Pink house, Affordable House, Burlingame house
This week, we celebrate the 5 Bay Area cities featured in Forbes’ “Top 25 Towns To Live Well (and have good access to Venture Capital)”. Coming in at #12:
1312 Montero Ave, Burlingame, CA 94010 | MLS# 351731
1312 Montero Ave Burlingame, CA 94010
Price: $1,328,000
Beds: 3
Baths: 2
Sq. Ft.: 1,730
$/Sq. Ft.: $768
Lot Size: -
Property Type: Single-Family Home
Style: Spanish/Mediterranean
View: Bay, Garden/Greenbelt
Year Built: 1928
Community: Burlingame
County: San Mateo
MLS#: 351731
Source: San Francisco MLS
Status: Active
On Redfin: 118 days
New Price. 61K price reduction. Desirable Easton Addition. 3 bd/2ba, excellent schools, close to transportation and shopping. This meticulous and well maintained home features a vaulted ceiling living room w/ fireplace, dining room, family room, breakfast nook, all new stainless appliances, remodeled baths, hardwood floors, large yard, inside laundry room, landscaped and lush yard & 2 car attached garage. A patio and upstair deck face the backyard. Fine details and more. See www. 1312Montero. com.
The house is pink, the house is affordable ($61k price reduction!), and it’s in the “Desirable Easton Addition”. I’d never heard of it, but then again, I’m don’t consider myself a Burlingame expert.
Who knew that perfection is so affordable these days. This is a downright steal.
Any Burlingame experts here? Can anyone shed some light on this Easton Addition neighborhood? Is this one of the neighborhoods that makes this city the #12 Top 25 Town To Live Well?
May 25th, 2009 at 9:28 am
Actually IMO that IS a pretty nice area, some really good schools (i.e. Mercy High School) and within ‘spittin’ distance’ of Hillsborough. Hubby and I enjoy riding our bikes in that area as there are some really nice older houses and the auto traffic is light. that said I still think they’re asking a bit much for it in this market but I could say that about pretty much every house in this area.
Here’s an interesting tidbit – the new owner can boast that they live near Bing Crosby’s house! (on Jackling Street – his widow Kathryn still resides there) Back when I was a kid that was one of the best places to go trick-or-treating as the Crosbys gave out regular-sized candy bars. Tales of Bing’s life in Hillsborough and Burlingame abound, as he was a ‘regular guy’ who enjoyed playing golf at the nearby Burlingame Country Club (also a gorgeous area to ride around in – unlike many country clubs, there are public streets which run thru it), shopping and banking in downtown Burlingame and so forth. Bing actually purchased the house from the Howard estate – Mr. Howard who owned the famous racehorse Seabiscuit. (another interesting historical tidbit).
I’ve attended a few weddings at Mercy High School – sounds weird until you consider that the Kohl Mansion is located on the property.
I’ve tried to locate a bit of history about the Easton Addition online (there are a few historical books out) and found this realtor’s page.
http://www.eastonaddition.com/#end
May 25th, 2009 at 1:55 pm
Thank you for the historical info! I knew Bing Crosby had lived up around there, but that was all.
May 25th, 2009 at 6:08 pm
What is the lowest downpayment required for a jumbo loan in the Bay Area – say for this home, which would be about $1.3M. What would the interest rate be on a FRM, ARM, IO? Thanks.
May 25th, 2009 at 6:13 pm
If I were rich enough to afford such a house, Burlingame would be one of the last places I’d consider buying. In fact, I would be looking further east to Europe where even in the major cities one could buy a nice apartment for far less, but with a lot more beauty and a lot better environment than the suburban blandness of the peninsula, not that there’s anything wrong with that.
May 25th, 2009 at 6:51 pm
#3: “You have to have income of $250,000, a 20 percent down payment and near perfect credit to buy a $1 million home now, so the number of buyers isn’t what it was,” Hanson said. “There just aren’t enough buyers to sop up supply. We’re seeing the collapse of the high-end market.”
http://www.bloomberg.com/apps/news?pid=20601087&sid=aXIKT1zzD4.g
30-year fixed on a jumbo (over $730k) is around 6.25-6.50% if your credit is very good. 5-yr ARM is about 5-5.25%. (Looking at Wells Fargo’s site, it looks like rates on jumbo loans are 1.5% higher than conforming loans. This is much better than it was a couple of months ago.)
