November 24, 2008

Very Real Bay Area House in San Mateo!

424 BUENA VISTA Ave San Mateo, CA 94403
Price: $1,900,000


Beds:     4
Baths:     2.5
Sq. Ft.:     2,853
$/Sq. Ft.:     $666
Lot Size:     6,500 Sq. Ft.
Property Type:    Detached Single Family
Style:    Contemporary
Year Built:    2008
Stories:    2
View:    Neighborhood
Neighborhood:    Beresford Manor
County:     San Mateo
MLS#:     80845081
Source:     MLSListings
Status:     Active

Go Green in the Newly Constructed home! No expense was spared in this opulent home with its celebrity designed landscape, custom painted walls, granite above the fireplace, slate and hardwood floors, imported Italian carpet in the sunken living room, chef’s kitchen with cherry cabinets, Thermador and Miele appliances. Great home for entertainment including pub and black bottom “beachfront” pool.

Thanks to Burbed reader SW for this find. Wowsers! $1.9 million! $666 per square foot. Very Real Bay Area.

Let’s take a look at this millionaire’s neighborhood!

Very impressive. Look, it’s almost at Alameda de Las Pulgas!

Just think of the pride of ownership when you buy this $2 million dollar baby. When you drive to your compound, your castle, your 6500 square foot lot palace at night in your Hyundai Genesis, you can say to yourself: I’ve finally made it.

You deserve this house. Go scoop it up today.

Comments (127) -- Posted by: burbed @ 5:29 am

127 Responses to “Very Real Bay Area House in San Mateo!”

  1. waiting_for_the_fall Says:

    I asked my mortgage broker what the lending standards are now for investment properties.
    He told me that you are limited to 4 properties, including your own home. You can’t get PMI for investment properties, so you are required to put 20% down. They look at 2 years tax returns and your Schedule E to check if it’s cash-flow positive.

    Sounds like we’re back to normal lending standards, pre-housing bubble.

  2. SanMatean Says:

    Waiting,

    Any idea on what kind of rates are available for investment properties? Is it owner-occupied +1% or so? Many properties in the Shoreview are approaching cash-flow positive with 20% down and existing owner-occupied interest rates. Of course, this depends on relatively full occupancy, stable rent prices, and paying tenants…

  3. nomadic Says:

    I wonder what “celebrity” designed that compelling landscape of grass in front? Must be a fan of minimalism.

  4. waiting_for_the_fall Says:

    I don’t know the rates for investment properties, but usually, it’s slightly higher than owner-occupied.
    Based on the more strict lending standards, I woulnd’t be surprised if it was owner-occupied + 2% or 3%.
    Banks are very nervous about lending to investers.

  5. bob Says:

    Typical Mcmansion. All it needs is a C class Mercedes and some other psuedo-luxury wannabe car parked in the driveway.

  6. DreamT Says:

    Wait, what? This, a McMansion? Bob, this looks no different from the houses in my neighborhood, that have been derided here as “shacks” time and again.
    I don’t agree with the “shack” term, but McMansion seems way extreme as well. :P

  7. nomadic Says:

    DreamT – everything is shabbier in the Bay Area. It would need another 1,000 sf or so to be a McMansion in most other locales, but here we’re so special we have to lower our “McMansion” standards too. ;-)

  8. bob Says:

    yeah… I guess Mcmansion is a general term. But this house seems to share a lot of the features I come to recognize as Mcmansion material: It has granite counter tops with bar stools, a huge bathroom with a jacuzzi, and the most defining feature of any Mcmansion: A HUGE and utterly wasteful foyer up front that extends to the second floor.

    I wouldn’t want to live in one of these. They just look cold and sterile. That’s just my taste though.

  9. SanMatean Says:

    nomadic- 3K sq ft is big no matter where it is. The 6K and 9K sqft places going in Hillsborough and Los Altos Hills will be major burdens to their owners ten years from now when energy prices rebound.

    Back to this house:
    This has got to be one of the most overdone houses I have ever seen. Don’t just stop at the curbside photo, check our the upgraded back yard with the “beachfront” pool. Looks like the Realtor just stopped short of the hair-raising “staycation” sentiment.

    If this had been stuck on a quarter acre lot in a good school district, then perhaps the ~$2MM price could hold up…Not that this is a bad neighborhood, but for $2MM you could easily be in Palo Alto or Burlingame in a similarly appointed house with more land.

    I love the “sunken” living room- You’re underwater as soon as you start living in this thing!

  10. bob Says:

    6,500 is indeed huge. The house I grew up in was considered large for the area, and it was I think less than 3,000 sq foot. Probably more like 1,800 or so. Houses like these waste lots of space. As mentioned, the huge foyer wastes a lot of space for no reason.

    I’m pretty old-fashioned though. I’d be perfectly happy with some 1930′s home or even some 70′s Rancher.

  11. nomadic Says:

    bob, HUGE difference between a 3000sf house and and 1800sf house. You should be able to SWAG a closer guess than that range.

    Where did you see foyer pics of this house?

