January 29, 2009

Palo Alto house with Bathroom in Bedroom

3600 RAMONA St, Palo Alto, CA 94306 | MLS# 80900712
3600 RAMONA St Palo Alto, CA 94306
Price: $849,000

1678526301_3600
Beds: 2
Baths: 2
Sq. Ft.: 1,040
$/Sq. Ft.: $816
Lot Size: 5,580 Sq. Ft.
Property Type: Detached Single Family
Style: Contemporary
Year Built: 1951
Stories: 1
View: Neighborhood
Neighborhood: South Palo Alto
County: Santa Clara
MLS#: 80900712
Source: MLSListings
Status: Active
On Redfin: 18 days
Contemporary Home w/ a serene setting in a Great nighborhood w/ Gunn high school. Land value in this area is more than the current listing price. Hurry, wont last. Uniquely Designed 1-room master suite w/ soaking tub & spacious area for bedroom set. Kitchen & Baths had some updating. Newer boiler. Professionaly landscaped yard w/ ponds & lawn & patio. stainless steel refrigerator & washer/dryer included.

Another find from Burbed reader Simon. Here’s what he had to say:

I’ve seen it – it’s a Eichler that was horribly mutilated by a crazy person with a Japanese fetish that involved putting a toilet in the bedoom. No, I don’t how that’s Japanese either but the Realtor told me, so it must be true.

Anyone want to go check this out at the next open house? Sounds like an amazing innovation – which makes sense since this is in Palo Alto, the birthplace of so many innovations!

More importantly, this house is at $816 per square foot. Phew. So maybe the world isn’t coming to an end after all.

Comments (92) -- Posted by: burbed @ 5:12 am

92 Responses to “Palo Alto house with Bathroom in Bedroom”

  1. Real Estater Says:

    Another way to look at it, flaws are opportunities, especially in Palo Alto.

  2. gfx Says:

    Palo Alto? Pffft. More like Value Alto.

  3. Herve Says:

    According to Chuckie, at that price the house will likely draw interest from multiple parties and sell above list.

  4. Lionel Says:

    RE, you love to talk about real estate opportunities, yet you never seem to actually pull the trigger on a purchase. If prices are really going to be rising again, then time would seem to be of the essence. Buy now or be priced out forever! Your perpetual foot-dragging indicates to me that you don’t believe your own BS.

  5. Herve Says:

    And for those who did not follow the discussion last time, the house was part of “price drop in Palo Alto” series. $50K off original price (so far).

  6. R Says:

    Exactly Lionel, a point I have asked RE about several times. The end of last year was supposed to be the time, but apparently apparently there has been a change of plans.

  7. nomadic Says:

    Feels like a rerun. We discussed this house a few days ago. The location with streets on three sides dismissed it from the RBA.
    :-)

  8. nomadic Says:

    huh, I need to refresh faster.

  9. Herve Says:

    New home sales fall to slowest monthly pace on record as industry ends worst year since 1982.

    http://finance.yahoo.com/news/December-new-home-sales-post-apf-14194653.html

  10. anon Says:

    “See, this is why I’m tryin to show people where real value lies, and where they do not lie. Palo Alto will never go back to 2004 prices. Any weakness in Palo Alto is worth buying into.”

    LOL – Chuckster. Here’s a secret: They already have.

  11. Herve Says:

    I think Roger wishes there were a Ministry of Truth.

  12. anon Says:

    Wishes? Roger is the ministry of truth! ;)

  13. Herve Says:

    Labor Department says number of Americans receiving unemployment benefits at all-time record.

    http://finance.yahoo.com/news/Americans-receiving-jobless-apf-14193143.html

  14. BuyersAreIdiots Says:

    Another way to look at it, flaws are opportunities, especially in Palo Alto.

    ROFLMAO!!

    I wonder if Real Excreter used that logic when picking up chicks at the bar.

    “Hmmmm. She’s pretty fat and has bad skin. But hey, flaws are opportunities!”

    More cushion means more pushin’, eh Real Excreter?

  15. nomadic Says:

    Here’s a summary of the state of the economy for you, Herve, straight from the horse’s mouth and published by one of RE’s favored sources:

    http://www.bankrate.com/elink/news/fed/translation-Jan282009.asp

  16. Unreal_Alex Says:

    Eww. Just Eww.

  17. Pralay Says:

    Another way to look at it, flaws are opportunities, especially in Palo Alto.
    ——

    Now our Real Excreter does not talk about A way to look at it. He talks about ANOTHER way. :)

  18. madhaus Says:

    I already commented on this house in depth last week. Somehow I missed the part about the bathroom in a bedroom, though. But I do admire the Realtard’s brazen use of the word “serene” to describe a house that gets traffic on three different sides.

    BAI, that is a very disturbing image you bring up. Makes me wonder if RE’s Trophy Wife is the equivalent of a crapbox in 95002 or something.

    Okay, everybody sing the chorus with me: Real Palo Alto prices never go down! If you are seeing 2004 prices in Palo Alto, then that isn’t the Special Part.

  19. nomadic Says:

    A bathroom in the bedroom. Sounds like a certain kind of fetishist’s dream.

  20. madhaus Says:

    A bathroom in the bedroom. Sounds like a certain kind of fetishist’s dream.

    You know, we still don’t know which Trophy the Wife is named for.

  21. anon Says:

    “If you are seeing 2004 prices in Palo Alto, then that isn’t the Special Part.”

    Excellent synthesis. This is how we can be assured that Chuck is always right.

  22. anon Says:

    Yes.

    Flaws are opportunities.

    Trash affixed to real property is gold.

    And debt is wealth.

  23. madhaus Says:

    War is peace.

    Freedom is slavery.

    Bay Area Real Estate doubles every ten years.

  24. mike Says:

    You guys forgot about one more great thing about this house: if you look at the overhead satellite map, it’s facing the street on THREE sides. What do you call a corner lot with two corners?!

  25. madhaus Says:

    mike, see post #18. But I’ll answer your riddle anyway.

    You guys forgot about one more great thing about this house: if you look at the overhead satellite map, it’s facing the street on THREE sides. What do you call a corner lot with two corners?!

    Meaningless anecdotal data!

  26. BuyersAreIdiots Says:

    http://www.sfgate.com/cgi-bin/article.cgi?file=/c/a/2009/01/27/BUOB15I8HR.DTL

    Hmmmm. Foreclosures seem to have tripled in the Bay Area. In all counties. Santa Clara county almost quadrupuled,

    Bah! Useless aggregate data!

  27. anon Says:

    “What do you call a corner lot with two corners?!”

    A peninsula?

  28. rick Says:

    RE is a gem on this site, without him there isn’t much fun commenting, since the truth is already here.

    Being forever optimistic is a gift. :)

  29. DensityDuck Says:

    Okay, wow. I was busy for a few months, and I come back and more than half the comments are circle-jerkers flaming RealEstater. Why even have comments anymore?

  30. madhaus Says:

    Okay, wow. I was busy for a few months, and I come back and more than half the comments are circle-jerkers flaming RealEstater. Why even have comments anymore?

    This is one of those deep questions that answers itself.

  31. anon Says:

    “http://www.sfgate.com/cgi-bin/article.cgi?file=/c/a/2009/01/27/BUOB15I8HR.DTL

    Hmmmm. Foreclosures seem to have tripled in the Bay Area. In all counties. Santa Clara county almost quadrupuled,

    Bah! Useless aggregate data!”

    You’re catching on. No Recession Here.

    So, let’s recap.

    This is not a surprising result when any idiot can sign up to pay a promissory note without actually having the income to actually repay it. It’s compounded when people are tripping over each other in order to take advantage of speculative equity.

    In the past 5-8 years, there have been two types of buyers. 1) People willing to take out toxic loans they cannot repay and 2) people competing with the people in group 1.

    Which one’s the smarter group?

    “Ana and Juan Carlos Rodriguez are among Bay Area residents hoping their default notices won’t result in the loss of their home. The San Mateo couple had high hopes when they bought a two-bedroom condo three years ago. Previously, they had lived in a poorly heated garage. Their mortgage broker told them their payments would be fixed for five years at $2,411 a month.

    “My surprise was when two years passed, I see in my bill, it says it’s going to increase $500 the next month,” Ana Rodriguez said. “I said, ‘Oh, my gosh.’ Then I see it’s going to increase $500 every six months.””

    Scammed by a slimeball broker/agent

    It goes on…

    “The couple, who work as a housecleaner and painter, managed to scrape up the extra money for about a year. But when the economy started going south, so did their incomes. They went from earning about $5,200 a month to about $3,100.”

    WG and real estater, this is why it takes a while for things to work through the system.

    In conclusion: The foreclosure problem is alive and well in the bay area. It will continue to drive home prices down, and it will work its way up through the price ladder in the coming months.

  32. anon Says:

    “Okay, wow. I was busy for a few months, and I come back and more than half the comments are circle-jerkers flaming RealEstater. Why even have comments anymore?”

    See post #28. What else would you like to hear? “Ho hum – another overvalued piece of shit that some idiot paid too much for based on speculation and incorrect assumptions.”

    Yep, here’s another turd with negative equity. And another. and another. and another.

  33. Justin Sane Says:

    It is always interesting when the realtor photos focus mainly on the surroundings of the house than the house itself.

    Even more interesting is when thephotos are focused on the staging companies furniture, and any details of the house or surroundings are deliberately obscured.

  34. Unreal_Alex Says:

    Wait a minute, the payment is fixed for 2 years then at the end of 2 years it goes up, this is a surprise?

  35. Pralay Says:

    The sale value of this home in 2004: $715,000

    Loan 1 (Washington Mutual): $572,000 Variable
    Loan 2 (Washington Mutual): $71,500 Variable

    But but but, some expert here said that RBA is full of smart people and the only type of loan they take is 30 year fix.

  36. Prof. Bleen Says:

    Pralay: I’ll scoop RE here and point out that the ZIP of this house is 94306. The lockout on ARMs only applies to 94301.

  37. anon Says:

    Yes, I recall some idiot on the board saying the same thing…

    Its OK, Pralay. He’s new to the nicer areas and really doesn’t know of which he speaks.

  38. anon Says:

    That’s correct, Bleen. The same walls of high prices which prevent out-of-towners from using the parks also prevent those types of loans from entering.

  39. burbed Says:

    >Foreclosures seem to have tripled in the Bay Area. In all counties. Santa Clara county almost quadrupuled,

    In fairness though, Santa Clara county does include Gilroy and Morgan Hill. It’s a total bloodbath there.

  40. anon Says:

    Heh.

    Too many strawberry pickers with 800k mortgages.

  41. WillowGlenner Says:

    This house will never sell. The location is a deal killer. They should have sold it in the bubble. Now they are stuck with a rental for a long time (fine if the owners want to be landlords but some people don’t).

    Beautiful $2500 rental in Cupertino. Notice the landscaped grounds and dumpy 2-story apt complex right out back.
    http://sfbay.craigslist.org/sby/apa/1003679837.html

    Beautiful 1500 sq ft house, $3195 with a sloping roof in the family room, in San Jose where San Jose, Campbell and Saratoga come together.
    http://sfbay.craigslist.org/sby/apa/1009236592.html

    Does life GET ANY BETTER than renting these 2 beauties?

  42. anon Says:

    But, WG…

    It’s in PALO ALTO.

    That’s desirable.

