March 17, 2009

Houses in Atherton – now affordable!

72 MAPLE Ave, Atherton, CA 94027 | MLS# 80908548
72 MAPLE Ave Atherton, CA 94027
Price: $879,900

1690037068-72
Beds: 3
Baths: 1
Sq. Ft.: 940
$/Sq. Ft.: $936
Lot Size: 6,550 Sq. Ft.
Property Type: Detached Single Family
Style: Cottage/Bungalow
Year Built: 1951
Stories: 1
View: Neighborhood
Neighborhood: Middlefield to El Camino
County: San Mateo
MLS#: 80908548
Source: MLSListings
Status: Active
On Redfin: 11 days
Fixer-upper
Don’t miss this fantastic opportunity to own a home in Atherton. This property has great potential or just enjoy living in this sweet Bungalow which features:Spacious living room, 3BD, 1BA, Eat-in Kitchen, Large detached 1 car garage, Menlo Park Schools(buyer to verify schools) & Steps to the Town of Atherton Library, Reading Park, Walking distance to the Atherton Train Depot & Holbrook-Palmer Park.

Wow. Talk about tough times. First, recently a co-worker of mine went to Chantilly on a Friday night, and there were just 3 tables with customers. And now… this. A house in Atherton for just $936 square feet.

Although this is depressing, at the same time it is a good thing as it is an indication of how the housing affordability issue in Atherton is now solved.

Careful Atherton… you’re on a slippery slope…

Thanks to Burbed reader Herve for this find!

Comments (85) -- Posted by: burbed @ 5:35 am

85 Responses to “Houses in Atherton – now affordable!”

  1. Joe Says:

    Is this a good deal? Let’s see:

    $879k with a 30-yr jumbo fixed @ 6.5% (https://www.wellsfargo.com/mortgage/rates/)
    gives a monthly payment of $5,556 (PI not including taxes, maintenance, etc.)

    What can you rent for ~$5,500 in Atherton???

    a 4300 sq.ft. 5bd/5ba with tennis court and pool on 1.5 acres
    (http://sfbay.craigslist.org/pen/apa/1070246624.html)

    Hard choice?

  2. nomadic Says:

    Calling it a house is a bit of a stretch – looks more like the trailer from Bob’s avatar. Not to mention the “fixer upper” status on the listing.

  3. steve Says:

    done in by the spam filters again. apologies if this gets double posted, but let’s try again in several parts…

    Joe, exactly!

    Obviously, almost everything about this house is exceptional – except, oddly, what it says about the market. A few other Atherton apples

    2 WILBURN Ave Atherton, CA 94027
    Price: $1,150,000
    Beds: 3
    Baths: 2.5
    Sq. Ft.: 2,300
    $/Sq. Ft.: $500
    Lot Size: 0.3 Acres
    DOM: 56

    Ranch style home in LLoyden Park. Large lot with a ton of potential…

    Mar 02, 2009 Price Changed $1,150,000
    Jan 20, 2009 Listed $1,395,000
    Nov 07, 2006 Sold $1,495,000

  4. steve Says:

    99 WALNUT Ave Atherton, CA 94027
    Price: $1,698,000
    Beds: 5
    Baths: 4
    Sq. Ft.: 2,850
    $/Sq. Ft.: $596
    Lot Size: 10,742 Sq. Ft.
    DOM: 15

    Elegant 5 BD/4.5 BA 11 year old home on nearly 1/4 acre…

    Mar 14, 2009 Price Changed $1,698,000
    Mar 02, 2009 Listed $1,898,000
    Aug 03, 2006 Sold $2,150,000

    9 ISABELLA Ave Atherton, CA 94027
    Price: $2,475,000
    Beds: 4
    Baths: 4
    Sq. Ft.: 4,120
    $/Sq. Ft.: $601
    Lot Size: 0.46 Acres
    DOM: 55

    Enjoy well-designed casual and formal living spaces dramatically flowing over two levels…

    Mar 06, 2009 Price Changed $2,475,000
    Jan 21, 2009 Listed $2,795,000
    Jan 14, 2008 Listed
    Dec 12, 1988 Sold $2,130,000

  5. steve Says:

    (hmm, maybe the separator triggers the review. burbed, anything you have from me in moderation can be deleted, and, sorry again, if these show up as doubles)

    “ah, steve, but those homes are near el camino or the train” I can hear you say. yes, it is true. The 2007 decision to pick up the entire town of atherton and move it did have some impact on property values, but check these out:

    2 FLEUR Pl Atherton, CA 94027
    Price: $4,750,000
    Beds: 4
    Baths: 4
    Sq. Ft.: 4,440
    $/Sq. Ft.: $1,070
    Lot Size: 0.97 Acres
    DOM: 89

    Stunning home on over one acre level lot in central Atherton. Completely remodeled in 2005. Extensive mill work, premium appliances, and programmable lighting & audio visual systems…

    Mar 08, 2009 Price Changed $4,750,000
    Apr 28, 2006 Sold $4,995,000

    nb: 2008 tax – $56,162

    450 MIDDLEFIELD Rd Atherton, CA 94027
    Price: $5,495,000
    Beds: 6
    Baths: 4
    Sq. Ft.: 6,620
    $/Sq. Ft.: $830
    Lot Size: 1.15 Acres
    Property Type: Detached Single Family

    Built in 2000, this gracious estate home has recently been redecorated by San Francisco interior designer, Michael Burg. 6 en-suite bedrooms including the luxurious master suite with fireplace on the first floor…

    Feb 07, 2009 Price Changed $5,495,000
    Nov 03, 2008 Listed $5,995,000
    May 16, 2006 Sold $4,975,000

    how much money do you think a complete remodel costs? what about hiring Michael Burg? 500K? 1M?

  6. gnartb Says:

    Hmmm … the “Atherton Train Depot”. Would that be the place where the (cal)trains only actually stop on weekends?

  7. Pralay Says:

    But Atherton is no longer part of RBA. Only 94301 zipcode is RBA – for now.

  8. nomadic Says:

    steve, Wilburn is a pit. srsly

  9. steve Says:

    nomadic, I’m not sure what surprises me more: wilburn and walnut *listed* at 22% below their last sale prices or isabella listed at only 16% above its 1998 price.

    also odd, in the 5-10M range, a surprising percentage of the homes on the market are 05 or 06 purchases. they are going to get destroyed.

  10. sonarrat Says:

    Mar 06, 2009 Price Changed $2,475,000
    Jan 21, 2009 Listed $2,795,000
    Jan 14, 2008 Listed
    Dec 12, 1988 Sold $2,130,000

    Holy cow. That’s about 0.75% annual appreciation over 20 years. There are checking accounts with better returns.

  11. steve Says:

    nomadic (7), think it has changed for the worse since 2006?

  12. Real Estater Says:

    To those of you who are unfamiliar with Atherton, this house is in the least desirable part of atherton nestled between El Camino and Cal Train, consisting of mostly small homes on small lots. Real Atherton shoppers won’t even look at these. This area used to be Menlo Park, and got absorbed into Atherton.

  13. Pralay Says:

    There are checking accounts with better returns.
    ———-

    That’s not true. Home price doubles in 10 years.

  14. steve Says:

    sonarrat, I read the 88 as *98*, so I missed some odd things happening around isabella 88-92. I’m guessing a 2 acre lot was sub-divided and 3 new houses were built.

    15 Isabella Ave (currently 1 acres, 6000 sq ft, 1990 construction)
    Dec 31, 1992 Sold $1,800,000
    Dec 12, 1988 Sold $2,130,000
    Apr 29, 1988 Sold $1,575,000

    3 Isabella (looks like 1/2 acre, 4200 sq ft, 1990 construction)
    Jan 24, 1992 Sold $1,296,000
    Apr 29, 1988 Sold $1,575,000

    and 9 Isabella
    Dec 12, 1988 Sold $2,130,000

    person 1 buys the 2 acres in April, subdivides, and keeps 3 isabella? person 2 buys the 9 and 15 lots in december for 2.1 and builds 2 houses, keeping 9 and selling 15? or are old sales records just incomplete? in any case, interesting but not an apple. my bad on this one.

  15. nomadic Says:

    That makes a lot more sense – thanks, steve.

    As for my comment in #7, no I don’t think it’s gotten worse since 2006. Whoever bought in 2006 was smokin’ crack or had land-rush fever.

  16. Pralay Says:

    To those of you who are unfamiliar with Atherton, this house is in the least desirable part of atherton nestled between El Camino and Cal Train, consisting of mostly small homes on small lots. Real Atherton shoppers won’t even look at these.
    —–

    Yes, small homes, small lot. Buyers don’t even look at them. Different time, different market and buyers attitude change accordingly. But RealEstater is smart adviser. He does not advise people to buy “small homes on small lots” – not in good market, and obviously not in bad market. So let’s look at what RealEstater said one year back about “small homes on small lots”.

    It’s all about choice. If you cannot afford Palo Alto, you can still afford a small piece of it.

    Buying a small piece of something still better than not having anything, because at least you have a starting point on which to build equity and trade up.

    Yes, yes, yes. You still can afford it. Just sign the papers.

    Oh, I forgot. He was talking about Palo Alto. Atherton is no Palo Alto.

  17. Pralay Says:

    Correction in #16: correct link to RealEstater’s comment

  18. anon Says:

    Don’t miss this fantastic opportunity to own a home in Atherton.

    Only $4,200 a month with $180,000 down for 30 years to enjoy 940sqft of pure bliss.

    No wonder the Asians and the Indians are coming here to snap up properties.

  19. Pralay Says:

    Yes, you can still afford a small piece of Atherton.

  20. Mole Man Says:

    Atherton does not allow lot sizes of less than one acre. These places near the railroad station are strange outliers with odd histories. The overall feel is more like Menlo Park, but without the services. That is really important because Atherton government is troubled. Taxes are relatively high, but fail to pay for services and various controversies keep the government from working at all sometimes including a period a few years ago when the entire local government was defunded because of a political roadblock. Most recently some of the high development taxes that had allowed the budget to be balanced were taken back retroactively because of legal issues, so Atherton is now once again way in the hole with no clear way to pay the bills. Even nearby unincorporated areas get a much higher level of service, so just about the only reason to be in Atherton is for the large lots. People could do worse, but this isn’t that grand deal that it may at first appear to be. And to top things off this is going to be very close to high speed rail when that goes in–the rails that is, not any station.

  21. Real Alex Says:

    Agree, calling this a house is a big exaggeration. :)

  22. burbed Says:

    @20: Wow that’s a lot of inside information!

  23. Real Estater Says:

    On#20: Plus the fact that Atherton schools aren’t that great, many buyers would rather pay similar prices to live on a comparatively small lot in Palo Alto.

  24. Real Estater Says:

    Pralay says,
    >>Correction in #16: correct link to RealEstater’s comment

    LOL!!! It’s the first time I’ve seen sombody correcting a troll post.

  25. BuyersAreIdiots Says:

    Now that Atherton is no longer part of the Real Bay Area, can we update the map? What’s left?
    Is it just Palo Alto now? I think Los Altos got axed a while back and Los Gatos/Saratoga are also off the radar.

  26. BuyersAreIdiots Says:

    LOL!!! It’s the first time I’ve seen sombody correcting a troll post.

    Not true. Your posts have been corrected copious times. ;-)

  27. Pralay Says:

    On#20: Plus the fact that Atherton schools aren’t that great, many buyers would rather pay similar prices to live on a comparatively small lot in Palo Alto.
    ——-

    Yes, Palo Alto is different. But hey, in past RealEstater used to advise others to buy smaller lot in PA (as described in #16). Afterall it is “same environment, same schools”. But he no longer does that. Too bad those PA homes with “same environment, same schools” are kicked out from RBA.