  12. nomadic Says:

    BTW, I think a bachelor lives in this place. It has the obligatory black leather furniture and sports memorabilia in the family room. Not to mention the ugly game table in the kitchen.

  13. madhaus Says:

    Man, that fireplace is twelve shades of ooooooogly. And agree with you, nomadic, that this is a guy’s house. Probably associated with the 49ers, I’d bet, from the framed jerseys in the living room.

    I’d go look it up, but I’ve got to run off soon.

    This house has nouveau riche written all over it. Bad taste coupled with immensely overdone fixtures for a 6500 sf tiny lot. Jesus, my Sunnyvale shack has a bigger lot that this frat boy palace.

  14. nomadic Says:

    madhaus, you made me look it up. Shockingly, there appears to be a “Mrs.” attached to this place. She must be a meek one, or perhaps blind.

    (OUCH – it’s harsh, but I’m gonna post it anyway.)

    Purchased the teardown for $805k in 2005, then did a refi for $1,050,000 6/26/07. At least they aren’t underwater, unless PropertShark is leaving something out. The little Mrs. was added at the refi.

  15. madhaus Says:

    That’s why they’re selling. The little Mrs. is demanding one of those cute pink houses as a divorce settlement.

  16. Pralay Says:

    With those two windows, this house looks like Monster House.

  17. bob Says:

    Nomadic,I realize that I mistook what appears to be the living room ( with the 9′ers shirts) for the foyer. But again- HUGE waste of space, with the ceiling going all the way up to the 2nd floor. In any regards, yes, 1,800 is a big difference between 3,000 sq feet. But its funny that back when my parent’s house was built, it was considered huge. It was bigger than most of the neighbor’s. We were one of the only people with a 2 bedroom home in the area. Now, 3,000 sq feet seems like the going rate. These days, they’re building 4,5,6 and 7,000 sq foot monsters with vanilla siding all around the valley that my parents live for out of state equity locusts.

  18. bob Says:

    whoops- meant two STORY house-

  19. madhaus Says:

    Two story, two bedroom, no biggie. Like the diff between $35 and $70 million.

  20. DreamT Says:

    We should probably give him a break. It’s true the difference between $35M and $70M is no greater than, say the difference between Palo Alto and East Palo Alto. It’s pretty much the same thing – a 2x multiplier is almost a rounding error in the world of real estate.

  21. madhaus Says:

    I think the diff between PA and EPA is more than 2x, at least this year. But imagine what you could buy for $35 million in the RBA! I mean, is it too much to ask a full 40 acres and a mule?

  22. DreamT Says:

    2x, 20x, who cares? :) As someone famous said here: “Does it really matter?”

  23. Pralay Says:

    It’s pretty much the same thing – a 2x multiplier is almost a rounding error in the world of real estate.
    ——

    Except when they talk about “home price doubles in 10 years”. After 10 years it is no longer a rounding error.

  24. DreamT Says:

    Pralay, this is incorrect. Real estate investment is a long-term endeavor. Ten years? A rounding error in the life of that investment.

  25. anon Says:

    10 years is an insignificant blip in the scheme of real estate.

    Some day, this exponential run-up will be a blip on the linear graph of real estate value.

  26. Pralay Says:

    You guys are right. I should have known that real estate home value should not measured less than 100 years.

  27. WillowGlenner Says:

    Waiting and SanMatean, Those comments from a mortgage broker (4 houses only for investors, no PMI, 20% down) is the standard fannie/freddie guidelines but realistically many people avoid these guidelines. The 4 properties seems to be a new fairly hard rule. The 20% down is hardly ever followed unless you want to put 20% down- you have to put 10% down, there are no no money downs anymore. But 20 is not required. And many people will buy a new investment house as owner occupied if they intend to live in it and fix it up prior to rental. This is perfectly legal and many REOs actually need so much work you practically live there with the construction crew anyway.

  28. WillowGlenner Says:

    I used to live right where this house is located, in a rental, in the 90s. Its a nice place to live. It has a combination that makes it desirable- hills/views + close in shops and transportation. You have a beautiful view of the bay, and on the 4th of july you can sit and look outside your window and see SF, Redwood City and Foster City fireworks. You are a few blocks away from the Hillsdale mall which comes in handy at Christmas, you can literally walk, and you are walking distance from the Caltrain. There is a new Whole Foods and the bay meadow development going up. A great place to live. But not worth 2 million.

  29. Renter4 Says:

    >Not that this is a bad neighborhood, but for $2MM you could easily be in Palo Alto or Burlingame in a similarly appointed house with more land.

    Not sure about PA, but lot sizes in Burlingame seem pretty small to me. This price for San Mateo is not a good deal, though.

  30. nomadic Says:

    madhaus, did you see The Colbert Report last week or tonight? He had Paul Simon on and was asking him about songwriting. Specifically if he could write a protest song about the financial mess and could rhyme “credit default swap.” I figured you’d get a laugh out of it.

  31. madhaus Says:

    nomadic, I don’t receive any TV stations at all so I’d have to watch it on the internet.