  43. anon Says:

    Obama. Not a savior, but certainly a badass.

    http://www.bloomberg.com/apps/news?pid=20601087&sid=aKvNNghfuh34&refer=home

  44. WillowGlenner Says:

    I agree with Density Duck. Lets have some better dialogue here.

    On a piece of anecdotal data, remember the refi I started in December? It still hasn’t funded (although is certainly approved) and is bouncing around their system. They are so backed up, a 30 day refi is now taking up to 90 days. I know they are processing because every week I get an email notification “this is to notify you that we have recently recieved an inquiry to pay off your mortgage, in compliance with XYZ”. Today I notice 15 year mortgages back up at 5.5%, what a scam, these banks have quite a racket going.

  45. WillowGlenner Says:

    Pralay, the owners of this house only have a $643K mortgage on it. They aren’t FB’s, I don’t know why they took out a variable but there are tons of different kinds of variables and these people could easily refi $625,500 right now into a confumbo FIXED for 5% if they time it right. They would need to come up with 18K to pay down to the confumbo limits, but thats not too much and besides when you refi you typically skip a month on the mortgage so theres 6K right there.

    This house is a dog, but even so, they are in ok shape. a $625.5K mortgage at 5% equates to a payment of $3300/mo. Then $800 or so for taxes, they can rent this for $4K+, they are probably cash flow neutral if they do need to move.

  46. MV_Bound Says:

    WG says- Pralay, the owners of this house only have a $643K mortgage on it.

    Pralay, Did you get those loan amounts from Property Shark? Sometimes, property shark never updates any additional HELOC activity subsequent to purchase, so they very well could have leveraged up to more than the original 90% LTV.

    This is what I was talking about that the undesirable areas will/are getting hit first, then comes the coveted areas. It’s bound to happen. History doesn’t repeat itself, but it does rhyme (Mark Twain)

    BTW, I’ll give them $3k/month in rent when I move up there. Sounds like it is close enough for you to buy it WG. Didn’t you say you were ok with $200 negative cash flow?

  47. nomadic Says:

    You are correct, Property Shark can be wildly inaccurate but they often do show refis. A new HELOC, maybe not. It also doesn’t update when a HELOC is paid off and closed (which I know from experience).

    This property is a bit rich for WG’s blood. He likes to pay in the $400k range for his rentals. This is what RE is always claiming to be looking for. In fact, it should be on his short list for purchase before that bidding war (that he predicted) erupts.

  48. A. Lewis Says:

    Are you serious about $4k+/mo? For that kind of rental money, I’d like a better location without ‘flaws’. So should a buyer. That’s a TON of money for 1k sqft home with 2 bedrooms. Why should the renter accept conditions a buyer wouldn’t? Hint: because you make the rent low enough it’s worth it. $4k doesn’t seem low enough.

    So who’s on crack, me or WG? can someone find a reasonable comp craigslist rental?

  49. WillowGlenner Says:

    I agree its a dump but there is nothing in PA on craigslist for a real house.

    Look at this place, its $6K.
    http://sfbay.craigslist.org/pen/apa/1012196016.html

    Heres something for $4600
    http://sfbay.craigslist.org/pen/apa/1010015500.html

    I don’t know, I don’t know PA but even if this rents for $3500, they are still pretty much fine.

  50. WillowGlenner Says:

    MV bound, no I only buy things for $400K. I am not enamoured with these peninsula locations either, and I won’t pay up for them. I am older than other people here, and I remember when Hillsborough was significantly cheaper than Los Altos hills, simply because there were no silicon valley companies up that way, and SF cheaper still. And I remember when anything in the foothills or mountains was deemed superior to the “in town” locations. The game for me is to buy a cheap house in an improving neighborhood.

  51. A. Lewis Says:

    Thanks for finding the listings, WG, but they’re MUCH bigger. The 2nd one for $4600 seems like you get quite a lot more. So I’m thinking it’s significantly less for this unit.

