September 16, 2008

This house has easy access to freeways and fire stations! Wow!

FARGO Ave (Unable to map) San Leandro, CA 94579
Price: $430,000


Beds:     5
Baths:     2
Sq. Ft.:     1,862
$/Sq. Ft.:     $231
Lot Size:     7,735 Sq. Ft.
Age (Years):    60
Year Built:    1948
Type:    Detached Single Family
Style:    Ranch
Stories:    1 Story
View(s):    Neighborhood
Neighborhood:    Alameda County
County:     Alameda
MLS#:     80813184

Fixer-upper
Needs your TLC. This is your chance to own a PRICED-TO-SELL-FAST home conveniently located near freeways, fire station, schools, restaurants & shops, but bring your toolbox because this house needs some work. This is great for big family having a big backyard, bonus bedroom and bathroom and in a quiet neighbohood. A once in a lifetime opportunity. Desperate owner needs action!

Burbed generally doesn’t venture much into the East Bay, after all it is fly over land. That said, Burbed reader James sent this great find in.

Usually Realtors, professionals at the craft of prose and poetry write in such amazing language that it takes scholars years to decrypt the hidden meaning.

This Realtor is clearly aiming at the common man. He’s helping make housing accessible to everyone. “Located near freeways, fire station” – the honest is refreshing. “Desperate owner needs action!” – wow, now the realtor is headed in the risque direction. Very bold. Very very bold.

Props to you for this literary work. People will be discussing this for years. Thanks James for this find!

Comments (46) -- Posted by: burbed @ 5:20 am

46 Responses to “This house has easy access to freeways and fire stations! Wow!”

  1. NOT the RBA Says:

    Um, this is NOT in the RBA. SanLo is more like Detroit. Not the safest of burbs, if you catch my drift.

  2. Hellboy Says:

    Fargo ave hmmm… It looks like it could be located in Fargo, the pic has everything but the snow.

    BTW, who was it who said AIG was too big to fail? Not saying it will happen but things don’t look good this morning. $75 billion needed by the end of today and they don’t have collateral needed that comes anywhere close to getting a loan like that. Looks like it’s the fed to the stepping in or BK for them.

  3. bob Says:

    This could be a very interesting day. Basically, it all comes back to the bare basics, which is that the American citizen is essentially broke, saves zero money, and bet it literally all on their house.

    Let’s do the run down:
    Banks and lenders fail.( Countrywide, Fannie, Freddie, Bear Stearns, Leman Bros, and now quite possibly AIG.)

    So Why is AIG in trouble? Well, it isn’t because they’re insolvent or solid. Its because they are illiquid, which means they can’t get cash because the banks and financial corporations that lend it don’t have any to lend.

    The banks don’t have any cash because why? Because the US citizen saves nothing,and spent it all on overpriced houses they should have never been approved to buy in the first place. Thus the banks also have nothing. This is the cold hard facts. This is why anybody that tells you that investing in housing is the best investment to make is a fool. This is also why housing prices will have to fall significantly before the broke US consumer can afford them, and therefore get the whole US financial engine running once more.In other words, time to clean out the rot.

    There has been very few times in my life that I have been thoroughly disgusted with the US economy. This is one of those times. The “ownership society” idea obviously failed and has instead created one of the worst financial failures in US history.

    One thing thats dead-certain is that there will be no return to anything even remotely close to the deregulated lending environment that inflated this bubble. For some of you wishing and hoping for a repeat of the last bubble- good luck. Ain’t happening.The financial system in the US will never be the same.

  4. nomadic Says:

    Hmmm, PRICED TO SELL FAST! And yet it’s still on the market after 104 days with no more price reductions. Do you suppose the “desperate” seller won the lottery in the meantime?

  5. vfsv Says:

    This gem is obviously heading toward foreclosure.

    The real “news” is FC numbers as you can find here: http://www.viewfromsiliconvalley.com/id446.html

    Thanks!

  6. sonarrat Says:

    I don’t know much about San Leandro, I’ve been told that the area around the San Lorenzo border (which is where this is) is OK, the Oakland border is trashy, the eastern hills near Castro Valley are the best.