  28. A. Lewis Says:

    So – everyone in full agreement on Atherton? Prices are dropping there, by significant amounts. Atherton did not ‘hold out’ and just have prices stagnate for a number of years, as some people think the best areas do during a housing downturn.

    Hmmm – why did all these people with wealth and security crack and sell their homes at lower prices? They shouldn’t have HAD to sell! What were they thinking? Why even list the home? Just hold it…

    How it could possibly happen to the remaining RBA? I just can’t imagine…

  29. anon Says:

    It’s called overextending, A. Lewis. And it can happen to anyone.

    Over the many years I lived in the RBA, I saw lots of people come and go. I saw people create massive amounts of wealth and leave 3 years later because they burnt it all. I even saw a family come and leave in less than a year. I saw others put every penny into their house, and I saw some who came, and are still there.

    There will always be cracks. RBA is not immune, and Palo Alto is barely RBA.

  30. Pralay Says:

    Hmmm – why did all these people with wealth and security crack and sell their homes at lower prices?
    —–

    Don’t forget the smart attribute. RBA – home of smart people.

  31. A. Lewis Says:

    The number of nice 3BD+ SFH for rent on craigslist in my area has skyrocketed this month, and it’s been high all winter compared to the last 5 years I’ve been watching. Rents reducing right and left as landlords get desperate to find a tenant during a recession where people are cutting back on everything, and suddenly there’s a lot more inventory.

    I feel very very lucky to have a steady job – it’s crazy out there.

  32. BuyersAreIdiots Says:

    #31.

    I am seeing the exact same situation in my area as well. (Los Gatos/Saratoga/Campbell)

    I would say the number of available rentals has nearly tripled since the same time a year ago. Rents are dropping to compensate for the higher inventory and reduced demand. And we are barely half way through this recession.

    Stay tuned…. same bat-time…. same bat-channel.

    Real Excretor says: “You’ll never get me Batman! Quack, quack, quack!!”

    :-D

  33. anon Says:

    Buyers – you’ve seen the available rentals nearly tripe? Wow. I don’t watch the rental market that carefully, but that strikes me as amazing.

    Isn’t it interesting how there was a substantial spike in rents in early 2008 when everyone realized buying is now a bad move?

  34. Real Estater Says:

    anon says,
    >>Over the many years I lived in the RBA, I saw lots of people come and go.

    You consider East Bay near the garbage dumps as RBA?

    A. Lewis says,
    >> feel very very lucky to have a steady job

    But did you get a bonus?

  35. Brian Says:

    OK fellow Burbed readers. I know you’re South Bay people but check this out.

    http://www.redfin.com/CA/Berkeley/1078-Keith-Ave-94708/home/703053

    “Property is condemned by city. DO NOT ENTER HOUSE! DANGEROUS!”

    Anyone ever dealt with a condemned property before? I know you can’t finance this, and it has to be cash. Don’t know if we have “flippers” in here or not.

    Berkeley Hills’ average price is $800,000 at $500/sq ft, so at 265k at $246/sq ft this is relatively inexpensive.

    Assuming the foundation checks out (obviously I wouldn’t buy it without having a repairable foundation), could this work as a starter home? It’s neighbors are all in the 600-700k range.

  36. Real Estater Says:

    Brian,

    Lot size is too small. Forget it.

  37. nomadic Says:

    How it could possibly happen to the remaining RBA? I just can’t imagine…

    I commented on “smart” people in the other thread this morning:
    http://www.burbed.com/2009/03/16/fremont-house-that-bends-space-and-time/#comment-41276

  38. Still Here Says:

    RE, can you once and all all clarify what you mean by RBA? It has to be bigger than Palo Alto, right?

