January 27, 2009

23% Price Cut in Menlo Park – Investment opportunities now very affordable!

163 WILLOW Rd, Menlo Park, CA 94025 | MLS# 80850784
163 WILLOW Rd Menlo Park, CA 94025
Price: $1,695,000

262401233_163
Beds: 3
Baths: 2
Sq. Ft.: -
Lot Size: 0.46 Acres
Property Type: Detached Single Family
Style: Traditional
Year Built: 1951
Stories: 2
View: Neighborhood
Neighborhood: Menlo Oaks Area
County: San Mateo
Dont miss this opportunity for multiple uses. Two charming homes on large lot. Almost 20,000 sq. ft. Perfect for two families, Live in one and rent the other, Rent out both homes for investment or build your dream home. Possible lot split. Contact city to verify. Close to Sunset Magazine, Downtown Palo Alto, and Stanford University. Excellent Menlo Park Schools,

Burbed reader Steve sent this in and thanks to his sharp eye, it turns out that this was previously seen on Burbed. Let’s take a look:

September 1, 2008

Labor Day Sales in Menlo Park – buy a house, get one free!

Ouchers! A 23% price cut! Still, it’s in the million+ range. Phew. That was a close call. Menlo Park, you’re still in the Real Bay Area, but please be more careful in the future.

That said, this is still an enormous lot and a great opportunity for potential landlords. Cha ching!

Comments (191) -- Posted by: burbed @ 5:03 am

191 Responses to “23% Price Cut in Menlo Park – Investment opportunities now very affordable!”

  1. MV_Bound Says:

    Here’s a ridiculous price change in Palo Alto, from $1,449,900 to $1,450,000. Makes me want to run right out and lay down another Benjamin.

    http://tinyurl.com/coo49f

  2. nomadic Says:

    MV – at least they finally took out the November 22 deadline from their description! Must’ve been a $100 charge for that.

  3. nomadic Says:

    The jobs news just gets bleaker:
    http://www.nytimes.com/2009/01/27/business/economy/27layoffs.html?ref=us

    Good thing the RBA isn’t affected by reality trouble in flyover land.

  4. madhaus Says:

    Don’t you get it? Prices in Palo Alto are only allowed to move in one direction. We just don’t talk about the (shhh!) low-ball bids that are actually accepted. That’s why Tech Gal’s stats stay so healthy! Intermediate price reductions don’t exist! It’s like a fifth force of nature or something.

  5. Real Estater Says:

    When you spend $2.2M, you want to be in Palo Alto, not Willow Road in Menlo Park.

  6. nomadic Says:

    madhaus, I’m sick to death of Palo Alto. Can we have a moratorium on it for the rest of the day? :-)

    I’m OD’ing on its specialness.

  7. BuyersAreIdiots Says:

    Sweet! What a deal!

    I’m surprised Real Excreter isn’t camped out in front of that joint so he can lay down first dibs!

  8. A. Lewis Says:

    Well, if REALESTATER is criticizing it…

    Show of hands, then, Willow Road in Menlo Park is officially out of the RBA?
    {hand goes up}

    It just keeps getting smaller…

  9. sonarrat Says:

    RE, when I spend $1.7M, I damn well expect to get two houses for it!

  10. BuyersAreIdiots Says:

    More good news for California:

    http://www.msnbc.msn.com/id/28448852/

    Ah, how wonderful. Instead of a paycheck (if you work for the government) or a tax refund if you are a tax payer, you get a wonderful IOU from the Governator.

    California just keeps getting more special every day! And who says Prop 13 was a bad tax idea? Naaaah. Real Excreter says it’s all good so it must be so!

  11. anon Says:

    “Show of hands, then, Willow Road in Menlo Park is officially out of the RBA?
    {hand goes up}”

    No. Real Excreter does not know what the RBA is. He cannot spot it and his opinion is irrelevant.

    On another note, since MV got here, he’s somewhat changed his tune from “no recession here” to: “Guys, it’s not that bad.”

  12. nomadic Says:

    Another incident of problems in “good” schools. This one in Saratoga, although they don’t say exactly where this occurred:

    http://www.msnbc.msn.com/id/28863605/

  13. SanMatean Says:

    Even beloved Gunn isn’t immune- 18 students were injured by a smoke-bomb gone bad back in ’94.

    http://consumerlawpage.com/article/explode.shtml

    One of the hero students who attended to the injured was later arrested and jailed following multiple allegations of child molestation.

    http://www.paloaltoonline.com/weekly/morgue/2005/2005_08_31.police31.shtml

  14. madhaus Says:

    Oh come on nomadic, if I have to take a hiatus on Roger’s favorite locus of specialdomity, I just won’t have anything else to say. I mean, even the danged Sprinkles Cupcakes come from there.

    sonarrat, LOL on #9. Come back to 94087 next month; then for $1.7m I bet I can buy my house and the place next door and build a compound. And if I wait until 2010, for that I can buy the other neighbor’s house too.

  15. mtv-renter Says:

    So, as we know, Detroit is having some problems, and there are neighborhoods where you can buy a house for less than $10k. Now, some of these $10k houses could be in bad neighborhoods, and this got me to thinking – for the price of an $1.7M dollar house in menlo park, I could buy an $10k house in Detroit, and with the leftover money, buy the rest of the neighborhood. I figure I could tear down about fifty of the houses, make a nice estate, and turn the rest into a moat with sniper towers to keep out the crime. Hell, I could even build a race track in the back yard so I wouldn’t have to drive to Infineon or Thunder Hill when I want to drive fast.

    I think my plan is much cooler than buying a house in the RBA, what do you guys think?

  16. anon Says:

    but…you’d be missing the special aura.

  17. nomadic Says:

    only one problem, mtv-renter…

    … you’d have to live in Detroit. Been there. Didn’t want that. (Lived in its ‘burbs for a long time. Wouldn’t want that either.)

    It would be extra tough if you needed a job to pay for your new empire too.

  18. mtv-renter Says:

    Yeah, I guess you’re right. I’ll just have to wait for the RBA to contract so that it only contains RealEstater’s house, then I should be able to buy a decent bay area house. Too bad, I wanted my own race track.

  19. A. Lewis Says:

    mtv-renter – we’ll miss you – have fun! Try making it into an amusement park to cheer the Detroit folks up, and maybe you can stimulate the local economy.

    Actually, spending $1.7M on land in Detroit will probably jump-start the entire area!

    Watch out for the new housing bubble about to form in Detroit! It’s the new Palo Alto!

  20. Pralay Says:

    Show of hands, then, Willow Road in Menlo Park is officially out of the RBA?
    {hand goes up>

    ——

    Willow Rd in MP is not where “professionals would choose to live”.

  21. nomadic Says:

    LOL! Maybe you could make the new Boblo Island! It could’ve just been before it’s time.

  22. nomadic Says:

    PRALAY! Where the heck have you been? RE was worried sick!
    :-)

  23. nomadic Says:

    He has a new name.

    Real Excreter. Courtesy of “buyersareidiots” – I call him BAI for short.

