Comments on: Affordable fixer-upper in Palo Alto – now you can stop crying at night http://www.burbed.com/2008/06/10/affordable-fixer-upper-in-palo-alto-now-you-can-stop-crying-at-night/ San Francisco Bay Area, Silicon Valley House Price and Mortgage Insanity Blog Thu, 09 Feb 2012 09:21:36 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Price hike! Price hike! 1111 Alma! Thank goodness! | SF Bay Area Home Price and Mortgage Insanity Blog - Burbed.com http://www.burbed.com/2008/06/10/affordable-fixer-upper-in-palo-alto-now-you-can-stop-crying-at-night/#comment-8970 Price hike! Price hike! 1111 Alma! Thank goodness! | SF Bay Area Home Price and Mortgage Insanity Blog - Burbed.com Wed, 14 Jan 2009 13:11:06 +0000 http://www.burbed.com/?p=1937#comment-8970 [...] hike! Price hike! 1111 Alma! Thank goodness! Affordable fixer-upper in Palo Alto - now you can stop crying at night | SF Bay Area Home Price and ... June 10, [...] [...] hike! Price hike! 1111 Alma! Thank goodness! Affordable fixer-upper in Palo Alto – now you can stop crying at night | SF Bay Area Home Price and … June 10, [...]

]]> By: Brian http://www.burbed.com/2008/06/10/affordable-fixer-upper-in-palo-alto-now-you-can-stop-crying-at-night/#comment-8969 Brian Wed, 23 Jul 2008 10:47:11 +0000 http://www.burbed.com/?p=1937#comment-8969 Down to $850,000. Still a $62,000 appreciation in 2 years, if they get asking. Down to $850,000.

Still a $62,000 appreciation in 2 years, if they get asking.

]]> By: nomadic http://www.burbed.com/2008/06/10/affordable-fixer-upper-in-palo-alto-now-you-can-stop-crying-at-night/#comment-8968 nomadic Wed, 11 Jun 2008 15:00:08 +0000 http://www.burbed.com/?p=1937#comment-8968 To appeal my taxes, I was able to find 3-4 homes that sold in the area for a lower $/sf and ignored the others. I included the MLS listings with the descriptions too, so I could point out that a couple were remodeled or had a newly refurbished pool while mine did not. (The house wasn't remodeled yet when I did the appeal...) I did a little calculation for each comparable like you see on an appraisal. Adding some amount for a better lot or for remodeling, subtracting if necessary too. I got the 9.7% reduction I requested in 2006. And then when the city-wide reductions came through in 2007, it went down some more. My latest assessment was unchanged. The funny thing is, I wouldn't have bothered appealing if they had left my assessment flat from 2005 to 2006, but the increase ticked me off. I bought the place pretty near the peak in 2005 so if you've owned your house for awhile, prop. 13 will make it tough for you to argue for an even lower valuation. To appeal my taxes, I was able to find 3-4 homes that sold in the area for a lower $/sf and ignored the others. I included the MLS listings with the descriptions too, so I could point out that a couple were remodeled or had a newly refurbished pool while mine did not. (The house wasn’t remodeled yet when I did the appeal…) I did a little calculation for each comparable like you see on an appraisal. Adding some amount for a better lot or for remodeling, subtracting if necessary too.

I got the 9.7% reduction I requested in 2006. And then when the city-wide reductions came through in 2007, it went down some more. My latest assessment was unchanged. The funny thing is, I wouldn’t have bothered appealing if they had left my assessment flat from 2005 to 2006, but the increase ticked me off. I bought the place pretty near the peak in 2005 so if you’ve owned your house for awhile, prop. 13 will make it tough for you to argue for an even lower valuation.

]]> By: WillowGlenner http://www.burbed.com/2008/06/10/affordable-fixer-upper-in-palo-alto-now-you-can-stop-crying-at-night/#comment-8967 WillowGlenner Wed, 11 Jun 2008 14:36:31 +0000 http://www.burbed.com/?p=1937#comment-8967 Er, I want to appeal the property tax basis for ANOTHER house, not the 420K house. I am a RE investor. I have another house in willow glen that has a property tax basis of 810K which is $455 sq ft- San Jose did lower the tax basis on this house by 30K, but thats not enough. 2 houses closeby just sold for 699K which is also what I think my house is worth, so thats 110K off my current prop tax base. The problem is those houses have less square footage but one is a larger lot than mine, the other on a slightly better street. Er, I want to appeal the property tax basis for ANOTHER house, not the 420K house. I am a RE investor. I have another house in willow glen that has a property tax basis of 810K which is $455 sq ft- San Jose did lower the tax basis on this house by 30K, but thats not enough. 2 houses closeby just sold for 699K which is also what I think my house is worth, so thats 110K off my current prop tax base. The problem is those houses have less square footage but one is a larger lot than mine, the other on a slightly better street.

