Houses on Hurlingame being snatched up fast!
590 Hurlingame Ave, Redwood City, CA 94063 Dumbarton MLS# 80829025 – Property Details
$265,000
* Status: Pending Release
* Bedroom: 2
* Bathroom: 1
* Year Built: 1964
* Lot Size: 2500
* Square Footage: 760
* List Date: 8/20/2008
* Garage Spaces: 1
Great price reduction. This is a two-bedroom one-bath corner house. Garage is converted to an additional, third bedroom. The current owner installed a lovely iron gate, paved front yard and driveway, and built a wooden shed in the backyard. All of this is available for the enjoyment of the new owner. There are engineered wooden floors throughout the house. The kitchen has an eat-in area.
You snooze you lose. Redwood City is a popping! This house is pending release already. It’s got engineered wood floors – all the plans have degrees from Stanford or Berkeley. There’s even a lovely iron gate to remind you of French aristocracies (stay out peasants!) and an eco friendly paved front yard!
You know what probably sold this house the fastest though? This interior photo:
Come on! This house includes a magic dresser which has a portal to another dimension! What geek wouldn’t immediately fall in love with this house? At this price, even an $18 year old working part time at Fry’s could buy it!
(Caution: portal may be one way…)
October 29th, 2008 at 6:34 am
Tons and tons of these “half-a-houses” in Redwood City.
October 29th, 2008 at 8:47 am
So at this rate, all the houses on Hurlingame should be sold by about.. 2019.
October 29th, 2008 at 9:30 am
Putting a plant on the wall heater is quite an idea!
Nice pink bedroom too!
October 29th, 2008 at 10:05 am
Herve, too bad it isn’t a cactus.
October 29th, 2008 at 11:53 am
The current owner installed a lovely iron gate, paved front yard and driveway…
Paving the front yard is a bonus? Who needs three cars for 760 sq. ft.? Only in California.
You could help this house achieve its true potential if you added razor wire atop the “lovely iron gate” and a huge sign reading REDWOOD STATE PENITENTIARY. The little prison that could! I heard that prisons are the big money-making industry in Texas these days. Why not offset a potential tech bust in the BA with some of the same magic?
October 29th, 2008 at 3:16 pm
I see there’s a vacant, 6000 sf lot on 2nd Ave in RWC just south of Park Ave for $150K. That might work.
October 29th, 2008 at 3:19 pm
The name of the street says how I feel about this house.
Bleen, paving the front yard is a huge bonus in this ‘hood. Can you imagine all the extra residents in those unapproved garages who have cars of their own and need a place to park them? Not only could you rent this house for $1800 a month easy, you could get another $4-500 a month from parking fees if you commute on a bike.
October 29th, 2008 at 3:54 pm
i looked at that neighborhood once – remember my finances aren’t all that great. you are right. there is absolutely no parking in the evenings or holidays.
October 29th, 2008 at 5:08 pm
is Palin Bingo considered a hurling game? I think it could make me hurl, even without beer getting involved, like in this game.
(Hope this doesn’t sent me to moderation purgatory.)
October 30th, 2008 at 12:33 am
Posting here due to Spam filter blocking…
In response to this post:
Jim D,
Rent will continue to go up over time. As the article pointed out, collecting rent is a pretty good way to make money during the recession.
I doubt the low end has much further to fall. Over the long term, these homes will still appreciate, so as long as one has enough down pay to be cash positive, the renters will essentially end up buying the rest of the house for the investor.
The people who think they can take life easy because they are saving money on rent are fools. It’s a very short-sighted way of thinking, and a sure way to enrich the land lord instead of building equity for oneself.
October 30th, 2008 at 1:23 am
*snore*, Chucky. Can’t you say something more stupid than that?
I love the quote “It’s got engineered wood floors.” What the fuck does that mean? Perhaps a protractor was involved. Or a jig or two. I know. It runs an operating system. Seems to have crashed.
“current owner installed a lovely iron gate”
Outstanding! Unfortunately, it appears the owner found themselves underwater before they could complete the turrets.
How do you know when you’re in an area you don’t want to live? You see either one of two things: painted front staircases (usually red) OR “paved front yard.”
And of course, the obligatory “built a wooden shed in the backyard” (extra bedroom run off of an extension cord) coupled with the “Garage is converted to an additional, third bedroom” means that this is really a 4/2. This looks perfect for the parga family. Quick, RE: buy this and rent it to them. You must have minions to build your equity.
“All of this is available for the enjoyment of the new owner. ”
This is hands down the best line in the whole ad. Can you imagine the enjoyment that a shed, converted garage, paved lawn and wrought-iron fence would bring?
The only thing this charmer is missing is wrought iron on the windows, too.
October 30th, 2008 at 8:31 am
anon, “engineered wood floor” means a cheapass alternative to a real wood floor. It can’t be refinished, or if it’s “high” quality the veneer might be thick enough for a light sanding or two.
Here’s the thorough definition:
Engineered hardwood flooring is a product made up of a core of hardwood, plywood or HDF and a top layer of hardwood veneer that is glued on the top surface of the core and is available in almost any hardwood species. The product thus has the natural characteristics of the selected wood species as opposed to a photographic layer. The “engineered” product has been designed to provide greater stability, particularly where moisture or heat pose problems for solid hardwood floors.
October 30th, 2008 at 8:43 am
RE, you and Mccain are similar in many ways. Your message above is easy to read through: ” All you renters should buy houses ( to somehow return the housing market to growth for my own selfish personal gains) because rent over the long term will go up and you will be sorry!
Money is money. Rent is still a lot cheaper than buying even a foreclosed home. I am still saving probably more than you month to month while your “equity” either sits stagnant or loses value. Bottom line: I’m not concerned about rent.
October 30th, 2008 at 8:54 am
Bob says,
“Bottom line: I’m not concerned about rent.”
We need more people like you, who are so adamant in making other people rich.
Rent and buy are two totally different things. You’re essentially comparing ownership to throwing money away, and confusing investment with expense.
October 30th, 2008 at 9:02 am
Oh please, don’t insult McCain. Think of Quayle if you HAVE to pick a person of a candidate/president quality.
October 30th, 2008 at 9:10 am
I love it when bob and RE spar.
Priceless entertainment. Funny that the “elite” school grad can’t understand the point made by the JC guy.
October 30th, 2008 at 10:49 am
on rent vs own…
I just signed a lease to rent a 2300+ sq foot house in a good neighborhood (95120 zillow estim on this house is 1.1+M)
They originally were asking $3250/month, I negotiated it down to $2800/month (having good credit really helped).
The property tax alone on this house is $11k+/year.
At these rent vs own price diff, it’s a no brainer.
October 30th, 2008 at 10:56 am
Looks like a win-win situation. Land lords are providing a valuable service to happy renters!
October 30th, 2008 at 11:02 am
I love it when bob and RE spar.
Priceless entertainment. Funny that the “elite” school grad can’t understand the point made by the JC guy.
LOL
“anon, “engineered wood floor” means a cheapass alternative to a real wood floor. It can’t be refinished, or if it’s “high” quality the veneer might be thick enough for a light sanding or two.”
I see. So it’s sawdust and glue pressed together hahaha
certainly something to note in an real estate ad!
October 30th, 2008 at 11:14 am
It’s not a win-win, it’s a win-lose. The renter wins because he is renting for $2800 a house that he would be paying probably 7k per month for if he were to buy. The owner loses because $2800 on 1.1 million dollar house is a terrible return. Thus, the renter is thousands a month better off renting and the owner is thousands a month worse off owning. How is this a win-win?
October 30th, 2008 at 11:21 am
What am I missing?: The owner wins because he has the psychic satisfaction of owning a house in the Real Bay Area.
October 30th, 2008 at 11:26 am
“Thus, the renter is thousands a month better off renting and the owner is thousands a month worse off owning. How is this a win-win?”
LOL! This is how it appears to me.
“he” will ultimately come back and say it is long term investment, and if you look at a 10 year span, properties always double. Or some bullshit like that.
October 30th, 2008 at 11:28 am
While the owner could sell the house and divide the money into 5 CDs and money market accounts and earn a guaranteed $40,000/yr with no expenses.
When renting the owner gets $33-34k a year, only has to pay the prop 13 based taxes of whatever they are, say 5k/yr, and insurance and maintenance which would be about $3500/yr? So he/she earns 21-22k/yr, but if the house appreciates 2-3% he/she gets that money after paying taxes at some point, and it is all deferred.
Granted there is no 2% appreciation, so it is kind of a moot point, but the prop 13 reset might be bad enough if the owner just sold it and bought another similar house in 5 years for the same price. (Though by then the rents might be closer in line to the CD/MMA rates), plus he would pay the 6%.
October 30th, 2008 at 11:34 am
I imagine truth in advertising precludes using “hardwood floors” to describe them. At least it’s not laminate (fake wood).
A house in my neighborhood actually had a reference to Pergo floors it its ad. Like they were a good thing. No surprise it didn’t sell after a couple of months and was pulled off the market.
October 30th, 2008 at 11:34 am
>>While the owner could sell the house and divide the money into 5 CDs and money market accounts and earn a guaranteed $40,000/yr with no expenses.
You’re making a few assumptions:
1) Banks pay 4% interest, guaranteed.
2) Owner has the house paid off
3) There is no such thing as tax on interest
October 30th, 2008 at 11:37 am
Pergo used to be a giant selling point.
October 30th, 2008 at 12:08 pm
>>While the owner could sell the house and divide the money into 5 CDs and money market accounts and earn a guaranteed $40,000/yr with no expenses.
You’re making a few assumptions:
1) Banks pay 4% interest, guaranteed.
2) Owner has the house paid off
3) There is no such thing as tax on interest
1. 40k/1100k = 0.0363636364 or 3.64%, so I’m not assuming 4% perhaps 3.64% but I’m going by published rates currently available in the market, 3.64% and above is guaranteed by the FDIC on balances below $250,000 at many banks for 1yr CDs, some even have 4.5% for 5 year CDs, so this is not far fetched, it is rather conservative in fact.
2. This is the only assumption I made.
3. I never assumed the last one, I never mentioned taxes. Either way under both situation the owner would have to pay taxes, rental income is not tax free, neither are capital gains, I did mention the deferment of capital gains and taxes, which is the only major difference.
October 30th, 2008 at 1:21 pm
“No surprise it didn’t sell after a couple of months and was pulled off the market.”
Hey, why didn’t you mention this wehn I was asking about people who put homes on the market and didn’t sell them because they wouldn’t reduce their wishing price? Seems like this is a good example…otherwise it would have sold, no?
October 30th, 2008 at 1:26 pm
>>2. This is the only assumption I made.
Cardinal,
I can assure you, if a $1.1M house is paid off, the owner would not be in a hurry to sell.
October 30th, 2008 at 2:40 pm
anon, sorry if I deprived you of one data point.
I thought I posted about the couple of houses in my neighborhood that were pulled off the market.
Yes, I imagine it would’ve sold if they were willing to lower their price enough.
April 2nd, 2010 at 5:30 am
[...] Wait a sec… haven’t we seen this before somewhere? http://www.burbed.com/2008/10/29/houses-on-hurlingame-being-snatched-up-fast/ [...]