    ROFL

  24. Pralay Says:

    Good thing the RBA isn’t affected by reality trouble in flyover land.
    ———

    Of course SV is not affected. It’s like Disneyland – “no recession, no layoffs, no downturn”. People here are still getting “double digit %raise plus bonus”.

  25. Pralay Says:

    PRALAY! Where the heck have you been? RE was worried sick!
    ——-

    Just came back from multi-country, multi-timezone, multi-thousand-dollar megaaaaaaaaaaaaaaaaaaaaaaaaa travel. Still in jetlag. And guess what, I didn’t even need to get “special approval” for that.

  26. Pralay Says:

    Real Excreter. Courtesy of “buyersareidiots” – I call him BAI for short.
    ——

    LOL! That name is more appropriate. That brings my next question: does real excretion stink more?

  27. rick Says:

    That is officially East Menlo now. Phew, RBA is saved.

  28. nomadic Says:

    does real excretion stink more?

    In the RBA, that sort of thing most certainly does NOT stink.

  29. anon Says:

    “Just came back from multi-country, multi-timezone, multi-thousand-dollar megaaaaaaaaaaaaaaaaaaaaaaaaa travel. Still in jetlag. And guess what, I didn’t even need to get “special approval” for that.”

    This sounds important, official, and authentic. Please elaborate.

  30. cardinal2007 Says:

    I wonder if it would be a lot of work to split the lot down the middle and build a fence or other thing there, and legally split it. I figure zoning should allow it, that would certainly increase the value as it is a multifamily residential now, which is priced as a multiple of rent usually. Having two different SFHs would put it in another completely different market substantially raising it’s value.

  31. Herve Says:

    Welcome back Pralay! We found some bank-owned properties in Palo Alto while you were away.

  32. sonarrat Says:

    cardinal2007, I would just tear both houses down and build a four-story apartment building on it. Much better use of the location, visibility and space.

  33. madhaus Says:

    sonarrat, think bigger. Racetrack in the back yard. Listen to mtv-renter.

    Welcome back Pralay! Tell us all about your megaaaaaaaaaaaaaaa project. I’m assuming your NDA includes all of us.

  34. anon Says:

    http://www.reuters.com/article/newsOne/idUSTRE50Q0EQ20090127

  35. Pralay Says:

    This sounds important, official, and authentic. Please elaborate.
    ——

    It was a family emergency. I can’t elaborate farther, because I signed an NDS with my family.

    BTW, on the way back from multi-country international travel, the custom officer at SFO asked me to show drivers license – just like they did to others in past.

    I pulled out my drivers license and showed him.

    “Oh, you don’t live in Palo Alto. You are so screwed already. I am not going to check your baggages and screw you farther – even if you have narcotics, pest-infested fruits in them.”

    Immediately he let me go.

  36. nomadic Says:

    another one for you anon:
    http://www.bloomberg.com/apps/news?pid=20601087&sid=assdtQhN0Czk&refer=home

    I guess suckers really are born every minute. Just how stupid can people be?

    Nadel told investors that he had provided 20 percent returns from 1999 to 2007, the complaint says.

    The FBI cited five unnamed victims who lost money.

    Two invested a combined $28.6 million in Nadel’s funds, the agency said. Nadel told one of them, who sought to withdraw funds, that there was more than $200 million in the victim’s account and the money would be available by March, Riordan said in the complaint.

  37. nomadic Says:

    hmm, maybe spam swallowed what I thought I posted?

    here’s another one for you anon:
    http://www.bloomberg.com/apps/news?pid=20601087&sid=assdtQhN0Czk&refer=home

    Nadel told investors that he had provided 20 percent returns from 1999 to 2007, the complaint says.

    The FBI cited five unnamed victims who lost money.

    Two invested a combined $28.6 million in Nadel’s funds, the agency said. Nadel told one of them, who sought to withdraw funds, that there was more than $200 million in the victim’s account and the money would be available by March, Riordan said in the complaint.

    How stupid can people be? I guess suckers really are born every minute.

  38. Pralay Says:

    Welcome back Pralay! We found some bank-owned properties in Palo Alto while you were away.
    —–

    You must be lying. As our real excretion expert said: there is no such thing as foreclosure in Palo Alto.

    Therefore those bank-owned properties must be fictitious – manufactured by doom and gloom media.

  39. nomadic Says:

    Priceless. From anon’s article:

    One investor, who declined to be identified, told reporters that he found Cosmo to be “staggeringly smooth” and was persuaded to continue investing with him even after he discovered that Cosmo had done time for fraud.

    Cosmo was convicted of felony fraud and swindle in 1999 and sentenced to 21 months in prison. He was released in August 2000, according to the U.S. Bureau of Prisons.

  40. Pralay Says:

    Tell us all about your megaaaaaaaaaaaaaaa project.
    ——

    It was defnitely an unforseen megaaaaaa project. However, you tell more I need to get “special approval”.

  41. BuyersAreIdiots Says:

    Tell us all about your megaaaaaaaaaaaaaaa project.

    My suspicion is that it involved constipation and copious amounts of Ex-Lax.

  42. Mole Man Says:

    Willow Road is as quaint as they come, and it’s easy to walk from there to downtown Palo Alto or Menlo Park and those CalTrain stations. The old style streetcar suburbs like this along the peninsula are small, but urban and connected. That said, this lot is probably not worth asking and the ocean of concrete in front is yucky. Splitting the lot might be difficult or even impossible because the rear unit is two stories which isn’t allowed on a flag lot. Great for a big families or developers that have cash to burn?

  43. madhaus Says:

    OMG that article that anon posted. Anyone who’d invest money with a guy named Cosmo got what s/he deserved. It’s like playing cards with a man named Doc, eating at a place called Mom’s, or replying to posts from a user who calls himself RealEstater.

  44. Justin Sane Says:

    Re #30, the property has been on the market long enough, if they could raise value by subdividing it legally, they would have done it by now.

    IMHO, of course.

  45. Herve Says:

    The realtor seems to think it’s important enought to mention, but does anyone really care if the house is close to Sunset Magazine? :-)

  46. nomadic Says:

    Mole Man said: Splitting the lot might be difficult or even impossible because the rear unit is two stories which isn’t allowed on a flag lot.

    I think Menlo Park allows this. I went touring new construction in MP and PA late last summer and saw at least one house in MP on a flag lot. It was a very large 2-story house. It was memorable because it was behind a smaller, older house. I wish I remember the street it was on.

  47. nomadic Says:

    Thought I’d take a quick look to see if I could find the flag lot. I didn’t, but a house I poked fun at last fall has sold. West Menlo for a $290,000 loss after seven years of ownership.

    http://www.redfin.com/CA/Menlo-Park/2-Zachary-Ct-94025/home/2017590

    According to PropertyShark, it was not a REO, and it doesn’t appear to have been a short sale either. Painful.

  48. madhaus Says:

    So you’re saying this house sold for pricing previous to 2001? I told you we’re going to party like it’s 1999.

  49. anon Says:

    Well, what’s the moral of the story?

    Shoulda bought RBA.

    Which is, of course, fiction because there’s no RBA.

    We can be certain that all property has fallen in value and will likely fall further.

  50. anon Says:

    And that is, fallen with respect to 2006 ‘values.’

