June 11, 2009

House in Redwood City – close to El Camino, amenities.

329 CHESTNUT St, Redwood City, CA 94063 | MLS# 80925382
329 CHESTNUT St Redwood City, CA 94063
Price: $399,000

1354414632-329
Beds: 2
Baths: 1
Sq. Ft.: 1,060
$/Sq. Ft.: $376
Lot Size: 5,000 Sq. Ft.
Property Type: Detached Single Family
Stories: 1
Year Built: 1912
Community: Lenolt
County: San Mateo
MLS#: 80925382
Source: MLSListings
Status: Active
On Redfin: 6 days
Come and see this great single family home, with lots of potential. Featuring, two bedrooms, and one bath. All other rooms were done with unknown permits. Potential for in law unit, in rear. Located near El Camino, and close to ALL amenities.

Thanks to Burbed reader for this find. Holy moley this house is cheap and affordable. The affordability crisis is definitely over in the Bay Area.

And look, it’s even got potential for in law unit in the rear! Cha-ching! Can you say cash flow.

What inspired Burbed reader Rink Rat (not to be confused with sonarrat!) to send this to me was the fact that it is close to ALL amenities. Let’s take a look shall we?

From the sky:

1779004903-329a

Well look at that. It’s got easy access to three train tracks! And some warehouses! And a very peculiar looking park!

Hey, you wanted to live green right? Well, living here you’ll always know when the next train is coming by. You won’t be missing your ride any more!

Consider it a free alarm clock!

Comments (110) -- Posted by: burbed @ 5:38 am






June 10, 2009

A great place to locate your start up!

90 N 26TH St, San Jose, CA 95116 | MLS# 80844767
90 N 26TH St San Jose, CA 95116
Price: $549,950

1353539728-90
Beds: 2
Baths: 1
Sq. Ft.: 4,000
$/Sq. Ft.: $137
Lot Size: 5,040 Sq. Ft.
Property Type: Detached Single Family
Style: Cottage/Bungalow
Stories: 1
View: Neighborhood
Year Built: 1939
Community: Central San Jose
County: Santa Clara
MLS#: 80844767
Source: MLSListings
Status: Active
On Redfin: 202 days
A GREAT opportunity for construction contractors or AUTO service who need a yard for their vehicles and storage of meterials, Two story each level is almost 1,500 squar feet w/ half bath, The yard has a hard concrete surface with a gate. The front unit is 2 Bedrooms 1 Bath, Large eat in kitchan, Hardwood floors in living Rm Hall & Bdrms. front unit rents for 1,350 this is unique property in good location.

Google. HP. Apple.

They all started in a Silicon Valley garage. They all produced millionaires.

Well, here is your opportunity, thanks to Burbed reader H.T.!

Let’s take a look at the back:

188471617-90a

It’s like a mullet – party in the front, business in the back. Wait… I think I got that backwards.

In any case, just think of all the great businesses… the next power houses of Silicon Valley, that you can kick off here. And for just $550k!

Let’s take a look at the description from the Craiglist posting:

You can work in the back and rent the front.

$549950 / 3br – industrial and Residential on same Lot all permited and legal (san jose downtown) (map)
Reply to:hous-z5zum-1195431814@craigslist.org [Errors when replying to ads?]
Date: 2009-05-29, 1:12PM PDT

Unique setup very valuable piece of property, to be able to live and work at the same place front unit is 2 bedroom (could be 3 bedroom)
Large kitchen,The back building is 2 story concreat block Central Aircondition,walls,workshop use to be print shop,5 cars can be parked between two buildings and driveway.

Very valuable. Very unique. Very Silicon Valley. So be like Jobs and Woz, Hewlett and Packard, Brin and Page. