August 4, 2008

$130,000 house in Silicon Valley. Not a mistake.

2269 ADDISON Ave East Palo Alto, CA 94303

Price: $130,000
Beds: 1
Baths: 1
Sq. Ft.: 650
$/Sq. Ft.: $200
Lot Size: 2,500 Sq. Ft.
Age (Years): 57
Year Built: 1951
Type: Detached Single Family
Stories: 1 Story
Neighborhood: East of U.S. 101
County: San Mateo
MLS#: 80819060
Source: MLSListings
Status: Active
On Redfin: 33 days
Single family home is a fixer upper. Lots of potential. Close to transportation and shopping. NOT a short sale.

Holy. Cow.

If this doesn’t signify the bottom, I don’t know what does. A house for just $130,000.

Here’s what Burbed reader Brian had to say:

It wasn’t the boarded up windows, the 2500 sq ft lot, the all concrete lot, or the fact that the house looks like a garage that was a “wow” factor for me.

No, it was the Z-Estimate, that said that 2% of the homes in the zip code have a value lower than this home.

And with a Z-Estimate of $370,000, you’d be missing out on $240,000 of instant equity!

I present a challenge to the readers of Burbed, find a house in the bottom 1%.

– Brian

Nice find Brian. Again. Holy cow. That’s a crap load of instant equity!

Nice challenge.

Does anyone care to take up Brian on this offer? Or are y’all too busy putting bids on this amazing steal?

Comments (7) -- Posted by: burbed @ 5:10 am

7 Responses to “$130,000 house in Silicon Valley. Not a mistake.”

  1. 3rd Generation Says:

    Glad to see you back on track with another fabulous EPA opportunity.

    Bring your own machineguns and ammo.

    Keep up the Good Work! You’re making a diference!

  2. Timeline Guy™ Says:

    “….Close to Transportation and Shopping…”: Real-a-tor speak for “it’s right next to a rundown strip mall with a liquor stor in it that gets popped about once a month or has a drive-by every other Friday night, and the bus stop is right where the driveway should be.

    — Timeline Guy™

  3. nomadic Says:

    Instead of “not a short sale” the realtor should’ve used burbed’s words and put “not a mistake.” But I beg to differ, that house sure looks like a mistake to me. Not the price. The house.

  4. anon Says:

    It’s a garage that was subdivided from a house.

  5. sonarrat Says:

    Interesting. So.. what will $130K get you in Minneapolis? …Uh huh.. a whole bunch of snow. We win.

  6. madhaus Says:

    Minneapolis, not only a White Christmas and a White Easter, but even a White May Day.

    East Palo Alto’s new slogan: Hey, We Have An Ikea Now! Really!

    Agree with anon and nomadic about today’s lucky winner. Also check out the lot size: 2500 sf. That’s half a tiny lot. Check out the aerial view with the property lines, you can see it’s a half-width lot that looks like they should have kept it as a neighborhood shortcut instead of plunking down garden sheds on them and calling them houses.

  7. anon Says:

    Rather than buy this “home,” I’d buy an SUV and call it a mobile home.

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