Report says foreclosures, defaults up in 2008
Santa Clara County saw the biggest jump in preforeclosure activity among the counties last year, up 234 percent to 18,610, according to Default Research. Los Angeles County experienced the highest number, 122,408.
In a word… Gilroyandmorganhill.
Ok… maybe 4 words then: Gilroy and Morgan Hill.
Maybe it’s time for a new term: Real Santa Clara!
Influx of black renters raises tension in Bay Area – Yahoo! News
As more and more black renters began moving into this mostly white San Francisco Bay Area suburb a few years ago, neighbors started complaining about loud parties, mean pit bulls, blaring car radios, prostitution, drug dealing and muggings of schoolchildren.In 2006, as the influx reached its peak, the police department formed a special crime-fighting unit to deal with the complaints, and authorities began cracking down on tenants in federally subsidized housing.
Now that police unit is the focus of lawsuits by black families who allege the city of 100,000 is orchestrating a campaign to drive them out.
Wow. Could this be any more misleading? Some key takeaways:
1. This article is about Antioch. Again, this highlights the importance of the difference between the Real Bay Area and the Bay Area.
2. There is crime and racial in the Bay Area. Not in the Real Bay Area obviously.
3. Renters are the sources of all problems. ’nuff said.
Let’s look at a rental listing on the MLS, and then look at the ZEstimate.
Reports
5573 Dent Ave, San Jose 95118 (San Jose)
$2,095 Beds: 3 bed(s) Baths: 2 bath(s) MLS: 80848842
Property Overview
5573 Dent Ave
San Jose (San Jose) 95118
Detached Single Family (Class 10)
Bed/Bath: 3 / 2
SqFt: 1,189
Lot Size: 6,098 sq ft
Date Available: 01/01/2009
Rental Price: $2,095
Remarks
Upgraded! Kitchen w/ tile floor, maple cabinets, Granite Counter top, Pergo Floor throughout whole house. Great Neighborhood- Walk to Library, School, & Shopping
Ok. $2095 a month for a 3/2 in San Jose.
What do you think the ZEstimate is?
Did you guess that it was: $542,000
Here’s some other juicy information:
ZESTIMATE®: $542,000
* Value Range: $482,380 – $574,520
* 30-day change: -$19,000
* Zestimate updated: 12/19/2008Last sale and tax info
Sold 03/15/2000:
$438,000
2008 Property Tax:
$6,429
Those of you with fancy calculators – how rich is this landlord becoming? Would you buy it today if it were offerred?
Curbed: We Read Goldman Sachs’ Mind-Numbing NYC Real Estate Report So You Don’t Have To (Kill Yourself)
Goldman: “New York apartment prices are very high relative to the observable fundamentals. Using three alternative yardsticks—price/rent, price/income, and affordability—we find that prices would need to decline by 35%-44% to return to the valuation levels seen in the 1995-1999 period, before the start of the recent boom.”
Translation: Think 15% down is bad? There’s another 30% to go. Wheee!Goldman: “Under the (admittedly unrealistic) assumption that prices decline by the same percentage in each market segment, this type of drop would imply that a 1-bedroom condo whose price currently averages roughly $800,000 would decline to $480,000; a 2-bedroom condo would decline from $1.7 million to $1 million; and a 3-bedroom condo would decline from $3 million to $1.8 million.”
Translation: Look! We can do math!Goldman: “It is instructive to consider the potential implications of a return of relative Manhattan incomes toward the national norm prevailing before the Wall Street boom of the past two decades, either because of pay cuts in the financial industry or because of a possible out-migration of affluent individuals. From 1969 to 1986, Manhattan per-capita income averaged 2 times the national average, with no clear trend. Over the next two decades, however, it grew to 3 times the national average. If incomes fell back to the pre-1986 level of 2 times the national average—and if national per capita income remained unchanged—prices would need to fall as much as 58% to return to the 1995-1999 price/income ratio.
Translation: 58%, people. Commence serious heavy breathing… now.
Wow. Look at those prices plunge. Will this finally be the opportunity that we’ve long waited for? Our opportunity to forge ahead and surpass NY in having the most expensive real estate?
Together, I know we can do it. Let’s go neg ams!
Let’s take a trip back to 11/2/2007. Remember this house?
Well, it appears this house has hit on some tough times - but on the positive side, there’s more detailed photos! Let’s take a look:
Ouch! A 56% price cut? And worst of all, they cut out the part of the photo with the little window! It was so cute!
Let’s look at some other photos:
Wowsers! For a minute there I thought the prices had collapsed because the market was soft – in reality, it appears that someone went into the house and TRASHED IT!
Phew, I’m glad this mystery was solved!
With just a little cleanup, this house can easily be restored to its previous values!
875 San Ardo Way, Mountain View, CA 94043 North Shoreline MLS# 80848738 – Property Details
$675,000
* Status: Active
* Bedroom: 3
* Bathroom: 2
* Year Built: 1962
* Lot Size: 6144
* Square Footage: 1060
* List Date: 12/9/2008
* Garage Spaces: 2What a great opportunity!! Turn this Mountain View home into your dream home. Bring your contractor, and your ideas to take this property to the next level. Original hardwood floors, room for your RV or Boat, open floor plan. NOT A SHORT SALE.. Just a home in need of some TLC.
Sheesh, at these prices, Burbed might not exist in the near future. $636 per square foot for what is NOT A SHORT SALE? They’re practically giving this house away! It’s even got easy access to freeways – I don’t know why the Realtor forgot to mention this!
The best part?
I’m not sure what’s going on in that window (is it looking into another room), but I can tell you right now that funky stove is going to be an instant collector’s item that will only add to this house’s value.
1775 ELSIE Ave, Mountain View, CA 94043 | MLS# 80847987
1775 ELSIE Ave Mountain View, CA 94043
Price: $730,000
Beds: 3
Baths: 1
Sq. Ft.: 860
$/Sq. Ft.: $849
Lot Size: 5,600 Sq. Ft.
Property Type: Attached Single Family
Style: Contemporary, Cottage/Bungalow
Year Built: 1950
Stories: 1
View: Neighborhood
Neighborhood: North Shoreline
County: Santa Clara
MLS#: 80847987
Source: MLSListings
Status: Active
On Redfin: 17 days
Cute & Cozy 3/1. Newly remodeled, New Anderson double pane windows, New stucco exterior, New laminate flooring (Sydney Blue). New Patio door off master leading to private court yard. New back fence & side gates. New interior doors. New designer paint. Bath updated. New brick path on side of the house. New sprinklers in back. Kitchen updated 2002.Garage updated. Terrific location. Walk to Downtown.
It’s the usual deal – a typically priced $849 per square foot house near downtown Mountain View. Hey! It’s got double pane windows! That’s rarity around here sometimes!
But the real reason this is being featured? Check out the sweet office you can have:
Yeah that’s right. Going for that Garage startup ind of feel? This is your opportunity to start the next Google. Entertain the VCs in your garage – while doing laundry at the same time. Own the entreprenurial spirit that makes Silicon Valley so famous today!
Let’s look at a rental listing on the MLS, and then look at the ZEstimate.
Reports
3924 Casanova DR, San Mateo 94403 (San Mateo)
$2,000 Beds: 2 bed(s) Baths: 1 bath(s) MLS: 80848296
Property Overview
3924 Casanova DR
San Mateo (San Mateo) 94403
Detached Single Family (Class 10)
Bed/Bath: 2 / 1
SqFt: 950
Lot Size: 950 sq ft
Date Available: 12/05/2008
Rental Price: $2,000
Remarks
Immaculate & charming home in S.M. Village. New interior paint, neutral carpets and window coverings. New paver driveway and patio. Beautiful large and private backyard. Gardener, washer and dryer included. Close to park, Whole Foods and highway 92. House is very light and airy – fireplace in living room. NO PETS!! NON SMOKERS PLEASE!!
Ok. $2000 a month for a 2/1.
What do you think the ZEstimate is?
Did you guess that it was: $537,000
Here’s some other juicy information:
ZESTIMATE®: $537,000
* Value Range: $451,080 – $569,220
* 30-day change: -$10,500
* Zestimate updated: 12/19/2008Last sale and tax info
Sold 06/10/2005:
$625,000
2008 Property Tax:
$7,352
Those of you with fancy calculators – how rich is this landlord becoming? Would you buy it today if it were offerred?
First there was Real Bay Area – which is defined as… well… the Real Bay Area. As opposed to the geographic Bay Area which spans 9 counties, 101 cities, and includes places that no one thinks of when you say Bay Area, like Novato, Lafayette, Belvedere, etc. The Real Bay Area is a place where house prices always go up – it is the engine of our nation’s economy – it is a place where smart people go to live.
The Real Bay Area used to include San Francisco… but apparently, it only includes the Real San Francisco:
SFHomeBlog.com – A San Francisco Real Estate Blog: SF is finally ‘officially’ a Buyer’s Market
Despite month’s of negative news regarding real estate, San Francisco has proven amazingly resilient to price decreases (southern neighborhoods such as South of Market not withstanding) that is, until quite recently.
Ouch. Sorry SoMA. You’re now no longer in RSF, and thus no longer in RBA. (Was it a really surprise to any readers here though? After all… how can you compare the boring culture of SoMA to that of Palo Alto and Cupertino?)
Don’t worry – you have the whole year to recuperate!
10558 GASCOIGNE Dr, Cupertino, CA 95014 | MLS# 80842233
10558 GASCOIGNE Dr Cupertino, CA 95014
Price: $699,888
Beds: 4
Baths: 2
Sq. Ft.: 1,844
$/Sq. Ft.: $380
Lot Size: 5,300 Sq. Ft.
Property Type: Detached Single Family
Year Built: 1954
Stories: 1
View: Neighborhood
Neighborhood: Cupertino
County: Santa Clara
MLS#: 80842233
Source: MLSListings
Status: Active
On Redfin: 55 days
Located in the Prestigious and Quiet nieghborhood. Upgraded Kitchen w/ Tile counters top. New Carpets. All Room Doors are New. Bright & Light Open Floor Plan Design. Nice Pool & Spa in the backyard. Walk or bike to Cupertino Schools. Close to Shopping Maill & Ranch 99 Market. It’s Move in Condition.
To all you whiny Renters who keep complaining that housing in good school districts isn’t affordable, here’s your once in a lifetime opportunity.
Did you know that you can own a house with new room doors? Yes that’s right! And here’s proof!
Now, granted, if I lived here, I’d be in constant fear that someone would back into my house, given the peculiar driveway layout – but heck, it’s in Cupertino and that’s what matters.
Don’t be fooled by the lack of interior pictures. It’s move in condition.
$380 per square foot. I’m embarassed for this house. I bet its part of a strategy to underprice.
Location, location, location! Burbed is everywhere you click.