    There’s quite a price bump expected for 3BR 1500 sqft. vs. 2BR 1000 sqft. That’s an important gap a lot of families are keenly conscious of. I know I am.

  52. WillowGlenner Says:

    OK A lewis but I really have to differ with you on that $4600 Palo Alto house. It has a PORTABLE DISHWASHER. that means its a dump. I hear you on the smallness of the Ramona house, but its not like you get a palace for $4600 either.

  53. A. Lewis Says:

    Hey, that favored listing of mine in El Cerrito, the super-mega-golf-course home? It’s baaaackkk.

    I don’t see the rental option anymore, let alone the wacky Rent-to-Own thing, but he’s reduced the price:

    http://sfbay.craigslist.org/eby/reb/1008466598.html

    Now down to $2,388,000. Over a $1M reduction from original list! Lo, how the mighty have fallen.

    At least he’s still got a couple of 8′s in there.

    Man, they are dying on this place. I wonder what it cost to buy the land and build it – it was an undeveloped parcel, so they needed heavy equipment and everything to carve it out of the hillside…and I bet the sellers of the parcel charged a pretty penny – ’cause they ain’t makin’ any more land! (Especially on the edge of golf courses).

  54. S-PA Says:

    Bought the house in the winter of 2005. Need a house to live in. Prepared for it to go down in price. Thinking “can afford the price to go down but can not afford the price to go up”. It did go up some and down some. Still in the mode of “can not afford it, if need to buy now”. Glad that we did it at that time.

  55. A. Lewis Says:

    You get too much lower on this thing, and rich folks shopping in nearby, more favored neighborhoods are going to start thinking “Why should I pay $1.8M for a 2,000 sqft 4BR remodelled in 2003 on a 1920 foundation, when I could have that thing?”. It’s got a good elementary school…and you could easily share it with another family :-) Or four.

  56. zanon Says:

    WGer: Want to take a bet that a single one of these rentals is cash flow positive based on zestimate, 20% down, 30 year fixed?

    I have not checked, but I’d bet all have over $10K/year in negative burn, and none are within 10%.

  57. WillowGlenner Says:

    no don’t really want to do that zanon, because I think you have a personal problem, and I only focus on properties in the areas I invest in which are Campbell, Cambrian, places like that where houses cost $450K and rent for $2200 or so.

    So go pick a fight with someone else who cares, thanks.

  58. WillowGlenner Says:

    S-PA you have the right attitude. If you don’t own here you have to rent, and thats a massive money sink these days.

  59. WillowGlenner Says:

    Thats a beautiful El Cerrito place, A. Lewis. I see the problem right away though. Its the RE agent, Marvin Gardens. They needed to list it with Park Place or Boardwalk.

  60. DreamT Says:

    S-PA – Same story here with exact same timing (winter 2005). I’ll add that access to financing (which had to be a temporary situation) was a major reason for us to move up at the time. Could not have done this since then, not to mention our condo lost in value (whereas the house value only went up some and back down some). We would definitely be stuck in our condo for a long time, now. House values aren’t really cheaper than 2005 where we looked, but financing is much harder to come by. Also good houses in good areas just aren’t on the market at this time – the owners are sitting tight.
    It does seem though that SFR peak followed condos peaks by about 1 to 2 years, which makes sense as others probably also used that short financing window to move up as well.

  61. A. Lewis Says:

    I missed my chance on other thread to say: DreamT is not a moron.

  62. steve Says:

    anon writes, In the past 5-8 years, there have been two types of buyers. 1) People willing to take out toxic loans they cannot repay and 2) people competing with the people in group 1.

    that’s quite a concise explanation of our current mess

    mv_bound wonders about HELOCs and property shark. the major question for the RBA is current LTV. my sense is that the RBA will hold up better than similarly nice areas in southland because:

    1) home sales are so low each year in PA, Los Altos, …
    2) for recently purchased property, competition was so fierce that they are well capitalized

    now, that doesn’t mean there won’t be intense price pressure as:

    1) neighboring non-RBA communities like RWC crater (94304 is nice but it is only worth so much more than Emerald Hills)
    2) dual-income families become single or no income families

    To guage how far off we are from the peak to date I am looking at 904 Cowper St in 94301 (should have sold immediately at $1.8M and it continues to sit) and at 207 Ferne in 94306.

    I think Ferne is under contract now as it was very aggressively listed at $1.3M. Fair price for that home this summer was $1.6M, and a smaller, less desireable layout on the same street (but nicely rennovated) sold for $1.8M (443). If it is closes at 1.35 that off 15%.

    Another similar test is the professorville house on Romona RE mentioned. It was listed at $1.65. Fully renovated, it would have sold for $2.5. In its present condition, maybe 1.9? If so, that’s 13% off.

  63. WillowGlenner Says:

    Plus you guys have probably paid down at least some of the mortgage. Like our SFH place, we are making payments every month, roughly equivalent to rent, now, but not in 2006 when we bought- rents were lower then. But anyhoo we have paid down almost 30K on the mortgage now, not a huge amt obviously but nonetheless, we didn’t even feel it.

    I just got through filing with Santa Clara valley for the prop 8 tax deduction for almost every house I own. I will update the site when I get the results. Most cases, the houses I bought earlier I am not even close to getting any kind of reduction but in one case there is a house that for some odd reason sold for $200/ sq ft around the corner from mine. I think it was a foreclosure, but still, thats more than half off even in these areas. So, I listed it on my app for reassess even though it was an outlier. Tried that with all of them. lets see if the city falls for it.

  64. madhaus Says:

    steve, I always appreciate your Palo Alto reports. Keep ‘em coming.

    WG, Boardwalk and Park Place are the 94301 and 94306 of the Monopoly Board. They’re overpriced and hardly worth the high rents you can get for them, because so many players fail to make it anywhere near there. Yup, they got busted for check kiting and taken to jail.

    Given that you like the Campbell/Cambrian etc. price point you should have gone for the best spots on the board: the orange properties. St James Place, Tennessee Ave, and New York Avenue. For a few dollars more, go for the reds: Kentucky, Indiana and Illinois Avenues. Illinois Avenue is the most frequently landed on property.

    And never forget that Monopoly is like real life. If you don’t pay your rent and two players roll after you, you’re off the hook!

  65. bob Says:

    New home sales fall to slowest monthly pace on record as industry ends worst year since 1982.

    Yup, and the other news was that jobless rates for 4 year college graduate,white collar workers was closing in on the highest level since 1980. The unemployment numbers will likely replace foreclosures as the biggest threat to the housing market: Unemployed folks don’t pay more in rent, nor buy houses. Its a general overall economic recession.

    Was listening to the radio yesterday. The guy I listen to and respect suggested the bottom of RE might not actually be until sometime in 2015.

    In regards to RE prices in the RBA, I’d still say that we’re in the very early stages of a downturn. The slowdown has finally caught up here. I work in the middle on PA, and NONE of the homes for sale ( and there are more with each passing week) have pended or sold.

    I will give WG a bit of credit in that indeed- rents have gone up for houses. But again, I suspect that unemployment will slash rental rates as families either move out or stay put in their current houses. All I can say is that even now, what I’m paying in rent ( $1,200) is still way the hell cheaper than a $6,000 mortgage payment.

  66. steve Says:

    thanks madhaus! there have been some serious price reductions in Los Altos and PV lately. at some point I’ll have to compile a list of the most interesting.

  67. rick Says:

    Come on, DensityDuck,
    RE is like that weird crazy cousin, first you see people angry at him, then they understand his joke value and make fun of him all the time. There is nothing wrong with that, I think he enjoys it too.

