Master bedroom suite is not know if permited - San Jose
1055 S 12TH St San Jose, CA 95112
Price: $387,900
Beds: 3
Baths: 2
Sq. Ft.: 800
$/Sq. Ft.: $485
Lot Size: 6,348 Sq. Ft.
Age (Years): 70
Year Built: 1938
Type: Detached Single Family
Style: Cottage/Bungalow
Stories: 1 Story
Neighborhood: Central San Jose
County: Santa Clara
MLS#: 80771030
Source: MLSListings
Status: Active
On Redfin: 196 days
Unsold in 90+ days
What an ideal starter home * hardwood floors with original charm * Buyer to verify SF and permits for additions. Master bedroom suite is not know if permited * Ideal location * Possibilities are endless.
It should be pretty clear now to everyone that there is a Real Bay Area, and a non-RBA. (Why there’s no wikipedia entry on this yet is a problem!) San Jose is fast falling out of the RBA.
But nonetheless, this house certainly has its unique selling points - hardwood floors with original charm, a master bedroom suite that may not have a permit. What more could you ask for at such a bargain bargain bargain price.
Like the copy says, the possibilities are endless. Wouldn’t you agree that this is a good starter home?
July 28th, 2008 at 5:40 am
At 0.1426 acres, the possibilities are indeed endless!
July 28th, 2008 at 6:01 am
Realtor could add:
“There is room for a victory garden: save money by growing your own vegetables!”
But…that would be suggesting that the economy is less than robust, and that prosperity may be a few miles down instead of around the corner. That couldn’t possibly be true! The government insists that everything is fine!
July 28th, 2008 at 6:40 am
I like the non-planar roof. An intriguing refutation of the commonly-accepted wisdom that rectilinear surfaces must also be flat. Very avant-garde! Worth at least $150K above asking.
July 28th, 2008 at 7:33 am
Translation: “hardwood floors with orginal charm”
Means 70 years of scuffs and scrapes from a herd of pit bulls and small children driving their Big Wheels around the living room.
July 28th, 2008 at 7:54 am
3 bedrooms, 2 baths, including a “master suite”, all in only 800 sqft?
July 28th, 2008 at 7:55 am
For picture #3, write your own “walk-in closet” joke.
July 28th, 2008 at 8:11 am
Boy is that thing ooogly. By the way, I was gone all weekend. Did the big nasty bailout bill pass? Just wondering since the DOW is down. I figured there would be lots of celebration since the gobermint is going to pump more bubble money into the system.
July 28th, 2008 at 9:03 am
Signed, sealed, delivered - maybe they found out the real amount needed was almost a trillion more?
July 28th, 2008 at 9:23 am
Can some more experienced folks explain why small boxes ask for much more than larger (and decent) homes? Is this always the situation?
July 28th, 2008 at 9:30 am
This one might have a good reason for high p/sqf since it has a big yard.
I wonder how the hell they fit a 3/2 into the space good for a 2/1.
July 28th, 2008 at 9:56 am
I think it’s definitely the yard. You’re paying $35K for the house and $350K for the ground it’s built on.
July 28th, 2008 at 10:05 am
Well, if the master suite (1BR/1BA) is not “permited,” the city may have 800 sf on record but the house could actually be larger. Could account for the note “buyer to verify SF” too.
July 28th, 2008 at 10:10 am
Apparently, the Bill passed. But the positive effects were dulled by the failure of more banks over the weekend. So far, over 600 Billion dollars has been thrown at the “housing crisis” and the results have been negligible. We are fast approaching a Fiat currency situation folks…
July 28th, 2008 at 10:12 am
Anybody who buys this or any other overpriced house now, especially in the “RBA” (wherever THAT may be, as that area somehow just keeps shrinking) is a fool, and the government knows it. Remember, fools, repeat the new mantra: debt equals wealth, debt equals wealth, debt equals wealth. Our economy is built on that lie. Your “representatives” have sold you out. By the way, does anybody know that this lates bailout for Wall Street contains a hidden provision that ALL CREDIT CARD TRANSACTIONS WILL NOW BE REPORTED TO THE IRS? Pray tell, how does that relate to mortgage relief? Is that Big Brother I hear knocking at the front door of “my” new house? Is anybody home? Goodbye, United (Untied) States of America. Happy home hunting, sheeple!