  39. BuyersAreIdiots Says:

    #33

    I try to keep a close eye on the local market. And yes, I did notice that spike in rental costs in mid to late 2008. A lot of that was due to a temporary influx of individuals moving in from places like Stockton and Tracy after their crap-shacks went belly-up. In tandem, there was the perceived inflationary ‘threat’ that was the result of a final bubble in commodities that they vainly attempted to inflate before it too succumbed to the laws of economics.

    As it stands now, unemployment is rising and there is an exodus out of the bay area (both real and otherwise) that is now causing a glut in rentals. Along with that, a great many bagholders and failed flippers are now trying to desperately rent out their ‘investment’ properties since they cannot cover their paper losses if they attempted to put them on the broader market.

    Hold on to your hats folks. This will be one hell of a ride. :-)

  40. Still Here Says:

    It’s not perfect translation, but the headline says it all: Chinese investors returned home empty handed – 40-member tour of 5 US cities in 11 days produced zero transaction

    http://translate.google.com/translate?prev=_t&hl=en&ie=UTF-8&u=http%3A%2F%2Fbjyouth.ynet.com%2Farticle.jsp%3Foid%3D49226104&sl=zh-CN&tl=en&history_state0=

  41. DreamT Says:

    “there is an exodus out of the bay area”
    what cities in your opinion are the net recipients of this exodus? and how does unemployment compare there?

  42. anon Says:

    “In tandem, there was the perceived inflationary ‘threat’ that was the result of a final bubble in commodities that they vainly attempted to inflate before it too succumbed to the laws of economics.”

    I think you’re right on this one. It was a small bubble fed by the bursting of the real estate bubble.

  43. anon Says:

    All hail the laws of economics. Nothing perpetually appreciates.

  44. BuyersAreIdiots Says:

    what cities in your opinion are the net recipients of this exodus? and how does unemployment compare there

    To be honest, that is somewhat hard to gauge. My suspicion is that Santa Clara county likely received most of the influx of residents as they vacated the outlying areas. Mostly due to its proximity to the core of Silicon Valley.

    However, at the same time, there is an exodus occuring in this region (along with others) as job losses and construction slowdowns are seeing a departure of folks who were part of the housing portion of the economic uptick. Also, with the credit crunch and VC money evaporating, startups are scaling back or going under entirely. Many of the people I know who are or were recently laid off were at smaller firms.

  45. DreamT Says:

    #44 – Sorry to insist, but departure of folks towards where? The job market is hurting in the BA, but reportedly less than elsewhere. For an unemployed person, the BA remains a better bet than most other cities. Startup activity remains concentrated around Palo Alto and San Francisco. So if there is an exodus, where to?
    As for construction slowdown, in my area (Stevens Creek//Lawrence) a project on Cabot street recently restarted after a year of inactivity and is near completion. Another behind Lawrence’s Chevron gas station (!) completed a couple of months ago or so. The ‘Enclave’ also sold out within a few months (unlike Gable’s End). This is all within a 1/4 square mile. I’d say even for construction folks, the BA is currently much more attractive than the outskirts.

  46. nomadic Says:

    DreamT, I’ve known some people who just can’t afford it here (a couple I know of were single income families) so when the lose their job they go back to wherever they came from. Seems a little odd to me, but at least they have family to help out I guess.

    To say there’s an exodus is a bit of a leap but if you figure no one is offering relocation to new hires, there won’t be nearly as many people coming here. All it takes is a few more going away to tip the scales.

  47. Real Estater Says:

    >>RE, can you once and all all clarify what you mean by RBA?

    Once and for all? I’ve said it like 10 times already. Go dig it up.

  48. anon Says:

    It is the stuff that dreams are made of.

  49. A. Lewis Says:

    #34: “but did you get a bonus?”

    What a fascinating question. Why does it seem so loaded?

    I’d like to mail my answer to Burbed beforehand, and then ask you what does it matter whether I said yes or no? I mean, what are you trying to get at? It’s hard to imagine you’re not trying to bait and start a personal attack based on my answer.

    What the heck, let’s give you the benefit of the doubt, RE, maybe you just want a general sense of things, to help us judge the economy. That’s fine.

