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

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

  1. bob Says:

    Kind of sad. Either an old person lived here forever ( as judged by the old lamps, furniture, etc) or the house has been abandoned and was being lived in by squatters.Also looks like there some sort of flood damage.

    Oh well… bulldoze it, move in a double wide!

  2. Steven Says:

    This house could be used by an aspiring filmmaker to shoot a hell of a horror movie.

  3. Herve Says:

    Check out the Zestimate: $804,000 (value Range: $755,760 – $1,206,000)

    Talk about instant equity! Who cares if it sold for $256K in May? Who cares if Highway 1 is 50 feet away?

  4. rick Says:

    I think the garbage is worth $250k, do you own estimate about the rest. Who knows you may discover a new specimen of rats, wouldn’t that worth a hell lot of money? Hello Genetech and Roche!

  5. sonarrat Says:

    Kind of sad. Either an old person lived here forever ( as judged by the old lamps, furniture, etc) or the house has been abandoned and was being lived in by squatters.Also looks like there some sort of flood damage.

    I think you hit it on the nose. It was probably some poor as f**k degenerate who had lived there since Pacifica was Deliverance-on-the-Beach. And I’m not sure that’s flood damage – what about the caved in ceiling? What a wreck!

  6. Hellboy Says:

    Zestimate definition: “A Zestimate home valuation is Zillow’s estimated market value. It is not an appraisal. Use it as a starting point to determine a home’s value”…

    That’s one HELL of a starting point for this thing.

  7. bob Says:

    I actually used to work for an online service that dealt with home appraisals. Zillow is a joke. Nobody should ever use it as an appraisal tool.Its that inaccurate. Did make a lot of homeowners feel good during the boom though.

  8. Roxboy Says:

    This house looks like my ex-roommate lived there.

  9. Pralay Says:

    Looks at the crib. Owner’s baby broke one side of the crib fence and ran away. Oh baby! You hate your dirty parents so much!

  10. bob Says:

    LOL! yeah, I was wondering about that crib too!

  11. whocares Says:

    Gosh. No property really is good enough for you guys! Is it the sense of entitlement that makes you people think its appropriate to disparage this property?

    How quickly people forget that they’re not making anymore land…This would have been a steal during the bubble, but NOW nobody will touch it. Hm, I suppose the ‘free money’ goggles have a way of distorting peoples’ points of view.

    I think a nice genentech corporate level employee would be happy to live here. In fact, I heard their in-house counsel was making an offer on this investment piece.

    Yep. That’s my story and I am sticking to it.

    Oh, what’s the other one? Just because this property is out of reach for you doesn’t mean its junk!

  12. whocares Says:

    I could see this on MTV Cribs. Why? Because its in the bay area. Not like those POS mcmansions in socal.

  13. sonarrat Says:

    Don’t forget Youtube HQ on Cherry Ave in San Bruno. That’s close by too.

  14. Ross Says:

    What do you think that substance is in the green containers on the bed? Roof water? Since we haven’t had any rain in about 5 months….(shuddder) For once I’m glad no one has invented smell-o-vision.

  15. nomadic Says:

    Maybe the “foreigners” will come in and scoop up this gem. Supposedly they have $29 billion earmarked for the west coast…
    http://www.nypost.com/seven/08102008/business/lost_sovereignity_123879.htm
    :-)

  16. madhaus Says:

    I suspect whoever lived here was actually living in the lean-to in the back yard next to the lawnmower (at least I think it’s a lawn mower, it’s hard to tell). Probably moved outside after kicking the crib to pieces.

    It’s just too hot to be creative today.

  17. madhaus Says:

    nomadic, if Hanson is offering 50-60 cents on the dollar for REOs in bulk, that’s going to put some serious downward pressure as new REOs get added to bank inventories.

    Remember, Alt-A resets will start next year, not counting the Option-Arm insanity recasts.

  18. nomadic Says:

    First, Hanson’s offers will have to be accepted…

    I posted that “tongue-in-cheek.” We’ll see how that turns out; I agree with the latter part of the article in that the larger banks probably won’t be THAT anxious to get the REOs of their books.

  19. WillowGlenner Says:

    If you actually read that article it is testament to the fact that we are near a bottom in these properties. Only you guys don’t want to hear that. As far as 50% on the dollar, it depends on where their starting point is. many REOs are priced at 50% of initial offering, especially in Gilroy or Watsonville. 40% down is common in east san jose. That Alt-A boogeyman won’t ever come and you will have missed an opportunity.

