$1 million house in Millbrae - free christmas lights!
1176 ELMWOOD Dr, Millbrae, CA 94030
$1,050,000
* Status: Active
* Bedroom: 4
* Bathroom: 2
* Year Built: 1955
* Lot Size: N/A
* Square Footage: 1610
* List Date: 2/6/2008
* Garage Spaces: 4
* MLS#: 336688
*
PRICE REDUCED! Beautiful ranch-style home in a desirable area of Millbrae * 4 bedrooms, 2 bathrooms, family room, formal dining area, huge kitchen area & bar * 2-car garage side-by-side * Large fenced backyard * Double pane windows, hardwood floors throughout.
Sellers continue to give and give and give. This house comes not only with a reduced price, but those hard to find lights hanging off the roof. Some would call them Christmas lights, but we know them as festivus lights.
And check it out, you get a four car garage somehow - can you say passive income?
And look at the prestigious area this in - don’t you like golfing? Don’t you like being near a lake?
If you ask me, this is a fantastic deal! Just a million!
July 17th, 2008 at 7:46 am
A nineteen picture bonanza on Redfin:
http://www.redfin.com/CA/Millbrae/1176-ELMWOOD-Dr-94030/home/1117495/sfarmls-336688
Hmm, price reduced. To only $160,000 more than they paid for it 9/05. Even Zillow only values this place at $890.5k. Doesn’t look like they’ve done any renovations either. As far as you can see around all that furniture! Wow, it’s a full place.
Burbed - where do you get 4 car garage from? I think they say 2-car side by side to distinguish from 2-car tandem. Still just 2 cars going in there.
July 17th, 2008 at 7:52 am
nomadic: The ad copy states that there are four “garage spaces.” Perhaps that means two cars side-by-side and two cars tandem? Or maybe it’s a typo; but after the famous “576 sq. ft.–perfect for two families” listing, I wouldn’t be too sure, heh-heh.
July 17th, 2008 at 8:03 am
Didn’t see that - I stand corrected. I suspect the description is correct, and maybe the Realtor meant 4 parking spaces. That is, two in the garage and two in front of it…
July 17th, 2008 at 9:50 am
Not sure if I’d describe this house as “beautiful” either. Back where I’m from, working class people would call this home. Maybe they should say that it’s “beauty to the eye of the beholder”.
July 17th, 2008 at 10:08 am
The weirdest thing about this house, with respect to Burbed.com, is that the garage doors appear to have windows, and yet the garage is advertised as a garage and not as a couple of spare bedrooms.
July 17th, 2008 at 10:10 am
I dig the original brick wall in the kitchen, as if to remind you that Millbrae used to be somewhat affordable.
July 17th, 2008 at 10:29 am
I generally dislike brick unless its old factory brick. The brick on this house is the type that was very popular in the 60’s and 70’s. That nice “speckled” look.Fugly!Due to the threat of termites, a TON of houses in the Southeast had this style of brick when I was a kid. The one good thing about brick is that once its up, you’ll never had to paint the house-save for the trim- again.
July 17th, 2008 at 11:09 am
As for the location.. nice enough, but no views, and access to the commute is a major issue unless you work off of 280. I drive on Millbrae Avenue every day and it is absolutely packed all day long, because it’s the only way a whole lot of people have to get to 101.
July 17th, 2008 at 11:17 am
I don’t care if the house is 2 feet away from my job. 1 mil for this house is absolutely insane, no matter where its located. The person who buys this should have their head examined.
July 17th, 2008 at 11:28 am
Some would call them Christmas lights, but we know them as festivus lights.
———
Is this the only guy who never takes down his Christmas light? I don’t think so. And guess what, someone these guys never switch on these lights in December.
July 17th, 2008 at 11:29 am
What’s some huge about the kitchen? The walking space is as large as a bedroom door. The loiving room is kind of big.
The hardwood, granite also looks cheap.
Why not buy this house? Just think about it, you can rent 800 ft to each family and then you have $4000 cash flow.
July 17th, 2008 at 11:38 am
Kitchen appliances and granite alone, its still a million bucks. I could care less if the countertops were made out of pure platinum. If you buy this for a mil, then you’re an idiot. Good luck “making money” on a $10,000 a month mortgage payment + another 30k in annual taxes…
It’s like ” Hey, lookit’ me! I bought an ugly monstrosity of a house for a million dollars! Ain’t I smart?
July 17th, 2008 at 12:22 pm
Bay Area median price dives below $500K; sales near record low
July 17, 2008
La Jolla, CA.—-The median price paid for a Bay Area home plunged to $485,000 in June, marking the first time in more than four years that it was below the half-million mark, DataQuick Information Systems reported.