    Yes, I got a bonus, and I was mighty pleased to receive it. Thanks for asking after me. Did you get one? I seem to recall you saying you got one 6 months ago or so, and that you had a guaranteed double-digit bonus. I quizzed you on how that guarantee worked, if it would be true forever, etc., I don’t recall you ever responded…mine wasn’t guaranteed, by the way. It’s contingent, every year, on a combination of my performance and the company’s performance, and they can make it zero even for the top performers if company finances are bad enough. I expect the bonus next March to be much less, if it’s not zero, because 2009 is going to be a tougher year for us than 2008.

    How about everyone else? Any raises or bonuses in the last 4 months?

    My neighbor tells me his small company just cut salaries 5% across the board – the boss even cut himself 8% to share the pain. Neighbor is happy there were no layoffs. Yet.

    In other comments, DreamT make a good point – if people are leaving here, where would they choose to go, the Bay Area has LESS unemployment than most of California, and many other places in the US.

    I think the answer, DreamT, is lots of places, whose cost of living is lower (and there’re plenty of those). Maybe they have family or friends elsewhere, or they’re just going to follow a lead or something – but they could also just be moving to cheaper parts of CA, or doubling up, while they look for work.

    I don’t think it’s mass exodus. But I did drive on business from Oakland to San Jose and back on Monday, and the traffic was really light!

  50. DreamT Says:

    A. – Yes, I’ve heard and (to a lesser extent) observed the same thing re. traffic. Although less traffic does not immediately nor linearly translate into less local residents esp. in Santa Clara county where most jobs are.

    Does anybody know how the SJ airport is faring by the way? It was never that bad during the boom – the security line only stretched to the parking lot after long week-ends, and on normal days the Starbucks line was longer than the security line.

    I posit that folks “moving back with family or friends” are mostly transient renters if their family and friends are located outside of the bay area. And therefore you’d expect a similar migration back towards the bay area for folks that moved away and lost their jobs…
    Also moving to cheaper parts of CA, or US, only makes sense if there’s a job waiting there, which circles back to my first question. How’s the job market in Seattle, Austin and the other tech magnets? Is this an exodus to the country? To the cities? To some cities? Or are the migration flows mostly balancing out?

  51. Real Estater Says:

    A. Lewis,

    Thanks for your answer. There’s no baiting. I just wanted to verify that I’m not the only person who got a bonus. When I brought it up, Pralay immediately joked about it in disbelief.

  52. Herve Says:

    > recently a co-worker of mine went to Chantilly on a Friday night

    A coworker, right… One look at the website tells me you went there, not a coworker of yours. Not that there is anything wrong with that.

  53. karen Says:

    Brian – for what it’s worth, the Berkeley house is adorable. and as long as its size meets your needs, the rule I’ve always thought made sense is (all else being equal) to “buy the cheapest house in the most expensive area possible.” so I guess the thing is to hire someone to go over the place to come up with an estimate of how much of a money pit repairs would be.

    the big question, though, is how much more are things going to go down? is this just the first of many bargains, each better than the last? how many more foreclosures will there *be* in Berkeley? how high will unemployment go?

    I’ll admit that since I love Berkeley (I went there as an undergrad; am now in Silcon Valley due to my husband’s job), this house looks really cool to me. however, it seems very, very likely that there will be many more even amazing bargains.

  54. Herve Says:

    > The ‘Enclave’ also sold out within a few months

    One is currently for sale. A real bargain at $490 per sq ft.

  55. Pralay Says:

    Once and for all? I’ve said it like 10 times already. Go dig it up.
    ——-

    10 times!!! Dig it up!!! Oh, yes, I forgot RealEstater’s answers are always available in past. You just need to dig it up.

    BTW, You know I asked my friend Obama to run for presidency and based on my advise he ran for it. And I proved it here 10 times. Go dig it up. :)

  56. Pralay Says:

    When I brought it up, Pralay immediately joked about it in disbelief.
    ——-

    LOL! It’s the context. The context you bought it up makes you sound like a liar. Keep in mind Lewis never came up here and told “Good news, I got a bonus”. He answered only after you asked for it.