]]> By: San Mateo Home Sellers in Trouble http://www.burbed.com/2008/06/10/affordable-fixer-upper-in-palo-alto-now-you-can-stop-crying-at-night/#comment-8966 San Mateo Home Sellers in Trouble Wed, 11 Jun 2008 08:41:56 +0000 http://www.burbed.com/?p=1937#comment-8966 It's so funny, I wrote about the "it's better for the kids" lie people tell me too: http://baglady.dreamhosters.com/2008/05/29/are-we-meant-to-be-homeowners/ Additionally, I found out that my rent is actually cheaper than rent prices in 2000: http://baglady.dreamhosters.com/2008/06/10/how-fair-is-my-rent/ So why would anyone buy? It’s so funny, I wrote about the “it’s better for the kids” lie people tell me too: http://baglady.dreamhosters.com/2008/05/29/are-we-meant-to-be-homeowners/

Additionally, I found out that my rent is actually cheaper than rent prices in 2000:
http://baglady.dreamhosters.com/2008/06/10/how-fair-is-my-rent/

So why would anyone buy?

]]> By: Er http://www.burbed.com/2008/06/10/affordable-fixer-upper-in-palo-alto-now-you-can-stop-crying-at-night/#comment-8965 Er Wed, 11 Jun 2008 06:01:27 +0000 http://www.burbed.com/?p=1937#comment-8965 WillowGlenner, Your property tax basis will be $420K if that's what you're paying. What do you want to appeal? WillowGlenner,

Your property tax basis will be $420K if that’s what you’re paying.

What do you want to appeal?

]]> By: WillowGlenner http://www.burbed.com/2008/06/10/affordable-fixer-upper-in-palo-alto-now-you-can-stop-crying-at-night/#comment-8964 WillowGlenner Wed, 11 Jun 2008 05:10:52 +0000 http://www.burbed.com/?p=1937#comment-8964 Nomadic, what did you use to appeal your tax assessment? I would like to appeal mine, but the problem is 2 houses sold closeby for more $ per square feet than my house. Thats because these 2 houses are smaller than mine by a few hundred feet and in those cases, you ALWAYS pay more per square feet. I don't know how to find "evidence" that my particular house has fallen in value other than median price per sq ft in the zipcode or very close by home sales. Nomadic, what did you use to appeal your tax assessment? I would like to appeal mine, but the problem is 2 houses sold closeby for more $ per square feet than my house. Thats because these 2 houses are smaller than mine by a few hundred feet and in those cases, you ALWAYS pay more per square feet. I don’t know how to find “evidence” that my particular house has fallen in value other than median price per sq ft in the zipcode or very close by home sales.

]]> By: Real Estater http://www.burbed.com/2008/06/10/affordable-fixer-upper-in-palo-alto-now-you-can-stop-crying-at-night/#comment-8963 Real Estater Wed, 11 Jun 2008 05:02:12 +0000 http://www.burbed.com/?p=1937#comment-8963 WillowGlenner, Good move. Congratulations! Is this property in Campbell, where you were interested? WillowGlenner,

Good move. Congratulations! Is this property in Campbell, where you were interested?

]]> By: nomadic http://www.burbed.com/2008/06/10/affordable-fixer-upper-in-palo-alto-now-you-can-stop-crying-at-night/#comment-8962 nomadic Wed, 11 Jun 2008 04:51:41 +0000 http://www.burbed.com/?p=1937#comment-8962 One thing I noticed about Zillow: I appealed my tax assessment and won - resulting in a HUGE drop in my Zillow "value." Just because I save some money on taxes doesn't mean my house is worth less than the neighbor's. (Especially since mine is fully up-to-date and theirs are not.) One thing I noticed about Zillow: I appealed my tax assessment and won – resulting in a HUGE drop in my Zillow “value.” Just because I save some money on taxes doesn’t mean my house is worth less than the neighbor’s. (Especially since mine is fully up-to-date and theirs are not.)

]]> By: WillowGlenner http://www.burbed.com/2008/06/10/affordable-fixer-upper-in-palo-alto-now-you-can-stop-crying-at-night/#comment-8961 WillowGlenner Tue, 10 Jun 2008 23:39:18 +0000 http://www.burbed.com/?p=1937#comment-8961 I am in escrow on a bank foreclosure for 420K that has a zestimate of 657K, or a 56% premium on my buy price thanks to Zillow. It will be interesting to see what my buy does to the zestimates in that neighborhood. I am in escrow on a bank foreclosure for 420K that has a zestimate of 657K, or a 56% premium on my buy price thanks to Zillow. It will be interesting to see what my buy does to the zestimates in that neighborhood.

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