    Dead City Malt Shop
    Red Mitts Adult Prop
    Head Fit Renault Cop

    that’s what I’ve come up with so far.

  32. nomadic Says:

    Colbert also threw out negotiable and got “sociable” right back. ;-)

    Here’s an interesting take on the auto industry’s woes. He makes some very good points, for anyone who’s interested.
    http://www.thedailybeast.com/blogs-and-stories/2008-11-24/lousy-marketingmdashnot-lousy-carsmdashkilled-detroit/

  33. RealEstater Says:

    Pralay says,
    >>May be Roger The Brickster should read Michelle Malkin’s book, where she argued with very same way. According to her it perfectly alright to take racial profiling as “guidance” and put Japanese people into concentration camp, because FDR had reliable intelligence that some American Japanese were conspiring against America.

    If FDR indeed had reliable intelligence, then they ought to be able to identify the offenders, and put those people into camps. I would have no problem with that.

    By the way, I have reliable intelligence that some Indian American is doing juvenile name calling.

  34. RealEstater Says:

    Pralay says,
    >>94303 – that’s just so wrong side of PA, sharing with EPA. Practically that’s transient PA zipcode.

    More amateur statement from Pralay. 94303 contains some of the oldest PA neighborhoods. It would be a great privilege to be in 94303.

  35. RealEstater Says:

    Pralay says,
    >>To protect park from subprime and alt-a visitors?

    To protect park from juvenile name callers?

  36. Pralay Says:

    94303 contains some of the oldest PA neighborhoods.
    —–

    But yet it is in wrong side, sharing zipcode with EPA where kids break fence all the time with soccer balls. So transient PA. :(

  37. RealEstater Says:

    Article in RealMoney column of TheStreet.com:
    Housing Could Bottom Sooner Than You Think

    Excerpts:

    “the total supply of unsold homes is steadily dropping. As Tony Crescenzi points out, the rate of new household formation handily exceeds the amount of genuinely new homes on the market.”

    “Importantly, a number of indicators suggest that the worst of the housing slump may have passed. For starters, the steady drop in home prices is beginning to moderate. Home prices had been slumping 2% sequentially for a good portion of 2007, but those drops are now in the 0.50% to 1.00% range.”

    “In addition, mortgage rates are on the decline. After hitting 6.63% last July, the average 30-year mortgage has fallen to around 6%, and rates could head yet lower: 10-year T-bill yields have plunged to around 3.15% (at the time of this writing), which implies that 30-year mortgage rates could fall toward the 5% mark.”

    “As recently as 18 months ago, the cost of owning was far above historical trends (more than 20%) in 16 out of the 20 cities surveyed by Case-Shiller. Now, only four out of the 20 markets surveyed show a 20%-plus gap. In the other 16 markets, the cost to own has reverted back toward the historical mean and, in some cases, is even below the cost of renting.”

    “So many people insist that there are no buyers out there ready to pounce, but that’s not the problem. There are plenty of potential homeowners waiting in the wings, most of whom simply want to see some stabilization in housing prices. When sentiment turns among these folks, the housing market will show real signs of life. We do not need to wait for the glut of unsold homes to fall to zero; we just need buyers’ confidence to return.”

    “it’s always darkest before the dawn”

    “Net-net: While many think that the housing bottom is several years away, it could come within the next two to three quarters.”

  38. anon Says:

    Good news!:

    http://www.iht.com/articles/2008/11/25/business/25usecon.php

    1.9% of people plan to buy a home in the next 6 months.

    Demand is soaring.

  39. Slurbed Says:

    Hey, it has Miele appliances, so bully to it. Miele >> Sub-Zero

  40. RealEstater Says:

    Check out this video.

    Madhaus would love it!

  41. RealEstater Says:

    We need to stop talking about the Crap-Shitty report, which is truly useless aggregate data. These are nothing but marketing guys trying to make a name for themselves out of this crisis, and trying to rake in the cash.

  42. RealEstater Says:

    From anon’s article:

    “Prices declined in September in all 20 cities surveyed in the Case-Shiller report, with San Francisco and Phoenix suffering the biggest drops.”

    Does anyone in the Bay Area find the above to be credible? Is Manteca considered part of San Francisco? Is there synergy between San Francisco and Phoenix? Get real.

  43. RealEstater Says:

    anon,

    This one is for you and your Porsche: the new Pirelli Calendar.

  44. anon Says:

    …I don’t get it – what is the subject of those pictures?

  45. RealEstater Says:

    anon says,
    >>…I don’t get it – what is the subject of those pictures?

    Tires, obviously.

  46. bob Says:

    Its anyone’s guess when the market will bottom out. A person writing an article in a magazine could just as well be me. ” If you connect the dots, line up X, Y, and Z, then that would (x) outcome!” Sure. Home prices will eventually stabilize. That word is key. Stabilizing prices doesn’t= rising prices. As with any bust, there is almost always a prolonged period of price stagnation, which in most cases lasts longer than the initial bust.

    What’s important to realize in stagflating housing markets is while prices might be staying flat, you would still be losing money via the effects of inflation.

