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

34 Responses to “The house has a detached garage – but is it detached itself?”

  1. bob Says:

    Jesus those houses are close together. I guess one side of the house will never get painted.

  2. whocares Says:

    Are you kidding?? Of course this house is detached….

    from reality.

  3. Pralay Says:

    I guess one side of the house will never get painted.
    ——-

    Correct way to say: I guess one side of the house will never get painted require painting.

    You are saving money, dude.

  4. rick Says:

    Is this a house from the fairy tales? I like the fence that is blocking you one step from the window, and the owner probably raised chicken behind it. This is a below 150k shack but hey, you may rent it out for $2000, so the price is justified.

  5. zanon Says:

    BURBED: When Roche buys Genentech in So City, they will also close down Roche facilities in Palo Alto (inside source).

    This means employment in PA will go down for sure, as some Roche employees there will be laid off, and others will be asked to move to Jersey (maybe even Tenafly).

    Both bringing So City into RBA and kicking PA out of RBA seems crazy. Please help me make sense of this.

    -zanon

  6. WillowGlenner Says:

    what I think happened with most of these 3K sq ft lots that are old houses- is that this house used to sit on a huge, large lot- maybe a few acres and in the 50s or 60s when people started to move here, the owner was offered $$ for his land and he sold it all except the tiny plot of land his house was on, because the older residents didn’t see land as an advantage- it had to be maintained and he got what he thought was a fortune for the property. I have seen some of that when I accessed the city records for a Campbell development from 1947- this new development went in and completely encircled this little house on a small plot- it must have been his land originally. Now 70 years later all the little houses seem to be of the same old era, but they aren’t.

  7. Pralay Says:

    but hey, you may rent it out for $2000, so the price is justified.
    ———

    Yes, instead of $20 bill, $2000 is the lowest denomination comes out from renter’s ATM machine. So renters simply cannot pay less than $2000. It’s simply impossible.

  8. Gavin Says:

    Now reduced to $439,000
    http://www.redfin.com/CA/South-San-Francisco/427-Commercial-Ave-94080/home/1879621/sfarmls-344327

    Zillow has an estimate for this house of $458,500. In a down market the Zillow estimate is likely to be two high.

    Also based on rental value this house should cost between $250,000 and $370,000. If the price falls over the next year the same amount it fell over the last year, the price will be reasonable.

  9. WillowGlenner Says:

    this would rent for maybe $900. Not only do the numbers not add up on a dump like this, but the time and effort required to rent it is not worth it. You don’t get quality renters in a place like this. Good renters want a better house. When you rent really cheap places like this you are dealing with a lot of section 8, or some other mitigating circumstances that good landlords would never deal with. Lots of tenants will do more damage in this house than $900/mo, and thats who is in your potential rental pool is. You can rent houses to one individual for $900 and find out that they have subletted to 15 illegals and are all using the same bathroom, etc. that is a huge risk with places like this.

  10. WillowGlenner Says:

    BTW zillow isn’t that high anymore. Lots of zestimates are actually lower than true valuation now, I am finding, if a house is in an area where there were a lot of REOs.

  11. Gavin Says:

    I am curious about which neighborhoods in the Bay Area where the “Zestimate” is lower than the recently sold price. In an area with custom homes you may have houses that are undervalued by Zillow, but in places with very similar tract houses in a declining market the Zestimate is likely to be too high.

    For example 327 Lux Ave, which is very close to today’s featured house sold in July 2008 for $530,000. Zillow predicts the price should be $585,000.

  12. Jeff Says:

    Redfin’s listing for the property has the street view that shows the garage. Not exactly a pretty sight.

    http://www.redfin.com/CA/South-San-Francisco/427-COMMERCIAL-Ave-94080/home/1879621

  13. WillowGlenner Says:

    Heres one right here. The zestimate is 18K lower than where this house sold 2 weeks ago. That particular area is highly depressed with a few REOs- this was a legitimate sale so the sales price is an accurate reflection of true worth- and the zestimate is lower.
    http://www.zillow.com/homedetails/19757784_zpid

  14. madhaus Says:

    Jeff, so the garage faces the street in the back, 1st lane? That will be fun when you want to bring in the groceries in the pouring rain.

    Also check out Jeff’s link to redfin and look at the street view, go over 2 clicks to right and notice how the neighbor set up his yard as a parking lot right on the grass.

    And the comps! There’s a 2/1 listed on railroad avenue for $328K. Also check out the sales history, whoops, $515K in October. That’s October, 2004.

    In case you haven’t figured it out, this house is a foreclosure.

  15. sonarrat Says:

    SSF’s nickname is “The Industrial City,” and it has a residential street called Commercial Ave. It’s like Sim City exploded all over a steep hillside. The single, slightly tilted pine tree in the front yard is the coup de grace for this minimalistic masterpiece.

  16. whocares Says:

    “n case you haven’t figured it out, this house is a foreclosure.”

    I hadn’t. How do you know this?

