any new development is not good value. IMHO, high desnity + freeway location = worthless trash.

    sonarrat,

    I saw that development at Willow. For the price they’re selling at, it’s better to buy an older property in West Menlo or even Palo Alto. Then again, as I mentioned, there’s desparation here. People will pay up for anything new.

  16. MSG Says:

    Hey RE,

    You were mentioning before about some city in the East Bay that you thought was a good bargain. It has good schools, decently priced, large homes, and good infrastructure. What was this city again?

  17. cardinal2007 Says:

    I don’t know, I would certainly consider paying the extra 60k for this place:

    http://www.redfin.com/CA/Mountain-View/132-ALLEY-Way-94040/home/1072531
    or the same price for this one:
    http://www.redfin.com/CA/Mountain-View/2003-SHOWERS-Dr-94040/home/1621937

    But then again, I would like living near a train station, since I wouldn’t have to pay the $4.399/gallon gas. It is also a short walk to Safeway, or the Milk Pale, but I would want to drive to Trader Joes. But I suppose most people prefer the freeway, and the short drive to Google or something, even if they don’t work at Google. I know I sure liked getting stuck on the 101 near Mountain View and Palo Alto, it was my favorite part of when I interviewed at Google. :

  18. mtv-renter Says:

    cardinal2007, both of the places which you linked are facing the train tracks. I lived that close to the tracks once, and it’s impossible to sleep, even if you’re deaf. Freight trains start coming through around 2am, blasting their horns, and they’re so heavy that you need to leave all your cabinets open to keep the doors from chattering, and you need to separate all the glasses in your cupboards, it’s that bad.

  19. cardinal2007 Says:

    They really need to get rid of all the level crossings on the Caltrain line, beside the fact that for any HSR, it is a necessity, it would prevent stupid people from dying when they trespass onto the tracks.

    Of course if there were HSR it would be quite loud when it passes by. I don’t know which would be preferable, highway noise or train noise. I remember looking at condos at Shelter Creek, thinking I would seriously pay a lot less for overlooking the I-280. I didn’t buy there after reading about their limits on renting out condos. Granted those places like my place were built in the 60s/70s, and have single pane windows, so I don’t know how it would be at newer places.

    As for 600k being affordable, yeah, maybe, if I had a spouse that earned as much as I do we could afford 600k, but as it is, I can only afford about 300k, and that gets me very slim pickings.

  20. Lionel Says:

    “$600K in itself is affordable, but in this case it’s not good value for what you’re getting.”

    Holy hell, you’re a jackass, RE. Truly.

  21. sonarrat Says:

    “I remember looking at condos at Shelter Creek, thinking I would seriously pay a lot less for overlooking the I-280. I didn’t buy there after reading about their limits on renting out condos.”

    I don’t suppose you got to sample the airplane noise too. San Bruno and SSF get LOUD. I should know, I’ve lived in that flightpath for a year now..

  22. cardinal2007 Says:

    sonorrat,

    Yeah Shelter Creek probably gets that too, but they had a 1bd condo listed for 188k. It got multiple offers, and the condo board is being sued, and it restricts how many units can be rented out. But the place is full of short sales and REOs, so it is the most affordable condo complex in the peninsula. But after I came home, I realized what a sweet deal I have with my apartment.

    Down the street from 1.2M dollar houses, and 1M dollar townhouses, and short walk to the park, and I can hike up to the top of the hills, and see the 1M dollar houses that get to look down on me. All while I get to drive 2.6 miles to work everyday. :)

    If I buy I’ll probably move out of the RBA like you did. I see 2bds in Fremont for 200k now, or the 350k crappy houses in RWC like you said before they actually existed ;). But for now I’m happy renting my little apartment in Belmont, with the hills on 3 sides.

  23. Renter4 Says:

    I’m another one who wouldn’t mind a railway line nearby. We had it practically in the back yard at the last place, & never had any problems. But then we’re heavy sleepers… To be honest, I feel like this is a built-up, metropolitan area, & we’re unlikely to find much that isn’t either near a busy street or some other “feature.” Trains might actually be better for the air around the house.

  24. Real Estater Says:

    MSG,

    I was talking about San Ramon.

  25. Pralay Says:

    Burning through thousands a month–wanna ….. … now THAT’S forward thinking!
    ————

    Or that’s called well-spent well-burnt money!

  26. Pralay Says:

    Prices have gone up 4% already – in just 2 weeks!
    ————

    Is it really 4% up? Or different pricing for “Overlooks Courtyard” and “Overlooks Freeway”?

  27. Buy one get one free homes in So Cal [Burbed.com] Says:

    […] not! It’s different here. Didn’t you see the Gable’s Ends homes in Mountain […]

  28. madhaus aka guitar hero Says:

    cardinal, that townhouse on Alley you linked to has “TOP LOS ALOTS SCHOOLS;” dunno what district that is, did they lose lots of schools or are the property sizes in the “A” level?

  29. madhaus aka guitar hero Says:

    Hey cardinal, that Alley Way townhouse has top-rated “LOS ALOTS SCHOOLS.” I’m wondering where that district is and what it means.

    – Lose a lot of test scores?
    – Townhouses not centered on property lines, so they lose them?
    – Townhouses so perfectly centered on oversized boundaries that they’re Grade A?

  30. madhaus aka guitar hero Says:

    sorry for double post — the site says it didn’t post, but looks like it did.

  31. Frank Jewett Says:

    Maybe there is a hidden upside to these superfund sites, like permanent termite abatement?

  32. Gables End in Mountain View - special sale this weekend! [Burbed.com] Says:

    […] everyone!! Buy them while you can! The units facing 101 are sold out already according to the signs – but there’s a few left apparently and the price is now the amazingly […]

  33. Gables End in Mountain View - a tapestry of colorful 3-story homes! [Burbed.com] Says:

    […] those giant SOLD signs have been out since early June, they are still pushing ads. But why advertise in such a low brow publication? Why not focus the ad […]


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