    Is this more from book of anon?

  51. nomadic Says:

    Yes, madhaus, they were anxious sellers. The loss was more than $290k once you factor in the sales commission.

    Purchased brand new in 2001 for $2.5M; sold 11/08 for $2.21M. Maybe proximity to the school hurt it?

  52. MV_Bound Says:

    Never, ever buy new construction. Some long-term investment strategy there. Why pay a premium for new construction, and this just proved that point.

  53. madhaus Says:

    nomadic, I have no idea why it got cheaper, but I suspect somebody paid too much for it in 2001. Maybe someone sitting on a pile of option money if they cashed out before the dot.bomb.

    I did notice the school and I think that is a big negative. At drop-off and pick-up time, many roads next to schools are impassable for 20 minutes or more.

  54. nomadic Says:

    madhaus, did you notice how heavy traffic looked even in the street view? That still seems like a really large drop for the area. MV Bound, most of the new construction I’ve seen around here sells more quickly and at higher than average prices. There isn’t much new construction so it gets attention, especially when the architecture has a little extra “wow” factor like vaulted ceilings or sweeping staircases.

  55. madhaus Says:

    Speaking of cash on the sidelines, things are so bad that if you buy a toaster, you get a free bank.

  56. nomadic Says:

    sweet! Did you get the coupon in the mail for $100 if you open a free WaMu checking account with a deposit of $100?

  57. Herve Says:

    I got the WaMu coupon a few weeks ago. It expires on Feb 8.

  58. Real Estater Says:

    More good news:

    1. Yahoo beats estimates

    2. Despite the significant declines since the real estate market peak in 2006, home prices in the (9 County SF) region are still up 35.28 percent from January 2000, the base date for the index, according to S&P.

  59. DreamT Says:

    More good news:

    1. No lives were lost in any Bay Area earthquake today

    2. Despite strong losses in stock investments, 401k balances generally remain positive

    3. I went to the restaurant about three weeks ago and replaced my heating duct system (barely) less than a year ago. Therefore, news that the economy is in tatters in 2009 are greatly exaggerated

  60. anon Says:

    DreamT,

    You’re really scraping the bottom of the barrel for good news, ya know…

  61. mike Says:

    >>More good news:
    >>2. Despite the significant declines since the
    >>real estate market peak in 2006, home prices in the
    >>(9 County SF) region are still up 35.28 percent from
    >>January 2000, the base date for the index, according
    >>to S&P.

    How is that good news?

    That’s a 3.39% compounded annual return each year.

    Barely better than historical rate of inflation. Once adjusted for inflation your real return would be close to zero.

    Plus house prices in the bay area are still dropping.

  62. Real Estater Says:

    DreamT is just being a moron. There are real news out there:

    1. Help is on the way

    2. Dow has been up for several days now

  63. MV_Bound Says:

    Nomadic- That’s why I said never buy new construction. There isn’t much of it, and it goes quickly. There is no reason to pay a premium for it. Now if you live in a teardown for a few years and build your own home that’s a different story. Much new construction in MB, Encinitas, Del Mar, Rancho Santa Fe, Rye, NY, Darien, CT, Stamford, CT, New Canaan, CT is way down from the peak. Even more so than the older homes. These are custom builds, not just your high end tract home. Let’s not even talk about those.

    I just don’t believe PA is different. Sure Wall Street has been crushed and that will affect all the East coast areas more so than here, but you got to think it could happen to PA. Maybe not the 25-30% that’s already happened in those areas I mentioned for new construction, but it could.

  64. nomadic Says:

    RE said: 1. Yahoo beats estimates

    Oh, that’s so wonderful. They LOST $303M in the latest quarter, compared to a PROFIT of $206M a year ago. But that’s right, we ignore all of those special charges to find our good news. Wow, that reminds me of the newer school policies where no child gets a failing grade because we don’t want to damage their little psyches.

    MV Bound – you missed my point. Newer construction that I’ve tracked maintains its premium for at least 10-15 years around here. I generally find it a bit soulless, but that’s what I’ve seen.

  65. Real Estater Says:

    There was a radio program on NPR just yesterday discussing the downturn in the context of the Silicon Valley. All the guests agreed that this is not a tech led recession, and those outside the tech sector are affected the most. The downturn didn’t come to Silicon Valley until very late last year, trailing most of the nation, and it’s been less severe than other regions. They said the people who are losing jobs this time around are mostly those lower in the ranks or under performers. Managers and above are not losing jobs. They also believe recovery will come later this year.

  66. Real Estater Says:

    MV Bound – The situation in the Bay Area is different from Southern Cal. In Southern Cal, it’s not hard to find new or near new construction. You can buy a very nice new home in Irvine for under $800K. In Palo Alto, a newer condo will cost a million. The reason for the disparity is that there is no land left for development. The only way you can have new construction is to tear down an old home and rebuild on the lot, one by one. Nomadic is right in that new custom homes here will hold their premiums year after year.

  67. MV_Bound Says:

    RE- Not so in MB. That’s the only way you get new construction is to tear down. Very similar to PA in my opinion. The one thing PA has going for it over MB is the 2004 AGI that Steve posted. You can’t compare Irvine to PA, Menlo Park, MB. Completely different.

    I’ve watched basic custom new construction sell for $2.5M in 2005/2006 in MB, and now it is $1.8-$1.9M for approx 3,300 sf.

    Now, tell me how that is different. Tech just hasn’t got hit yet like all the commercial brokers, mortgage brokers, investment banks, PE firms, etc that make up most of MB. Maybe SV is a little more insulated. We’ll find out.

    Also, did you see all the other areas I mentioned. Many of them appear on Steve’s Top 100 AGI list. We’re talking Wall Streeters that were making tens of millions a year and those areas have been impacted hard.

  68. nomadic Says:

    To be clear, I’m not saying prices overall will not go down. I’m saying that newer construction will maintain a premium over older homes. Perhaps that premium will narrow a little – maybe.

  69. A. Lewis Says:

    If the newer construction is of good quality, it ought to command a premium. As shelter, it should be valued on it’s longevity in addition to it’s location. If it’s crappy new construction, then no…and the builder will take a bath in the new value-market.

  70. MV_Bound Says:

    Nomadic-I’m in agreement with you. New construction will always be higher, but the gap will narrow. The developer’s just won’t pocket as much as money as they did. Lot values are not coming down as fast for obvious reasons-one that RE pointed out that there is not that much land for development. The trouble is now developers are renting those houses out or the properties are going back to the bank because they paid $1.3M for the lot in 2006/2007 and at $250/sf for 3,300 sf, well you get the point. They can’t even break even.

    The $2M range I just picked, but there are $10M homes on the Strand (Beach Frontage), $5M homes on Walk Streets, etc. The higher homes are just now starting to feel the pain, in which no one thought they would.

  71. MV_Bound Says:

    Here’s one example of what I’m describing. Lot purchased for $1.3M, and now listed at $1.895M after 266 DOM. House is 7 blocks (about 1/2 mile) from the beach. This would have sold easily for $2.5M in 2006/early 2007.

    http://tinyurl.com/c4l3l7

  72. anon Says:

    MV bound, did you read the description for that home? Here’s the last sentence: “Family room with distressed beam ceiling, oak floor, natural stone fireplace, and pre-wired for surround sound. ”

    Distressed beam ceiling? Correct me if I’m wrong, but I thought it was called a ‘stress beam.’ Freudian slip?