  7. Roxboy Says:

    San Leandro is near Tijuanna Mexico, yes?

  8. rick Says:

    It is in East Bay, but someone here advised us to build up property there first, then move into RBA.

    So yes it is still related to the RBA, I wonder how well did that guy’s advice almost a year ago is working out, for you folks who thinks he might have a clue about RE.

  9. sonarrat Says:

    Ten years ago that would have been sound advice. Now it is better to rent close to your workplace and wait out the storm.

  10. nomadic Says:

    hehe, rick… getting a leg up by starting in the East Bay is like stepping in quicksand.

  11. madhaus Says:

    Yeah, wait until the RBA sinks down with it before you try that.

    San Leandro, seriously? SL is so non-RBA that this is comparing Gary, IN to Paris, France. San Leandro makes Hayward look like a destination purchase.

  12. rick Says:

    So you guys are saying this house cannot be rented out for $3500? Hey $2500 will get you cash flow positive.

  13. madhaus Says:

    rick, have you looked at rental comps in San Leandro? Seems like 3 bedrooms range from $1450 to 2400, and many of the higher numbers are for 4 bedrooms and/or ads touting their nearness to San Leandro rather than being actually IN SL.

  14. rick Says:

    test

  15. rick Says:

    Don’t know why my several post attempt failed.

    You need to adjust that RBA attitude, see this great home in San Leandro:
    http://www.redfin.com/CA/SAN-LEANDRO/2437-SITKA-St-94577/home/791582

    It is BANCROFT man! I think it is RBA pricing.

    How about the rent on this beauty:
    http://sfbay.craigslist.org/eby/apa/842146443.html

    I am just having fun. :)

  16. madhaus Says:

    RBA pricing? A house for $575K? Actually I am not sure there is a house there, there’s a huge tree blocking the view.

    As to the rental, well, the phrase “lipstick on a pig” comes to mind.

  17. rick Says:

    OK, “outskirts of RBA” pricing. Average in Sunnyvale is $500/sqf.

    http://www.redfin.com/CA/Sunnyvale/391-BALSAM-Ave-94085/home/883309

  18. waiting_for_the_fall Says:

    I think we all could use a little action. *wink wink*

  19. madhaus Says:

    rick, that’s a starter home in NE Sunnyvale (which has never been RBA), it’s a 2/1. You’re comparing that to an invisible 3/2 in San Leandro. Maybe the house-hiding tree is worth an extra $150K, because today’s featured house has five bedrooms and is more than a hundred kay less.

  20. rick Says:

    Huh? Since when part of Sunnyvale is not RBA? Maybe we should call RBA $700 per sqf club?

  21. madhaus Says:

    rick, only the 94087 part of Sunnyvale ever WAS part of the RBA. The rest was a no-go zone. Then only 94087/CUSD. Now only 94087/CUSD/Homestead (south of Fremont, West of Hollenbeck). Act quickly! Streets are being removed from the RBA as we speak!

    North Sunnyvale is not RBA. The prices have gone down. That proves it! RBA only has price increases!

  22. buckborden Says:

    More laughs and lunacy, from the same idiots who brought you the “everyone can make a million overnight in real estate even if you can’t afford it and never mind the fine print” school of investment. Folks, you need to listen to Bob and me and start paying CLOSE attention to what is going on around you and learn to think, question and analyze instead of burying yourself in the crap “infotainment” on the Internet and mainstream media that masquerades as news. You will find that Americans are in very dire straits, largely through their own making. But go ahead and believe that housing will make it all OK somehow or that it’s all the government’s fault. The evidence is strongly against you, regardless of what you want to believe. Markets are giving fools a well-deserved comeuppance. The fun has just gotten started. Happy house hunting! Better buy now or be priced out forever!

  23. bob Says:

    Buckborden,
    I’m guessing you must have read about the government essentially buying out AIG. That makes three major financial giants that are now in part controlled by the government, essentially making the bulk of the US mortgage related industry socialized by making the US the chief comptroller of the mortgage industry.

