March 12, 2009

Coastside cottage – just $980 per square foot

391 6th St, Montara, CA 94037 East of Highway 1 MLS# 80828469 – Property Details
391 6th St, Montara, CA
94037

(East of Highway 1)
$549,000

1749380893-391

* Status: Active
* Bedroom: 1
* Bathroom: 1
* Year Built: 1965
* Lot Size: 9000
* Square Footage: 560
* List Date: 8/17/2008
* Garage Spaces: 1

* MLS#: 80828469
This quaint one bedroom one bath cottage, plus loft, sits on a marvelous 9000 square foot lot with ocean and mountain views. New deck, new fireplace, new carpet, new kitchen counters and lovely stained glass windows add to the charm of this unique home. A short walk delivers you to breathtaking Montara State Beach and miles of panoramic hiking trails. Truly a one of a kind property!

One of a kind indeed! Wow, imagine how awesome it would be to live on the coast. Ever see Lost? Yeah, it’d be like that, except you’d be living in an amazing cottage with stained glass windows.

Here’s what else Burbed reader sonarrat had to say:

Yeah.. that makes lots of sense for access to the coldest water south of Alaska.

Oh ok. So it’s like Lost, but colder. That’s still… uh… ok. Just think of the benefits. No heat exhaustion!!

BTW, was I the only person who didn’t know where Montara is?

Comments (13) -- Posted by: burbed @ 5:46 am

13 Responses to “Coastside cottage – just $980 per square foot”

  1. Herve Says:

    The price has been reduced twice already. I was $629K back in August 2008 and $575K in September.

    The Zestimate is $576,500.

  2. Joe Says:

    Where is this place, Hermit-ville? I dunno, just a vibe I get from this cottage, maybe it’s the single chair sitting alone outside the home.

  3. Hmmmmm Says:

    Wasn’t this on a few months ago?

  4. CB Says:

    Looks like something you’d see on an “I Survived” kidnapping segment.

  5. nomadic Says:

    Joe (#2), that’s where the banjo player sits.

  6. sonarrat Says:

    Montara is a little town between Pacifica and Half Moon Bay, in the fog vault. It has a little private airport, so you get buzzed quite a bit. I can’t even imagine why this is more expensive than any number of more desirable properties in the sunny part of Pacifica.

  7. Joe Says:

    Nouriel Roubini characterized America for the past 25 year to a tee today:

    “A reporter contacted me today with the following question:

    “I am a reporter and I am doing a story on Bernard Madoff’s life after pleading guilty. As part of this I was wondering if you could comment on what significance he will have in the history of this period. Will he represent more than a scamster who stole a lot of money from a lot of people? As Bernie Ebbers and Ken Lay came to embody corporate greed and deceit, what will Madoff symbolize? I would really appreciate your insights on this”.

    Here is my answer fleshed out in full:

    Americans lived in a Made-off and Ponzi bubble economy for a decade or even longer. Madoff is the mirror of the American economy and of its overleveraged agents: a house of cards of leverage over leverage by households, financial firms and corporations that has now gone bust.

    When you put zero down on your home and you thus have no equity in your home your leverage is literally infinite and you are playing a Ponzi game.

    And the bank that lent you with zero down, a NINJA (no income, no jobs and assets) liar loan that was interest only for a while with negative amortization and an initial teaser rate was also playing a Ponzi game.

    And private equity firms that did over a $1 trillion of LBOs in the last few years with debt to earnings ratio of 10 or above were also Ponzi firms playing a Ponzi game.

    A government that will issue trillions of dollars of new debt to pay for this severe recession and to socialize private losses may risk to become a Ponzi government if – in the medium term – does not return to fiscal discipline and debt sustainability.

    A country that has – for over 25 years – spent more than income and thus run an endless string of current account deficit and has thus become the largest net foreign debtor in the world (with net foreign liabilities that are likely to be over $3 trillion by the end of this year) is also a Ponzi country that may eventually default on its foreign debt if it does not – over time – tighten its belt and start running smaller current account deficits and actual trade surpluses.

    Whenever you persistently consume more than your income year after year (a household with negative savings, a government with budget deficit, a firm or financial institution with persistent losses, a country with a current account deficit) you are playing a Ponzi game; in the jargon of formal economics you are not satisfying your long run intertemporal budget constraint as you borrow to finance the interest rate on your previous debt and you are thus following an unsustainable debt dynamics (discounted value of your debt growing without limit in NPV terms as the debt grows faster than the interest rate on it) that eventually leads to outright insolvency.