    Bottom line: I’m not worried at all. There’s PLENTY of time to wait and see what the housing market will do. Sure- I’m waiting on the sidelines, as the article put it. But that doesn’t mean I’m a fool and going to jump at the very first sign of weakness. Many have already done that. I’ll wait until the prices make sense, which they eventually will regardless of how much money the government throws at the problem.

  47. nomadic Says:

    geez, I was going to accuse you hacks of jumping threads, but I guess it was RE who did that…

  48. nomadic Says:

    bob, I’m aghast. You’re “waiting on the sidelines?!” That would imply you’re considering buying. Say it isn’t so! ;-)

    RE did you know that particular statistic doesn’t even apply to those of us South of San Mateo county? Of course not, because you mentioned freakin’ Manteca.

    Anyway, we’re not in the SF MSA, we’re in San Jose/Sunnyvale/Santa Clara MSA. Here’s the standard note:

    The HPI only tracks single-family homes (not condominiums which represent half the transactions in San Francisco), is imperfect in factoring out changes in property values due to improvements versus actual market appreciation (although they try their best), and includes San Francisco, San Mateo, Marin, Contra Costa, and Alameda in the “San Francisco” index (i.e., the greater MSA).

  49. RealEstater Says:

    >>and includes San Francisco, San Mateo, Marin, Contra Costa, and Alameda in the “San Francisco” index

    If their intention is to provide useful data, they ought to track each of the areas separately, rather than allowing Contra Costa and Alameda to ruin SF’s reputation.

  50. RealEstater Says:

    >>geez, I was going to accuse you hacks of jumping threads, but I guess it was RE who did that…

    It’s the damn Spam protection. Sometimes you can’t post in the thread you want.

  51. RealEstater Says:

    Bob thinks he’s doing something smart and unique, when in fact he’s just following herd mentality.

  52. RealEstater Says:

    Bob thinks he’s doing something smart and unique, when in fact he’s just following herd mentality.

    As I posted yesterday, the problems of today will soon become no problem. As we speak, the powers in Washington is beating up on mortgage rates with all their might.

  53. bob Says:

    RE,
    Herd mentality refers to what people do when they are ill-informed and make decisions that aren’t based in facts. Its extremely easy to make a educated decision when timing the housing market. All I do is check out the reports from Dataquick and other various MLS reports and watch what the sales and price trends are. There has yet to be any data in these reports that suggests a turnaround or a bottom.Its not like suddenly, prices are going to just shoot up through the roof. If they were, then the news would likely be filled with people from the CAR jumping for joy, getting right back onto the real estate shill bandwagon.

    Besides, nobody is forcing me to buy a house here or anywhere else. If the prices don’t make sense… then I don’t buy. If the Bay Area somehow remains an area where only those make 200k+ and willing to stretch their necks can afford… then I’ll be off to Austin or some other tech-friendly city and wash my hands of this area. It makes no difference to me. I want nothing to do with debt, don’t want to get myself into debt. Its obvious a lot of people did that though, hence I’d point a finger to all those people who believed the lie that the American Dream is all about buying overpriced houses.

  54. bob Says:

    and Again RE, The Fed and Government can throw all the money and future tax dollars at this problem that they want. The outcome will still be the same, only that our children’s, children’s, children will be saddled with debt forever as a result. The rates went from roughly 6.0% to 5.75%. ohhhhhh! I better take advantage of that incredible deal!

  55. bob Says:

    One last thing while I’m at it. RE, will you stop using what amounts to real estate agent scare tactics?Its stupid and annoying, no offense. Yes- we’re all well-aware that you want housing prices to go up for your own benefit, but nobody here buy what you’re selling. If you want to say that you love real estate and someday your house will be worth more, then that’s fine.But coming on here and continuously saying that:

    ” Uh-oh!, you better buy or be priced out forever!”

    -Despite the fact that we’re very educated about the current market conditions.

  56. Prof. Bleen Says:

    Re #51: Herd mentality was a significant contributor to the housing bubble in the first place. The “zOMG HURRY UP BUY NOW WHILE YOU CAN” bandwagoneering in Seattle was intolerable a few years ago, back when that city was part of the RBA.

  57. Jan Says:

    Here in San Francisco (Pacific Heights), I’m not seeing prices plummet. I would say I agree with Real Estater. There is a small but vocal group hoping for prices to fall, but that’s never going to happen here. I think if these people go to areas on the periphery, may be 1 hour distance from here, then they can find a bargain.

    Most of us don’t worry much about the market, since we’re not planning to move anyways. Our home is almost paid off, so we won’t refinance either.

  58. bob Says:

    I don’t agree with you Jan. House prices are coming down in sometimes big chunks in areas a lot closer to the city than an hour out. I live in Alameda. In fact, on most days I can see SF from my office in my rented home. Its a 10-15 minute drive.

    A year and a half ago, a decent house here was 600-650k. As it stands now, the same house is around 500-550k. Smaller homes are even less. Its getting more common to see some of these in the 425-450k range.