  20. Pralay Says:

    That Alt-A boogeyman won’t ever come and you will have missed an opportunity.
    ————

    OMG, we are heading towards Don’t Get Priced Out Forever 2.0.

  21. RealEstater Says:

    Hope everyone had a great summer. I’m still savoring my summer vacation, but glad to be back enjoying the BA weather.

    WG,

    I think you’re quite correct. The market is indeed turning and poised for a strong fall season. Take a look at this weblog:

    http://midpenre.com/

    I know some people are going to discredit anything written by a realtor, but time will tell if something is true. So far, all the doom and gloom crowd have been wrong. Economy had a 3.3% GDP growth, and Madhaus’ shack is still worth over $1M.

    Some excerpts from the weblog for those who don’t want to read the whole thing:

    ————-

    But though the media won’t begin reporting on this for another six to eight weeks, we are starting to see signs of a turnaround in the market. Open houses are well-attended. Buyers are finally coming off the fence and making offers. Princeton Capital is reporting an increased number of pre-approvals and mortgage applications. We’re really starting to see a surge of activity in several of our markets. Some markets are seeing the surge based on REOs while others are simply seeing it thanks to the old law of supply and demand—limited inventory = increased buyer demand. For example, Palo Alto continues to struggle with limited incoming inventory for the second consecutive week. Menlo Park continues to see dwindling inventory with limited incoming listings. Areas of the East Bay are also struggling with lower inventory and the City is seeing limited supply in the upper tier, where, if we had more to sell, we’d certainly sell them!

    ————-

    Based on buyer feedback at open houses, many of our agents are expecting that the Fall will provide us with a pretty healthy upswing. A lot of buyers—especially first time home buyers—are finally starting to come to the realization that this is one of the best buyer’s markets of our generation and they’d like to take advantage of it.

    ————-

    Foreign investment continues:

    This week Burlingame reported two foreign investor sales with one property selling for $2.8 million and another for $9.8 million.

  22. Pralay Says:

    Last picture above (6th in original listing) is more interesting. So far I have seen this kind of picture of roof falling down from Iraq, Palestine. Did someone fire a rocket/missile there? What is inside the black trash bag on mattress? Remains of the dead-body?

  23. bob Says:

    I’m sure that you “investors” are hoping for your own sake that we’re seeing some sort of bottom. You guess is exactly that: A guess. If we reached the bottom, then it would be the absolute fastest housing turnaround in US history- the Bay Area included. The fact of the matter is that earlier this week, the NAR( which is naturally biased) itself reported that even though sales were up( in large due to the re-sale of foreclosures and fire sales) the supply of homes was still at a YOY high compared to 2007, which even back then was suffering from historic oversupplies.

    So that simple piece of data alone is enough to indicate anything but the bottom. Secondly, there remains to be nothing anywhere close to the lending market available to buy, even at some of the more depressed prices. Fannie and Freddie are still at dangerously perilous levels. They lend over 50% of the loans in the US. They will not be taking any significant risks- risky loans or not.

    That’s all there is too it folks. If you think it “smells” like a bottom, its only because you’re comparing some of the worst sales and depreciation cycles in US housing history where any signs of improvement is going to feel like a turnaround since anything other than this year is going to look rosy.

    So keep dreamin’. If it makes you feel better to call bottom- go for it.

  24. bob Says:

    Oh- and one more thing RE. I read the link you posted. Pretty much ALL of the sales increases per his article was driven by REOs. Merely selling REOS doesn’t= a healthy market. Quite the opposite in fact- and he’s an RE agent. So I think your link pretty much proves my point.

  25. WillowGlenner Says:

    it wouldn’t be the fastest turnaround bob, not even close. The bay area real estate took a healthy dip in 2001 for one thing, that lasted about 9 mos.

  26. bob Says:

    2001 was caused by the crash of the tech bubble, not housing prices. This time around, the crash wasn’t tied to the health of regional or national industry, but rather to housing itself. A more accurate comparison would be to the 1991-1997 housing crash, which just like this one had a dramatic early fall in prices followed by a slight negative, to flat period of growth for the last years of its existence. Even after that, the rise in values didn’t truly go off the wall until around 1999-2000, or at the peak of the tech boom.

  27. nomadic Says:

    The article I read that quoted some Wall Street economists said they thought it may be a bottom in the YOY declines in sales but it would take a year before prices started to go back up.

    I talked to my mortgage broker today, who said she expected it to be about a year before things start to improve.

  28. bob Says:

    Most credible economists I’ve read put 2010 as the target year before the turnaround- and by that they mean a return to perhaps NORMAL appreciation. I’d probably put it more like 2012 if history serves as a indicator.

