March 25, 2009

A storm is brewing in Palo Alto – it’s called: you missed it

It’s Herve week at Burbed! I’m catching up on all the listings that Herve had sent me. And now, day 3:

993 Embarcadero Rd, Palo Alto, CA 94303 | MLS# 80908639
993 Embarcadero Rd Palo Alto, CA 94303
Price: $995,000

1814891688-993
Beds: 3
Baths: 2
Sq. Ft.: 1,704
$/Sq. Ft.: $584
Lot Size: 6,050 Sq. Ft.
Property Type: Detached Single Family
Style: Traditional
Year Built: 1948
Stories: 1
Neighborhood: Green Gables
County: Santa Clara
MLS#: 80908639
Source: MLSListings
Status: Pending Without Release
On Redfin: 18 days
Beautiful three bedroom, two bath traditional style home with a family room in North Palo Alto. Within walking distance to schools, parks, the Cultural Center, Main Library, & the Lucie Stern Center this home is a wonderful opportunity. New landscaping, freshly painted inside & out, dual pane windows, new kitchen floor, new freestanding oven/stove, & new wall to wall carpeting.

Wow. I bet you feel like a loser for missing this stunning deal. At just $584 per square foot, this house is way in the affordable category. And now it will be someone elses.

Any guesses on how much this will close for? I’m betting $1 million even.

Come on… it’s Palo Alto!

FWIW, this is what Herve had to say:

Are we paying realtors enough? If 3% is not enough to have them take another picture when the sky is blue, maybe we should consider increasing the commission to 4%, or even 5%. It’s only fair.

That’s ok, you were probably thrown off by the stormy photo. But you know what that storm really represents? “You’re going to be priced out forever.”

It’s a message that some fence sitting buyers definitely took to heart!

Comments (78) -- Posted by: burbed @ 5:56 am

78 Responses to “A storm is brewing in Palo Alto – it’s called: you missed it”

  1. Herve Says:

    $1M for a phallic chimney seems too high.

  2. Trader Joe Says:

    Who photoshops these photos of house exteriors? So unrealistic. At least put 3 or 4 suns in the sky, and maybe some meteorites and rainbows.

  3. anon Says:

    and unicorns. don’t forget unicorns.

  4. CB Says:

    Those aren’t clouds. It is an optical phenomenon called iridescence viewed from the inside of a bubble.

  5. rick Says:

    That is the front of the house? Who would put a chimney at front? This looks like the one built by the 3rd little pig.

    I am surprised that it is not labeled the cheapest house in Palo Alto.

  6. nomadic Says:

    you bet – unicorns! and rainbows!

    lol

  7. UnrealAlex Says:

    #4 LOL!!!!!!

    North PA? I wonder, that’s cheaper than it ought be be …. oh yeah…. RE fell 41% in “our area” and the median’s down in the 200k’s, according to the folks on the radio.

    I think that chimney is fine. We’ll be heating with wood a lot in the future, I consider that stout stack an asset – ought to be room to cook in the fireplace connected to that thing.

  8. Real Estater Says:

    The photo worked. House got sold in 2 weeks.

  9. A. Lewis Says:

    Dow’s sore!

    http://www.bloomberg.com/apps/news?pid=20601087&sid=ayGYMQunti1w&refer=home

    If RE is only going to post when it goes up, someone should post when it goes down.

    You know, just to be fair and balanced like Fox News.

  10. Lloydchiro Says:

    Wow! Those are some nice high-dynamic-range photos. Seriously, that beats the Mr Blurry Cam cell phone pics that we get in Sonoma.

    I wish I could look at the photos so I can marvel at the artistic creativity!

  11. Mole Man Says:

    And it is on Embarcadero–I love that street! VROOM!!!

  12. nomadic Says:

    Hey, does anyone remember the foreclosure-prevention program introduced last fall? They forecast it would help 400,000 homeowners. It has helped ONE so far…

    http://money.cnn.com/2009/03/25/real_estate/new_hope_plan/index.htm?postversion=2009032512

  13. Real Estater Says:

    A. Lewis,

    But DOW is not going down. The winning streak continues.

    Durable goods is up. Housing is up. We’re on track for the anticipated recovery by mid-year.

  14. Joe Says:

    I’ll believe a recovery when I see it. Let’s try to stop the 600,000 job loses every month first.

    Housing is nowhere near bottom, especially the Bay Area.