    A friend of mine bought his house a year ago in El Cerrito, right outside of Berkeley. The house he bought sold two years previous for 620k. He bought it for 445k. That’s an almost 200k hair cut.

    Sure- some pockets of SF and the Peninsula are being less affected than others. But that isn’t to sat they won’t. The expensive areas always fall last as a result of pressure from areas close by.

  59. nomadic Says:

    Its stupid and annoying, no offense.

    ROFL! I needed a good laugh. :-)

  60. anon Says:

    “Here in San Francisco (Pacific Heights), I’m not seeing prices plummet. I would say I agree with Real Estater. There is a small but vocal group hoping for prices to fall, but that’s never going to happen here. I think if these people go to areas on the periphery, may be 1 hour distance from here, then they can find a bargain.

    Most of us don’t worry much about the market, since we’re not planning to move anyways. Our home is almost paid off, so we won’t refinance either.”

    This Jan character appears both intelligent and unbiased. I, for one, hope to hear from ‘it’ more in the future.

  61. anon Says:

    “In fact, on most days I can see SF from my office in my rented home. Its a 10-15 minute drive.”

    LOL an hour from SF puts you in Santa Cruz (at least the way I drive). Put another way, the nearly the entire bay area is less than ‘an hour’ away from San Francisco. What are the implications of Jan’s statement? None of the bay area will fall because none of the bay area is farther than an hour away from SF.

    ‘Jan’ is obviously a homeowner and would likely be the last person to admit a fall in value. Remember: “not my home!”

  62. Pralay Says:

    ‘Jan’ is obviously a homeowner and would likely be the last person to admit a fall in value. Remember: “not my home!”
    ———

    It’s called false optimism – in politically correct term.

  63. Pralay Says:

    As I posted yesterday, the problems of today will soon become no problem.
    ——

    Is there a “problem” today????????? We thought we were “all clear for take-off” in September.

  64. Pralay Says:

    back when that city was part of the RBA.
    ———

    Don’t worry about it. No need to assume that Seattle is the only victim of this downturn. Nowadays even some of the Palo Alto homes are not part of RBA. They are simply not “desirable”.

  65. Pralay Says:

    Herd mentality was a significant contributor to the housing bubble in the first place. The “zOMG HURRY UP BUY NOW WHILE YOU CAN”
    ——-

    No, that was just opportunity to join on-going party.

  66. anon Says:

    “They are simply not “desirable”.”

    Now that’s wierd. They were desirable a couple years ago and now they’re not?

    I guess that’s what happens when you eliminate the possibility of reaping a windfall for doing nothing…

  67. anon Says:

    weird rather

  68. anon Says:

    “anon says,
    >>…I don’t get it – what is the subject of those pictures?

    Tires, obviously.”

    Ah. I see. Tires.

    Those look like some pretty flimsy tires to me. Maybe that’s why I like to replace em after a few good drives.

  69. anon Says:

    “Re #51: Herd mentality was a significant contributor to the housing bubble in the first place. The “zOMG HURRY UP BUY NOW WHILE YOU CAN” bandwagoneering in Seattle was intolerable a few years ago, back when that city was part of the RBA.”

    Dr. Bleen speaks the truth.

    The herd are the people who bought into the ‘buy while you can; priced out forever bullshit’ because they, like RE, are too stupid to realize that the whole thing was unsustainable. Many are underwater, and they deserve to be.

    The people who did not follow the herd mentality are the ones who sat on the sidelines wanting to buy but knowing that it would crash eventually.

    For the record, I am neither.

  70. Pralay Says:

    Many are underwater, and they deserve to be.
    —–

    There is nothing wrong in being underwater as long as you are enjoying “on-going party”.

  71. JohnZ Says:

    Are people who bought holding the bag? Depends, I suppose. Even if prices drop 20% here, only a few people who got in fairly recently will get hit.

    To the last poster: Why do you sound so sarcastic? What’s bothering you?

  72. JohnZ Says:

    The people who did not follow the herd mentality are the ones who sat on the sidelines wanting to buy but knowing that it would crash eventually.

    For the record, I am neither.

    You are neither what? I assume you’re saying you’re not one of herd mentality. Do you not want to buy, ever?

  73. anon Says:

    “You are neither what? I assume you’re saying you’re not one of herd mentality. Do you not want to buy, ever?”

    In all likelihood, yes.

    But what I meant is I am neither one who sat on the sidelines with the desire to buy nor am I one who bought.

  74. Pralay Says:

    To the last poster: Why do you sound so sarcastic? What’s bothering you?
    ——-

    LOL! Here comes my realtor psychotherapist. :) But I guess this whole blog is full of sarcasm. That means this blog needs some psychotherapy before me.

    BTW, is this blog bothering you John?

  75. Pralay Says:

    Even if prices drop 20% here, only a few people who got in fairly recently will get hit.
    —–

    Of course it depends on what is means by “fairly recently”. One month? Six months? One year? I assume you are implying that if someone bought his home before “fairly recent” time-period, his 20% appreciation is going to cover his ass.