    As Mr. Paulsen and others have mentioned, the US economy will not recover until housing prices stop falling. That’s a sad statement to make since it clearly shows that we as a country have stopped being productive or competitive and instead have grown almost entirely reliant on the value of our homes. That’s just mind-blowing in its scope of stupidity. I regretfully have to agree with him. Its true- the US financial system has been tied completely to debt.

    So my take on this is that the US will seek a path towards stability. This will likely mean tighter regulations, stricter lending practices, and higher qualifications in order to procure a home. This likely means that home prices will either remain largely flat, or continue to fall until the true affordability index is actually met.Long term it likely means a return to slower, yet more stable housing appreciation, as in 3-4% annual appreciation. This will return the US to more stable economic growth.

    The environment that created the housing bubble was enabled by excessive risk. The US government will not want to play that kind of game. So as I mentioned earlier, those of you who think that we’re going to have a repeat of the housing bubble are probably out of luck. Then again- the US government hasn’t made the wisest decisions over the last 8 years, and if the old white guy gets elected, I’m assuming we’ll probably be in for more of the same.

  24. Prof. Bleen Says:

    Then again- the US government hasn’t made the wisest decisions over the last 8 years, and if the old white guy gets elected, I’m assuming we’ll probably be in for more of the same.

    bob: I agree with the latter half of this statement, but I’m pretty sure that the current crisis is twenty-eight years in the making. Deregulation and legalizing white-collar crime are the hallmarks of the “Reagan revolution,” and regrettably, such policies continued, and were even strengthened, through the Clinton administration.

  25. DreamT Says:

    Bob – I just don’t understand why they haven’t invited you yet to speak on CNN. Probably because the network is owned by a bunch of old white guys none too wise.
    By the way you aren’t too productive yourself and seem to have grown entirely reliant on the internet to keep you busy through the day. You know that leadership includes leading by example, and without it you’re just a whiner?

  26. bob Says:

    Prof Bleen,
    Very true. If you ever look up a guy named Mike Hudson, who in my opinion is one of the best economists out there, he concludes that the creation of our current debt/credit reliant economy really took hold over 20 years ago. This was due in part to the change in the US economy transitioning from one based in industrial production to one based more in service industries.

    Banks and financial institutions came to generate their profits primarily from housing debt. 75% of what banks make are tied to major loans- primarily cars and houses, bust more heavily in housing. So if your entire financial system is tied to housing debt, then it is desireable to continually find ways to encourage further housing price gains and further home buying. The problem is that the housing market was oversold as a result.

    DReamT,
    I read a number of magazines and publications like Kipplingers. I also listen to a few radio shows. I also watch the news. I also read books, and lastly, I also look online. I’m not sure what you mean by being “productive”. I have no debt, have significant savings and investments, and am set for retirement. So perhaps you need to quantify your statement so that it makes sense.

  27. DreamT Says:

    bob – Let me clarify for you. You are a dilettante armed with just enough access to knowledge to think yourself qualified to go crusade online, but apparently not enough to understand how much you still don’t know. You give the appearance to speak a lot and listen very little. When you speak you don’t seem to add any new or original input.
    The wiser you are and the more you know, the more you listen and the less you speak, and what you say is worth quoting. Hopefully this post “quantifies” where you belong on that scale.
    My unsolicited advice to you is to keep reading but write about what you know rather than what you think you know.

  28. Hellboy Says:

    Dream T; don’t throw stones… You seem to be on here quite a bit also;-)

  29. DreamT Says:

    Hellboy – Absolutely :) But I don’t give broad lessons about the market, attempt to predict the future, spend my days quoting publications and radio shows, or give unsolicited financial advice. In fact if bob’s posts were written with impeccable logic and thoughtful, constructive ideas, you probably wouldn’t even see me post at all.

  30. bob Says:

    DreamT,
    Interesting that even though we have never actually met, you seem to know just about everything about me and my knowledge base. Frankly, I’m not terribly concerned about what you think of me or my opinions, which despite what you think have been formed by my own research and conclusions. If my judgment is faulty, then may I suffer the consequences. But so far, my decisions have served me quite well.

