July 5, 2008

Gables End in Mountain View – special sale this weekend!

Quick 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 lucky $615,888!

888!

888!

Hurry!

Comments (23) -- Posted by: burbed @ 5:22 am

23 Responses to “Gables End in Mountain View – special sale this weekend!”

  1. waiting_for_the_fall Says:

    I’m waiting for when they pay me to buy it.

  2. Frank Jewett Says:

    I guess they didn’t have many takers at $639,900?

  3. rick Says:

    So the view of 101 must be the reason that they were sold at higher prices. I wonder what view do those remaining have.

  4. madhaus Says:

    View choices for Gable’s End units, complete with neighborhood nomenclature:

    – US 101 (Casa dos Federales)
    – Superfund cleanup leftovers (Casa dos Superiores)
    – Spectra-Physics building site (Casa de las Vistas)
    – Groundwater seepage (Casa de l’Agua Caliente)

    Also check out the Gables End thread on Trulia. I especially like the comment about the polluted wells still on-site.

  5. mrbogue Says:

    what a lucky number, only a fool wouldn’t bite.

  6. waiting_for_the_fall Says:

    I bought a house in Fremont built over an old terra cotta factory. The disclosure document I signed must have been 30 pages. The builders have to disclose everything before you buy- it’s the law.

    I wonder how many people are surprised and don’t know it’s a super fund site until they go to sign the final docs?

  7. madhaus Says:

    I feel a song coming on…

    Tune: Penny Lane, by the Beatles

    Gable’s End, there is a Geiger counter reacting
    To every nucleus that’s decaying will show
    And all the electrons that come and go
    Stop to say hello

    On the corner is a bunker cov’ring well water
    The little children found a way in from the back
    But the groundwater will attack
    All their chromosomes, very strange

    Gable’s End is in my skin and in my hair
    Right next to an eight-lane freeway there
    I sit, and meanwhile back

    In Gable’s End there is a fireman in a bunny suit
    Because the radon makes his meters leave the green
    He likes to count the curies that he’s seen
    From urani’eem
    [sfx: nuclear attack sirens]

    Gable’s end is in my blood and in my nails
    Whoever let them sell should go to jail
    Gable’s end!

  8. buckborden Says:

    I bet if you went into the sales office to ask for proof of sales, they wouldn’t tell you. I’d also be willing to be that those “SOLD” signs in the windows facing Highway 101 are phony. Remember, this complex is built on top of TOXINS.

  9. madhaus Says:

    All my dachshunds died of toxins
    And toxins in a place I’d thought I’d own
    But all my dachshunds died of toxins
    And that’s why I rent on Latham, screw this loan.

    Brunhilde grabbed a filter from the groundwater culvert
    And sweet Grizel fell down the well, she passed on before she hit
    And Halfrida has a half-life somewhat like polonium
    And Kathe already did the math, she’s decayed on 101.

    All my dachshunds died of toxins
    And toxins in a place I’d thought I’d own
    But all my dachshunds died of toxins
    And that’s why I rent on Latham, screw this loan.

  10. Financial Cents Says:

    Mountain View and other areas in the Bay Area are still very much overvalued. Price to Rent Ratios are still sky high at 20+! Also, these home prices are still inflated relative to median incomes. I expect Bay Area home prices to fall another 20% from here.

  11. madhaus Says:

    Mountain View and other areas in the Bay Area are still very much overvalued. Price to Rent Ratios are still sky high at 20+!

    Financial Cents, the rent ratio was at 35 at the peak here. 20 looks like a downright bargain, and I don’t think Mountain View is anywhere near that low yet. So you need to correct the following:

    Also, these home prices are still inflated relative to median incomes. I expect Bay Area home prices to fall another 20% from here.

    If you think we’re at 20 when we’re at 25, that means prices need to come down probably 30% not 20%.

  12. Crossroads Says:

    rent is rising in mountain view though. so the pressure on the ratio is coming from both sides.

  13. madhaus Says:

    Here’s a comp, I found 2 units for sale and 1 for rent here in Mountain View. Exact same address, 1721 California St.