  15. Pralay Says:

    Housing is up.
    ——–

    Wow! Feb home sales is up – this year too.
    Let’s wait for 2010 “Feb home sales is up” announcement. And 2011. And 2012.

  16. Lionel Says:

    Durable goods is up. Housing is up.

    Durable goods down YOY.

    New house sales down YOY.

  17. Lionel Says:

    More for RE: These were the lowest February new housing sales since they began recording such data in 1963.

  18. anon Says:

    “But is it affecting you? If you look at the stock market, the DOW and Nasdaq are still at very respectable levels. We just heard Feb home sales is up. There’s is no unemployment issue in the BA, and there’s no housing crash to speak of.”

    Lol nice find pralay.

    Excreter, are you reading this? Do you not see how stupid you sound?

  19. anon Says:

    Nice prediction. Especially from a guy who thinks he’s “always right.”

    LOL

  20. anon Says:

    Moreover, does anyone believe excreter when he said that he sold last year before the crash when he documented himself saying “But is it affecting you? If you look at the stock market, the DOW and Nasdaq are still at very respectable levels.” on march 25th 2008?

    I wonder – when did he say he sold his stock?

  21. steve Says:

    End times are nigh in Palo Alto or at least at:

    3355 SAINT MICHAEL CT, Palo Alto, CA 94306

    from the MLS listing:

    ** NOTE: SELLER MAY CONSIDER A CONTINGENT OFFER **

    Isn’t there a Palo Alto City ordinance prohibiting this? I wonder if a variance was obtained.

  22. steve Says:

    btw, thats $564 per sq ft for a decent house in a nice midtown location. its new price should attract some attention.

  23. Real Estater Says:

    anon says,
    >>Excreter, are you reading this? Do you not see how stupid you sound?

    Do you think statements regarding the DOW, housing, and unemployment stats have a permanent shelf life? Use your own head instead of blindly following the blind.

  24. nomadic Says:

    Too bad your statements have a 20-minute shelf-life. Stop offering dumb advice and they’ll stop criticizing you a little bit. Maybe.

    .
    steve – even more interesting is that the Saint Michael house was purchased FIVE YEARS AGO for $1.45M – just $100k less than list price.

    BTW, are contingent offers really that unusual these days?

  25. steve Says:

    nomadic, there are very common. financing contingencies are in the vast majority of transactions and there are more and more deals now contingent on the sale of another property. offers that can guarantee close are valued at a higher premium than ever.

    good catch on the previous sale. I was so shocked by the *** and the ALL CAPS and the may that I rushed over to burbed before scrolling down that far.

  26. Real Estater Says:

    nomadic,

    The problem here is dumb people not dumb advice. It’s like somebody quoting a sunny weather report from last summer, and then saying, “hey, it’s cold and raining outside; the report is wrong!”

  27. Pralay Says:

    Do you think statements regarding the DOW, housing, and unemployment stats have a permanent shelf life?
    ———

    The problem is the context. If you just said DOW was in respectable level it would have been fine. But just look at the context you replied. You replied Madhaus’s comment “our present economy is going down the toilet”. Basically you implied that “economy is fine, DOW is fine. Here is nothing to worry about.” The last part is the snake oil you inserted.

  28. Pralay Says:

    It’s like somebody quoting a sunny weather report from last summer, and then saying, “hey, it’s cold and raining outside; the report is wrong!”
    ———

    No, it’s like RealEstater saying “It is sunny today. It is going to be sunny all the time. Winter? Winter never comes here.”.

  29. DreamT Says:

    The problem is bad faith and hypocrisy from someone who misunderstood core debate principles.

  30. Pralay Says:

    steve – even more interesting is that the Saint Michael house was purchased FIVE YEARS AGO for $1.45M – just $100k less than list price.
    ———

    That’s a hopping appreciation for a RBA property. Oh, I forgot – it must be close to invisible train track.

  31. anon Says:

    “The problem here is dumb people not dumb advice. It’s like somebody quoting a sunny weather report from last summer, and then saying, “hey, it’s cold and raining outside; the report is wrong!””

    Are you kidding, excreter? There is dated proof that you said that the market was just fine months before the greatest stock market crash in our lifetimes.

    You are a fool.

  32. Lionel Says:

    Here’s an article apparently written with someone like RE in mind:

    A parade of the mathematically innumerate business writers (and even worse headline writers!) continue to misread data. The latest evidence? New Home Sales.