  76. anon Says:

    By recently he means since 2005-2004. Most anyone who bought since then anywhere in the bay area (YES, RE EVEN RBA) is underwater.

  77. nomadic Says:

    Sure, Pralay. If you bought a few years ago, your appreciation was just “funny money” that (per anon) you don’t deserve anyway because it was more accurately “bubble money.” Losing that is just a paper loss. We homeowners don’t mind a bit that we pay a premium to “own” when we could be renting for cheap. Or it depends on how you define “get hit.”

    I’m just being cynical because I have to go home and start cooking for tomorrow… bleh. :-)

  78. anon Says:

    Besides, where is ‘here’? Me thinks JohnZ hasn’t quite thought his statements though.

  79. Pralay Says:

    By recently he means since 2005-2004. Most anyone who bought since then anywhere in the bay area (YES, RE EVEN RBA) is underwater.
    ——-

    Useless aggregated data. You are mixing up data from outskirts counties of homes “next to” train track or busy streets with RBA data.

  80. DreamT Says:

    Me thinks JohnZ is a TrohlZ.

  81. RealEstater Says:

    anon says,
    >>But what I meant is I am neither one who sat on the sidelines with the desire to buy nor am I one who bought.

    Then why the hell do you care so about the market? Does it bother you that much I have a million dollar in equity?

  82. anon Says:

    First question: I will leave that to your imagination.
    Second question: Not even slightly.

  83. RealEstater Says:

    Virtually everyone I know who bought in 2004-2005 are still sitting way above water. The typical people who are under water are those who just bought this year, or those who got into the inferior areas.

  84. Pralay Says:

    The typical people who are under water are those who just bought this year
    ——–

    Oh, no, no, no, no, no, no. No downturn in “happiest place on earth”.

  85. Pralay Says:

    You know it is like Disneyland – a place where imaginary worlds and characters are shown. But we are in Silicon Valley. We cannot use all those SoCal stuffs. So let me use hitech word – “virtually”.

  86. anon Says:

    Pralay, you really gotta cut and paste them for full effect!

    Real Estater Says:
    April 26th, 2008 at 12:26 am

    The conclusion is that buying in the real Bay Area is a great way to ride out the recession. This place is sort of like Disneyland, AKA the happiest place on earth. There’s no recession, no layoffs, no downturn, no hurricane, no snow. I will go as far as to say there is no downside risk to buying now (The caveat of course being you must buy in the real Bay Area). Life is short to be renting.

    Such a happy place… Like a circus! Here comes the clown car! Out pops RE! And another RE. And another RE. And another and another…ad infinitum. Oh, the things they say…the things they say…

  87. anon Says:

    “The typical people who are under water are those who just bought this year, or those who got into the inferior areas.”

    And the people who got into the ‘superior’ areas will get their turn if they wait in line long enough.

  88. RealEstater Says:

    >>And the people who got into the ’superior’ areas will get their turn if they wait in line long enough.

    Those “waiting for the fall” have been waiting for almost a decade now. If/When the fall does happen, the long time home owners will be the only ones who can readily capitalize on such opportunity, due to the massive amount money they’ve already built up while the rest of you keep on waiting, waiting…

  89. Pralay Says:

    Such a happy place… Like a circus! Here comes the clown car! Out pops RE! And another RE. And another RE. And another and another…ad infinitum. Oh, the things they say…the things they say…
    ——-

    Happiest place indeed – just like Disneyland. “Virtually” everyone I know is happy there.

  90. Pralay Says:

    And the people who got into the ’superior’ areas will get their turn if they wait in line long enough.
    —–

    I heard that they started getting e-tickets for their rides. No waiting in line.

  91. anon Says:

    PRALAY I HAVE HAD ABOUT ENOUGH OF YOUR DOSES OF REALITY.

  92. RealEstater Says:

    anon says,
    >>Pralay, you really gotta cut and paste them for full effect!

    RBA is still, by far, the happiest place on earth. Just look at the facts:
    - There is hardly any foreclosures
    - Prices are holding firm
    - There is no Alt-A usage
    - Tech industry is weathering the storm better than most other sectors
    - Layoffs are limited (and normal)
    - Still no hurricane, no snow. In fact, weather has been beautiful this winter.

    With interest rate down, there is really nothing to lose by buying.

  93. anon Says:

    Besides, Pralay, the only people unhappy at Disneyland are the worker bees, and they don’t deserve to be happy anyway.

    Eisner made out with a windfall a couple years ago. Maybe that’s why they need more money for health insurance ;)

  94. anon Says:

    RE, if you want a substantive response to your post that takes me more than 30 seconds, back it up with some references.

    Otherwise, put your dunce hat back on, sit in the corner and continue muttering to yourself. You are unqualified to address me.

  95. Pralay Says:

    - Tech industry is weathering the storm better than most other sectors
    - Layoffs are limited (and normal)

    ——

    Tech layoffs: The scorecard

    Does Roger The Brickster still insist that he is a hitech guy, managing mega-project? If he was, just attending one company management meeting would clear the air.
    Or is he 10 thousands miles away from hitech world?

