March 18, 2009

375sqft with 3 bedrooms in San Francisco

36 VIENNA St, San Francisco County, CA 94112 | MLS# 80837777
36 VIENNA St San Francisco County, CA 94112
Price: $449,950
Beds: 31651810758-36
Baths: 1
Sq. Ft.: 375
$/Sq. Ft.: $1,200
Lot Size: 2,495 Sq. Ft.
Property Type: Attached Single Family
Year Built: 1900
Stories: 1
Neighborhood: Other Area
County: San Francisco
MLS#: 80837777
Source: MLSListings
Status: Active
On Redfin: 149 days
Unsold in 90 days
Price Reduced!!! Come see this beautifully preserved cottage in this exciting environment of San Fransisco Bay. Lots of natural light and hardwood floors. Has an in-laws unit in rear with permits! View this home, and your Buyer’s will want to make an offer.

Everyone is trying to live more “green” these days, and the Bay Area has always been on the forefront. In this amazing example, this fine San Francisco house manages to fit in 3 bedrooms into just 375 square feet. Is it any wonder that it is $1200 per square foot? The technology and design that must’ve gone into this must’ve been huge!

Here’s what Burbed reader H.T. had to say:

3 beds on 375sqfeet? Or maybe the year it was built? 1900? or maybe price per sqfeet? Or maybe the place this property is found? I wander what exactly they are selling for nearly half a million  bucks here? Price reduced!? And in-laws in a dog’s igloo? If they are selling lot then why are they showing pics of the house? what a “beautifully preserved cottage”! :)

You know why there aren’t any interior pictures? Probably because they are all patent pending. I bet you’ll need to sign an NDA just to see the inside of this amazing house of the future. You go SF!

Comments (139) -- Posted by: burbed @ 5:40 am

139 Responses to “375sqft with 3 bedrooms in San Francisco”

  1. sonarrat Says:

    Or how about the fact that it sold for $740K in 2006?? Outrageous!

  2. Hellboy Says:

    375 sqft huh? You have got to be kidding me… Maybe the house sits on top of an oil deposit? No?

  3. Joe Says:

    This is a truly green house.

    At 375 sq.ft. it is 6.5 times smaller than the average home started in America in the 3rd quarter of 2008 at 2,438 sq. ft. (which is down from 2,629 from the quarter previous) http://www.marketwatch.com/news/story/Say-goodbye-McMansions-homes-getting/story.aspx?guid={AADD01FF-CCEC-4B22-9328-042B81EB6F23}

    Bay Area folks really do sacrifice for the environment.

  4. Hmmmmm Says:

    Is this jusr for the garage? Does the attaached house come with this? If the “house” is 375sf how big is the in law suite?

    How big is the bath? Kitchen? I would LOVE to see the interior pics of this one. 3 bunks, a hot plate and a camp toilet is my guess.

  5. jj Says:

    Forgetting any downpayment, for what the monthly nut would be on this house, I could probably rent a nice condo, lease a Bentley, and still have some money left over each month.

    At least the ad does not mention it is ideal for two families like that 700 sf. place in SJ.

  6. Real Estater Says:

    Guys,

    You heard the news. More coming to Silicon Valley:

    IBM in talks to buy Sun for at least $6.5 billion in cash

  7. nomadic Says:

    sonarrat, where did you find that purchase info? PropertyShark says the dude bought it in 2004 for $130k then mortgaged it up to $740k.

    I’d like to find the appraiser on that one! I bet Long Beach Mortgage Co. is proud of this place too!

  8. Real Estater Says:

    #6 should read:

    More money coming to Silicon Valley

  9. nomadic Says:

    Here’s an interesting thing on Redfin – the neighborhoods with the most listings with reduced prices before they finally sell or are taken off the market (second graph down):
    http://blog.redfin.com/sfbay/2009/02/february_cityneighborhood_price_reductions.html

    Willow Glen is #5 with 63% of its listings reduced in price. Anyone know where “Country Club Crest” is? Never mind; Google tells me it’s in Vallejo.

  10. nomadic Says:

    In case bob re-surfaces, he ought to check out another fun blog – this one is focused on his neighborhood and has a rather catchy name:

    http://www.knifecatchers.com/blog/

  11. Herve Says:

    Check out the bird’s eye view. It looks like rooms were added one by one (I count 4 such additions in the backyard).

    The Zestimate is $514K and Zillow shows it’s only a 2/1. Instant equity!

  12. sonarrat Says:

    Zillow says that it was resold on 1/31/2006 for $740,000 and the tax bill in 2008 was $9,184 which is in line with that valuation.

  13. sonarrat Says:

    Having a problem with my comments either erroring out (500) or not getting posted.. I got a duplicate message when the message actually hadn’t been posted.

    Anyway, Zillow says it was sold 1/31/2006 for $740,000, and the property tax bill was over $9K, which means it was reassessed.

  14. Real Estater Says:

    Just as I predicted last year, Washington is unleashing powerful forces to prop up the economy:

    Fed to buy up to $300B long-term Treasury bonds

  15. nomadic Says:

    Washington is unleashing powerful forces to prop up the economy house prices.

    And failing miserably so far, I must add.

  16. BuyersAreIdiots Says:

    Guys,

    You heard the news. More coming to Silicon Valley:

    IBM in talks to buy Sun for at least $6.5 billion in cash

    How does buying a company that already exists in the Bay Area provide extra money? What, is IBM cutting us all a check or something?

    And what do you think IBM will do once the acquisition is complete? What happens everytime a merger or acquisition occurs? Answer: LAYOFFS.

    Seriously RE, you aren’t even trying anymore…

  17. Real Estater Says:

    BAI,

    You’re right, I’m not even trying, but I keep on winning. Dow up yet again!

  18. Real Estater Says:

    BuyersAreIdiots Says:
    >>How does buying a company that already exists in the Bay Area provide extra money?

    With a question like the above, who’s the idiot?

    What was the stock price of the company yesterday? Where is it at today? Can you figure out which part is the extra money?

  19. BuyersAreIdiots Says:

    What was the stock price of the company yesterday? Where is it at today? Can you figure out which part is the extra money?

    And that money is specific to the Bay Area HOW? Does monetary wealth from stock only filter into the areas that the company resides? Odd considering shareholders of companies seem to be capable of buying shares regardless of whether they are in the vicinity of the company or not. Seems to me that JOBS are more likely to be beneficial to a specific area as they help contribute to the local economy. And as I stated, layoffs will be on the horizon there shortly.

    Dow is up again. After dropping from around 14,000 over the past 6 months or so. But being that you have mentioned on copious occassions that real estate is the only path to riches, why do the actions of the stock market concern you? Or did you jump ship and now start buying equities?

    Or, as I alluded to earlier, are you simply just a troll spouting nonsense for your own amusement?

    I wonder….

  20. BuyersAreIdiots Says:

    Washington is unleashing powerful forces to prop up the economy house prices.

    And failing miserably so far, I must add.

    Naaaah. Uncle Sam has our back. We’ll be 10% annualized returns in real estate in no time. ;-)

  21. Pralay Says:

    What was the stock price of the company yesterday? Where is it at today? Can you figure out which part is the extra money?
    ——–

    LOL! $4.97 to $8+ – lot of “extra” money for a living dinosaur that fell from $16+ from last year!

  22. Pralay Says:

    Or did you jump ship and now start buying equities?
    ———–

    Someone who did not buy his investment property in RBA in last one year and still calls himself real estate investor is investor of nothing. Oh, I forgot he bought SP&P index. Atleast he claimed here so.

  23. BuyersAreIdiots Says:

    #21

    What was the stock price of the company yesterday? Where is it at today? Can you figure out which part is the extra money?
    ——–

    LOL! $4.97 to $8+ – lot of “extra” money for a living dinosaur that fell from $16+ from last year!

    He also apparantly neglected to look at this long term chart:

    http://finance.yahoo.com/echarts?s=JAVA#chart1:symbol=java;range=5y;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined

    Uh, yeah. Clearly a stock bonanza! Then again, it is “useless aggregate data”.

    Incidentally, being that burbed has asked us to refer to people’s post numbers as references, I submit that we all begin referring to RE’s post with the universal “#2″.

    I trust the metaphor is understood. ;-)

  24. Pralay Says:

    Good news! Sun started saving salaries of 6000 employees from last November. More “extra money” for Silicon Valley.

  25. mrbogue Says:

    seriously, you could try to obtain a permit to build another floor or two. That would add a good 600-1200 sqft to the living space. Maybe even add a nice roof top deck.

    But then again, this is a pretty lame area so it wouldn’t be worth it. Probably $350k too much.

  26. madhaus Says:

    Hey, more instant equity! burbed is selling ads right on the comments box. Yee-hah! All that extra money is nestling in pockets right now. I’m going to run out and buy some new guitar strings! Oh, wait, I can only afford one.

    Today’s house reminds me of the old Genesis song “Get ‘Em Out By Friday,” which is not only about blockbusting, but economic conspiracy. Here is the denouement:

    (a passage of time)
    18/9/2012 t.v. flash on all dial-a-program services

    This is an announcement from genetic control:
    It is my sad duty to inform you of a four foot restriction on
    Humanoid height.

    Extract from coversation of joe ordinary in local puborama
    I hear the directors of genetic control have been buying all the
    Properties that have recently been sold, taking risks oh so bold.
    Its said now that people will be shorter in height,
    They can fit twice as many in the same building site.
    (they say its alright),
    Beginning with the tenants of the town of Harlow,
    In the interest of humanity, theyve been told they must go,
    Told they must go-go-go-go.

    Tinier people would easily fit in this cozy and snug minihome!

    #19, BAI sez: Or, as I alluded to earlier, are you simply just a troll spouting nonsense for your own amusement?

    I wonder….