    After incorrectly reporting the Existing Home Sales, the mainstream media misread the Census department report of New Homes.

    No, New Home Sales data did not improve. In fact, they were not only not positive, they were actually horrific. The year over year number was a terrible down 41%. Sales from this same period a year ago have nearly been halved.

    Why did the media report this as positive? If you only read the headline number, you saw a positive datapoint: February was plus 4.7% over January.

    To get the the facts, you need to read below the headline. In the present case, it wasn’t the seasonality factor that was confusing, it was the “90-percent confidence intervals” — or as it is more commonly known, the margin of error.

    http://www.ritholtz.com/blog/2009/03/new-home-sales-fell-41-in-february-2009/

  33. Real Estater Says:

    anon,

    The market was indeed fine at the time I made the statement! Why are you still circling around this point?

    Just look at these facts:
    1. Did I announce liquidating my stock portfolio well before the crash? Check.
    2. Did I buy Index at 6500? Check.
    3. Has the DOW soared since I bought at the bottom? Check.

  34. Lionel Says:

    True, RE, you nailed the easy part. Even I, the persistent bear, rode it up with DIG. Now for the hard part. Do we keep sailing up, or do we experience a vicious downturn. I’m betting on the downturn with some SRS. What say you?

  35. Pralay Says:

    The problem here is dumb people not dumb advice
    ——

    LOL! It is more than one year RealExcreter is hanging out with “dumb people”. It seems he can’t get enough of these “dump people”. Of course, a person who cannot spell Manhattan, Starbucks and Facebook must be having hard time to get along with Steve Jobs, Larry Page, Steve Young and other smart people in his neighborhood. Totallyyyyyy misfit.

  36. Pralay Says:

    The market was indeed fine at the time I made the statement!
    —–

    It wasn’t. All the bad signs were there when you made that statement. But you have vested interested to ignore those signs. Hey, just like your recent “DOW SOARS” comments. Or look at #13. It seems the economy is “indeed fine” even today, according to your “report”.

  37. nomadic Says:

    Look guys, RE’s mama told him he’s wonderful and special. You aren’t going to convince him otherwise. So how ’bout we let the troll digest before we stuff him full again?

  38. Pralay Says:

    Just look at these facts:
    1. Did I announce liquidating my stock portfolio well before the crash? Check.
    2. Did I buy Index at 6500? Check.
    3. Has the DOW soared since I bought at the bottom? Check.

    ———

    LOL! RealExcreter started selling above statements as “facts”!!!!!

  39. Pralay Says:

    Look guys, RE’s mama told him he’s wonderful and special. You aren’t going to convince him otherwise. So how ’bout we let the troll digest before we stuff him full again?
    ———

    Makes sense. It seems he is having real hard time to digest dumb comments from dumb people.

  40. anon Says:

    “Did I announce liquidating my stock portfolio well before the crash? Check.”

    Prove this statement, moron.

  41. nomadic Says:

    Opinions from REAL economists… including one who predicted the bubble bursting:

    The global equity rebound in March that sent the Standard & Poor’s 500 Index to its best monthly advance in 17 years is a “bear-market rally” and U.S. Treasury yields will “remain relatively low” as investors flock to the safest assets, Roubini said. Treasury Secretary Timothy Geithner’s new plan to remove toxic debt from financial companies won’t be enough for insolvent banks, he said.

    http://www.bloomberg.com/apps/news?pid=20601087&sid=aCvWs8KIIsUo&refer=h

  42. Real Estater Says:

    >>Prove this statement, moron.

    Even Pralay has shown the link multiple times. Where have you been?

  43. Pralay Says:

    Even Pralay has shown the link multiple times. Where have you been?
    ———

    Do you understand the meaning of “proof”? Claiming something is not proof.

  44. Real Estater Says:

    It’s quite laughable that some of you guys are still fighting me after seeing the Dow return to nearly 8000. Surely you will still be in denial after the window of opportunity in the BA housing closes again.

  45. Pralay Says:

    Surely you will still be in denial after the window of opportunity in the BA housing closes again.
    —-

    The Realtard says so.

  46. Real Estater Says:

    >>Do you understand the meaning of “proof”? Claiming something is not proof.

    The timing of the announcement is proven. There’s no other prove I can give you over the internet.

  47. Pralay Says:

    The timing of the announcement is proven.
    —-

    What timing? Bullshit.