    According to Minsky and according to economic theory Ponzi agents (households, firms, banks) are those who need to borrow more to repay both principal and interest on their previous debt; i.e. Minsky’s “Ponzi borrowers” cannot service neither interest or principal payments on their debts. They are called “Ponzi borrowers” as they need persistently increasing prices of the assets they invested in to keep on refinancing their debt obligations.

    By this standard media US households whose debt relative to income went from 65 percent 15 years ago to 100 percent in 2000 to 135 percent today were playing a Ponzi game.

    And an economy where the total debt to GDP ratio (of households, financial firms and corporations) is now 350 percent was a Made-Off Ponzi economy. And now that home values have fallen 20% and they will fall another 20% before they bottom out and now that equity prices have fallen over 50% (and may fall further) using homes as an ATM machine and borrowing against it to finance Ponzi consumption is not feasible any more. The party is over for households, banks and non-bank highly leveraged corporations.

    The bursting of the housing bubble and of the equity bubble and hedge funds bubble and private equity bubble showed that most of the “wealth” that supported the massive leverage and overspending of agents in the economy was a fake bubble-driven wealth; now that these bubble have burst it is clear that the emperor had no clothes and that we are the naked emperor. A rising bubble tide was hiding the fact that most Americans and their banks were swimming naked; and the bursting of the bubble is the low tide that shows who was naked.

    Madoff may now spend the rest of his life in prison. The US household and financial and non financial firms and government may spend the next generation in debtor’s prison having to tighten their belts to pay for the losses inflicted by a decade or more of reckless leverage, over consumption and risk taking.

    Americans, let us look at ourselves in the mirror: Madoff is us and Mr. Ponzi is us!”

    link: http://www.rgemonitor.com/roubini-monitor/255955/bernie_madoff_is_the_mirror_of_a_made-off_ponzi_economy

  8. nomadic Says:

    It’s interesting to look at the dynamics in the top ranks of the wealthiest:

    http://www.forbes.com/2009/03/11/worlds-richest-people-billionaires-2009-billionaires-intro.html?partner=earthlink

    Of the 1,125 billionaires who made last year’s ranking, 373 fell off the list–355 from declining fortunes and 18 who died. There are 38 newcomers, plus three moguls who returned to the list after regaining their 10-figure fortunes. It is the first time since 2003 that the world has had a net loss in the number of billionaires.

    The world’s richest are also a lot poorer. Their collective net worth is $2.4 trillion, down $2 trillion from a year ago. Their average net worth fell 23% to $3 billion. The last time the average was that low was in 2003.
    .
    While 656 billionaires lost money in the past year, 44 added to their fortunes.

  9. UnrealAlex Says:

    I also didn’t know where Montera is, and I’ve been up that coast a number of times, last time on my motorcycle, BRR.

    Really and truly Nowhereville. Maybe part of the stimulus plan will be to put sex offenders in places like these.

  10. madhaus Says:

    Yeah, but look at the map! If you draw a straight line to the RBA, you hit HILLSBOROUGH!

    LOL about the banjo player, nomadic.

    Sorry, no poem today. Bet you’re all thrilled.

  11. Mole Man Says:

    There are lots of odd fringe lots along the coast, but this isn’t one of them. The photo is deceptive. This just a double lot with big trees and a small dwelling built with big setbacks. Hippies sometimes “dig” this kind of thing, but a half million is a lot of money for anyone now that the cash conjuring machines have run out of mana. This is a great opportunity to build something big and wierd like a dome home.

    Montara is more uppity and special than Pacifica, and Moss Beach even more so. Pinkies out while sipping, please. Half Moon Bay has an airport just to the south. Maybe the big fields near the hills could suffice for airplanes, but that seems a bit of a stretch.

    One really big issue for Montara now is that the legality of wells and therefore the local water supply has all come into question. That raises some tricky issues with no cheap or easy solutions. Rebuilding the water supply will be an expensive and unavoidable detour to Assessments City, but could be a great gig for an ambitious engineer.

  12. Comparing house prices in beach areas | SF Bay Area Home Price and Mortgage Insanity Blog - Burbed.com Says:

    [...] I don’t know much about Hawaii honestly – but I figured given all the references in yesterday’s post, I should take a [...]

  13. UnrealAlex Says:

    Great place to grow dope, but the price of dope has dropped 50% and in the coming Great Depression dope’s not likely to be a hard to get commodity. With a medical card, you can grow some, but not enough to make this place pay and it wouldn’t pay long term.


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