August 29, 2008

“Complete fixer!!! Everything needs replacing. Do not enter.”

2222 Francisco BLVD, Pacifica, CA 94044 West Sharp Park MLS# 80821476 – Property Details
$286,900

* Status: Active
* Bedroom: 1
* Bathroom: 1
* Year Built: 1948
* Lot Size: N/A
* Square Footage: N/A
* List Date: 7/14/2008
* Garage Spaces: 1
* MLS#: 80821476

Complete fixer!!! Everything needs replacing. Do not enter. Property is sold “As Is”. Trash and garbage have not been removed. Public records do not state Sq Ft of lot nor building. Age is an estimate. Bulldoze and start from scratch.

Burbed has seen a lot of strange properties, but this find by Burbed reader sonarrat really takes the cake. The outside isn’t great – but it’s not super bad either. Let’s take a look at some interior photos:

Wow. Just wow.

But just think: buy it, bulldoze it, build a new house? Hey – suddenly you’ve got a pretty nice piece of real estate in Pacifica.

And this brings us to Friday’s “Write a story about what happened here” contest.

So… what do you think happened here? Let’s get those creative juices flowing!

Comments (64) -- Posted by: burbed @ 5:03 am






August 28, 2008

The house has a detached garage – but is it detached itself?

427 Commercial Ave, South San Francisco, CA 94080 MLS# 80823291 – Property Details

$499,000

* Status: Active
* Bedroom: 2
* Bathroom: 1
* Year Built: 1910
* Lot Size: 3000
* Square Footage: 1000
* List Date: 7/22/2008
* Garage Spaces: 1

* MLS#: 80823291
Starter home with new paint and carpets. 2BD/1 BA home with detached 1 car garage. Additional uncovered parking at back of house. Perfect for investors or contractor’s looking for a light remodel. Close proximity to the shops and restaurants of Grand Avenue. Also close to freeway access for easy commute to City or South Bay.

If you ask me, I sort of wonder if this house is actually detached.

That said, this house is near super star Genentech – which once acquired by Roche for $200 per share, will instantly cause the RE market in South San Francisco to soar. Just think about all the new millionaire employees that will be generated. Plus, think of all the expansion and hiring they will do.

Personally, to me, the biggest draw is that this is near the shops and restaurants of Grand Avenue. Wow. Grand Avenue. I mean, it’s so…. uh… grand!

With the money you’ll be making from buying this house, you’ll be able to invite your neighbors (whom you will know rather well) out to dinner all the time!

Comments (34) -- Posted by: burbed @ 5:16 am

August 27, 2008

Great starter home in Gilroy

Coldwell Banker Residential Brokerage presents CaliforniaMoves.com
296 CARLYLE CT
Gilroy, CA, 95020 offered at $249,900

Stop SlideshowStart Slideshow

Bedrooms: 3 Bathrooms: 1 Full
Apprx. Sq. Feet: 1123 Year Built: 1972
Request More Info Schedule A Showing

Great Starter Home. Large Corner Lot with access to Backyard from Street. Walking Distance to Neighborhood Park. Vaulted Ceiling and Fireplace in Living Room. Covered Patio off Kitchen. Conveniently located to shopping centers and Easy Access to Highway 101. Lots of Potential.

Even though we all know that Gilroy is no longer part of the Real Bay Area (if even the Bay Area itself!), Burbed doesn’t really feature it so often.

That said, Burbed reader Jackie did find this great starter home. Wow what a beaut!

To all you RE investors – is now the hot time to buy here? Will Gilroy be the next Foster City? What appreciation should we expect?

Comments (37) -- Posted by: burbed @ 5:59 am

August 26, 2008

How does a freeway, power lines, and an airport affect home price?

MLS-2.com: Property Details
349 SAN PABLO AV, Millbrae,CA,94030 – $735,000

3 Beds 1140 Sq.Ft. Aprx. 2 Car Garage MLS#: 828147
1.0 Baths 5,000 Lot Size 56 Yrs Old Aprx. List Date: 2008-08-15

What’s new on MLS-2: Search by % Price Drop // Search by “MOTIVATED SELLERS”

Description – 349 SAN PABLO AV, Millbrae,CA,94030
Delightful three bedroom one bath corner home filled with charm has an open and Airy Living Room with adjoining Dining Room, Newer Stainless Steel Appliances in Kitchen. Spacious backyard has adjoining 1,188 /- lot perfect for entertaining guests of all ages, manicured lawn, and mature vegetable gardens. APN 021-306-280 also included in this sale! Making this lot 6,188 /- Square feet!!

If you’re in the Bay Area, the answer is clearly: “Makes it more special.”

Everything in the Bay Area only serves to make housing more expensive. Let’s take a look at a map and see how the components of this particular property make it a must buy:

First, this house is situated right near the International terminal of SFO. This means that rich moguls from Moscow and Shanghai and Mumbai will easily be able to visit their investment properties in your neighborhood. Haven’t you heard? With the dollar so cheap, these people are snapping up real estate all over – they’ll probably see your house as they taxi to the gate and say “I vant that house! Here are my rubles!”