    —–
    There’s no other prove I can give you over the internet.
    —-

    And claiming something over internet, which you cannot substantiate over internet, sounds you like a clown.

  48. Real Estater Says:

    Lionel says,
    >>True, RE, you nailed the easy part. Even I, the persistent bear, rode it up with DIG. Now for the hard part. Do we keep sailing up, or do we experience a vicious downturn. I’m betting on the downturn with some SRS. What say you?

    There will be some fallbacks but not be a vicious downturn. The question you should be asking is how soon the recovery will take shape.

    In line with the above assessment, I am keeping my positions and will ride it all the way back to the top. When fallbacks occur I will be adding to my positions.

    Also in line with this assessment, my view on real estate is that anyone who hopes to ever own a home in the Bay Area better buy this year. The window of opportunity will start closing next year if not sooner.

  49. Real Estater Says:

    Pralay,
    >>And claiming something over internet, which you cannot substantiate over internet, sounds you like a clown.

    Whether or not you believe the claim is unimportant. What is important is that the right call was made at the right time, and value was delivered over the internet. Anyone who chose to act on it would’ve profited from it.

  50. Pralay Says:

    What is important is that the right call was made at the right time, and value was delivered over the internet. Anyone who chose to act on it would’ve profited from it.
    —–

    And our RealExcreter claims all kind of things ALL THE TIMES (e.g. buying in S&P in 8500, 7500, 6500 so on).

    BTW, how is your energy fund doing? I bet you sold it on May 20th. ;)

  51. Pralay Says:

    Also in line with this assessment, my view on real estate is that anyone who hopes to ever own a home in the Bay Area better buy this year. The window of opportunity will start closing next year if not sooner.
    ——–

    LOL! One more right time to buy.

  52. madhaus Says:

    Actually, RE could prove his market transaction timing pretty easily. All he has to do is show his 401K statements to burbed. Most of the regulars would respect a verification by our site moderator.

    I need not remind anyone what happened last time I challenged RE to prove something via the mod. You all know he cut and ran like the coward he is.

    I can’t wait to hear the excuses for this one. Let’s start with “My 401k is so large I can’t show it to anyone; it will induce jealousy.”

  53. Real Estater Says:

    Pralay excretes,
    >>And our RealExcreter claims all kind of things ALL THE TIMES (e.g. buying in S&P in 8500, 7500, 6500 so on).

    I stated more than a few times my initial entry point was 7500. I doubled my position at 6500.

    >>BTW, how is your energy fund doing? I bet you sold it on May 20th.

    Sold before July 4th weekend last year. In fact, that’s where my cash position in 401K comes from. Why did I pick that timing? Because it’s about a month before the end of the summer driving season, when demand tapers off.

  54. Real Estater Says:

    madhaus says,
    >>Actually, RE could prove his market transaction timing pretty easily. All he has to do is show his 401K statements to burbed. Most of the regulars would respect a verification by our site moderator.

    You bet; however I need some financial incentive for my troubles. Each person who wants to challenge my assertion must contribute $100 to Burbed. I will also put in $100. After Burbed verifies, Burbed and I split the money 50/50. If it’s not true, Burbed keeps my $100, and returns all of your money.

    I’m open to higher amounts. $1000 would work just fine.

    Loser of this challenge must write an apology letter to be posted on Burbed.

    Madhaus, are you up to it?

  55. cmos_master Says:

    The reality of the situation is there can be no recovery in housing in the RBA until median housing prices are more inline with the rest of the country. The reason is simple. There are two groups of buyers out there. Group A is looking to move up and group B are first timers. As long as prices are falling, group A is losing equity, and their potential down-payment for a new house, which means they can not move up as much or possibly at all. In addition, the prevalence of negatively amortizing intrest only loans in the RBA is causing a great percentage of homeowners to be underwater, with no available downpayment, and no hope of any help from the government. Group B can not get in until house prices have fallen enough such that they can get a large enough loan. For that to happen, credit markets need to loosen significantly for jumbo money to become available(not going to happen soon) or prices will continue to free-fall until they reach a point that an average first time buyer can afford enough down-payment to create a conforming mortgage. Complicating the situation is the fact that many people are losing, or IN FEAR OF losing, their jobs. Of course, these of people would not consider making a move until they feel more secure about their livelihood.