    BAI, this is one of those questions that answers itself.

    btw sonarrat, I’ve been meaning to tell you that your avatar of Shostakovich looking exasperated really makes me smile, especially with all the good news you’ve been sharing on the economy and the housing market.

    Pralay, #24 — that’s excellent news! I can buy a second guitar string!

  27. Hellboy Says:

    Re: “Just as I predicted last year, Washington is unleashing powerful forces to prop up the economy:

    Fed to buy up to $300B long-term Treasury bonds”

    The Fed cannot buy enough long term bonds to keep long rates low for any considerable period of time. This is just a ploy Ben hopes will keep the bond vigilantes at bay.

  28. Real Estater Says:

    More good news!

    Oracle results beat forecasts, plans dividend

    “They beat on just about every metric,” said JMP Securities analyst Patrick Walravens

    Stock up in after-market trading!

  29. Real Estater Says:

    BAI says,
    >>Or did you jump ship and now start buying equities?

    We covered this already. Start reading this thread.

  30. mrbogue Says:

    Amazing that you guys are still all here. Its like one big happy family. Pralay, Madhaus, RE, Bleen.. Wheres Bob btw? did he finally buy a house? or still looking in Tennessee?

  31. nomadic Says:

    bob’s been busy, he says. He went to Austin to look around, liked what he found, and is still saying he can’t wait to get out of here – after the economy gets better. ;-)

  32. Pralay Says:

    We covered this already. Start reading this thread.
    ———

    LOL! Someone is right (atleast for time being…for less than two weeks). Therefore, he is so excited that he can’t stop pointing at it. RealEstater, take a print out of your Mar 6th comment and frame it. An achievement of lifetime. Gold-plated frame. This is going to be your 2nd milestone – after name engraved brick.

    Even a broken clock is right twice a day.

  33. Pralay Says:

    Correct like to name engraved brick.

  34. burbed Says:

    The Sun acquisition by IBM fascinates me. If it goes through, I expect IBM to liquidate most of Sun. IBM is a software and services (consulting) company. Sun isn’t.

    But I don’t really grok the enterprise space so well.

  35. madhaus Says:

    Sun eaten by IBM. Kind of like DEC eaten by Compaq eaten by HP.

  36. Real Estater Says:

    Fed moves to bring down mortgage rates

    I hope the amateurs finally understand why I have not pulled the trigger on an investment property.

  37. Real Estater Says:

    >>Correct like to name engraved brick

    LOL, another correction to a troll post. Like anybody cares about your links.

  38. madhaus Says:

    I hope the amateurs finally understand why I have not pulled the trigger on an investment property.

    People who worry what others think of them would be surprised how little they do.

  39. anon Says:

    “I hope the amateurs finally understand why I have not pulled the trigger on an investment property.”

    Excreter, I have been asserting that it is stupid to purchase a house right now for nearly a year now. You have said it has been a good time to buy for the entire duration.

    You are the amateur.

  40. Pralay Says:

    Like anybody cares about your links.
    ——-

    Most likely people don’t care, just like they don’t care about your strong buy recommendation (although it does not stop you from pointing it out again and again). It’s just for fun, isn’t it? Just like your strong buy recommendation.

  41. Pralay Says:

    I hope the amateurs finally understand why I have not pulled the trigger on an investment property.
    ——-

    LOL! After holiday season excuse and telling he would wait for “Spring season”, here comes the next excuse. Buy RealEstater, buy. Foreigners are coming. Don’t wait for Indians and Chinese snapping up all the good properties from RBA.

  42. Pralay Says:

    Excreter, I have been asserting that it is stupid to purchase a house right now for nearly a year now.
    ———

    RealEstater buying property is like used car salesman buying car.

  43. Pralay Says:

    You have said it has been a good time to buy for the entire duration.
    ———-

    January 2008:

    Yes, now is the right time to buy even an investment property.

    March 2008:

    Now is the time to position oneself toward real estate,….

    April 2008:

    In other words, if you are invested the RBA, you are in the right place at the right time at the right interest rate right now!

    December 2008:

    With low interest rate at hand, this is the rare moment when all the stars are lined up for buying a house.

  44. DreamT Says:

    and yet he keeps posting, no sense of shame whatsoever

  45. Pralay Says:

    and yet he keeps posting, no sense of shame whatsoever
    —–

    But atleast he gets respect from his coworkers due to his zipcode. :)

  46. FredinCA Says:

    The Sun acquisition by IBM fascinates me. If it goes through, I expect IBM to liquidate most of Sun. IBM is a software and services (consulting) company. Sun isn’t.

    But I don’t really grok the enterprise space so well.

    For a partly sum of around $8 billion, this is small potatoes for IBM. Like you indicated, they will likely liquidate most of SUN. This isn’t an acquisition to acquire stellar technology that is unique and in high demand. This is an acquisition to garner market share by sucking up SUN’s current customer portfolio. At least, that is what I think.

    Or maybe they want SUN’s real estate. It is located in the Bay Area after all. It’s a sure win!

  47. burbed Says:

    Great point. They get the land near the world famous Rivermark complex.

  48. Pralay Says:

    More good news! Even IBM is investing in RBA real estate.

  49. Real Estater Says:

    >>Excreter, I have been asserting that it is stupid to purchase a house right now for nearly a year now. You have said it has been a good time to buy for the entire duration.

    It’s not stupid for you to buy a house at rock bottom interest rates. The investment property is a different game at a higher interest rate. We are talking about 2 different things. As I’ve stated over and over again, I already own an equivalent of 3 median priced properties as primary residence while you guys are throwing away flat screen TVs month after month as renters.

    I hope we don’t have to walk through this over and over again.

  50. Pralay Says:

    As I’ve stated over and over again, I already own an equivalent of 3 median priced properties as primary residence while you guys are throwing away flat screen TVs month after month as renters.
    ———

    Yet this guy calls himself real estate investor. :)

  51. Pralay Says:

    I hope we don’t have to walk through this over and over again.
    —-

    Translation: I am bailing out.

  52. DreamT Says:

    “They get the land near the world famous Rivermark complex.”
    It’ll be even more famous at the end of the century. Rivermark? On the top shelf, right between Mu and Atlantis.

  53. anon Says:

    “I hope we don’t have to walk through this over and over again.”

    See post 43, dumb shit.

  54. Real Estater Says:

    Sharing some advanced info:

    Home homes soon to be released in Palo Alto.

  55. Real Estater Says:

    Sharing some advanced info:

    New homes soon to be released in Palo Alto.

  56. Still Here Says:

    And what do you think IBM will do once the acquisition is complete? What happens everytime a merger or acquisition occurs? Answer: LAYOFFS.

    I was intimately involved in the HP/Compaq merger. A lot of the Compaq folks that worked on the integration were gone within a year. I suspect the same thing is to going to happen to Sun.

    Now a more serious question: according to DataQuick, average resale houses in Santa Clara county is now at $284/SqFt. How much further does it have to drop for you all to consider buying?

  57. Herve Says:

    > New homes soon to be released in Palo Alto.

    From their website:

    These well-appointed homes are within easy walking distance to numerous restaurants offering Italian, Japanese and Chinese cuisine, in addition to a Subway sandwich shop and a Starbucks coffee house.

    Subway and Starbucks, that’s awesome! To be fair the Japanese restaurant isn’t bad (although it does not beat the Subway Sweet Onion Chicken Teriyaki sandwich).

  58. DreamT Says:

    “How much further does it have to drop for you all to consider buying?”

    As soon as burbed gives the green light, we are all in.

  59. nomadic Says:

    #55 – those are just more crap on ol’ Wilkie Way. Detached condos. Whoopee. I’d love to pay $1M+ just to pitch in a few hundred more per month on association fees. Lame.

  60. Herve Says:

    Hey Nomadic, DreamT and I are still waiting for your feedback regarding Crimson in Los Gatos. So, is it better than Subway?

  61. Real Estater Says:

    >>And what do you think IBM will do once the acquisition is complete? What happens everytime a merger or acquisition occurs? Answer: LAYOFFS.

    Actually, can Sun layoff more people and still run the business? Instead, I think IBM would be sending people to Silicon Valley. Every M&A is different.

  62. anon Says:

    “Sharing some advanced info:

    Home homes soon to be released in Palo Alto.”

    re shows ‘advanced knowledge.’

    The kind that just can’t be found with a google search.

  63. anon Says:

    real estater sure is “plugged in.”

  64. Pralay Says:

    Instead, I think IBM would be sending people to Silicon Valley.
    ——

    And “more money in Silicon Valley” news in #6 was based on a “I think”. :)

    Any more good news?

  65. A. Lewis Says:

    What happened to WillowGlenner?

    Has he given up on us?

    —-

    I admit to feeling more and more like buying, as I see prices drop, interest rates are low, there’s an $8k tax credit, etc.

    However, I just think prices are going to drop for a long, long time…and so does CR:

    http://www.calculatedriskblog.com/2009/03/more-on-housing-bottoms.html

    Just think about the last bust that affected the best parts of the Bay Area – now will this one be shorter or longer than that one? Hmmm…I vote LONGER.

    So if a super-awesome place opens up for dirt cheap, I’m in, but it just literally pays to wait.

    Priced In Forever will be my new slogan!

    —-

    Has this blog ever tried the silent treatment for a troll before? I suggest it be tried for a week…you just don’t respond whatsoever. Zen.

  66. DreamT Says:

    Yes but newcomers (such as you at one point!) break the unspoken rule

  67. Herve Says:

    > So if a super-awesome place opens up for dirt cheap […]

    Why don’t you try this one? It’s been reduced to… Oh, nevermind, the price is still the same.

  68. nomadic Says:

    Herve, DreamT (re #60) – I’ve gone back to Crimson to try the famous short ribs (pretty dang good but the side dishes are so-so) but didn’t get to try out the fondue. I did pull the “secret words” out of my a** for free sparkling wine though. Sounds like a good dinner trip this weekend!