Next, there’s tranquil 101. Everyone wants easy access to freeways – boom, a major commute saver.

Power lines! Everyone knows that California’s energy grid is in shambles, and that it is 1 step up from Iraq’s. Fortunately, by having these power lines near you, you will likely have first dibs to energy if they should fall down. It’s called thinking ahead.

Not shown, this house is also located near Bart and Caltrain – again, more great commute options.

Frankly, I don’t see how you lose – especially with this bargain basement price of just $735,000 for a 3/1!

Comments (25) -- Posted by: burbed @ 5:47 am

August 25, 2008

“wave good bye !!! renting days will be over”

727 Elm St, Redwood City, CA 94063 MLS# 80817142 – Property Details

$579,000

* Status: Active
* Bedroom: 2
* Bathroom: 1
* Year Built: 1939
* Lot Size: 5000
* Square Footage: 810
* List Date: 6/23/2008
* Garage Spaces: 1

Great oppourtunity for all buyers!!!NOT A SHORT SALE wave good bye !!! renting days will be over when your clients invest in this cute rancher home!! it has bonus room in the back With it’s own Bath , also bunus room in garage area. Perfect for an in law!Great Location!!!

That’s right ladies and gentlemen! Be prepared to wave good bye to your renting days because once you buy this home, this excellent oppourtunity for all buyers, you will be set for life.

The bunus room for your in-laws is a dream for most – honestly I can’t think of why you wouldn’t want to spend $714 per square foot for this fine fine house. Heck, you could rent it out! Boom instant passive income!

Garage? Bah! Who needs that.

This is really like buying one house, and getting a bonus condo! What’s stopping you now?

Comments (68) -- Posted by: burbed @ 5:02 am

August 23, 2008

California has the most milionaires!

The Wealth Report – WSJ.com : Florida Beats New York for Millionaires
According to new wealth stats released by the I.R.S. Florida had 199,000 residents with a net worth of $1.5 million or more as of 2004 (their latest period). That topped New York’s count of 168,000, though it still trailed way behind leader California, which boasted 428,000–more than a fifth of the nation’s total.

BOOM! We beat New York. Which in turn beat Florida. BOOM!

House prices out of whack in this state? Are you kidding? With so many millionaires, how can prices not be high? It’s a simple matter of supply and demand. And guess what – all these millionaires want to live in the Real Bay Area. Mountain View, Cupertino, Half of Sunnyvale – millionaire magnets for sure.

Booyah baby!!

Comments (48) -- Posted by: burbed @ 5:18 am

August 22, 2008

Free guy on the couch with purchase of this oakland home

1470 17th Ave, Oakland, CA 94606 MLS# 80784432 – Property Details

$289,000

* Status: Active
* Bedroom: 2
* Bathroom: 2
* Year Built: 1910
* Lot Size: 1498
* Square Footage: 744
* List Date: 3/14/2008
* Garage Spaces: 1

* MLS#: 80784432
Rare opportunity! You can own a single home for less than $300,000. Very cozy 2 bedroom and 2 full baths in a very quite neighborhood. Close to Hwy 880 and walking distance to park. This home has alot of upside potential and ideal for the first time home buyer.

Burbed doesn’t usually venture to Oakland, but since Burbed reader Alex sent this in, I figure I’d share it with you.

Frankly, I’m tired of people complaining that there’s no affordable house in the Bay Area. Oakland is part of the Bay Area, not the Real Bay Area, but the Bay Area nonetheless. This house has very easy access to 880, another draw.

But what I think fascinated Alex the most was some of the photos that the Real Estate agent felt necessary to include. Let’s take look:

Sweet! You get a pair of men’s legs and the right to sleep in your living room. You can totally be all starving artist like here. Like Salvatore Dali!

Wow. Check out this awesome kitchen. It leaves me speechless. But suddenly I’m sort of wondering if this is actually also the bathroom. How confusing.

Anyway, you get the point. There’s plenty of affordable housing – you just have to quit being whiny!

Comments (71) -- Posted by: burbed @ 5:49 am

August 21, 2008

What kind of house does $1.2 million buy you in expensive New Jersey?

So yesterday we saw what $1.2 million buys you in the Bay Area’s best school district:

Let’s look at a house in what some claim is Burbed’s city of obsession in the East Coast:

Single Family Home – TENAFLY, NJ, 07670 – Realtor.com

Wow. Is it any wonder why the message boards are full of threads about people wanting to leave New Jersey and it’s best in nation school districts?

My god.

Just look at that bloat. You spend $1.2 million and you get 3425 sqft of waste. What are you going to do with that space? How will you be incented to work anymore? You’ll probably just want to sit at home and relax all the time.

And just think about those taxes in New Jersey. That’s right! They have a state income tax of 8.97% if you make more than $500,000. Which, of course, nearly all of Burbed’s readers do. (It’s only 6.37% if you make $75k-$500k. You might as well get food stamps if you do!) And no taxes on clothing!