    Or, maybe the distress beam is holding up the house – preventing it from collapsing under the weight of the mortgage…

  73. nomadic Says:

    Wow, that is one butt-ugly house. Sheesh!

  74. Real Estater Says:

    MV_Bound,

    Looks like MB is cheaper than Turtle Ridge in Irvine. I think you better compare it to Half Moon Bay in the Bay Area.

  75. MV_Bound Says:

    RE- You bring up a good point about the recession not being tech-driven. I do recall, at least in the media, that the Bay area had a drop in home prices in late 2000-early 2002. Do you recall? Down here we were about flat or slightly up from 2000-2001. So maybe the RBA will escape the brunt of it. I somewhat hope so, as if tech falters so will my business and I will find myself out of a job in a year. So really, I don’t want a housing crash up there, just more inventory to choose from.

    Nomadic- Yes, I never said the house was beautiful, but then again you don’t get a lot for under $2m nowadays.

  76. MV_Bound Says:

    RE- Turtle Ridge, puhleeeasse. You mean the same Newport Beach adjacent community with crappy Irvine schools with the 73 FWY running through it. I’m beginning to think everyone on here is right that you don’t have a clue. Like I said, that $2.5M+ house in 2006 is now NOT selling for $1.895M. There are plenty of $5M+ listings in MB, just as there are in Palo Alto. I’m not trying to say which is better, just that the demographics are similar, with Palo Alto having an edge at least based on 2004 AGI per Steve.

  77. anon Says:

    “I’m beginning to think everyone on here is right that you don’t have a clue.”

    LOL. Beginning? You must not have read many old posts…

  78. Real Estater Says:

    MV_Bound Says:

    >>RE- Turtle Ridge, puhleeeasse.
    I actually have a good friend who lives in that community. There was quite a buzz about it when it came out. Obviously, I haven’t been there lately, but comparing the house in your example, I ‘d say you get more in MB.

  79. DreamT Says:

    “DreamT is just being a moron.”
    Roger is resorting to name calling again. This is getting old!

  80. Real Estater Says:

    MV_Bound,

    How is the demographics of MB similar to PA? Besides the income difference, PA ranks #1 in the % of residents with advanced degrees. PA is also the hot spot for tech innovation, VC money, and tons of start-ups. It’s the home of SAP, HP and Facebook. It’s also the home of Steve Jobs, Larry Page, and Steve Young (I’ve seen him jog on my street).

    The point is, home prices here are supported by strong fundamentals here.

  81. Real Estater Says:

    >>Roger is resorting to name calling again.

    Who is Roger?

  82. DreamT Says:

    He is a strong fundamental. You should know him!

  83. Pralay Says:

    He is a strong fundamental. You should know him!
    —–

    I think he started liking the newer name given by BAI. Hence disowning the older one.

  84. MV_Bound Says:

    Oh RE, Let me see. Home to many entertainment, VC, PE execs, as well as actors, LA Lakers, LA Kings, etc. Home to Skechers and many aerospace companies. Remember the 90s. MB got killed by 30%.

    Oh and did I say there’s a pretty good beach. Like I said I’m not comparing which one is better, but you seem to want to do that for some reason. They both are pretty equal. So can you just quit trying to compare the two. I just don’t believe that PA will be immune like you seem to think. BTW, you never answered my question about RE prices when the tech bubble occurred. What happened then? I’m asking because I don’t know.

    Obviously I am choosing to live in SV rather than MB. Schools are better in PA, at least the HS. Elementary test scores are similar.

    Oh and once again, Turtle Ridge, let’s not even go there. Crappy schools. Typical new buzz in a new community when it came out. Not quite comparable even to LaMorinda, Pleasanton, etc. The East Bay blows doors off Turtle Ridge.

  85. Real Estater Says:

    MV_Bound Says:
    >>BTW, you never answered my question about RE prices when the tech bubble occurred. What happened then? I’m asking because I don’t know.

    Sure, I’d be glad to answer that question, since I bought my current home in 2003.

    Homes in Silicon Valley (including Palo Alto) took a breather for about a 6 month period in 2001, right after the dot com collapse. Condition during that period was similar to what you see currently. Sales were slow, and prices were flat, and in some cases, dipped by 10%. By Jan 2002, all the buyers came out. Within a few months the market reached a complete frenzy. I actually started shopping for a house in 2002, but was out-bid over and over again. The rest, as you know, is history. Prices quickly reached new highs and the people who called “bubble” (many of them are on this board) are priced out forever. This is why they are always here talking about the imminent market collapse; what they’re really saying is “please give me another chance to buy a home!”

  86. Pralay Says:

    BTW, you never answered my question about RE prices when the tech bubble occurred. What happened then?
    ———

    LOL! It is unfair to ask someone, who cannot even provide meaningful data/information beyond “DOW soars”, about seven year old historical data.

    Not specific to PA but let’s look at this graph. The big drop of blue color graph (expensive areas) in 2001-2002 – that’s the area of “residents with advanced degrees” and “hot spot for tech innovation, VC money, and tons of start-ups”.

  87. Real Estater Says:

    MV_bound,

    With all due respect, MB doesn’t have any cachet outside of LA. Certainly if you go abroad, nobody even knows about MB. People have generally heard of Newport Beach, and of course, Beverley Hills (90210, right?), but not MB.

    On the other hand, if you open various research journals, business publications etc., you always see mention of Palo Alto.

  88. MV_Bound Says:

    Ditto in MB, without the 10% drop, but almost exactly the same timing. So when would you say PA peaked, month and year if known? Like I said, I don’t hope for a collapse, just more inventory. I’m perfectly content renting for a year just to know exactly which city and which neighborhood in the city we would want.

  89. MV_Bound Says:

    RE- You’re saying cachet matters? How Southern Californian of you? Thought NoCal was different, or maybe it’s just you. You might want to take a look at the latest DQ numbers. Granted PA is obviously skewed somehow.

    http://tinyurl.com/craj8c

    Or a comparison of full year 2006 and 2007. Why does PA barely top $1M? Come on, cachet? If that’s the case we’d all be living in Kauai or some other tropical paradise or Paris, Dubai, the list goes on and on.

    http://tinyurl.com/c3qac5

  90. zanon Says:

    Dubai is a humid desert, not a tropical paradise. More Texas than Hawaii.

  91. Real Estater Says:

    MV_Bound Says:
    >>Why does PA barely top $1M?

    Because people say here, you’re looking at useless aggregate data that includes condos.

    All I can say is, come up and see what you can find for $1M. If you expect anything over 2000 sq. ft. in 94301, be prepared to pay at least $2M.

  92. MV_Bound Says:

    Zanon- Not calling it a tropical paradise, but it obviously has cachet, which was the point I was trying to make.