  96. Real Estater Says:

    anon,

    We have go through each and everyone of those facts in this forum. Those facts are well known to anyone who is alive, breathing and paying minimal attention to the environment around them. Which one are you challenging anyways?

  97. Pralay Says:

    Of course that’s only scorecard – for whatever happened so far and does not take contractors into account.

    How about Google contractors.

    More layoffs to hit Silicon Valley

    SF Fed CEO warns bank woes could worsen tech slowdown

    Venture capitalists are worried and urging their portfolio companies to enter survival mode

  98. Pralay Says:

    Of course that’s only scorecard – for whatever happened so far and does not take contractors into account.

    How about Google contractors.

    More layoffs to hit Silicon Valley

    SF Fed CEO warns bank woes could worsen tech slowdown

  99. Pralay Says:

    Venture capitalists are worried and urging their portfolio companies to enter survival mode

  100. Real Estater Says:

    Pralay says,
    >>Tech layoffs: The scorecard

    This is a global score card. I’m seeing on the average 15% layoffs at most of these companies. That’s pretty desirable actually.

    ABC article says “Tech industry not immune to crisis”. Another way to read it is, “Tech industry is resilient against crisis”.

    As for venture capital, we’ve discussed this issue several times before, and I posted links showing Silicon Valley VCs are not feeling a big impact.

    My final point: Just look at the fact that you and Bob are still working. How bad can it be :-) ?

  101. anon Says:

    Pralay, what’d I tell you about bringing reality to burbed? We’ll have none of it.

  102. RealEstater Says:

    anon says,
    >>You are unqualified to address me.

    I think you better wait til you’re qualified to be my neighbor before making such a rude statement. Yes, more waiting is involved, but that should be familiar to you.

  103. Pralay Says:

    This is a global score card. I’m seeing on the average 15% layoffs at most of these companies. That’s pretty desirable actually.
    ——

    First, not all layoffs are global.

    Secondly, please provide data/stat to show that 10-15% layoff all across industry is “normal” in Silicon Valley.

  104. Pralay Says:

    ABC article says “Tech industry not immune to crisis”. Another way to read it is, “Tech industry is resilient against crisis”.
    —-

    LOL! Half full, half empty logic. I thought the glass is always full (or almost full).

  105. anon Says:

    http://www.youtube.com/watch?v=5j_-T4cfSYE

  106. Pralay Says:

    As for venture capital, we’ve discussed this issue several times before, and I posted links showing Silicon Valley VCs are not feeling a big impact.
    ——

    Read the statement: Venture capitalists are worried and urging their portfolio companies to enter survival mode.

    That makes past data irrelevant, isn’t it?

  107. Pralay Says:

    I think you better wait til you’re qualified to be my neighbor before making such a rude statement.
    —-

    Anon,
    What is stopping you from joining “on-going party” and becoming an investor for running hamster wheel? Hamsters needs more hamsters. They are very social.

  108. anon Says:

    I am no more waiting to die than I am waiting to associate myself with someone like him.

  109. anon Says:

    Pralay, let’s put it another way. I like what Irvine Housing Blog wrote today. Just replace turtle Ridge or Shady Canyon (wherever those are) with PA:

    “Many people desire wealth and fame for the status it brings—at least in their own minds. Some people want to be envied, they want to believe everyone wants what they have, and they find it very empowering to be able to put themselves above others. For these people, the lure of a prestigious neighborhood is their belief that living there makes other people envy them. The pretense of owning a McMansion in Turtle Ridge or Shady Canyon makes some people do whatever it takes to purchase there—including paying ridiculous prices. There are people who buy in these neighborhoods because they are nice places to live, and they want a beautiful home just for their own enjoyment. Many people do not care what others think, and they do not base their home buying decisions on those considerations. However, there is a significant group that does, and these people often have artificially inflated opinions of themselves and the value of the properties they own.”

    I’ve been there and done that. I could go back if I chose to. The appeal just isn’t there for me.

  110. Pralay Says:

    Here the evolution of Roger The Brickster’s claims:

    April 2008 – here’s no recession, no layoffs, no downturn, no hurricane, no snow.

    November 26th, 2008 at 4:46 pm – Layoffs are limited (and normal)

    November 26th, 2008 at 5:17 pm – I’m seeing on the average 15% layoffs at most of these companies. That’s pretty desirable actually.

    It’s very obvious that Roger The Brickster got foot-in-mouth disease.

  111. RealEstater Says:

    anon says,

    >>I’ve been there and done that. I could go back if I chose to. The appeal just isn’t there for me.

    Are you saying you had a house before, but due to some reason you were unable to hold it, and left it with a bitter taste in your mouth? Is that an accurate read?

  112. Pralay Says:

    For these people, the lure of a prestigious neighborhood is their belief that living there makes other people envy them.
    ——

    Anon,
    Irvine blog is talking about “people”. Not hamster or brickster. Therefore this logic does not apply.