Then there’s the lack of any good schools in the area. Do they have Cal or Stanford? DUH of course not. All they have is Princeton, and maybe Columbia. Are those schools known for anything?

When you put it all together, it makes sense why people are fleeing New Jersey for low tax destinations California all the time. Just the idea of living in 3425 sqft taxes my mind!

UPDATE: Edited the title.

Comments (80) -- Posted by: burbed @ 5:41 am

August 20, 2008

DISASTER: Bay Area now twice as affordable – 18% -> 32%

Twice as many in state can now afford a home
A pair of reports released Tuesday highlighted the upside of the real estate downturn: Housing is becoming more affordable for more people across California and the Bay Area.

The percentage of households able to buy an entry-level residence in the state reached 48 percent during the second quarter, double the level from a year ago, according to the California Association of Realtors.

The trade group defines a starter home as one priced at 85 percent of an area’s median, which works out to $329,120 for the state. The minimum income needed to purchase such a property is $62,870, down from $101,440 a year ago (assuming an adjustable-rate mortgage starting at 5.69 percent and a 10 percent down payment).

The Bay Area remains the least affordable part of the state, but 32 percent of its households can now afford a first home, up from 18 percent during the second quarter of 2007, the report said.

The minimum income required to purchase an entry-level home, estimated at $582,130, is $111,210.

The National Association of Home Builders/Wells Fargo Housing Opportunity Index, also released Tuesday, found that homes became more affordable in 25 of 28 California metropolitan regions during the second quarter. The New York City region took the lead as the least affordable place in the nation, knocking the area comprising San Francisco, San Mateo and Marin counties into a rare second-place spot.

F***! S***!

Just last week we were in the lead. Now, New York with its lack of culture, smart people, tourist attractions, and good food has knocked out Cupertino, Mountain View, and Palo Alto. WTF!!!!!

Does any family seriously not make $111,210? I mean… seriously. A 1 bus driver or 1 cop family easily reaches $100k – throw in some part time work and BOOM you’re at $120k.

How did this happen? What will it take for us to reduce affordability to 9%. 32%! Good grief! Now any family can buy a home here. All you need is 1 cop, 1 bus driver, or 2 teachers and you can afford a starter home.

If this isn’t a freakin’ disaster, I don’t know what is.

I guess on the upside, house prices should start to soar as thousands suddenly realize that housing is now affordable and swarm in.

Damn you New York. Damn you!

BTW, I love the first comment in that article:

What is CAR smoking, how can someone with a $62,870 per year income afford a $329,120? Give up food? Only wear loincloths? By my calculation you would need a minimum of $109,707. Then again I shouldn’t expect a bunch of realtors to understand that people need to make enough money to actually save some and not just count on their houses increasing in value so they can use them like an ATM. Car broke down? No problem, buy a new one with home equity! Want granite counter top? No problem, finance it with home equity! Buy, buy, buy, you can always refinance later. What a load of crap.

Can you say “whiner”? Someone clearly doesn’t understand that when you get a home loan, you get richer.

Comments (34) -- Posted by: burbed @ 10:05 am

$1,355 per square foot house in Palo Alto – normal!

2375 SIERRA Ct Palo Alto, CA 94303
Price: $1,199,000


Beds:     3
Baths:     3
Sq. Ft.:     885
$/Sq. Ft.:     $1,355
Lot Size:     7,620 Sq. Ft.
Age (Years):    58
Year Built:    1950
Type:    Detached Single Family
Stories:    1 Story
View(s):    Neighborhood
Neighborhood:    Green Gables
County:     Santa Clara

Must see. Move in condition. Live in exisitng or build your dream home. Cul-du-sac. Nice neighbourhood. Easy access to freeway. Close to midtown. No sign, no lockbox. Sellers are moving out of town & want quick close. “AS IS” Sale. Open house Aug 9 from 1.30pm to 3pm. Still accepting offers.

Burbed reader Michelle originally sent this to me at the end of July, but I missed it (junk mail folder woes.) Here’s what she had to say then:

Take a look at this gem, new to the market.  Priced for 34% appreciation in 36 months!

Crappy part of Palo Alto and “just” $1242/sf on a small-ish lot.  The buyers will have to act fast – offers are due this Tuesday.  Time for all of those bids to rush in.  (And I have to wonder, if the realtor says this place is “move in condition” then maybe he/she is color blind.)

Guess what Michelle! It looks like you should’ve bought it back then because the price has already appreciated an additional 9% since it was listed. Damn! Ouch!

Besides, is this really so bad?

The TV mounted over the stove gives it a certain retro-bling feel. Plus, these are Palo Alto schools!

Honestly, if you’re interested in this house you’d better buy it ASAP. Otherwise, I can easily see the sqft appreciate another 9% by the end of the month. This is Real Bay Area Prime Platinum. Better quick on the draw!

Comments (76) -- Posted by: burbed @ 5:35 am