The price barometer fell an unprecedented 27 percent from its record level a year ago as more sellers settled for less, lenders unloaded more aggressively-priced foreclosures and more sales activity shifted to less- expensive areas, mainly inland. Credit remained tightest for potential high- end buyers on the coast, where sales were generally anemic and prices showed signs of increased erosion, the real estate information service reported.
July 17th, 2008 at 12:27 pm
Didja’ hear that RE investors? Prices are still falling, so you might as well got out there and buy up some more houses before they depreciate even further!
July 17th, 2008 at 12:54 pm
Bay Area median price dives below $500K; sales near record low
—–
You know what, Bay Area is not uniform, not even Sunnyvale.
July 17th, 2008 at 1:25 pm
I’m not at all surprised to read this report. There was a sort of early spring surge around our area, but it just as quickly fizzled away.Nothing is moving at all.
There has been one home near me that has sold, and it’s a miserable, tiny little house with foundation problems that sold for $380k. Not exactly an indication of good times in the housing market.
July 17th, 2008 at 1:37 pm
Google Earnings Trail Analysts’ Estimates; Shares Decline
By [bn:PRSN=1] Crayton Harrison []
July 17 (Bloomberg) — Google Inc., owner of the most popular Internet search engine, posted a second-quarter profit that trailed analysts’ estimates, sending the shares down as much as 9.3 percent.
Google, based in Mountain View, California, fell $2.16 to $533.44 before the announcement at 4 p.m. New York time in Nasdaq Stock Market trading. The shares dropped to $483.81 in after- hours trading.
July 17th, 2008 at 2:23 pm
Sorry, but $1M for that POS. Oh god what has this world come to…
July 17th, 2008 at 2:38 pm
“The median price paid for a Bay Area home plunged to $485,000 in June”
Not to worry. By RealEstater’s logic, you can discount it since we are only interested in the “Real Bay Area”. Which at this rate will eventually wittle down to just Steve Jobs’ and Larry Ellison’s houses.
July 17th, 2008 at 3:17 pm
One more from DataQuick worth noting: In today’s report on home sales in the Bay Area, DQ sees signs that California’s coastal market is weakening. “Credit remained tightest for potential high-end buyers on the coast, where sales were generally anemic and prices showed signs of increased erosion, the real estate information service reported. …. ‘So far it’s been mostly the inland areas where prices have dropped enough to rejuvenate sales,’ Walsh said. ‘Our latest stats might be signaling greater price reductions on the coast, where sales have been severely restrained by several factors: higher prices, tighter lending guidelines, inadequate liquidity for jumbo mortgages and depreciation in inland areas that’s left homeowners there with less equity with which to purchase a home on the coast.’ “
July 17th, 2008 at 3:33 pm
Lionel’s info above clearly demonstrates the domino effect of California’s RE downturn, with the rate of slowdown and price reductions working their way inward from the outlying areas, causing a chain reaction. The “Juicy” areas are going to get hit too, if they aren’t already.
July 17th, 2008 at 3:37 pm
Which at this rate will eventually wittle down to just Steve Jobs’ and Larry Ellison’s houses.
——-
You forgot one more home. It’s in 94301.
July 17th, 2008 at 4:09 pm
While we’re at it, it looks like now, even the “Real Bay Area” is gettin’ it:
“Even pricey areas like Marin and San Francisco, which until now had seemed relatively immune to price erosion, saw prices decline by 11.1 percent and 11.3 percent, respectively.”
and…
The Mercury News. “Prices of homes sold last month in Santa Clara County were down 15 percent compared to June 2007. The median price of the previously owned, single-family houses sold in June in the county was $670,000, according to DataQuick, down 15.3 percent from $791,000 a year earlier. The last time the median price was so low was in March 2005, when the figure was also $670,000.”
July 17th, 2008 at 4:44 pm
Bob, I think you are missing the definition of “Real Bay Area”, it is defined as the set of land parcels, and building in the 9 counties surrounding the San Francisco and San Pablo Bays, that have not fallen in market price since 1997.
The set can be the null set, but by definition all the elements in the set have never dropped in value.
July 17th, 2008 at 5:39 pm
Houses priced under 850K have now started attacking
the RBA — duck !
10665 MORENGO DR Cupertino, 95014 $829,000
10435 STERLING BL Cupertino, 95014 $818,888
18900 NEWSOM AV Cupertino, 95014 $828,000
July 17th, 2008 at 6:59 pm
I notice today’s house doesn’t have a lot size, but take a look at the aerial photo. The house takes up most of the lot. So I’d say that lot is about 3000 sf max.
And I’d be wrong. 1149 Elmwood, down the street a short ways, is 200 sf smaller and sits on a 5700 sf lot. The aerial view shows similar lot sizes. 1149 is listed at $925K, reduced from $950K!