  93. DreamT Says:

    RE – Watch your grammar:
    “Prices quickly reached new highs and the people who called “bubble” (many of them are on this board) are priced out forever. ”
    That’d make a small bubble crowd indeed! What you probably meant was:
    “Prices quickly reached new highs and the people who called “bubble” (who are well represented on this board) are priced out forever.”

    MV Bound – As you correctly guessed, RE’s haughty and snotty attitude is not typical of the Bay Area. Watch him troll you all the way to a list of his personal belongings. Can you beat a sub-zero fridge, a Porsche and a Trophy Wife? Nobody else on this board has detailed to great length where they purchase furniture (Stanford, Crate & Barrel, etc.), what electronics they just bought, the size of their and their wife’s bonus, tax allocation, etc. Certainly the typical PA resident isn’t a hard core materialist.
    To top it off, RE regularly weasels out of the conversations where he cannot put down someone, routinely makes racist and misogynistic comments, and often plays the hypocrite when cornered. In short, he’s the kind of person you don’t want your children to ever meet.
    Anybody care to correct me on any of the above points (except for Roger)?

  94. madhaus Says:

    Hmmm. Now MV_Bound has taken over A Lewis‘s attempt to talk sense to Real Estater. Let me remind you, MV, you can lead a donkey to the RBA, but it’s still an ass.

    Speaking of A Lewis, I think someone is forging his posts. I refuse to believe our A could have come up with something as short as #67.

    I already got three banks, why would I need a coupon for $100?

  95. DreamT Says:

    If anybody thinks the above is character assassination (which would surprise me), I’ll be happy to point to the multiple times RE engaged in unfounded attacks esp. with Pralay and Madhaus. The guy was raised with pigs.

  96. madhaus Says:

    DreamT, re #91, no argument from me. He made an incredibly racist comment just the other day in another dead thread, putting Cupertino schools down for being “all-Asian” rather than “All-American,” (which he went on to say is what you get in wonderful, special, incredible, unique and beyond measure Palo Palo Palo Palo Alto).

  97. madhaus Says:

    And MV_Bound, one final lesson for you: You can’t wrestle a pig without falling in the mud with it.

  98. Real Estater Says:

    Guys, guys,

    Can we all engage in a rational conversation? Can we refrain from attacking the person, rather than discussing the issue?

    I have genuinely given MV_Bound some useful info. For example, I made him aware of the commute issue with Los Gatos to help him narrow down his choices. I’m really not here to fight. My intent is to help.

  99. nomadic Says:

    DreamT, you may rest your case. I concur with each point.

    RE’s hyperbole:
    By Jan 2002, all the buyers came out. Within a few months the market reached a complete frenzy.

    I bought my first RBA house (or RBA-adjacent) in 94087 in March or April 2003. It sat on the market for a number of weeks, had one buyer back out for a minor issue, and I picked it up for less than asking just after a $30k price cut. There was no competition.

    Maybe I was just phenomenally lucky? I doubt it.

  100. MV_Bound Says:

    Madhaus, No I’m done. No sense in arguing about the future since it is so bright and none of the tech companies rely on any financing because they are so overloaded with cash.

    Is there a problem with this location? 1227 Fulton for $1.649M.

    http://tinyurl.com/aefszf

    How about this new construction for $2.495M? Lot sold for $1.1M in 2006. Seems eerily similar to what pricing in MB used to be….

    http://tinyurl.com/d2k9bd

  101. MV_Bound Says:

    RE- Thanks for all the info. I sincerely mean it. I am still for some reason drawn to Los Gatos. Maybe because I’ve been there, and the lot sizes seem to be larger, but do understand the commute issue. It’s all in good fun. We’ll probably all run into each other some day anyway so no sense in making enemies.

  102. anon Says:

    “The East Bay blows doors off Turtle Ridge.”

    MV, well said. I really hope you stay for a while.

    RE SAID: “Homes in Silicon Valley (including Palo Alto) took a breather for about a 6 month period in 2001, right after the dot com collapse. Condition during that period was similar to what you see currently.”

    Real Excreter: Please be advised that _anyone_ who has read this board for a while is patently aware of the fact that you are now singing a completely different tune than you were 6 months ago. So much for your “facts” – as you put it. Just because you have slowly changed your position does not mean that we did not notice.

    MH said: “Hmmm. Now MV_Bound has taken over A Lewis’s attempt to talk sense to Real Estater. Let me remind you, MV, you can lead a donkey to the RBA, but it’s still an ass.”

    Or a donkey can stumble their way there…and still be uncultured swine.

    DT said: “In short, he’s the kind of person you don’t want your children to ever meet.”

    Sure, I’ll correct you. RE is the type of person you would never want to associate with or associate with anyone who associates with him.

  103. Real Estater Says:

    >>Is there a problem with this location? 1227 Fulton for $1.649M.

    No problem with the location, but the house is slightly above a tear down (which is why there are plans drawn for a new home), and the lot size is small.

  104. Real Estater Says:

    nomadic says,
    >> bought my first RBA house (or RBA-adjacent) in 94087 in March or April 2003. It sat on the market for a number of weeks, had one buyer back out for a minor issue, and I picked it up for less than asking just after a $30k price cut.

    Is this 94087 CUSD or 94087 Santa Clara? What kind of issue does the house have? Why did you get out so quickly?

  105. Real Estater Says:

    anon,

    I don’t think I ever talked about 2001 on this board. What do you mean by singing a different tune?

  106. disagree Says:

    “MV Bound – As you correctly guessed, RE’s haughty and snotty attitude is not typical of the Bay Area. ”

    I would have to strongly disagree. In fact, I’m surprised there aren’t more people like RE on this site.

    Over and over again I hear “The reason I live in the Bay Area is because no where else can you find such nice and smart people.”

    Maybe I just know too many Stanford grads or something.

  107. Real Estater Says:

    anon says,
    >>RE is the type of person you would never want to associate with or associate with anyone who associates with him.

    If you don’t like associating with someone who donates to his school and local library, then it’s quite unfortunate. Why are you so irritated anyways? Do you see me talk to you like that?

  108. DreamT Says:

    disagree – Maybe you’re with the wrong crowd. I usually hear the reason folks live here is either they’ve been here a long time already (prop 13′s golden cage!) or that’s where the jobs are, plain and simple.
    As for Stanford grads, I personally know a few that are hardworking, entrepreneurial and unassuming. The snotty attitude (which I’ve seen at interviews back in 1999/2000) is definitely the exception.
    There are several million folks in the bay area. If you participate in local charities & volunteer programs or local city programs, or simply reach out across social circles, you’ll probably change your opinion. Palo Alto city council is known for its opinionated contributors and can be frustrating, but neighboring cities esp. Sunnyvale or Santa Clara are quite well run and inclusive.

  109. Pralay Says:

    If you don’t like associating with someone who donates to his school and local library, then it’s quite unfortunate.
    ——-

    LOL! First Real Excreter shamelessly tells us how fortunate someone would be if he/she associates with him.
    Secondly, when he talks about donation to school what he did not mentioned is that he gave money to his own kids’s education programs – as explained by madhaus. :)

  110. Pralay Says:

    Can you beat a sub-zero fridge, a Porsche and a Trophy Wife?
    ——-

    It would be unfair to not talk about engraved name on brick.

