$3000 a month in rent for a 2/1 house in Mountain View?
1264 Latham St, Mountain View 94041 (Downtown)
$799,000
* Status: Active
* Bedroom: 2
* Bathroom: 1
* Year Built: 1925
* Lot Size: 3049
* Square Footage: 728
* List Date: 11/19/2007
* Garage Spaces: 1
* MLS#: 763732700+sf in finished basement, not included in living sf.(Plumbed for 2nd BATH). Finished 1 Car Garage. Add Baseboard heating and use as office. GREAT HOME, LOCATION, and PROPERTY FOR RENT OR LIVING!
Look familiar?
It should! It’s the house that was featured in the last post on Burbed in 2007.
Apparently, it’s still ready for move in! Except now you can also rent it. Unfortunately, the rental cost isn’t posted, but assuming a 90% LTV ARM, that would be $3000 for the mortgage payments alone! But isn’t the going rental cost of a SFH in Mountain View about $2500 a month?
So… would you rent this for $2500? Maybe. After all, it is Mountain View - free wifi and all. But wouldn’t you feel better about owning it and paying $3000 + property tax and more? Don’t forget about the income tax break you would get from paying that mortgage.
I don’t know what’s wrong with kids these days. Why won’t they man up and just buy this house already?
June 23rd, 2008 at 8:52 am
It’s too expensive. You can get a 2/2 in Palo Alto on a bigger lot with a bigger yard for less.
-zanon
June 23rd, 2008 at 9:32 am
zanon Says:
It’s too expensive. You can get a 2/2 in Palo Alto on a bigger lot with a bigger yard for less.
Aw, c’mon, Zanon, too expensive? This is the RBA, where REAL ESTATE IS A CAN’T-LOSE PROPOSITION, especially now! Get with the picture, buddy. Show the world how smart you are. Snap up this latest Burbed laugher RIGHT NOW.
June 23rd, 2008 at 10:14 am
I’m surprised they didn’t reduce the listing price on this one. I guess prices are REALLY sticky in mountain view.
June 23rd, 2008 at 10:20 am
Reduce the price? And admit that the money for a house isn’t there for the asking, whatever the price? Reduce it after only seven months? Pshaw. If you start a little high, then appreciation will catch up in no time!
(yes, I’m being sarcastic)
June 23rd, 2008 at 10:43 am
You can see the latest county-wide RE stats here:
http://www.viewfromsiliconvalley.com/id427.html
Thanks!
June 23rd, 2008 at 10:50 am
The only reason they are calling this out as a rental is because RE investors (I am one) are the strongest buyers in the market right now. The strength in the RE numbers we have seen in the past few weeks is all investors- low end buyers. Listing agents know that and are trying to drum up interest. But this place is too expensive to be an investment property (where you ideally want a house that sells for under 500K).
I’m not saying the RE market is strong or anything, but for those places that ARE selling they are getting bought by investors.
One thing in this places favor- at least it looks like a professional remodel and not a bunch of do-it-yourselfers.
June 23rd, 2008 at 10:56 am
$1,097 per sq ft, definitely Palo Alto territory. Is Mountain View the new Palo Alto?
June 23rd, 2008 at 10:59 am
Free wifi sucks. When it first came out it seems to work, now I get the signal and almost no bandwidth.
June 23rd, 2008 at 12:24 pm
If they don’t lower that price soon, the square footage is going to be smaller than the number of Days on Redfin.
List Price History
Date Price
Nov 19, 2007 $799,000
Jan 14, 2008 $849,000
Mar 18, 2008 $799,000
Bwa-hah-hah!
PS: I found a closer price point:
Sales History
Date Price
Jun 07, 2005 $575,000
Option-ARM. Betcha it’s an option-ARM, and the FB had a 20% second for $110K and then went all HELOC-kitty and that’s why the price hasn’t gone down.
June 23rd, 2008 at 12:53 pm
HELOC-kitty? How cute!
June 23rd, 2008 at 2:18 pm
Do you suppose the current owner did all of the renovations, and that’s why he/she figures they can get over $200k in appreciation since 2005? On redfin.com you can see other tiny houses in the area going to similar prices.
BTW, what does FB mean? Foolish Buyer? (Or something more, um, vulgar?)
June 23rd, 2008 at 2:24 pm
FB = F*cked Borrower
June 23rd, 2008 at 2:49 pm
Isn’t Latham Street gang central?
June 23rd, 2008 at 3:01 pm
Was about to make the same comment.
From an actual MV policeman, Latham is ground zero for crime activity.
June 23rd, 2008 at 5:36 pm
although mtn view is not los altos when it comes to crime, it does have a per capita crime ratio below palo alto and some other RBA communities. this chart helps put things in perspective:
http://www.scpd.org/crime/crime_stats2.html
June 24th, 2008 at 7:45 am
Re: “Isn’t Latham Street gang central?”
Let’s just say it ain’t Shangri-La…
June 24th, 2008 at 8:12 am
steve - I am puzzled by your post. How do statistics for the whole of Mountain View help put anything in perspective about its California/Latham stretch from Shoreline to San Antonio?
June 24th, 2008 at 9:05 am
How do statistics for the whole of Mountain View help put anything in perspective about its California/Latham stretch from Shoreline to San Antonio?
Same way just one quote from a bozo at CAR (California Association of Realtors) negates any bad news such as plunging median sales prices, falling average sales prices, the lowest sales volume in years, rising inventory and a fourfold increase in foreclosures.
This is Housing 2.1!
June 24th, 2008 at 9:21 am
it does have a per capita crime ratio below palo alto and some other RBA communities. this chart helps put things in perspective:
——
I don’t see much difference. If you look at Part 1 Crime Total, PA has more burglaries. MV has more rape, assaults and vehicle thefts. It only tells me that they have different kind of crimes in different demographies. More assaults cases in MV is probably due to gang related.
June 24th, 2008 at 11:17 am
my point was that we are talking about a pretty low level of crime overall, and for small cities, total numbers are very relevant. it’s not like MV is the size of NYC.
that said, I can’t find street by street crime reports, but given how dense the stretch between showers and shoreline and el camino and central is I’m not going to argue with what your police friends tell you.
June 24th, 2008 at 11:33 am
In 1988, when I was single and renting, a number of people told me not to rent in Mountain View because it was “rip-off central.” And the city certainly had more apartments than most of the others in central SV, and also the blocks were mostly together, rather than spinkled next to business districts.
This made me decide that sharing rental houses was the way to go. The worst crime incident that I ever dealt with was the theft of my recyclables in San Jose 95123. (not kidding, truck would drive by on garbage pickup night and steal all the bottles/cans for later resale, you could hear them emptying the bins at 11:30 pm).
June 24th, 2008 at 11:36 am
i always wondered why the bins have the sticker that say stealing the recyclables is against the law. now i understand.