I like how the garage door carries the Mondrian effect over from the living room windows.
steve, those houses are all in Rancho Rinconada, right? The worst part of Cupertino: 3/1 Eichlers on tiny (5000 sf) lots. Some parts of RR have “improved” as a majority of people tear down the cracker boxes and put up McMansions.
cardinal2007, excellent and concise definition.
Here’s the Dataquick story on Bay Area sales drop.
And a couple of you permabulls were laughing over my claim that rents are up because foreclosures are up.
No crazy loans, no crazy prices. It’s that simple.
July 17th, 2008 at 8:21 pm
steve, those houses are all in Rancho Rinconada, right? The worst part of Cupertino: 3/1 Eichlers on tiny (5000 sf) lots. Some parts of RR have “improved” as a majority of people tear down the cracker boxes and put up McMansions.
Indeed, they’re all within a few blocks of Lawrence & Bollinger.
July 17th, 2008 at 9:29 pm
madhaus, maybe I’m splitting hairs or just looking for excuses, but wouldn’t the drop in the number of jumbo mortgages “over $417,000″ also be due to the new jumbo limit of $729,750?
July 17th, 2008 at 11:07 pm
nomadic, I’ve been posting the Dataquick numbers for a few months and just about every zip has been hammered in sales volume. Can’t speak to the loan distributions, but weren’t the new 700K jumbos so expensive (7.5%) that nobody wanted them? Anyway, your question is intriguing.
sonarrat, if they’re that close to Lawrence then they’re Hyde Middle, API 829 (the worst of the 5 by far) and Cupertino High, API 817 (4th lowest of 5). The CUSD map doesn’t show elementary school borders. Schools in the Hyde zone are:
- Eisenhower (Santa Clara), E of Lawrence, API 893
- de Vargas (SJ), E of Lawrence, API 839
- Sedgewick (R Rinconada), W of Lawrence, API 854
de Vargas & Sedgewick scores are down from 2006. This truly is the seedy side of Cupertino.
Note: the only other elementary school in CUSD with an API under 900 is Nimitz in Sunnyvale, with 824, worst in the district. Also down. The other 2 Sunnyvale/CUSD schools (like all the other CUSD) are over 900.
July 18th, 2008 at 12:44 am
You can do better for $1M in Millbrae:
http://www.movoto.com/real-estate/homes-for-sale/CA/Millbrae/538-Capuchino-Dr-100_80820990.htm
July 18th, 2008 at 5:51 am
madhaus, Jumbo mortgages (also called agency conforming) are about 6.375% right now. They were only astronomically high for about a month before the big lenders got on board. Now they are reasonable.
July 18th, 2008 at 8:26 am
Cardinal,
Easy explanation. Two bubbles back-to-back. The tech and then the immediate RE bubble afterwards. There was a nice little bout of price reduction in what you all claim as the RBA in the 90’s following the fall of the defense sector.
As it is now, there’s a sort of quiet secondary tech bubble bubbling away, hiding behind the tattered remnants of the housing bubble and news of it’s collapse. The prices in and around the immediate
“RBA” are by and large supported by this “quite” bubble. Whether it’ll hold is the single remaining pricing support. Even if it thrives, the severe downward pressure being placed in it from essentially everywhere else will likely impact it regardless if someone events Footbook or Pear computer corp.
July 18th, 2008 at 8:47 am
“bob Says:
July 18th, 2008 at 8:26 am
Cardinal,
Easy explanation. Two bubbles back-to-back. The tech and then the immediate RE bubble afterwards.”
Onion News Network:
APRIL 9, 2008
WASHINGTON—A panel of top business leaders testified before Congress about the worsening recession Monday, demanding the government provide Americans with a new irresponsible and largely illusory economic bubble in which to invest.
“What America needs right now is not more talk and long-term strategy, but a concrete way to create more imaginary wealth in the very immediate future,” said Thomas Jenkins, CFO of the Boston-area Jenkins Financial Group, a bubble-based investment firm. “We are in a crisis, and that crisis demands an unviable short-term solution.”
A prominent finance expert asks Congress to help Americans rebuild their ficticious dreams.
The current economic woes, brought on by the collapse of the so-called “housing bubble,” are considered the worst to hit investors since the equally untenable dot-com bubble burst in 2001. According to investment experts, now that the option of making millions of dollars in a short time with imaginary profits from bad real-estate deals has disappeared, the need for another spontaneous make-believe source of wealth has never been more urgent.
July 18th, 2008 at 9:14 am
LOL! I saw that the other day and actually bookmarked it. People in the office were wondering why I was snickering.
July 18th, 2008 at 2:13 pm
WG, check if Countrywide is requiring 25% down payment now. As to agency conforming, isn’t that under $750K? What about over?