  31. RealEstater Says:

    Bob,

    You are already suffering the consequences from what I can see. You have no home equity built up, still throwing money away in rent and taxes, living in a not so sought-after town on the East Bay and enduring a long commute daily.

  32. DreamT Says:

    bob – I don’t claim to know as much. I described what I saw through the prism of your laborious posts. I am not even necessarily disagreeing with all of your opinions or conclusions, I mostly have my issues with the delivery and the over-simplification. In any case I’ve nothing to add at this time and won’t make value judgment on your opinions or actions (only Chuckie can do that).

  33. anon Says:

    “You are already suffering the consequences from what I can see. You have no home equity built up, still throwing money away in rent and taxes, living in a not so sought-after town on the East Bay and enduring a long commute daily.”

    1) Home equity is not synonymous with wealth.
    2) Ever occur to you he may like where he lives?
    3) I’ve got nothing on the commute. I don’t know how anyone could commute that and maintain sanity.

  34. DreamT Says:

    anon – If you’re going to be negative, I’ll go complex.

  35. anon Says:

    “That makes three major financial giants that are now in part controlled by the government, essentially making the bulk of the US mortgage related industry socialized by making the US the chief comptroller of the mortgage industry.”

    Bob, be careful with this. In many of your posts, you extrapolate from the specific to the general where it is not always warranted. Here, you’re saying 3 bailouts equals the majority of the mortgage industry. That may be true, but the bailout of AIG isn’t contributing to that. Everyone does this to some degree – I’m just saying be on the lookout for it. Besides, the AIG bailout isn’t like the other ones in that it is an option to exercise, rather than a direct capitol injection (I think). Anyway…

    Another example is above. DT draws a few fairly reasonable conclusions about you from your writing. You went from those specific conclusions to stating that he “seem to know just about everything about me and my knowledge base.” That conclusion is simply unfounded given the premise(s) you have to work with.

    That said, please keep posting. You make some good points.

  36. buckborden Says:

    Bob,

    Yes, I read all the business sites daily. And like you, I’m set in cash and living small. Still cracks me up how some so-called smart folks on this site think that debt=wealth. Never understood that…

    As for the market meltdown, it IS fun to watch from the sidelines…and the sheeple are so deserving….as for renting, I’ll take ONE single check of $1,200 each month vs. a lifetime of stress and debt anytime…I sleep very well at night. I’m sure you do too.

    Thanks for the kind words of support. These idiots can just wallow in their slop.

  37. anon Says:

    “anon – If you’re going to be negative, I’ll go complex.”

    Then I shall divide by zero, thus eradicating your complexity.

  38. RealEstater Says:

    The contrarian in me tells now is a good time to take advantage of opportunities in the beaten down financial sector. I plan to reallocate part of my 401K now sitting in money market into a financial industry fund. There’s definitely risk here, but I believe the risk/reward is acceptable for someone who’s been sitting in the sidelines.

  39. DreamT Says:

    anon – Foul! Only Chuckie can do that (TM).

  40. anon Says:

    Fine, then. Two Is make a positive, therefore we are positive.

  41. DreamT Says:

    anon – As long as you’re positive about it, I guess we don’t need to go all the way to iiii

  42. anon Says:

    blush…Yeah…that should have been i^4.

    It’s been a long time since I dealt with this stuff.

  43. nomadic Says:

    Get a room, you two!
    :-)

  44. anon Says:

    heh

  45. madhaus Says:

    OMG this complex talk is hurting my i.

    bob, the funny thing is, you tend to take single examples to claim a general rule, yet ignore repeat observations that prove anything else you don’t agree with.

    For example, several different people on this board have told you that your observations are somewhat rash and erratic, but you never take them seriously. I mean, if one observation in bobworld is good enough for you to post here, than three four lots ought to be Scientifically Measured To The Fourteenth Decimal Place.

  46. Biggest, Weirdest Reported Sale – Maybe Ever – Alameda County [Burbed.com] Says:

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