    BTW, they’re running a deal on gift certificates now: buy one for $100, get another for $25 free. The owners have a new baby son to support. :-)

  69. DreamT Says:

    nomadic – You’ll just have to go back until you know what you’ve been missing..

  70. A. Lewis Says:

    #66 – you’re right, I’ve been weak so many times. It’s like trying to quit smoking! Burbed crack…

    I’m just going to try it for a week! I can do it! Especially since I’ll be on vacation for Thurs-Sun!

    Have a great weekend…

  71. nomadic Says:

    Yep, I’ll have to go back. A friend claims that The Cellar has better fondue though. I’ve had theirs so we’ll see!

    .
    is steve out there? hey, Anita Ave. is off the market. I wonder if they gave up, or if it sold. We’ll have to check back in a few weeks after Redfin has a chance to update.

  72. Real Estater Says:

    nomadic says,
    >>#55 – those are just more crap on ol’ Wilkie Way.

    In PA, if you want to buy a new house, there are two market segments:

    1. “Community” types, where you get some economy of scale. These homes usually affordably priced from $1.5 to $2.5M.
    2. One-off custom homes. These will cost you $4M, because a builder has to tear down an existing home in a cherry location, and build a copy of 1.

    Different homes for different people.

  73. Herve Says:

    nomadic, you go for 2-for-1 short ribs, get free sparkling wine and talk about coupons… Are you trying to make that restaurant go bankrupt or what? :-)

  74. nomadic Says:

    nah, I just like to maximize value. ;-)
    besides, I never went for the 2-for-1 short ribs and telling people about the gift certificate deal is free advertising for them!

  75. steve Says:

    nomadic, I think it was under contract and is likely sold. but, I’ve seen many places fall out of contract and then get pulled, so who knows.

    los altos is seriously getting crushed now. I sent some examples to burbed. if they don’t pop up soon I’ll add them as a comment.

  76. Real Estater Says:

    Steve says,
    >>los altos is seriously getting crushed now. I sent some examples to burbed.

    Seriously, we’ve not seen any legitimate examples from you. All you’ve shown are fringe properties, the rest of it are your speculations and fantasies.

  77. Pralay Says:

    All you’ve shown are fringe properties, the rest of it are your speculations and fantasies.
    ———

    Before burbed decides to feature those properties (or Steve posts them as comment), how about our “pro” describes the market conditions of Los Altos in objective manner.

    BTW, “I saw Pending Sales everywhere” or “Indians and Chinese are visiting open houses” is not a objective description of market condition.

  78. Real Estater Says:

    How about our zero value guy telling us about some of the open houses he went to this year?

  79. Pralay Says:

    Answered in #77. Going to open house and counting Indian and Chinese visitors is not objective analysis of market.

  80. Real Estater Says:

    Pralay,

    I’m not asking a zero value guy to analyze anything. Just wondering if you have been to any open house lately?

  81. BuyersAreIdiots Says:

    However, I just think prices are going to drop for a long, long time

    A. Lewis:

    I think your assertion is correct. We are still no where near the end of this unravelling.

    I don’t know if you have seen this video yet, but it provides a great synopsis of market bubbles, both past and present and general trends as to how long things take to unwind:

    http://www.youtube.com/watch?v=0F7SCbrU5sQ

    Very telling.

  82. Pralay Says:

    Just wondering if you have been to any open house lately?
    ———

    Just wondering if our “pro” have been to Moon for picnic with his family (not to mention trophy-wife) lately. :)

  83. Pralay Says:

    RealEstater, are you frustrated that except zero-value guy nobody is engaging into serious discussion with you? Buy hey, this is a parody site. You do have entertainment value in that regard. Even “strong buy recommendation” was a good entertainment. :)

  84. Pralay Says:

    I think your assertion is correct. We are still no where near the end of this unravelling.
    ——

    But don’t forget that RBA is the “Green Zone”. Once Indians and Chinese come here, it will be Super-Green-Zone. You guys need to buy your home before that. This is the right time with right interest rate with right market condition for buyers.

  85. Real Estater Says:

    Pralay says,
    >>are you frustrated that except zero-value guy nobody is engaging into serious discussion with you?

    I better get my act together now. The zero-value guy wants to engage in seeeeeeeeeeeeeeeerious discussions!

  86. nomadic Says:

    I think the “green zone” comment:
    Think of RBA as the “Green Zone” in Iraq; it’s as safe as you’re going to get.

    is more truthful than RE intended. In other words, you can get financially blown apart if you happen to be in the wrong place at the wrong time, but your odds of survival (while not great) are better in the RBA than anywhere else (such as Sacramento) if you bought in the last few years.

  87. Pralay Says:

    Hmmmm. The question on #78 was a non-serious then. In that case, here goes my non-serious answer: I had been to multiple PA open houses. Nothing is selling. Those realtors sitting in open houses say “Right time to buy a home in Green Zone.” :)

  88. madhaus Says:

    Yes, but like the real Green Zone, the relative safety will be gone in a ver short timeframe.