  111. anon Says:

    RE,

    Re-read post 100. It speaks for itself. If you don’t get it, read it again. Continue in this vain until you understand.

    “If you don’t like associating with someone who donates to his school and local library, then it’s quite unfortunate. Why are you so irritated anyways? Do you see me talk to you like that?”

    The only reason someone like you volunteers or donates is so that you can look down on other people for not doing so. Just as you view your vehicle is a symbol of how you are better than other people, you tout your “altruistic behavior” as if it somehow makes you a better person. The fact that you saw fit to reference this in post 105 is a case in point. You are a phony and I am calling you on it.

    I’ve seen you talk to me like that on occasion, and I’ve seen you talk to others in a similar fashion. Is there a problem? You’re free to not read my posts.

  112. Pralay Says:

    Can we all engage in a rational conversation? Can we refrain from attacking the person, rather than discussing the issue?
    ——

    I did not see much of personal attack or name calling in this thread, until someone posted this comment.

  113. DreamT Says:

    Thanks Pralay.

  114. anon Says:

    I found the 3rd paragraph of post 109 at least a little rational…Anyone care to differ?

  115. bob Says:

    There was a radio program on NPR just yesterday discussing the downturn in the context of the Silicon Valley. All the guests agreed that this is not a tech led recession, and those outside the tech sector are affected the most. The downturn didn’t come to Silicon Valley until very late last year, trailing most of the nation, and it’s been less severe than other regions. They said the people who are losing jobs this time around are mostly those lower in the ranks or under performers.

    Hope you weren’t listening to Marketplace, because if we’re talking about the same story, then you missed some of the more important chunks of the story which all and all didn’t paint as pretty of a picture as you’re suggesting. Firstly that the downturn in tech is actually getting to be almost as bad as it was in 2001. Secondly, vacant office space in SV has escalated to near 20% levels ( that’s very high) and lastly and more importantly, while tech and other college educated, upper management level jobs have been typically recession-proof, this time around plenty of these jobs are being cut. Wall Street actually likes white collar cuts more than blue collar since that means companies shave more costs with less layoffs. I have a nice hole in the sand you can stick your head in

  116. anon Says:

    “I have a nice hole in the sand you can stick your head in”

    LOL nice bob. I think you may have described / found the last bit of RBA. At least, so long as the aforementioned hole is not near a highway. Or on a busy street. Or near power lines. Or near a rock quarry.

  117. nomadic Says:

    >>Is there a problem with this location? 1227 Fulton for $1.649M.

    No problem with the location, but the house is slightly above a tear down (which is why there are plans drawn for a new home), and the lot size is small.

    It also isn’t in the RBA. I think I linked to this place a few days ago, pointing out that it’s listed for LESS than the 2007 sale price.

    re#102: I explained earlier why I last moved (3rd paragraph). If you still don’t get it, read my handle again. Look it up at dictionary.com if you need to. Besides, my commute is also less than half what it would have been otherwise.

    anon said: “Continue in this vain until you understand.” I love it! Unintentional pun!

  118. SiO2 Says:

    MV bound,
    Los Gatos does have its charms. The downtown has many nice restaurants and shops. Close to hiking/biking trails, either flat or mountainous. And the houses tend to be closer to retail, so you can walk or bike to a shop.

    The Belwood area (there was a link posted recently) is very nice. Lots around 10k, a local park and hiking trail, and houses are well kept. Some extensive remodels going on too, so the neighborhood will look nice. There’s a also a pool club with membership limited to the neighborhood. It’s Union schools, which are good but not PA/Los Gatos/Cupertino/Saratoga good. But there’s also a Stratford private elem/middle nearby, and Harker through high school is not too far.

    The area near downtown has LG schools. but smaller lots, and is pretty pricey for what you get. There’s another area on the corner of Blossom Hill road and LG blvd, it’s a little cheaper with slightly bigger lots, and LG schools. Costs less because not walking distance to downtown. Have to be careful about the schools though, the boundary lines are drawn pretty arbitrarily, so that next door neighbors will have different schools.

    The commute to MV depends on when you go to work. if you get on 85 by 7:10 it’s actually fine. and if you carpool or ride a motorcycle it’s good anytime due to the carpool lane.

  119. madhaus Says:

    Roger should have known better than to quote something he heard on the radio. Of course bob heard the same show! Laughing very hard now.

    Hey, what happened to MV Bound? I think we scared him away. And he hasn’t even heard about the Bang & Olafson telephone at Roger’s house, never mind the exotic plants.

  120. Real Estater Says:

    Bob says,
    >>Hope you weren’t listening to Marketplace, because if we’re talking about the same story, then you missed some of the more important chunks of the story which all and all didn’t paint as pretty of a picture as you’re suggesting.

    No, it wasn’t Marketplace. It was Talk of the Nation from 9AM to 10AM, which you couldn’t have listened to since you’re sitting in your cubical at that time.

  121. DreamT Says:

    What’s a “cubical”?

  122. Real Estater Says:

    Quote of the day:

    The only reason someone like you volunteers or donates is so that you can look down on other people for not doing so.

    Author: Anon

    Unbelievable. The best intent gets turned into an evil plot.

  123. Real Estater Says:

    An imbecile is someone who doesn’t know what a cubical is.

  124. Herve Says:

    > An imbecile is someone who doesn’t know what a cubical is.

    Merriam-Webster’s collegiate dictionary says “cubical” is an adjective (and only an adjective). If you have another definition to offer, please, we are all hear/ear/here ;-)

  125. DreamT Says:

    RealEstater – Was that self-flagellation?

    Command of your own language is in many countries a prerequisite to be taken seriously anywhere.

  126. Herve Says:

    RealEstater, a hint for you: flagellation has nothing to do with flageolet (you probably don’t know either one, so why do I bother?)

  127. anon Says:

    “Quote of the day:

    The only reason someone like you volunteers or donates is so that you can look down on other people for not doing so.

    Author: Anon

    Unbelievable. The best intent gets turned into an evil plot.”

    Am I wrong?

  128. DreamT Says:

    RE – Since you’re probably working hard on expanding your insult repertoire (so far, you get a D- with the simplistic ‘idiot’, ‘moron’ and ‘imbecile’) – I have to warn you: flageolet is NOT an insult.

  129. Herve Says:

    > I have to warn you: flageolet is NOT an insult.

    Tell that to a salsify!

  130. DreamT Says:

    Fortunately I am not a salsify myself, so I would not get offended. On that note, any restaurant in the bay area where you can find some? I found exactly one restaurant so far in the US that served salsify, but it was located in downtown DC.

  131. madhaus Says:

    Can I have some cubical salsify? I’ll use the flageolet to score “Useless aggregate Data.”

    I am so jealous. I didn’t get to be quote of the day, even though I wasn’t wrong either.

  132. Pralay Says:

    What’s a “cubical”?
    ——–

    Don’t know what cubical is? Too bad!

    Hint: Manhatten has lots of sky scrapers. Those sky scrapers have lots of cubicals inside. People sit and work inside those cubicals. When they finish their works, they go to Star Bucks and drink latte.

