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
Fixer-upper
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






August 3, 2008

Thanks to all who donated last week…

Thanks to all who donated last week!

Thanks to Jim D!

Comments (1) -- Posted by: burbed @ 10:22 pm

Bad MLS Photo Of The Day

This site cracks me up. Here’s an example:

Bad MLS Photo Of The Day | RE Agent In CT

Thanks to Burbed reader Ross for this find!

Comments (6) -- Posted by: burbed @ 5:55 am

America’s Most Overpriced ZIP Codes – Willow Glen?

America’s Most Overpriced ZIP Codes – Forbes.com
America’s Most Overpriced ZIP Codes
Matt Woolsey, 07.29.08, 4:00 PM ET

In San Jose, Calif., home to Silicon Valley and some of the highest home values in the country, a bumper sticker reads, “Dear God, one more bubble before I die.”

Chances are the car’s driver lives in Willow Glen, a neighborhood with a small-town feel, Spanish-style single family homes and a main street with sidewalk cafes and locally owned shops. To live there, residents are paying the city’s highest prices relative to what they could pay to rent similar properties in the same area. When you compare mortgage payments to the value of a similar home on the rental market, the price to buy is 26.1 times higher, one of the biggest differences in the country.

Willow Glen is one example of a neighborhood where homeowners are still taking chances on future appreciation–and paying a premium above and beyond their neighbors for that confidence.

[snip]

But expensive does not mean always mean overpriced.

Limestone townhouses on the Upper East Side of Manhattan, for example, are listed for ever-dizzying prices. Financier J. Christopher Flowers bought a $53 million townhouse on East 75th Street in 2006, and sold a smaller East 73rd Street townhouse undergoing renovation for $23 million in 2007. Expensive? Yes. Overpriced? Not so much. Consider that a five-bedroom mansion on East 74th Street that once belonged to Eleanor Roosevelt is currently listed for $60,000 a month. Prices may be tops in the city, but prime rental prices are peerless as well.

Instead, the country’s most overpriced areas are ZIP codes like San Francisco’s Outer Sunset neighborhood, 94122, which, given its location near the Pacific Ocean and on the south side of Golden Gate Park, was during the most recent boom widely thought to be up-and-coming. Median prices surged from $560,000 in June of 2003 to a peak of $771,000 in March of 2008, based on Trulia.com price data drawn from California’s multiple-listing service.

Still, it’s not as overpriced as New York’s TriBeCa (10013) or Boston’s Chinatown (02111), where demand for high-end condos, new development and proximity to downtowns have pumped up prices.

Goddamnit. New York beats us again. Heck even Boston’s 1 block of Chinatown beats us. Why can’t we ever win? Why can’t we have the most overpriced Zip Codes?

What can we do as community to win? Let’s think out of the box people!

Thanks to Burbed reader Michelle, Mia, and many more for this find.

Comments (6) -- Posted by: burbed @ 5:26 am

August 2, 2008

Which will be the next area to gentrify?

“No kitchen, no bath and the rear portion of the structure is falling off.” [Burbed.com]
WillowGlenner Says:
July 23rd, 2008 at 9:49 am

lisa paul, you are my kind of real estate buyer. I suspect when you bought in Noe, it was not the “in destination” for RE. People don’t realize how much the neighborhoods in the bay area have changed over the years. I can’t really think of any good neighborhoods that went bad, but I can think of dozens of marginal areas that turned into high end zipcodes over time. This is not to say you have to buy low and sell high to make money in RE. You can buy high and sell higher also. But many low end locations turn around- its just a waiting game.

So, which will be the next area to gentrify? Will it be East Palo Alto? Will it be Redwood City? Will it be South San Francisco? Who will enter the Real Bay Area next?

What are you guesses and why?

Comments (45) -- Posted by: burbed @ 5:57 am

August 1, 2008

More patios than bedrooms in Los Gatos

PRIVATE LOS GATOS/MONTE SERENO HILLTOP HOME FOR SALE
$850000 PRIVATE LOS GATOS/MONTE SERENO HILLTOP HOME FOR SALE (los gatos) (map)

Cozy, private house for sale. Nestled on hilltop off Los Gatos/Saratoga Road in the vicinity of Los Gatos/Monte Sereno/Saratoga area. Address is 15911 West Road@Bainter Ave.

*1BR/1BA COZY HOME WITH BONUS ROOM IN MULTIMILLION DOLLAR NEIGHBORHOOD PRICED FOR A ONE-BEDROOM!
*OVERLOOKING MONTALVO AND LOS GATOS MOUNTAINS, MINUTES TO DOWNTOWN LOS GATOS
*6500 SQ. FT. LOT WITH ROOM FOR 1440 sq.ft. IN PLANNING STAGE
*PRESTIGIOUS 95030 ZIPCODE WITH LOS GATOS OR SARATOGA SCHOOLS
*763 SQ. FT. MAIN BEDROOM AND LIVING AREA WITH TILED FIREPLACE AND ORIGINAL OAK FLOORS THROUGHOUT
*168 SQ.FT. BASEMENT BEDROOM WITH ITS OWN PATIO AND VIEW OF VALLEY
*WASHER, DRYER, REFRIGERATOR INCLUDED
*THREE OUTDOOR PATIOS (LOWER AND UPPER LEVEL) GREAT FOR PARTIES
*TITLE REPORT, HAZARD DISCLOSURES AND PROPERTY PROFILE AVAILABLE

*GET A BETTER DEAL WITH DIRECT SALE AND LOAN PROVIDED BY SELLER/LOAN OFFICER

15911 West Road at Bainter St.

Thanks to Burbed reader Ken for this find. Here’s what he had to say:

That has to be the most creative gussying up of a 1BR/1BA I’ve seen in quite a while.  And what a bargain at only $850K.

Well Ken, don’t forget that there’s a bedroom in the basement and you get some appliances. WOW!

At the end of the day, the fact that this house has more patios (3) than bedrooms is a clear indicator of the type of potential buyer that will be interested in this house: someone looking for an occasional weekend retreat.

You’re Mr. Executive, living in Atherton during the week. Wow, suddenly it’s Friday, like today – what to do? Shall you go to your condo in SoMA? That seems boring. Ah! Instead, you have a nice mountainy retreat in Los Gatos.

That’s just how rich it is around here! This would make a great second home for anyone, wouldn’t you agree?

Thanks Ken!

Comments (21) -- Posted by: burbed @ 5:38 am