  113. anon Says:

    Pralay, using realtor math, 15% layoff is roughly equivalent to 0% layoff.

    You have been had. Again.

  114. Pralay Says:

    Pralay, using realtor math, 15% layoff is roughly equivalent to 0% layoff.
    ——

    Hmmm. That sounds logical. I must be living in different world. At least that’s what I have been told.

  115. Pralay Says:

    Anon,
    Are you able to get any fact from Roger except excuse like “we have go through each and everyone of those facts in this forum”.

  116. RealEstater Says:

    >>Pralay, using realtor math, 15% layoff is roughly equivalent to 0% layoff.

    Any competitive company should clean out the dead woods. Most of the companies I’ve worked for routinely layoff the bottom 15%. This is not some unheard of thing if you’ve spent any time in Silicon Valley. While these companies are laying off, they are also hiring at the same time. Sometimes this is done for business realignment purposes.

  117. Pralay Says:

    Are you saying you had a house before, but due to some reason you were unable to hold it, and left it with a bitter taste in your mouth? Is that an accurate read?

    ——

    Anon,
    Connecting dot is not brickster’s job. That’s the job for well-rounded 94301 kids. You must explain him clearly and in simple manner. Otherwise he won’t be able to make 2 and 2 together.

  118. anon Says:

    Pralay, I suppose all the big words trip him up.

  119. madhaus Says:

    anon and Pralay, I am disappointed neither of you called Roger Realtor on his silly “there is no Alt-A activity” claim.

    I still have $100 outstanding with burbed waiting to call him on that, and he isn’t man enough to back up that claim.

    What do you call a wimp who makes unprovable claims, gets publicly called out, runs away like the coward he is, and then continues making them?

    Oh yeah. A lying liar.

  120. nomadic Says:

    A shameless lying liar.

  121. madhaus Says:

    A gutless shameless lying liar.

  122. WillowGlenner Says:

    I got a mortgage alert from somebody, probably wells fargo which I once used years ago. Anyway 5.25% on 30 year fixed up to 625K. I forgot who posted it here but there was something somewhere back there expecting rates to rise. I said no, rates will fall to 4%. I stand by my prediction.

  123. madhaus Says:

    Can you link to that, WG? I want to know if that comment was before or after October.

    Rates dropping, in this economic climate, would not surprise me, although 4% seems unusually low. If mortgages are 4%, the discount rate would be negative.

  124. WillowGlenner Says:

    madhaus, nah, it was just a few days ago, when Real Estater posted a PDF from a real estate agent predicting price softness in Palo Alto next year. Here is what they said,

    The financial crisis and subsequent “fixes” will likely cause one or more of the following in 2009:
    1. a national recession which includes Silicon Valley
    2. higher interest rates due to a credit crunch
    3. higher interest rates due to a surging economy resulting from excess liquidity currently being pumped into world financial markets
    It is our belief that one of the three scenarios above will happen regardless of how the financial crisis is resolved, and that it will cause local real estate to be a buyer’s market in 2009.

    http://www.burbed.com/2008/11/21/riddle-me-this-how-is-this-house-near-santa-row/#comment-32532

    The only thing remarkable in this realtors opinion, is its utter senselessness. Recessions don’t create higher interest rates, which he seems to be predicting, nor does a excess liquidity cause higher interest rates. Just another reason to avoid real estate agents advice.

  125. RealEstater Says:

    WG,

    The realtor’s message is essentially:
    - Sell now before prices drop!
    - Buy now before interest rate rises!

    Both of these positions are contrary to my views, yet the 3 stooges here (Pralay, madhaus, anon) keep cooking up the nonsense that I am a realtor. Each time you show them the facts, they say “Ah ha, you say you’re not a realtor, so you must be one!” Go figure.

  126. RealEstater Says:

    madhaus says,
    >>anon and Pralay, I am disappointed neither of you called Roger Realtor on his silly “there is no Alt-A activity” claim.
    >>I still have $100 outstanding with burbed waiting to call him on that, and he isn’t man enough to back up that claim.

    If I’m a “wimp/coward” who won’t stand behind the statement, why would I bring it up again? I am man enough to decline playing your juvenile (and illegal0 game, and man enough to quit arguing with a hysterical chatter. You can keep yelling, but my position is firm. One more time:

    There is no Alt-A usage in 94301.

  127. WillowGlenner Says:

    yeah, and that whole alt-a boogeyman is a red herring anyway. If there was a huge flood of alt-a’s ready to reset in 09/10, then one of 2 things would happen- interest rates will be so low the resets won’t matter, or fannie/freddie will intervene and allow refinance at some low fixed percentage. Fannie and Freddie put a moratorium on new foreclosures until January, no doubt the Obama financial team is sending signals they want to renegotiate these and not foreclose. If the fed is willing to renegotiate mortgages into fixed rates, they will use the conservative 33% of income to mortgage as a guideline and refi these people to 2% fixed, and nobody will foreclose because that is cheaper than rent in this hot market. This is IF the bay area proper has any adjustable alt-a’s which I think are insignificant.


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