  133. Pralay Says:

    Command of your own language is in many countries a prerequisite to be taken seriously anywhere.
    ——–

    That’s not his fault. It’s public school. And living among smart people didn’t help him either – even after Steve Young jogging on his street everyday.

  134. madhaus Says:

    I guess that means he didn’t grow up among all the gifted and talented smart achievers. Because if he did, he’d be running rings ’round us logically!

  135. Pralay Says:

    Since you’re probably working hard on expanding your insult repertoire
    ———-

    Come on! He does not work hard. That’s the job of worker bees. Real Excreter manages megaaaaaaaaaaaaaaa project.

  136. Real Estater Says:

    What is this, a gang here? This thread is definitely not RBA!

  137. madhaus Says:

    Sure it is, Roger. It’s all about you.

  138. DreamT Says:

    No gang, just a shared sense of wonderment at your many inaptitudes. Maybe with a few more logical, grammatical and spelling errors, you’ll be able to form a cult!

  139. Real Estater Says:

    Just thought I mention, I didn’t direct any insult at any specific person here. Contrast that with what DreamT did in #136 in such crass manner.

  140. Herve Says:

    > I didn’t direct any insult at any specific person here.

    I guess I failed to see the affectionate (dare I say loving?) compliment in post #60. My bad.

  141. DreamT Says:

    You just showcased the reason you (and nobody else) get this treatment from me: your crass hypocrisy. #126 lists insults you directed at me so far and Pralay helpfully pointed out #60 in this very thread.

  142. DreamT Says:

    Wait – you do realize, RE, that Pralay was quoting three other spelling errors you previously made, right? The word ‘inaptitude’ is not an insult any more than ‘flageolet’ is (assuming you are not a salsify)

  143. anon Says:

    It’s not the insult part he was taking issue with. It was the DreamT part. He didn’t say DreamT on burbed, he said DreamT. That could be any DreamT.

    You know – like everywhere everywhere as opposed to everywhere. Lacking in specificity. It is ambiguous.

  144. Real Estater Says:

    All,

    Read #57, and tell me DreamT is not a moron.

  145. anon Says:

    Read #57 – check.
    DreamT is not a moron.
    Tell real estater DreamT is not a moron. – check.

    Anything else before I go to bed? Still curious about your pent up demand for consumer electronics.

  146. nomadic Says:

    Okay. DreamT is not a moron. The first two statements are true. #3 is a bit hard to follow but I have no argument against it. Are you saying (gasp!) that he did not replace his ducts?

  147. anon Says:

    Moreover, he was trying to make it obvious how stupid your statements are.

    DreamT is not a moron.

    And, on the bright side of things, the sun didn’t crash into the earth today. No traffic here! Just look outside.

  148. Real Estater Says:

    Gang members: Go to bed now.

  149. madhaus Says:

    Just checking in. DreamT is not a moron.

    Anything else?

  150. DreamT Says:

    “Gang members” – isn’t this an East Palo Alto imagery? Watch who you hang out with, RE!
    Now if you could lay down the insults once and for all, and be a bit more honest with yourself and others, we might all get along just fine.
    Incidentally, I know that guy DreamT, I could call him lots of different names but ‘moron’ isn’t one that comes to mind. Next time try something more subtil – Orycterop, Catachresis, something along those lines.

  151. Real Estater Says:

    anon says,
    >>Still curious about your pent up demand for consumer electronics.

    Will you quit the baiting? If you tell you I have plans to upgrade the audio in one of my cars, and add DVD screens in the headrests of another, are you going to get into another tirade about showing off material possessions?

  152. madhaus Says:

    I don’t see any baiting. I see a reasonable request to know how you will prevent the RBA economy from imploding. I also asked when you were going to buy a high end digital camera. K&S is a fine store, so you can keep your sales taxes local.

  153. Real Estater Says:

    madhaus says,
    >>Just checking in. DreamT is not a moron.

    And you look like a 20 year old (consider that a compliment).

  154. anon Says:

    “Will you quit the baiting? If you tell you I have plans to upgrade the audio in one of my cars, and add DVD screens in the headrests of another, are you going to get into another tirade about showing off material possessions?”

    Of course not, real estater. That would be rude!

    I’m curious – will you be picking up a matching pair of chrome rims. Those rap guys on TV tell me that’s all the rage.

  155. anon Says:

    “Will you quit the baiting? If you tell you I have plans to upgrade the audio in one of my cars, and add DVD screens in the headrests of another, are you going to get into another tirade about showing off material possessions?”

    Of course not, real estater. That would be rude!

    I’m curious – will you be picking up a matching pair of chrome rims? Those rap guys on TV tell me that’s all the rage.

  156. Real Estater Says:

    madhaus,
    >>I also asked when you were going to buy a high end digital camera.

    Maybe I don’t need it, if I figure out how to use my high end cam corder.

  157. anon Says:

    Yeah. they’re pretty tough. My Sony HDR-SR12 has 2 buttons, a switch and a zoom. I’d use it, but I can’t figure out where the film goes.

  158. madhaus Says:

    Oh no. The RBA is doomed. RE refuses to spend $2500 on a high end camera. Plus a thou each for a few premium lenses.

    Use a camcorder to take high quality photos? Are you out of your mind, Roger? That’s like using a Porsche Boxster in a Formula 1 race.

  159. DreamT Says:

    It’s a high-end camcorder. So it’s really like using a high-end Porsche Boxster (with arm rest DVDs) in a Formula 1 race. Let’s compare apples to apples so as not to offend anyone.

  160. Herve Says:

    > Maybe I don’t need it, if I figure out how to use my high end cam corder.

    Here, that could help you figure it out.

    What kind of shot was that?
    _ sheep
    _ chip
    _ cheap
    _ cheep
    (hint: find the adjective)

  161. madhaus Says:

    Now if we have a Formula 1 race in the RBA, that would boost Real Palo Alto home prices up another 15%! But be sure to get those DVD screens in the seats, too.

  162. E-Beezy Says:

    LOL! You guys are hilarious. Keep up the good work!

  163. DreamT Says:

    Herve, that was a ship shot!

  164. Herve Says:

    > Herve, that was a ship shot!

    Did you see “ship” being listed? Moron. ;-)

  165. madhaus Says:

    It’s affecting my children’s health, therefore it’s a SCHIP shot.

  166. Pralay Says:

    More good news:

    1. #@$%%O())__+++

    2. $^GGTH___*******$$$

  167. Pralay Says:

    3. DOW soars

  168. DreamT Says:

    How could I be a mormon? I have a high-end cam corder?

  169. Real Estater Says:

    Yes, I refuse to spend $2500 on a camera, and so should you, madhaus, because your camera shouldn’t cost more than your guitar.

  170. madhaus Says:

    You’re a Morgan? Do you want to buy one of my banks? I’ll take a cam corder for it.

  171. madhaus Says:

    RE, I have more than one guitar, and I have more than one camera. Unlike you, I am ensuring the Bay Area economy stays afloat.

  172. madhaus Says:

    But why would Roger care if his camera was worth less than my guitar?

