August 19, 2008

“Previous Owner was permitted for 12 Kids earning over $100K/Yr! Day care”

864 Jones Way, Campbell, CA 95008 Campbell MLS# 80821405 – Property Details
$699,000

* Status: Active
* Bedroom: 4
* Bathroom: 2&1/2
* Year Built: 1961
* Lot Size: 6360
* Square Footage: 1850
* List Date: 7/14/2008
* Garage Spaces: 2
Great opportunity for Day Care/Pre-School, Previous Owner was permitted for 12 Kids earning over $100K/Yr! Day care space at back of prop. clred by fire dept. Charming home, Quiet area, Bright tile Kitchen/Dining w/Garden Windows, nice Hdwd LR/Hall. Dual Paned Windows. Nice yard with automatic sprinklers and drip system. Room for RV. New Exterior and Interior paint * Cul-De-Sac location

This was sent in by Burbed reader Real Estater.

Like a true Silicon Valley entrepreneur, the next owner of this house will have no problems easily pulling in over $100k per year running a day care. Just thing, you can have your cake, eat it too, and then write it off! It’s a Win-Win-Win if you ask me!

At night, I dream not of sugar plum fairies, but opportunities to monetize my residence. Talk about House 3.0!

Better buy this house and get an MBA, because you’ll need another degree to manage this incredible moneymaker.

Cha CHING!

Comments (21) -- Posted by: burbed @ 5:26 am






August 18, 2008

San Francisco residents who hate freedom, liberty, and America

S.F. homeowners want property values reduced
Homeowners are flooding City Hall with so many requests to reduce their property values that the tax assessor said Wednesday his office may not be able to meet the demands.

So far, Assessor-Recorder Phil Ting’s office has received about 1,000 requests for informal re-evaluations – three times the number filed last year. Friday is the deadline to request an informal property re-evaluation from the assessor.

“I’m worried that because we have such a huge influx we’ll not be able to get back to everyone,” Ting said. So far, San Francisco assessors have responded to informal requests from 285 property owners.

Dear selfish people on San Francisco. Please stop. You’re hurting San Francisco.

How will the Real Bay Area ever over take New York to become the most expensive city to live in, in America if you keep pulling stupid things like that! Seriously. Did you think about anyone else?

Sheesh. Some people!

Comments (89) -- Posted by: burbed @ 5:29 am

$650,000 for a stoney townhouse in Mountain View

1714 Plaza Ct, Mountain View, CA 94040 Miramonte MLS# 80822881 – Property Details

1714 Plaza Ct, Mountain View, CA
$650,000

* Status: Active
* Bedroom: 2
* Bathroom: 1&1/2
* Year Built: 1969
* Lot Size: 1306
* Square Footage: 987
* List Date: 7/21/2008
* Garage Spaces: 1
* MLS#: 80822881

Beautifully upgraded, one story townhome has a wonderful location near Blossom Valley shopping, Cuesta Park, and downtown Mountain View. The availability of Los Altos schools adds significantly to the value of this fine offering! Enjoy cooking in the large, epicurean kitchen with tile counters and floor, abundant white cabinetry including some with glass fronts, and white appliances. 1 car garage

And to think that people are actually saying that the Real Bay Area is in danger. Pshaw! Just look at this – $650k for a 987 sqft 2/1.5 TOWNHOUSE.

TOWNHOUSE!

And with a crazy awesome stoney front decoration scheme. Wowsers!

It’s even got an epicurean kitchen with tile counters! Epicurian! Stoney front!

TOWNHOUSE!

Let’s face it friends, Summer is almost over. If you don’t buy this, you’ll be priced out forever when Fall bounce starts.

You heard it here first!

Comments (9) -- Posted by: burbed @ 5:20 am

August 17, 2008

We’re #1! We’re#! Most Expensive Metro Area in the nation

Home prices have fallen 7.6% over the past 12 months – Aug. 14, 2008
The most expensive metro area in the nation is San Jose, where a median priced home cost $755,000, off 12.7% from 12 months ago. The second most expensive area is San Francisco, where homes sold for a median of $684,900, down 19.1%.

Woot!

WOOT!

We’re #1! We’re #1!

BOOYAH baby!

Let’s all give a round of applause to ourselves for making this happen.

We’re #1! We’re #1!

BTW, ignore those down %’s – they’re reflective of the Bay Area, not the Real Bay Area.

Comments (10) -- Posted by: burbed @ 5:35 am

August 16, 2008

What FHA rules have changed? What about downpayments?

Clock ticking again on seller-funded down payments | Inman News

Clock ticking again on seller-funded down payments
HUD taking comments on FHA rule change until Aug. 15
By Inman News, Tuesday, June 17, 2008.

Federal regulators on Monday renewed their efforts to ban seller-funded down-payment assistance on FHA-guaranteed loans, publishing a proposed rule and reopening the public comment period on the plan until Aug. 15.

The Department of Housing and Urban Development says allowing sellers or others with a financial stake in the sale of a home to fund down payments inflates home prices and triples the chance that a home will end up in foreclosure.

Tom in Florida sent this in and noted:

I found it through the BMIT blog, but federal legislation affects us all, one way or another.