  29. Pralay Says:

    I know some people are going to discredit anything written by a realtor, but time will tell if something is true.
    ———-

    Yes, I bet those guys, many of whom never went to any college and does not know very basic of economics, were right all along. He he! Thanks for the news! ;)

  30. RealEstater Says:

    Pralay,
    >>Yes, I bet those guys, many of whom never went to any college and does not know very basic of economics

    If you have proof the President of Coldwell Banker never went to college, and didn’t study economics, please share with us. It seems that with all of your knowlege, reasoning ability, and crystal ball extrapolation skills, you should be their president. What the hell are you doing in your worker bee IT role?

  31. Pralay Says:

    If you have proof the President of Coldwell Banker never went to college, and didn’t study economics, please share with us.
    ——

    Ha! Another illogical demand from so-called hitech guy. Therefore I don’t know if I should put you into hitech guy category or real estate agent category.

    Can you prove that a giant tea cup is NOT revolving around earth?
    It’s not my job to prove that president of CB has a no college degree. If you that information he indeed has one, please share with us.
    I repeat, many of the realtors DO NOT have college degree.

  32. Pralay Says:

    It seems that with all of your knowlege, reasoning ability, and crystal ball extrapolation skills,
    ——

    You want to hear the funniest “extrapolation”? It is: home price doubled in LAST 10 years, hence it will double in NEXT 10 years. :)

  33. anon Says:

    “It’s just too hot to be creative today.”, MH – 8/29/08

    Lol!! would you like some crackers with your whine? (psssst – you live in the BA. you’re not allowed to complain about weather.)

    Happy friday all!! What fun. Another good week of property devaluation. Welcome back RE, this blog is boring without your idiotic statements. Welcome to the madness. I hope you find your ideal single investment property soon. Remember, its not day trading. Be patient.

  34. whocares Says:

    there is always a blip of an increase at the start of a severe down turn. The people who have been dying to buy but can’t – will come out of the woodwork only to their detriment. Unfortunately, they don’t realize that they should have bought 2 years ago as home prices are now on the down side of an exponential curve, rather than the upside.

  35. austindweller Says:

    What the hell are you doing in your worker bee IT role?

    I thought that was you RE (worker bee in IT)

  36. DreamT Says:

    Welcome back to RealEstater, not new and not improved.
    Still, I’m glad as well.

  37. Tyrone Says:

    $286,900?

    Is that all they’re willing to pay someone to take it off their hands??
    .

  38. madhaus Says:

    whocares sez:
    there is always a blip of an increase at the start of a severe down turn. The people who have been dying to buy but can’t – will come out of the woodwork only to their detriment. Unfortunately, they don’t realize that they should have bought 2 years ago as home prices are now on the down side of an exponential curve, rather than the upside.

    if they bought 2 years ago in East San Jose or Gilroy, they’re royally flushed. And very underwater.

  39. madhaus Says:

    Re: #37, Tyrone

    At some point, these lots are going to go for five digits instead of six.

    Plenty of lots in Detroit you can have for free.

  40. whocares Says:

    They better find a way to get out now because the flood gates only opened a little while ago.

  41. anon Says:

    “I think you’re quite correct. The market is indeed turning and poised for a strong fall season. Take a look at this weblog:”

    Lol, RE WELCOME TO 3 MONTHS AGO.

    (buy now or be priced out forever)

  42. anon Says:

    Do you not find it interesting that in the same breath:
    “Open houses are well-attended. Buyers are finally coming off the fence and making offers.”
    is mumbled with
    “The market is indeed turning and poised for a strong fall season.”

    Where oh where are the googlers, foreigners, and people who are NOT ANYONE YOU KNOW who are kicking down your door to buy RBA property?

    Guess they dried up once the free money was gone and they don’t have a bigger idiot to sell their homes to.

  43. Alex Says:

    I’m waiting for the overpriced POS in Willow Glen to drop. Then I’ll swoop in, pick up a property at half it’s current price and piss on my neighbors’ properties.

  44. DreamT Says:

    Alex – In the meantime I see you’re enjoying pissing on English grammar. It must be an inborn talent.

  45. WillowGlenner Says:

    I’m waiting for the overpriced POS in Willow Glen to drop. Then I’ll swoop in, pick up a property at half it’s current price and piss on my neighbors’ properties.

    Yes of course you are. If you actually read all the posts from the most bearish here, they are bearish because they want to BUY. LOL. So of course that huge drop they are dreaming of never comes.

  46. Lionel Says:

    “If you actually read all the posts from the most bearish here, they are bearish because they want to BUY. LOL. So of course that huge drop they are dreaming of never comes.”