  17. WillowGlenner Says:

    This house has one of those sales histories that I don’t understand. It sold for 515K in 2004, and then 189.5 in Feb 2006. Whats up with that? Had it just been the 189.5, that would have been a prop 13 transfer to relatives. But what about the 515K? Whatever that was, it seemed like fraud because this would never have been reasonably priced there.

    The recent foreclosure I bought was sold for the exact amt of my purchase price in 2001. So thats where these undesirable homes should be priced.

  18. sonarrat Says:

    But what about the 515K? Whatever that was, it seemed like fraud because this would never have been reasonably priced there.

    Sure it was. A 1000 sf house not in a ghetto within 10 miles of downtown San Francisco? During the bubble, that would have seemed like a very fair price.

  19. Pralay Says:

    his house has one of those sales histories that I don’t understand. It sold for 515K in 2004, and then 189.5 in Feb 2006. Whats up with that?
    ———-

    Although the sale amount is $189.5K, the actual loan amount is $568K, according to propertyshark.

    Event date 2/22/2006
    Sale amount $189,500
    1st party Escamilla,Salvador T
    2nd party Escamilla,Salvador
    Owner address 427 Commercial Ave
    South San Francisco, CA
    94080
    Lender # 1 First Federal Bank CA
    Loan amount # 1 $568,000
    Rate type # 1 Variable

  20. nomadic Says:

    Rounding it out a bit more, Salvador originally bought the place in 2004 for $515k, financing $463,500 of that. Then in 2006 it was a refi for $568k. We know it’s a refi because the 1st party is the same as the second party. (In a sale, the 2nd party is the buyer.) I don’t know where the $189,500 comes from? Maybe the 2nd loan that was paid off and replaced in the refi?

  21. Herve Says:

    Cool, another house in the series “I’ll huff and I’ll puff and I’ll blow your house in“…

  22. Renter4 Says:

    A 1000 sf house not in a ghetto within 10 miles of downtown San Francisco? During the bubble, that would have seemed like a very fair price.

    “Not in a ghetto” is only tenuously correct. It’s a pretty blue-collar area, and I’ve seen bunches of graffiti two blooks up from there. It’s near a busy shopping street (Grand), which is sort of nice and all, but as I recall, the houses around are really not very nice.

    SSF really is kind of a dump. I don’t know if it’s that the houses are all so cheaply built or so crammed in, or the grey weather, or what.

  23. sonarrat Says:

    I live in SSF – I know of whence I speak. It can be dumpy-looking but it’s no ghetto, not in the Avalon Park area where I live anyway.

  24. DreamT Says:

    sonarrat – do you know your neighbors rather well? If not, this would qualify for an upgrade it seems.

  25. sonarrat Says:

    DreamT, Not sure what you mean by that. I do know and like my neighbors – my building has every creed and color, and there are a number of nice families with young children who go to Ponderosa Elementary. There are a lot of things you wouldn’t expect – little ranches with horses and chickens just a couple blocks from a bowling alley and a little strip mall where I go for my dry cleaning, a church which has its own housing for the poor, a retirement community. It’s a good place.

  26. DreamT Says:

    sonarrat – was really just a tongue-in-cheek reference to burbed’s posting

  27. sonarrat Says:

    Ah right.. with the houses that close together, it would be like that scene in Office Space where Peter asks Lawrence if he wants to come over by talking normally towards his apartment wall.

  28. madhaus Says:

    In comment #16, whocares asks how I know this house is a foreclosure. Two ways.

    First, the last sale price isn’t a nice round number. When you see that, it’s the bank taking the house back and listing the amount owed the day they did so.

    Second, the redfin listing has an item right on top saying “This home is also listed on San Francisco MLS and as a bank listed foreclosure.” That leads to a slightly different looking redfin page which also tells us the property is now vacant.

    As to story book homes, I think this one might be a step up from living in a shoe, but the house of sticks might fetch a higher price.

  29. Herve Says:

    Another storybook house: This winsome English Cottage brims with storybook charm that will capture your heart.

  30. madhaus Says:

    Oh my gawd, Herve, that winsome English cottage captured something all right, but I think it was my dinner.

  31. 125 2nd lead mortgage | 125 2nd lead mortgage Says:

    [...] Second, the redfin listing has an item right on top saying ?This home is also listed on San Francisco MLS and as a bank listed foreclosure.? That leads mortgage to a slightly different looking redfin page which also tells us the property is now … more… [...]

  32. Petsmart groomer Says:

    > This means employment in PA will go down for sure, as some Roche employees there will be laid off, and others will be asked to move to Jersey (maybe even Tenafly).

    We’re seeing the impact already: 3-bedroom, 3.5-bath home in San Mateo for $1.499 million (bought for $1.565 million in Oct. 2007). It’s been reduced already to $1,399,000.

    From the linkedin profile: “Board certified toxicologist looking for a position in San Diego“.

  33. Alex Says:

    damn, dude. you dug up a really old thread. Got bored staying inside from the rain today, huh?

  34. nomadic Says:

    stalking practice


Leave a Reply

Please be nice. No name calling, no personal attacks, no racist stuff, no baiting, etc. Let's be nice to each other in the true Bay Area spirit! (Comments may be edited/removed without notice.)