July 28th, 2008 at 10:25 am
Yes, Burbed. There is even a quantitative definition for the difference between the RBA and BA:
BA - overpriced by a factor of 10
RBA - overpriced by a factor of 5
Before RE and WG jump in with historic data, I suggest they normalize home prices by the credit available, extrapolate the ongoing M3 destruction, and then see where they think prices will be in 5 years.
July 28th, 2008 at 10:38 am
Gotta love the views of the apartment complexes across the street. $387,000. For $800 sq ft. With views of 4 apartment complexes.
July 28th, 2008 at 10:39 am
Hey name, M3 destruction is precisely WHY I think real estate prices will hold up. I am not commenting about this specific house, just in general.
July 28th, 2008 at 11:15 am
In order to have home prices hold up, you have to have a healthy economy. As it is now, the US economy is extremely unhealthy. Even if the best case scenario occurs and all the bailout money takes effect in the way in which mortgage and banking companies hope it to, it will only come at the expense of extreme inflation.
The scary part about all of this is that according to Ron Paul and others, the bailout bill was disliked by most Senators. The only reason it passed was because they know just as much as anyone studying US economics for the past 20 years that our entire economy is based entirely on debt. Without it, the US economy wouldn’t function. The problem of course is that you can only survive like this for so long. Debt can no longer be supported by real wages. You can only put off inevitable debt payment for so long. The bottom line is that prices are likely going to either dramatically or gradually decline to levels that are supported by actual wage income. Does anyone who invest in RE disagree that wage is tied to buying power? If so, then you’ve already answered your own question as to where we’re heading.
July 28th, 2008 at 11:17 am
Jesus. Someone please tell burbed that “traffic” does not equal “success”.
July 28th, 2008 at 11:25 am
Bob,
If you zoom in on Silicon Valley, you’ll find that the tech ecnomy is doing quite well. The problems are mainly in the financial sector, with modest impact to the BA. As for wage income, you only need to look at the top 25% for the RBA market. Outside of that segment, there are plenty of affordable homes available in places like San Jose and most parts of the East Bay. I keep telling Pralay that he CAN afford the American dream now.
July 28th, 2008 at 11:31 am
Three word, RealEstater.
Monthly Equity Burn. A giant-screen plasma TV a month, that’s all you’ll lose.
July 28th, 2008 at 11:50 am
bob - “Does anyone who invest in RE disagree that wage is tied to buying power?” Yes I disagree that it is always the case. I explained why at length. Anybody who recently bought a house cash and no wages will second me on that. There are lots of ways ot build wealth without a wage. You need to qualify your statement.
July 28th, 2008 at 2:11 pm
To the people who have been watching the market for an extended period of time:
What do you think this crapbox would have listed for 1.5 years ago
July 28th, 2008 at 2:24 pm
anon, it sold for 545K in 2006. I would say this central san jose area is similar to east san jose in terms of subprime having an effect- this was probably subprime.
July 28th, 2008 at 2:32 pm
You need to qualify your statement.
Fine- replace the word wage with the word income
And RE… we all see what happens with the tech sector don’t we? It is, more so than perhaps any other sector prone to spectacular crashes. Just look at any tech stock: the results are a dramatic see-saw pattern. Thus it is foolish and unwise to put the ducks all in a row and tie them to the ability of tech to support artificial prices.
July 28th, 2008 at 2:40 pm
bob - Since income is derived from a variety of vehicles, some with opposite trends to others (ex: going short vs long on stock), the correlation wage income to buying power isn’t as straightforward as you paint especially in wealthy neighborhoods. There, many people know how to get still wealthier during downtimes.
July 28th, 2008 at 3:55 pm
Monthly Equity Burn. A giant-screen plasma TV a month, that’s all you’ll lose.
———–
Madhaus,
Did you notice how secret agent’s tone changed in last few months - from “buy it now before get priced out” to “plenty of affordable homes available“?
In addition, did you notice how many “this is the bottom” calls are coming from real-estate industry?
July 24
The irony is that this guys is calling bottom for last one year.
July 29th, 2008 at 9:09 pm
>>The irony is that this guys is calling bottom for last one year.
Just like you’ve been calling for price drops in the RBA for 1 year.
July 30th, 2008 at 12:37 pm
Just like you’ve been calling for price drops in the RBA for 1 year.
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Oh, yeah! From SCC to “core cities” to South Sunnyvale to “where professionals want to live” - isn’t it a enough indication that price is dropping?