    I first come to this blog to see the ridiculous houses and the response was “F**K, how can people be so stupid”, and enjoy burbed’s sarcasm. Now I come and feel “Ho ho ho”, then see what kind of excuses RE comes up with, and how people make fun of him. Without his comment or people making fun of him, there is no fun, because with the housing downturn and the FBs crippling, there isn’t as much fun left talking about how they will suffer.

  68. nomadic Says:

    WG, re#62, did you mean Prop 13? :-)

    I’ll bet you get your reductions. The county must be seeing a ton of them. I asked for one way back in 2006 and got it without a fight. They’ve even shaved a little more off since then. I might as well save money when I can – I still pay one of the highest amounts for my neighborhood, being a relative newcomer.

  69. DreamT Says:

    WG – I thought a good timing for filing reduction in property tax assessment is later in the year (around May-June?) and it’s too late anyway for the one coming up in April 15 so why rushing in a down market? Also the only prop 8 I know is about same-sex marriages rather than tax assessments. Is this an older prop 8?
    A #60 – Per RealEstater, you’re therefore now officially part of a gang! See how little it takes? :)

  70. Herve Says:

    > I agree its a dump but there is nothing in PA on craigslist for a real house.

    Come on WillowGlenner, you are showing 2 listings, one for $6K and another one for $4.6K. They really don’t have much in common with today’s house on Ramona (2/2).

    Some seem closer though:
    $3,200 – http://sfbay.craigslist.org/pen/apa/1011307152.html
    $3,000 – http://sfbay.craigslist.org/pen/apa/1009546979.html (2/1 though)
    $3,350 – http://sfbay.craigslist.org/pen/apa/1013042676.html (5/3)
    $3,200 – http://sfbay.craigslist.org/pen/apa/1009245197.html
    and the list goes on…

  71. WillowGlenner Says:

    Its prop 8, which was an addendum to prop 13 a few years after 13 passed. 8 lets people temporarily file for a reduction until the market recovers and then when you reach your purchase price again you are capped by 13. I know, it shares the number with the other prop 8.

    Nomadic, I foolishly tried to get a reduction on my SFH last year, and it was rejected. So they certainly will reject these, and the circumstances are about the same for me this year. Its tough for me to get a recently sold house around here for lower $/sq ft than I paid in 2006. There is TON of new construction in the area, for one thing.

    You can wait until Apr/May at the latest but I just put it in early. The only sales that matter are in 2008 for this year. You can’t put any 2009 sales on the app, so right about now you know all you’re going to know- may as well apply.

  72. anon Says:

    “I will give WG a bit of credit in that indeed- rents have gone up for houses.”

    Bob, I wouldn’t give WG credit for it as he hasn’t really played a hand in it.

    But, I will tell you: rents are going back down and are past their peak.

  73. Stepford Says:

    “I work in the middle on PA, and NONE of the homes for sale ( and there are more with each passing week) have pended or sold.”

    I have noticed that realtors aren’t putting up pending signs as quickly as they used to. There are 3 houses with for sale signs near me with no pending signs, but they are on the mls as sale pending. I think the realtors are reluctant to advertise on the actual house sign that there is a sale pending because some of the sales are falling through and if people think the house is already in contract they don’t bother going to look at it. I guess you have to check the mls to get more information about a house.

  74. DreamT Says:

    WG – Great. Not a single house either sold or was for sale in my tract these past 4 months and the very few sales in 2008 were all well above my purchase price.
    For all the bearish talk on this site about prices cratering, the reality is a bit different when it’s time to prove to the county that the value has actually declined.

  75. Herve Says:

    >For all the bearish talk on this site about prices cratering, the reality is a bit different when it’s time to prove to the county that the value has actually declined.

    Chuckie, is that you?

  76. DreamT Says:

    Yes bob?

  77. rick Says:

    WG,
    Did you really buy ANYTHING in your neighborhood? I only see one sale in the last 6 months that is under 400k, it is 800sqft.

    There are two others at $450k that had huge footage with BA standard, I wonder whether they are really sales because you are finding it so hard to get a comparable depreciated house.