  173. DreamT Says:

    plus isn’t moron an adjudicative? Such as in “I type moron stuff”, “I drive a moron car with moron arm rests”, etc

  174. Pralay Says:

    I have a high-end cam corder?
    ——

    You mean high end cam and high end corder?

  175. steve Says:

    I think the best analog for RBA prices over the next 3 years is what happened 1990-1993. The Bay Area economy is more diversified than then. The big question is whether PA prices will be off 15% from their Sept 2008 peak or off 40 before we hit bottom.

  176. madhaus Says:

    Dang it, Pralay! We’re supposed to be a gang! Would you flash some gang signs or something? Or show off your bling? What do you mean you didn’t bring any bling? I brought a cam corder!

  177. Pralay Says:

    Yes, I refuse to spend $2500 on a camera
    ——

    I understand you don’t want to spend $2500 to a store in Manhatten, but atleast you can support your local store – right in Palo Alto.

  178. Real Estater Says:

    madhaus says,
    >>RE, I have more than one guitar, and I have more than one camera. Unlike you, I am ensuring the Bay Area economy stays afloat.

    But you cannot match Pralay. He throws away flat screen TVs month after month.

  179. Real Estater Says:

    Steve says,
    >>The big question is whether PA prices will be off 15% from their Sept 2008 peak or off 40 before we hit bottom.

    If it’s 40% off, I’ll delighted to own a second PA house….which is why it won’t happen; life can’t be that easy.

  180. Pralay Says:

    But you cannot match Pralay. He throws away flat screen TVs month after month.
    —–

    And Real Excretion cannot match me either. I buy digital cameras and cam—————–corders from Real Excretion’s neighborhood store every year.

  181. madhaus Says:

    Yes, but do you spend more on them than I do on guitars?

  182. Real Estater Says:

    >>3. DOW soars

    If you checked Yahoo Finance this afternoon, that’s what it said in the headline.

    By the way, let’s check the ticker:

    Google – Up 5.19% (+17.19)
    Microsoft – Up 2.15%
    Apple – Up 3.82%
    Oracle – Up 3.24%
    IBM – Up 3.45%
    Citigroup – Up 18.59%
    Bank of America – Up 13.69%

    You almost could not lose money today.

  183. Pralay Says:

    If it’s 40% off, I’ll delighted to own a second PA house….which is why it won’t happen; life can’t be that easy.
    ——–

    Hmmmmm! I thought “all the stars are lined up for buying a house”. So what is stopping Real Excreter to buy his investment property which he is planning for one year? What is the next set of excuse?

  184. Herve Says:

    Let me guess: he’ll say he decided to invest the money in the stock market and made so much money it’s ridiculous. Actually he’ll say “ridicolous”.

  185. Pralay Says:

    That’s definitely ridi callous.

  186. DreamT Says:

    “You almost could not lose money today.”

    Only a Maroon would have lost money today.

  187. MV_Bound Says:

    Madhaus- I’m still here.

    By the way, let’s check the ticker:

    Google – Up 5.19% (+17.19) Down 2.1% today
    Microsoft – Up 2.15% Down 1.97%
    Apple – Up 3.82% Down 1.1%
    Oracle – Up 3.24% Down 2.63%
    IBM – Up 3.45% Down 2.1%
    Citigroup – Up 18.59% Down 5%
    Bank of America – Up 13.69% Down 5.95%

    Hey, at least RE is optimistic. Hope you closed your positions out yesterday. The point is we’re in for a long ride. We’re probably in the 4th inning.

    And Steve has the most rationale comment. I would think the RBA would be very similar to the early 90s. Anyone know the decline back then? I wouldn’t think it would be any worse than the 90s.

  188. madhaus Says:

    MV_Bound, very glad to see you came back. You’re an excellent addition to the, er, gang.

    I remember the early nineties well, since I bought in 1993. I think things are going to be worse this time. More people are losing jobs, and a lot more are worried about losing jobs. Not the environment where you want to sign a promissory note to pay back hundreds of thousands of dollars you may never earn in the next couple of years.

  189. A. Lewis Says:

    Man, awesome party on this thread, sorry I had so much work and 2 business meetings I was out for a bit. It was almost a megaaaaaa project – but turned out to end early :-).

    All I had time for was that ultra-short comment. It really hurt me to be that brief, Madhaus. I’m very egotistically flattered that you noticed.

    Just a couple of things – MV_bound, I’m very happy to have your contributions – MB is an excellent comparison point to the RBA, and we can learn a lot from you. And I also think you understand many of the dynamics of a high-end area. It’s nice that you have an eye for value, instead of just being a shill for the real estate industry. I mean, who wants to overpay, especially when you’re getting into 7 digits, right? You can get rich by being lucky, but you don’t stay rich by being stupid.

    On Turtle Ridge – I lived in Lake Forest and worked in Irvine for a few years, and I know about Turtle Ridge – it’s just a throwaway development in Orange County, like so many others. If you like quiet suburbs in Orange County, it was certainly pretty in a very…well, OC kind of way. Life is pretty nice in OC if you have money and can just deal with the whiteness. And the conservatives. I think RE would be happier there, really. I’m white, and it was easy to live there, what with all the perfectly laid out streets, extra left turn lanes, endless strip malls with all the chain stores and restaurants you need…and it wasn’t too far a drive to Laguna Beach. It’s just stereotypical suburban life. It’s the caricature of the American dream. It’s just a bit empty and lacking in character.

    But hey, if your job is there, or you have family there, or other connections to the area, it’s fine – I just don’t see it as drawing outsiders because of some ‘specialness’.

    Turtle Ridge has NO kind of specialness going for it. And in Southern California, beach or beach access is king in real estate. So MB blows it away any way you slice it.

    I tend to think of a lot of the Peninsula as kind of bland and blah compared to older parts of the Bay Area like SF and the East Bay, but it still has way more character than Turtle Ridge.

    RE, you really should spell check and go over your posts a bit more to avoid ridicule. Especially when you’re ridiculing someone else! But hypocrisy fits.

    I think you can see, MV_bound, that RE is fine if he thinks you’re going to buy an expensive house in the RBA. If he thinks you are in any way criticizing other buyers, calling prices as too high, or suggesting that any town compares with the RBA, ESPECIALLY a town that has had price drops…well, then you’re persona non grata, and he will try to contradict any supporting point you make. It’s the same way a lot of politicians attack the character of their opponents instead of the essence of their opponents’ arguments. But I don’t want to get the thread into politics again…

    And I think the peninsula has it’s fair share of snooty folks, but it’s pretty darned nice. Being a UC Berkeley grad, whose arch-rival is Stanford, I do like to paint them all as rich, white, snooties, but it’s just a joke. On average it’s richer and whiter than the East Bay, but there’s lots of great people all around.

    Having lived in Southern California, and especially Orange County, gave me a great appreciation for what’s different up here, and my preference is here.

    I have a bit of a soft spot for SoCal, though – sailing on Newport Harbor, on a 75 degree day in December was a great joy…but seeing the Golden Gate bridge every day on my way down the hill to the BART station seems to more than make up for it.

    San Diego’s a pretty neat place, too.

  190. Herve Says:

    Price reduced to $1,595,000.

  191. anon Says:

    lol wake me when its 949k


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