Affordable housing in San Jose near Santana Row
389 Menker Ave, San Jose, CA 95128 Central San Jose MLS# 80819650 - Property Details
389 Menker Ave, San Jose, CA 95128
$289,000
* Status: Active
* Bedroom: 3
* Bathroom: 2
* Year Built: 1928
* Lot Size: 2613
* Square Footage: 1000
* List Date: 7/6/2008
* Garage Spaces: 1
* MLS#: 80819650
Great Starter Home. 3 Bedroom 2 Baths. Like A Condo With No Association Fee..Low Maintenance…Centrally Located…Make Offer..Lender Will “Not” Credit Buyer For Closing Cost…
And to think all those bubble heads complain that there’s no affordable housing in San Jose. Come on! $289,000 for 1000 sqft? This is a steal.
Just note that the lender will “not” credit buyer for closing cost. “not” my friends, “not”.
But I think the real reason that long time Burbed reader Brendan submitted this was because of the instant equity opportunity. You see, Zillow gives this a zestimate of $746,500.
Seriously.
That’s $457,500 in instant equity.
Seriously.
If you’re not buying this house right now, I don’t know what you’re thinking. I’m surprised Brendan isn’t - but maybe he’s just afraid of the rain of riches that would descend on him like $457,500 in instant equity.
Like the ad says: “Make Offer”!
August 14th, 2008 at 6:47 am
“Like A Condo With No Association Fee…” LOL!
August 14th, 2008 at 8:41 am
This house also has historical importance: It was an apple stand built right before the depression.
August 14th, 2008 at 10:15 am
I would buy the house but I don’t know if I deserve such a lavish estate. I think this mansion is too large for one person to occupy. Also if I wait more instant equity could be mine. Maybe for 500 sq feet. A more reasonable size.
August 14th, 2008 at 12:12 pm
Another HUGE lot, lol. At least they aren’t estimating here.
Anyone know anything about this area? I keep coming across a lot of homes here between the 280, 880, and the 87 in my price range. Thoughts? I look at the street view and it seems like on every street there’s a couple apartment complexes.
August 14th, 2008 at 1:20 pm
If you look at this the right way, Brian, this is an opportunity for more instant equity. If there’s 2 apartment buildings on the block, then clearly you could buy a few of these estates, knock them down, and build some more eight-plexes. This isn’t just instant equity, this is idiot-proof equity! All you need to do is be sure the building will stay up in a 6.0 quake and bribe the building inspector.
August 14th, 2008 at 1:38 pm
Brian, this is an interesting part of San Jose. You should go down on a Saturday and visit some open houses and it will be immediately apparent what you are getting.
Looking at the map, anything above san carlos street is vastly preferable to below san carlos. Above san carlos is Rose Garden area.
Where this house appears to be is in an area called BURBANK which is simply horrible, a slum. Not dangerous as far as I know, but a slum. It is on the other side of 280 from valley med.
However, right on the other side of burbank, across meridian- see where those TRAIN TRACKS are there? That is the site of a bunch of new fairly expensive condos!
http://www.kbhome.com/Community~CommID~00650802.aspx
Generally speaking, these slummy downtown san jose areas are good investments because the City of San Jose is doing all they can to revitalize everything.
August 14th, 2008 at 1:45 pm
The worst part about that neighborhood is Habana Cuba.
Don’t get me wrong - the food is good. But talk about overpriced.
August 14th, 2008 at 2:16 pm
I really like the symmetrical look of the windows (two big and two small?) and even the poles, yet the artistically differ size of the windows (left side big one is smaller than right side, and left side small one is bigger than right side). Also is it a sink on the far right? It makes a great taco stand and you can cook for all your bros outside and have a great party.
August 14th, 2008 at 2:59 pm
It has a front porch, what more do you need? You can hang out all day and watch your equity move. I won’t say in which direction I see it moving, either.
But for grins, let’s see why this house is on the market.
Listing Price History
Date Price
Jul 06, 2008 $320,000
Jul 14, 2008 $294,000
Aug 07, 2008 $289,000
Sales History
Date Price Appreciation
Jul 03, 2003 $300,000 –
Aug 02, 2005 $169,000 -24.1%/yr
My, my. This is a house that peaked in 2003. It lives in some sort of pre-cognitive bubble.
This is a first. PropertyShark has a new field for this house. “Year Built” is 1928, “Effective Year Built” is 1940. Effective Year Built? Yeah, pre-cognition again. Also construction quality is 4.0. Most homes I’ve looked up there are rated 6.0 so that can’t be good.
Also that price in 2005 looks like an intra-family “sale” so it’s not market. Despite the “sale” at $169K, there’s a mortgage for $337K (variable) on the property. How the hell did the bank approve that? Or did a family member buy a half share of the house?
The previous sale (which also seems to have to family swapping) had a $240K first (variable) and a $60K second (fixed), this is on a $300K sale. Yup, 100% financing. Do you really have to ask why the whole house of cards is crashing down?
There was also a sale in 2001, with a $218K variable first with a $54K fixed second, with no sale price given. I will guess this sale price was $272K.
The property has also had a bunch of “release liens” on it from City of San Jose Finance. I think that means somebody wasn’t paying his utility bills. Can’t find if the taxes are paid, but it’s assessed for $324K. The secure property tax database isn’t working now, so I can’t check there. (It says nobody every paid any taxes on any property ever, including me.)
August 14th, 2008 at 3:28 pm
(Amazing work, digging up that stuff!)
August 14th, 2008 at 4:44 pm
Hey Madhaus, what do you have against people owning their own home, having The American Dream? Frankly they should have 120% financing, they need furniture and appliances, also think about the agony and uneasy feeling of moving into another house.
August 14th, 2008 at 5:14 pm
rick, if you want to set up Rick’s Mortgages Americaines, offering 120% financing, be my guest. Bear in mind all those Pay Option ARMs recast at either 115% or 125% LTV, there were some deals that even IndyMac didn’t want to make.
nomadic, when you buy my house for the $0 in back taxes I owe, be sure to prevent RE from running off with the Mexi-Strat. He seems to have designs on it.
August 14th, 2008 at 5:20 pm
Madhaus,
You just wait for our great politicians to make it happen. (Sometimes I feel we are the communist.)
August 14th, 2008 at 5:21 pm
The secured property tax site is back up, and taxes on this house appear to be current, but 2nd payment was never made in 2006-07. Oddly, they are not listed as delinquent, either.
Well, I just checked my house, and it doesn’t list my second payment for 2006-07 either. Which is really bizarre, because I always pay my property taxes in full (both payments) to get the tax deduction all in one. Whatever glitch stopped it from working earlier still isn’t completely fixed.
I guess you aren’t running off with my house after all, nomadic.
For people who hate Prop 13, my taxes are about the same as this house’s. That’s just cruel.
August 14th, 2008 at 10:15 pm
boo hooo! I’m gonna write my congressman. Free houses for all!