  56. Pralay Says:

    I stated more than a few times my initial entry point was 7500. I doubled my position at 6500.
    —-

    Oh, RealExcreter, why do you want to become liar for second time within a week on very same thing? After living many years with smart people in 94301 zipcode you should be lot smarter than that. Steve already pointed out your October 2008 post where you said DOW ~8500 as “reasonable entry point”.

    Waiting for next explanation to make your past statements consistent. :)

  57. Pralay Says:

    I can’t wait to hear the excuses for this one. Let’s start with “My 401k is so large I can’t show it to anyone; it will induce jealousy.”
    ——

    LOL! Within ten minutes he came up with his excuse of “troubles”. :)

  58. Real Estater Says:

    Pralay,

    Are you in on this bet? You get 2 for the price of 1 – Burbed can also verify the 94301 address on my statement. After the facts are verified, you better shut up forever. I look forward to your apology letter.

  59. Real Estater Says:

    Pralay,

    If you don’t accept this challenge, madhaus’ quote can be used against you:

    You all know he cut and ran like the coward he is.

  60. Real Estater Says:

    anon,

    Are you in? If you lose, I don’t need to see your apology letter, since you can’t write. Just write “I am a moron” a hundred times under your alias will be sufficient.

  61. madhaus Says:

    RE, don’t you know betting is illegal?

  62. Pralay Says:

    RealExcreter,
    Read #56. You are already proven liar.

  63. Real Estater Says:

    madhaus says,

    >>RE, don’t you know betting is illegal?

    LOL! You all know she cut and ran like the coward she is.

  64. Pralay Says:

    Sold before July 4th weekend last year. In fact, that’s where my cash position in 401K comes from. Why did I pick that timing? Because it’s about a month before the end of the summer driving season, when demand tapers off.
    —–
    :) That’s silliest statement from someone who reasoned his buying “past 5 years, it returned 32%”. That’s pretty long term. Then he sold for “summer driving season”.

  65. Pralay Says:

    RE, don’t you know betting is illegal?
    ———–

    Yes, betting is illegal – as mentioned by RealExcreter.

  66. burbed Says:

    Wow… this thread sure is hurtling down a path that I’m not appreciating.

    Isn’t it time for everyone to take a yogurt or cupcake break?

    How about a yogurt cupcake? That’d be a real awesome mashup!

  67. Real Estater Says:

    Higher priced Sunnyvale homes are selling like hot cakes! The following homes have all gone pending (prices shown are list price):

    1383 Devona TE – $1.398M
    1172 Ashcroft Way – $1.068M
    1057 Celilo Dr – $1.025M
    751 Sweetbay Dr -$1.015M
    1514 Oriole Ave – $951,689
    554 Carrick Ct – $950K
    W Knickerbocker Dr – $899,999
    1039 Merrit TE – $874,950
    1341 Flicker Way – $848K

    No downturn here!

  68. nomadic Says:

    How about a yogurt cupcake? That’d be a real awesome mashup!

    Coldstone has ice cream cupcakes. They look pretty lame though.

  69. madhaus Says:

    In post #60, RE stated the following, and this is a direct quote from him:

    I am a moron

    And I am on record agreeing with him!

  70. Pralay Says:

    Higher priced Sunnyvale homes are selling like hot cakes! The following homes have all gone pending (prices shown are list price):

    ….
    1341 Flicker Way – $848K

    No downturn here!
    ———-
    :) One more Flicker Way for RealExcreter! Last time he mentioned another Flicker Way as “desirable”, hoping it would sell for listed price $1.025 million (or may be more). Too bad it was sold for less than listed price. Now let’s hope RealExcreter gets listed price this time to prove no downturn here.

  71. Pralay Says:

    And I am on record agreeing with him!
    —–

    I agree too. End of hostility.

  72. DreamT Says:

    I agree three.

  73. Real Estater Says:

    OK. We all agree anon is a moron. The thread ends here.

  74. DreamT Says:

    shoo

  75. Herve Says:

    Who here really cares about Roger’s 401K, stock positions, etc? I know I don’t. And I don’t care about anybody’s 401K for that matter, except possibly mine.

    Think rainbows and unicorns!

  76. nomadic Says:

    damn straight, herve! Alpacas are so 1990s – gotta invest in unicorns now before you’re priced out forever!

  77. anon Says:

    hey excreter,

    looks like you had a productive day.

    lol

  78. DreamT Says:

    anon, didn’t you see burbed’s note?
    “Please be nice. No name calling, no personal attacks, no racist stuff, no baiting, etc.”

    So, where’s the racist stuff??


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