    News from the ex-RBA community of 94087/CUSD: Zestimates are up a whopping one percent!!! Homes SOAR!

    This is after the 18% correction in January, though, but don’t be a Dora Downer!

  89. Pralay Says:

    but your odds of survival (while not great) are better in the RBA than anywhere else (such as Sacramento) if you bought in the last few years.
    ——-

    Yes, “survival” is the right word, not “on-going party”, unless green-zoners in Iraq were partying to death.

  90. madhaus Says:

    Of course it’s an on-going party. Everyone’s partying like it’s 1999.

    I mean 1985.

    Cue Gloria Gaynor.

  91. Real Estater Says:

    Thanks to Pralay for bringing back the Green Zone comment. It’s more true today than ever, and another seeeeeeeeeeeeeeeeeeerious win.

  92. anon Says:

    excreter, still want your aig bonus?

    http://www.bloomberg.com/apps/news?pid=20601087&sid=aomFVAzw2WKw&refer=home

    After 90% is gone, is it still more than what you got? Probably.

  93. Real Estater Says:

    Why is it not a party? Everywhere else has gone into the abyss, except for the survivors who made the right choice at the right place. We are the only people who have preserved our run-up equity. It’s a cause for celebration!

  94. steve Says:

    RE: what’s your point? when your house is back to its 2003 value (or lower) you are going to tell everyone it doesn’t matter because you aren’t selling, an important reminder that paper gains are just that.

    are you trying to point to another seeeeeeeeeeeeerious win? if so, I’m pretty sure madhuse in sunnyvale and bitter steve in the 94040 have you beat certainly on a percentage basis, and, very likely, on an absolute basis. of course we bought our homes in the 1990s, but that should make us even smarter than someone buying in 2003, right?

  95. Real Estater Says:

    steve says,
    >>RE: what’s your point? when your house is back to its 2003 value (or lower) you are going to tell everyone it doesn’t matter because you aren’t selling, an important reminder that paper gains are just that.

    If my house goes back to 2003 value, it will be cause for a major celebration. Why? Because I would be able to walk into virtually any neighborhood in 94040 or 94087 and pick up your remains for pennies on the dollar.

  96. Whango Tango Says:

    There’s nothin’ like bein’ rich in a poor time.

  97. Real Estater Says:

    Steve,

    Consider this small forum. You have budget to purchase a $1.7M home. Madhaus has budget to move up to a $1.5M property. MV_Bound says he has budget for $1.4M. I have budget for $1M on an investment property. How much buying power is there just among the 4 of us? I can assure you, there’s tons of people out there with more money than us. Look at the exec bonuses at AIG. That’s just the tip of the iceberg. With Fed’s trillion dollar action yesterday, mortgage rate will sink. The market is well supported.

  98. Real Estater Says:

    Plan to solve housing crisis: Encourage foreigners to buy houses

    DOES ANYONE STILL WANT TO CHALLENGE THE IDEA THAT FOREIGNERS CAN PROP UP THE HOUSING MARKET?

  99. Pralay Says:

    Because I would be able to walk into virtually any neighborhood in 94040 or 94087 and pick up your remains for pennies on the dollar.
    ———

    LOL! That famous self-proclaimed real estate investor with only primary residence as investment property.

  100. Pralay Says:

    How much buying power is there just among the 4 of us? I can assure you, there’s tons of people out there with more money than us.
    ——-

    But yet, PA home is getting “less than 20%” haircut. :(

  101. Pralay Says:

    DOES ANYONE STILL WANT TO CHALLENGE THE IDEA THAT FOREIGNERS CAN PROP UP THE HOUSING MARKET?
    —–

    Nobody can challenge a statement based on non-existent link. RealEstater rocks! :)

  102. Real Estater Says:

    Plan to solve housing crisis: Encourage foreigners to buy houses

  103. anon Says:

    Why would the government need to encourage what they are already doing?

  104. anon Says:

    come on, excreter. Ask the right questions even when you know the answer. (or in your case, when you don’t)

    The foreign buyer activity is not sufficient. If it were, the government would not be looking into such a plan.

  105. Pralay Says:

    The article says:

    An inflow of foreign money into the U.S. economy, which will both boost the dollar and the economy because of related spending.

    Foreign money? US already have visa for foreign investors who can come here, settle and get green card. And those foreigners just have to show just half-million dollar to start business in high unemployment area and one million dollar elsewhere. Damn, even that visa quota does not get filled up. So how exactly is it going to work? Going to foreign countries and kidnapping people who have more than 1 million dollar?
    Oh, yes, H1 visa. But that is temporary working visa. First of all, those temporary workers might not have enough money to buy home immediately after landing here unless they have substantial fortune back home (and don’t forget no credit history). But, but, but, which are the companies in hiring nowadays to recruit H1 workers? This one? This one? This one? Or may be this one!
    And don’t forget RealEstater’s favorite “hitech” company Wirpo? They are sending their H1 workers back, because there is not enough consulting jobs in this economy. Now get the idea who rental price is dropping in Silicon Valley.