May 25th, 2009 at 7:01 pm
One more thing – the Wells Fargo rates require a one-point origination fee. The ARM rate can be found with no points with ING.
May 25th, 2009 at 7:28 pm
nomadic, I believe some people add HELOCs on top of a 600-700K conformings for better blended rate, but jumbo financing is not an area of expertise for me.
May 25th, 2009 at 7:29 pm
I was poking through all of the new listings and a few caught my eye
it’s pink, it’s REO and it is 33% off its 2006 sale price
753 QUARTZ St
Redwood City, CA 94061
Price: $499,000
Sep 28, 2006 Sold $745,000
the realtor will truly need to move heaven and earth for this to sell at its 2008 price
1311 RAINBOW Dr
San Mateo, CA 94402
Price: $1,795,000
Apr 28, 2008 Sold $1,670,000
Listing: Heaven ‘n Earth Realty
projected Sept 23 2018 price: $3M. buy now for a guaranteed 28%/year appreciation
2406 CASA BONA Ave
Belmont, CA 94002
Price: $849,000
Sep 23, 1988 Sold $349,500
unique marketing angle. pre-pay for a yet to be constructed 4000 sq ft house or buy back for “lot value at $1,150,000.”
19 BISHOP Ln
Menlo Park, CA 94025
Price: $1,995,000
and, finally, a little cash-out Refi to end the long weekend
656 9TH Ave
Menlo Park, CA 94025
Beds: 3
Baths: 2
Sq. Ft.: 990
Lot Size: 6,741 Sq. Ft
purchased: 11/23/1994 $175,500
refi’d: 4/21/2006
Lender # 1 Alliance Bancorp
Loan amount # 1 $926,250
Rate type # 1 Va
foreclosed: 3/18/2009
if folks in the part of MP next to RWC could figure out how to sell their homes to the bank at the peak, don’t you think a few fine citizens in the RBA could figure out how to gamble with OPM too?
May 25th, 2009 at 7:42 pm
#7 – I know this was common during the bubble, but I haven’t looked into whether it’s still an option. Seems like it could be a good way to get a better rate, especially with roughly 1.5% between “conforming jumbo” and jumbo.
May 25th, 2009 at 7:46 pm
oh, one more since we are talking burlingame
1721 Ralston Ave
Burlingame, CA 94010
Jan 28, 2009 Listed $1,000,000
Purchased: 8/3/2005 $1,150,000 with 100% financing
Lender # 1 Centralbanc Mtg
Loan amount # 1 $920,000
Rate type # 1 Variable
Lender # 2 Centralbanc Mtg
Loan amount # 2 $230,000
Rate type # 2 Fixed
then resold on 6/14/2007 for $1,170,000 (the taxpayers caught a break!)
the ’07 buyers worked some magic and achieved this amazing ’08 sale:
Event date 3/11/2008
Sale amount $1,650,000
1st party xxxxxx
2nd party yyyyyy
I can’t find the financing, but since the current status is:
Price: $1,000,000
Status: Bank Owned
DOM: 121 days
we know they didn’t pay cash, and we, the taxpayers, weren’t so lucky this time.
May 25th, 2009 at 7:51 pm
OMG, that house at 656 9th Ave is hideous. It looks like a pole barn in Oklahoma.
http://www.redfin.com/CA/Menlo-Park/656-9th-Ave-94025/home/1816471
May 25th, 2009 at 8:13 pm
The price was reduced twice so we’re really talking about $161K instant equity, not $61K.
May 25th, 2009 at 10:50 pm
>>the new owner can boast that they live near Bing Crosby’s house! (on Jackling Street – his widow Kathryn still resides there)
When a realtor was showing me a house on Jackling Street 10 years ago, I heard all about the Bing Crosby house as well. There’s another well known property around there owned by the King of some country.
May 25th, 2009 at 11:22 pm
thanks for adding value
May 26th, 2009 at 12:11 am
excreter knows value!
May 26th, 2009 at 8:49 am
Forbes used ZoomProspector data to determine the top 25 towns to live well. Here is the Burlingame profile page on ZoomProspector:
http://zoomprospector.com/CommunityDetail.aspx?id=4873&f=1
May 26th, 2009 at 8:39 pm
Hey, isn’t #12 supposed to be Hillsborough and not Burlingame?