I know of people who went zero down FHA including the closing costs, so it happens. That kind of easy credit will end soon. But who needs easy credit in the RBA? Will not Heaven itself ensure the RBA its birthright of “Always the high price, always?”

Well, today is August 16th, is anyone keeping up with the news on this? What changed yesterday?

Personally, I don’t think this will impact the Real Bay Area at all. Down payments are a breeze: some brokerages allow you to park unvested stock options. “Hello, I’ve got 2 pre-ipo shares of Facebook. Yep, that’s right – it’s 20% of the Palo Alto house.”

See? It’s just that easy. Either that, or you just wait until the end of the year when you get your big fat bonus for shipping the latest featured in your Web 2.0 social networking virtualization presence conversation iphone facebook app.

Sweet! This ain’t Florida, Tom in Florida!

Comments (6) -- Posted by: burbed @ 5:47 am

August 15, 2008

Gables End in Mountain View – a tapestry of colorful 3-story homes!

Burbed reader Herve sent this clipping from one of those new home guide maps.

Although those giant SOLD signs have been out since early June, they are still pushing ads. But why advertise in such a low brow publication? Why not focus the ad spend on the Wall Street Journal, The Financial Times, or the Shanghai Times?

Is it desperation?

Nope. The answer is simple my friends – this is to make all of your friends and co-workers jealous. That’s right. By the time this hits the streets, all the units will be sold, and the demand will soar. People will drive up and down 101 just to say “Damnit! That’s the one that got away!”. And you’ll then have to drown your sorrows at Krispy Kreme and In-n-Out

You’ll be able to flip this for 15% without a problem. You’ll even be able to ask the buyer to sign a contract promising to feed the (mutant) squirrels.

Yep, this my friends is how conscientious the developers of Gables End are. Constantly thinking of you, the customer.

Comments (24) -- Posted by: burbed @ 5:55 am

August 14, 2008

Good news, bad news for Real Estate in Silicon Valley

Santa Clara County foreclosures rise nearly fivefold; home values plunge – San Jose Mercury News
Nearly five times as many homeowners in Santa Clara County lost their properties to foreclosure last month than in July 2007, signaling theres no end in sight to the local mortgage crisis. Even many county residents not threatened by foreclosure saw their home values plummet in the second quarter, according to a report released Tuesday.

[snip]

In the San Jose region, 38 percent of homeowners who purchased their property in 2005 owe more than what the properties are now worth; 46 percent of those who bought their homes in 2006 have negative equity and about 32 percent of those who acquired real estate last year are under water, according to Zillow.

Blah blah blah. Blah blah blah blah.

But this is the only part you need to read from this crappy biased MSM (Main Street Media) article:

But price appreciation in communities like Cupertino and Los Altos says as much about the stellar reputation of certain school districts as it does about easy commutes to technology companies.

[snip]

In Silicon Valley, though, the strength of home values can vary city to city, or even neighborhood to neighborhood. Downtown San Jose saw a 15 percent year-over-year drop, while East San Jose had a home-value plunge of 23 percent. On the other hand, Palo Alto and Cupertino, the headquarters of Apple, were each up 5 percent.

That’s right baby. The Real Bay Area is still going on strong.

Tada!

Comments (62) -- Posted by: burbed @ 12:12 pm

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”!

Comments (16) -- Posted by: burbed @ 5:08 am

August 13, 2008

Pipe dreams in San Jose

1175 Pipe Dream Court, San Jose CA 95122 – Trulia
1175 Pipe Dream Court, San Jose CA 95122
$639,800


3 br 2 ½ ba 1,292 sqft
Single-Family Home

From: www.visualtour.com

Listing Type: Resale

Status: For Sale What’s this?

Year Built: 1997

Price/sqft: $495

Lot Size:

Days on Market: More than 30 days

ZIP Code: 95122

Neighborhood: East San Jose

* Beautiful Contemporary 2-stories Home * Attached Single Family Home * 4 Bedrooms and 3.5 Bath with half of car garage concerted to a very nice 1 bedroom and 1 full bathroom without permit * Built in 1997. Lot Size Approx. 1-4,500sf * Lot Description: Cul-De-Sac * Approx. 1292sf (exclude converted bedand…

Aw crud, it got cut off – now I’ll never know what the bedand… that was excluded was.

But nonetheless, I’m sharing this fine East San Jose home with you because Burbed reader Jeff thought I should. Something about the name of the the street really struck him: Pipe Dream Ct.

If this house isn’t the apex, the epitome, the pinnacle of the American dream, I’m not sure what is. And now, it can be yours at the low price of just $495 per square foot, and located in the up and coming, vibrant, colorful neighborhood known as East San Jose.

As noted in the past few entries, the bottom has clearly been reached, so don’t hesitate – go now to buy this slice of your dream.

Comments (31) -- Posted by: burbed @ 5:38 am

Elderly in California to explode by 75%!

Experts: State must plan for demographic shift
Meanwhile, the number of Californians over 65 is due to increase by 75 percent between 2000 and 2020, making the elderly the fastest-growing segment of the population.

This is amazingly awesome news. This means house prices will stay high as people will live in them longer. It also means Prop 13 will never be repealed, again keeping house prices high.

This is a sure win for everyone!

Just watch out for those farmers markets… (with a nod to fark)

Comments (89) -- Posted by: burbed @ 4:44 am