  57. anon Says:

    Pralay, you know Obama? That’s awesome.

  58. DreamT Says:

    #54 – Wow, a flipper too! Expecting a 6% appreciation in just five months, in 280’s backyard in Santa Clara! But of course!

    Date Event Price
    Feb 26, 2009 Price Changed $1,180,000
    Feb 06, 2009 Listed $1,200,000
    Sep 25, 2008 Sold $1,130,000

  59. Pralay Says:

    And yes I forgot about fictitious mega-project where you signed a NDS. We were convinced right at that point that you indeed have a mega-project.

  60. Pralay Says:

    Pralay, you know Obama? That’s awesome.
    ——

    I cannot answer that. I just signed a NDS.

  61. anon Says:

    #54 – Wow, a flipper too! Expecting a 6% appreciation in just five months, in 280’s backyard in Santa Clara! But of course!

    Date Event Price
    Feb 26, 2009 Price Changed $1,180,000
    Feb 06, 2009 Listed $1,200,000
    Sep 25, 2008 Sold $1,130,000″

    These, my good man, are called knife catchers.

  62. Real Estater Says:

    Pralay,

    Why are you in such denial over bonus that I know I got? I bet several others here received bonuses too besides A. Lewis. Did you watch the news today? Huge bonuses payouts at AIG. Some people got a million bucks and they don’t even work there anymore.

  63. nomadic Says:

    Herve, what’s with the September “sale” on that place? Foreclosure?

  64. Pralay Says:

    can you once and all all clarify what you mean by RBA?
    ——–

    The best description of RBA comes from Prof Bleen.

  65. Real Estater Says:

    I was feeling pretty good about my bonus money until I saw the bonuses being paid out at AIG. I swear when the job market recovers I’m going to look for my own AIG.

  66. nomadic Says:

    yep, RE, and I bet you LOOOOOOVE companies that reward incompetence so handsomely.

  67. nomadic Says:

    (birds of a feather, if I can quote anon)

  68. Herve Says:

    > Herve, what’s with the September “sale” on that place? Foreclosure?

    How the hell would I know? :-)

    Ask RE.

  69. Pralay Says:

    Why are you in such denial over bonus that I know I got?
    ———

    Of course you got. And I purchased ten Boeing 737 aircraft and nomadic’s dog is crapping gold too. We are all happy. :)

  70. Real Estater Says:

    Pralay says,
    >>And I purchased ten Boeing 737 aircraft and nomadic’s dog is crapping gold too. We are all happy.

    Good for you. All you need now is a down payment for a house next to San Jose Mineta.

  71. steve Says:

    Pralay, thank you for the link in 64. What an amazing thread. I recommend it to all.

  72. Pralay Says:

    All you need now is a down payment for a house next to San Jose Mineta.
    ——–

    Good news! I cannot give much details about my plan because I signed a NDS with myself.

  73. anon Says:

    You need a down payment to buy a home there?

  74. mike Says:

    I just wanted to say:

    Arguing with an idiot is a waste of time. Thank you.

  75. Still Here Says:

    The best description of RBA comes from Prof Bleen.

    That was pretty funny.

    BTW, I have plenty of Chinese and Indian friends, none of which are brave enough to catch this falling knife. I guess RE will say that they are not Real Chinese or Real Indians.

  76. Real Estater Says:

    anon says,
    >>You need a down payment to buy a home there?

    Keep in mind Pralay did not get a bonus.

  77. anon Says:

    Keep in mind that is irrelevant to the present discussion. And, as far as I can tell, he hasn’t said either way.

    Does that make you an extrapolating excerpting excrement excreter?

    Nah, it makes you a troll.

  78. Pralay Says:

    BTW, I have plenty of Chinese and Indian friends, none of which are brave enough to catch this falling knife.
    ——

    Those Indians are hopeless Indians who “don’t seem to understand real estate“. And your Chinese friends seem to be lost their Chineseness after spending too much time with you and your hopeless Indian friends.

  79. mrbogue Says:

    Chinese people don’t like to live in a doublewide, even if its in Atherton, Palo Alto, Marina District, Pacific Heights, etc.

  80. madhaus Says:

    OMG, steve, you’re right about that thread Pralay linked to in #64. I spent about 20 minutes reading it, that was some seriously good commenting by most of the participants.

    Where the heck is Bleen, anyway? That is indeed the best RBA description I’ve ever seen. I haven’t updated my map because I can’t get it to outline demihemisemipixels.

  81. Brian Says:

    Thank you Karen and RE.

    The lot size does bug me, however the neighbors both have smaller than 4000 square foot lots so it’s not out of norm for the area.

    Not sure whether or not there will be more bargains like this in this area. I wasn’t planning on buying until all the mortgage resets were done in 2012 (where I think the “bottom” will be). However, nothing has sold for under $600,000 the past 6 months in the Berkeley Hills. I think there is equity to be made here.

    I rent and work in Richmond currently as a young single professional. I would buy in Richmond in the Marina Bay/Point Richmond neighborhood, but the schools are terrible and I’m worried about resale value. Berkeley prices are holding relatively well and only adds a few minutes to my commute.

  82. Herve Says:

    > Property is condemned by city

    Brian, let us know if you learn why the property is condemned… What could it be anyway? Major code violation? Leaking septic tank? Butterflies invasion?

  83. karen Says:

    Brian – I hope you’re still reading this thread! yikes, I would not buy it for resale in the foreseeable future. I would only buy it to settle into. houses that size are only sellable in hot markets, and *that* we are not going to get for another 10-12 years. do *not* buy it for resale; if you ultimately want a house to raise a family in, keep saving (in CDs!) and get what you actually want in 2012. what you want will be way cheaper. don’t you go to foreclosure.com and see how many foreclosures and pre-foreclosures there are in Berkeley?? and know about all the res-sets coming down the pike? I had assumed that you were a Berkeley dweller who wanted a cheap, cute place to live, not someone who wanted a starter house as a ladder up. starter houses don’t make sense these days; waiting does. I would direct you to Mr. Mortgage, but he seems to have disappeared (does anyone know what is up with his new site?)

  84. DreamT Says:

    Regarding #41 and #45, I thought I’d post this before RE does (because they also say immigrants prop up population growth, and you know the next reasoning leap): http://www.sfgate.com/cgi-bin/article.cgi?file=/c/a/2009/03/19/MN2U16IBT9.DTL

    BuyersAreIdiots, as I presumed, it would seem that your exodus is being counter-balanced by… an inodus? A birthodus? A stuckodus?

  85. Real Estater Says:

    Exercepts for #84:

    “There’s no place that’s better,” said Stephen Levy, director of the Center for the Continuing Study of the California Economy in Palo Alto. “Even though the economy is terrible, it’s performing better here than elsewhere.”

    From 2006 through mid-2008, the Bay Area was the state’s job-growth leader after the difficult dot-com bust earlier in the decade, said Levy, an economist. Though unemployment has crept up more recently, the Bay Area still has a lower rate of job loss than other parts of California.
    ..
    “To the extent that people were leaving the Bay Area before because they couldn’t afford to buy, there could be more people able to stay and buy a house now,” said Johnson.
    ..
    Migration to other states in the year ending July 2008 was offset by immigration from abroad and especially by new babies swelling the number of Californians and Bay Area residents, according to data collected by the state’s Department of Finance.
    ..
    The biggest increase (and the highest rate of growth, almost 2 percent) was in Santa Clara County, which jumped an estimated 32,541 people to 1,764,499 in 2008 over 2007.


Leave a Reply

Please be nice. No name calling, no personal attacks, no racist stuff, no baiting, etc. Let's be nice to each other in the true Bay Area spirit! (Comments may be edited/removed without notice.)