    This downswing is just beginning, WG. I don’t want to buy in the RBA, but I do think the drop is going to be spectacular over the next 3-4 years. Nice little warning shot was fired at Dell the other day. As the economy slows down in general, consumers will be purchasing much less tech crap. And companies such as Google and Facebook, which survive on ads, will get hammered even harder.

  47. Lionel Says:

    And this one is from http://www.bigpicture.typepad.com/, for RE:

    “Merrill’s David Rosenberg looks at the GDP version of Banks & Brokers profits:

    THE ASTUTE ECONOMY-WATCHER for Merrill Lynch, David Rosenberg, also strongly advises digesting the suspect GDP report with a “very large grain of salt.” Among other things, he casts a skeptical eye on how the report treats the decline in corporate profits. (We won’t keep you in suspense: The answer is: “gingerly.”)

    More specifically, he notes, “national-account corporate profits declined at a 9.2% rate in the second quarter.” For domestic industries, he goes on, profits are down 14.4% year over year.

    But according to the GDP report, domestic nonfinancial profits fell at a much sharper 22% annual rate. The reason the drop in total corporate earnings was limited to 9.2% was that, David relates, profits in the financial sector, so claims the report, surged — get this — at a 27% annual rate.

    His wonderfully eloquent comment:

    “Are you kidding me?”

    My original comment stands: If you believed that US economy grew at a 3.3% annualized in Q2 2008, I have a very reasonably priced bridge for sale in Brooklyn. Hardly used. Make an offer.”

  48. whocares Says:

    “Yes of course you are. If you actually read all the posts from the most bearish here, they are bearish because they want to BUY.”

    Who are the bearish people that want to buy? Posting a bearish outlook does not a wannabe buyer make.

  49. eRicK Says:

    LoL. Everyone on this website need to watch “The Secrets”. Too much negative energy around here. I’m gonna go get my daily dose of that positive thinking Coolaid. Thank you very much.

  50. madhaus Says:

    Hey burbed, where’s today’s article?

  51. burbed Says:

    Dude it’s a holiday. :)

    Also, there weren’t any great real estate article this week. Stupid elections.

  52. madhaus Says:

    Actually the holiday is on Monday. I’m sure you can find a wonderful POS listing somewhere for us to attack.

    Here ya go, snout house, in Mountain View, for $650K.

  53. Renter4 Says:

    God, look at the crib in that house, you guys. Kids lived there at one point. Hopefully not while the roof was caving in and the garbage was piling up.

  54. Tyrone Says:

    Re: #39, Madhaus

    At some point, these lots are going to go for five digits instead of six.
    Plenty of lots in Detroit you can have for free.

    I don’t think you understood my post. They would have to pay ME to take this dump and shitty lot.

  55. DreamT Says:

    Tyrone – It does seem indeed that there was nothing worthwile to understand in your post.
    I doubt you need to worry about anybody paying YOU to acquire real estate. Have happy delusional dreams.

  56. Jeff Says:

    I think it was just a joke. DreamT, are you really that big of a jackass.

  57. anon Says:

    lol Jeff are you really asking that question?

  58. DreamT Says:

    Jeff – only when deserved…
    anon – still entangled in that fish?

  59. Herve Says:

    I hadn’t realized Katrina had hit Pacifica. And now Gustav is coming…

  60. anon Says:

    yes.

  61. madhaus Says:

    burbed will you post something before the denizens beat each other to death with a pile of REOs?

  62. eRicK Says:

    Wow. Just realized how addicted I’m to this website. Wtf am I doing checking this website 20 times a day.

  63. rick Says:

    WG,
    That is so lame. Of course people WANT to buy a house, IF it is in their range of FAIR value. I heard RE and Stevo talking about buying million dollar houses for quite some time now, have they bought yet?

    You can call bottom all you want. In fact any of the NAR types have been denying there is a bubble and then calling bottom all the time. Now even they are hesitated to call a bottom. But of course, you are the best in RE.

  64. bob Says:

    The analogy that many pro-RE people seem to be making here is that since REOs are now selling… then this MUST surely be a sign of the bottom.

    The better analogy would be if a used car salesman thought that even though he wasn’t selling any used cars, that sales were surely going to rise soon since everyone was buying cars from the police auctions.

    If anything, what REOs are selling for might be closer to what the price of what some people might actually be able to afford. But just as Whocares mentioned, those buying now were probably dying to buy as soon as they could barely squeak into something. its just as logical to conclude that even today’s REOs are still overpriced from the eventual bottom.


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