  78. WillowGlenner Says:

    huh? The house I tried to get a reduction on is in prime willow glen, it is my SFH and it was over 800K in 2006, which for this particular house was quite a bargain since it was Dec 2006 and there were a few issues with it (vacant house next door, primarily). 6 mos later a house across the street which was technically less desirable sold for 900K, that was the issue with a property tax reduction for this year. I requested with the city and listed a few houses near here on busy streets that were less than mine but the July sale for 100K more, for a smaller house, killed me. Same thing is happening this year, but reductions are more common so I will give it a shot again.

    Only my investment properties are in the 400K range, and I bought one a few mos ago for slightly less than 420K. I am trying to get another one this goround but was outbid by about 14 people last I tried.

  79. burbed Says:

    I first come to this blog to see the ridiculous houses and the response was “F**K, how can people be so stupid”, and enjoy burbed’s sarcasm. Now I come and feel “Ho ho ho”, then see what kind of excuses RE comes up with, and how people make fun of him.

    Come for the …., stay for the ….

    There’s also useful information in the comments sometimes. I, for one, didn’t know that much about windows (vinyl, wood, brands) until recently.

  80. madhaus Says:

    Come for the …., stay for the ….

    Come for the overpriced homes, stay for the snark.

    There’s also useful information in the comments sometimes. I, for one, didn’t know that much about windows (vinyl, wood, brands) until recently

    I bet you didn’t know which property was landed on most frequently in Monopoly either.

  81. DensityDuck Says:

    I’m happy enough just to see crazy overpriced houses. I really don’t see why you need to burn someone in effigy for the imagined sins of people who bought houses in the last however-long-the-bubble-lasted-this-week. Why not just go jerk off? At least that way you’ll have something to show for your efforts.

  82. anon Says:

    Well, if you’re happy to look at the overpriced houses, don’t read the comments.

    With respect to the latter comment, my only response is: what’s the difference? Both feel good and get you nowhere…

  83. zanon Says:

    WG: I do have a problem, but you can help me get over it.

    “I only focus on properties in the areas I invest in which are Campbell, Cambrian, places like that where houses cost $450K and rent for $2200 or so.”

    Given what you said, please tell me why you link to $1.5M properties in PA that rent for $3K?

    They are outside your investment focus. Do you link to them to show how far prices have to fall? Do you link to them predicting a massive increase in rents?

    I may be missing some irony. Help me out.

  84. zanon Says:

    Also, is “prime willow glenn” similar to “prime Ohio”? You can get good houses there for for $400K.

  85. rick Says:

    Well, I am not going to debate against the moral police here. P.S. there are lots of other fun and meaningless things to do other than jerking off. :)

    Should I feel sorry for the innocent people who inflated the housing bubble? Not really, I have the same feeling against the bankers, the realtors, the mortgagers, the politicians, etc. I am not mad, just watching life unfold. And yeah thanks a bunch that the economy is in the tanks and market is down 33%, and my tax money is paying the bankers to cut fat bonus, the FBs to stay in their houses, etc. Should I have sympathy?

  86. Herve Says:

    To DensityDuck: http://www.youtube.com/watch?v=U0kJHQpvgB8

  87. DreamT Says:

    Who’s being burned in effigy for imagined sins of other folks? Did I miss a thread?

  88. Herve Says:

    Now reduced to $799K. Remember it was sold for $715K in mid 2004.

  89. Herve Says:

    Sold for $780K. No downturn here :-)

  90. anon Says:

    Still overpriced.

  91. DreamT Says:

    Herve -
    Your suggestion that someone dared to make a lowball offer in Palo Alto is just lame

  92. Pralay Says:

    Sold for $780K. No downturn here
    ————-

    Well, let’s read what RealEstater said:

    at that price the house will likely draw interest from multiple parties and sell above list.

    He used the word “likely”. Therefore, he is still correct. ;)


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