    There could be long term benefit for bringing “white-collar workers”. But I simply don’t see how it is going to stop the bleeding in housing market in immediate future.

  106. Pralay Says:

    In one side RealEstater hoping to solve housing crisis with immigrants and in other side is blaming immigrants and minorities for housing crisis. Both sides are entertaining – equally.

  107. Real Estater Says:

    anon says,
    >>Why would the government need to encourage what they are already doing?

    I made it clear foreigners are buying in the Bay Area, but that does not mean they are propping up U.S. markets all over the country.

  108. Pralay Says:

    I made it clear foreigners are buying in the Bay Area
    ———

    Show us the fact.

  109. anon Says:

    excreter, you have made it clear that you think foreigners are buying the bay area. You have not made it clear that they actually are, as Pralay is pointing out.

    And, I’m sure that all the people in china making $30,000 want to be bag holders for $800,000 homes in our inland empire. I know I would if I were in their shoes.

  110. madhaus Says:

    Of course foreigners are propping up the US economy! That’s why the dollar is SOA…. I mean sore.

  111. Real Estater Says:

    Pralay and anon,

    I can ask you to educate yourself, and I can ask you to acquaint yourself with the market by going to open houses, but I can’t make you.

  112. Pralay Says:

    I can ask you to educate yourself, and I can ask you to acquaint yourself with the market by going to open houses, but I can’t make you.
    ——–

    Translation: I have no fact to support my earlier statement “foreigners are buying in the Bay Area”.

  113. steve Says:

    exactly. I’ve been to hundreds of open house over the past year, and almost everyone I’ve seen has lived in the US for several years (if not all their lives).

    n.b. I haven’t been to more than 5 houses in the 408, so maybe things are different there.

  114. madhaus Says:

    I can ask you to educate yourself, and I can ask you to acquaint yourself with the market by going to open houses, but I can’t make you.

    Yes. Market activity is defined only by the open houses that RE attends and the news reports he posts. If anyone else attends open houses and reports activity or lack thereof, it’s useless anecdotal data. If anyone else posts economic bad news, it’s meaningless aggregate data.

    There’s an Alain Pinel property sitting all sad and forlorn with a Price Reduced sign. It is not selling and nobody was at the open house, the Realtard was standing outside looking dismayed. That’s useless anecdotal data.

    Remember, I’m here to help!

  115. anon Says:

    “I can ask you to educate yourself, and I can ask you to acquaint yourself with the market by going to open houses, but I can’t make you.”

    and I can ask you to accept reality.

    but I can’t make you.

  116. nomadic Says:

    There was a house for sale in my neighborhood for about three months. It had one price reduction. Now it’s off Redfin. QED, a foreigner must have come to snatch it up!

    Now there are zero houses for sale in my neighborhood. Prices are skyrocketing because of the lack of inventory. Hey I’m rich!!!! :-P

    (Anyone wanna buy my house? I’ll cut ya a deal. Get in now or be priced out forever!)

  117. Pralay Says:

    Remember, I’m here to help!
    ——-

    Yes, helping those who need most. He and his “friends” are in mission to help.

    “Beware the glib helper who fills your head with fantasies while he fills his pockets with fees.” – Warren Buffet

  118. Real Estater Says:

    madhaus says,
    >>There’s an Alain Pinel property sitting all sad and forlorn with a Price Reduced sign. It is not selling and nobody was at the open house, the Realtard was standing outside looking dismayed. That’s useless anecdotal data.

    Which property is it? Haven’t I been completely open to look into specific properties? Everytime we get specific, the truth comes out. There’s actually no problem for homes to move unless the homes themselves have unreconcilable problems, like being located next to an expressway, near the train tracks, power towers, or is on an undersized lot. You guys just can’t stand up to the test.

  119. madhaus Says:

    Ooooh, look at the post right after that one, Pralay.
    heh heh heh

  120. Pralay Says:

    Everytime we get specific, the truth comes out.
    ——–

    Truth? You mean “less than 20%” haircut?

  121. nomadic Says:

    Nothing wrong with the ones steve posted:
    683 SHADY CREEK Ln Los Altos, CA
    Listed $65k below 2001 price. The interior isn’t everyone’s taste but it’s on a 1/4 acre.

    Or this one on 1/2 acre listed $302k below 2006 purchase price:
    919 LUNDY Ln Los Altos, CA

    The lot is a bit small on this one but the price reflects it. It could sell quickly given it’s listed for $10k under the 2006 purchase price:
    155 W PORTOLA Ave Los Altos, CA

    Last year in the late-spring I looked around at what Los Altos had available. The rock bottom minimum price was $1.5M for an okay-to-crappy house. There’s definitely more available in that range now and the quality is much better. A rational person wouldn’t argue that prices haven’t softened there.

    If I didn’t have a house already I’d consider catching this falling knife: 2380 FRIARS Ln, Los Altos. Price has been reduced $223k to $1.375M. 2300sf on a nice sized lot.