    Rental: 2 br, 2 ba, $2095/mo

    Sale: 2 br, 2 ba, $375K (unsold in 214 days)

    Clearly the listing price is too high since it’s gone unsold for a long time. The rent ratio is… wow, only 15. Whoa… The GRM is higher than 180, though, when you add in condo fees, taxes, and insurance.

    Another unit in same complex for sale for $369K but only 1.5 baths.

    Okay, let’s try houses.

    For rent: 2/1 on Todd Street, $2200 (Craiglist 7/5)
    Sold: 3/1 on Todd Street, $1.055m (sold 6/19 per redfin)

    I know, extra bedroom. All I could find. Rent ratio = 40. Even if we take off $150K for the extra bedroom, it’s still a ratio of 32.

    Condos are a great deal to rent because people can’t get rid of them. Houses are still expensive.

  14. Renter4 Says:

    Look at this craigslist listing:

    http://sfbay.craigslist.org/pen/apa/744021803.html

    I was looking for a rental early 2007, and I SWEAR I have seen these pics before. Has the house been listed for rent ever since?

  15. Pralay Says:

    @14:

    I think it is occupied because the ad says “Available around 9/15/08″.

  16. madhaus Says:

    Pralay,

    That is just marketing hype. The house has been open since early 2007. By telling you that you can’t have it now, it makes you want it more.

    Kind of like this townhouse development. All those units facing 101 that say “Sold!” What do you think? Do you want to watch eight lanes of traffic from your living room?

  17. Pralay Says:

    That is just marketing hype. The house has been open since early 2007. By telling you that you can’t have it now, it makes you want it more.
    ———

    I understand this kind of marketing technique works for home sales. But does it work for renting? If I am looking for renting most likely I am planning to rent within 1-2 months. I would not wait till September. Do renters really start searching craiglist for rental homes beyond 2 months?

    On the other hand, when we started looking for rental home in 2004, ads with “available from XX/2004″ homes were really occupied.

  18. madhaus Says:

    On the other hand, when we started looking for rental home in 2004, ads with “available from XX/2004″ homes were really occupied.

    No, Pralay, the house was not really rented. You saw actors hired by the landlords to pretend they livede there, and make you want the house more. Then you pay higher rent. I can’t believe you fell for that trick. It’s just like the actors who “tour” the open houses. Few of them are the real home buyers, but if lots of traffic in and out, buyers make offers faster and higher, for fear of being priced out forever.

    :)

  19. Renter4 Says:

    Do renters really start searching craiglist for rental homes beyond 2 months?

    I dunno, we’re low-rent in every sense. The ways of $6k/mo renters are a sealed book to me. If I had that much to spend on housing, I’d have my own crapshack by now!

  20. rick Says:

    Just check recent craiglist.

    Wonder how my friend’s SF rental is going. Now the new postings around that neighborhood has only those with an ocean view can command more than $3000 rent. His house is 3 miles from the ocean and only has 2 bedroom upstairs, 1 bedroom in the basement. Those two related families rented his house for $3000 must be feeling silly now.

    Rental market has improved a lot since early this year, Cupertino is still commanding very high prices, though not as high as earlier this year.

  21. Monica Says:

    In regards to Gables End, the sales office has disclosures on the subject and is very open about the site. If the EPA has cleaned up the site and regulary monitors the project, that would make it a much safer place to live than the neighbors home 2 blocks down that hasn’t been cleaned up. Ground water travels and the EPA is not monitoring their home sites AT ALL.

  22. WillowGlenner Says:

    my feeling is that the rental market in the south bay is tightening by the week. Madhaus or some other south bay person did a little research a while back. Houses used to rent in Campbell for $2K- $2100 as late as last year. Now those same houses are $2700-$2800, with a fairly large number of offerings over $3K- and 3br apartments are renting for the low $2K’s. As I once said here, please anybody who reads this, DO NOT SPEND more than $2K/mo on a rental home. Swallow your pride and go to one of the lower grade areas and buy a house for $450K, which costs about $2500 in mortgage. We currently have less than 2% vacancy in Santa Clara county, which means rentals are rising.

  23. WillowGlenner Says:

    Monica- has gables end sold out?


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