  122. nomadic Says:

    shit, that was for the other thread… forgive the re-post over there.

  123. nomadic Says:

    nope – I’m just losin’ it. Time to go home!

  124. anon Says:

    go home? do you work or something? Why do you work if you own property? It pays you every time.

  125. madhaus Says:

    Which property is it?

    This one.

    Haven’t I been completely open to look into specific properties?

    No.

    Everytime we get specific, the truth comes out.

    Yes, it does. Someone gets specific and you change the subject. When you get specific you assert it covers all cases.

    There’s actually no problem for homes to move unless the homes themselves have unreconcilable problems, like being located next to an expressway, near the train tracks, power towers, or is on an undersized lot.

    And here’s where the data becomes useless and anecdotal. Every single house that anyone brings up here (hi steve!) has “unreconcilable problems!” Every single one! Including the one I mentioned above, which isn’t anywhere near 85 or 280 or train tracks or power lines and the undersized lot of 0.26 acres.

    You guys just can’t stand up to the test.

    That’s right! Nobody can stand up to the test when the tester keeps changing both the questions and the answers! It’s like Charlie Brown can’t kick a football and it’s all his fault!

  126. madhaus Says:

    go home? do you work or something? Why do you work if you own property? It pays you every time.

    This is actually true, anon. I was making up that story about my staying at home with the kids. Actually I stay at home counting all the money my house generates.

  127. Pralay Says:

    Which property is it?

    This one.
    ——-

    We all know what RealEstater’s answer is going to be: Don’t waste my time showing a property with ^&O*(**&&^^$@!@.

  128. anon Says:

    “This is actually true, anon. I was making up that story about my staying at home with the kids. Actually I stay at home counting all the money my house generates.”

    Boy I wish I wasn’t priced out!!

  129. anon Says:

    #125 was well played. I especially enjoyed: “Yes, it does. Someone gets specific and you change the subject. When you get specific you assert it covers all cases.”

    Quick, excreter, quick. Try to pick up the few shards left of your destroyed credibility.

  130. Herve Says:

    > So how exactly is it going to work? Going to foreign countries and kidnapping people who have more than 1 million dollar?

    Come on Pralay, you are referring to the EB-5 visa program. The new plan is to let the foreigners borrow with 0% down! Or better, let them buy the $1 homes in Detroit! :-)

  131. Herve Says:

    If renters are throwing a TV away every month, I think some homeowners are too :-)

  132. madhaus Says:

    #128, 129 — thanks anon!

    #131 — ooh, Herve, that is some SERIOUS monthly equity burn. At least it’s a plasma TV that you can respect, and in 94301, that’s what matters.

  133. Real Estater Says:

    madhaus,

    I have seen that house. $1M for just 1100 sq. ft.? Where does the seller think the house is, Palo Alto? The house is not moving due to over pricing, not due to bad market.

  134. rick Says:

    RE is really NAR spokesperson material, he puts Lawrence Yun, David Lereah, and such to shame. What you guys think NAR would like to pay him for?

  135. Pralay Says:

    RE is really NAR spokesperson material, he puts Lawrence Yun, David Lereah, and such to shame. What you guys think NAR would like to pay him for?
    ———-

    No, no, no! He is very neutral guy. He merely posts news items (“Goods news”) that’s floating all over media.

    And he does not get paid by NAR/CAR either. He is an “average hitech guy” managing megaaaaaaa-project.

  136. madhaus Says:

    How can he be average hi-tech guy? Exotic plants? Engraved bricks? Sub-zero refrigerator? Bang & Olufsen telephone? I gotta tell you, that plus the Porsche in the driveway just adds up to R-E-S-P-E-C-T, something simply not available in the 408.

  137. Pralay Says:

    Come on Pralay, you are referring to the EB-5 visa program. The new plan is to let the foreigners borrow with 0% down!
    ——–

    That’s what US treasury will do. When foreigners will go to US embassy/consulate for visa, instead of filling up visa forms they have to sign mortgage paperworks. :)

  138. Pralay Says:

    How can he be average hi-tech guy? Exotic plants? Engraved bricks? Sub-zero refrigerator? Bang & Olufsen telephone? I gotta tell you, that plus the Porsche in the driveway just adds up to R-E-S-P-E-C-T, something simply not available in the 408.
    ———

    Madhaus, you have selective amnesia. How could you forget his reasons for work!!!!!!!! The “average hitech guy” does not work for salary. He works for paystubs and frequent-flyer miles.

  139. steve Says:

    of course there is no answer to nomadic 121 and madhaus 125. (props to both of you, btw) why? because the peninsula market everywhere but a small slice of palo alto is at 2004 pricing or below. and, soon, I ‘ll be able to remove the qualifier from that statement.

    the smart money knows there is plenty of room to fall and is sitting on the sidelines. even the world’s biggest RE cheerleader has been waiting for 1 year and 2 days for the stars to align and will almost certainly wait 6 months more.


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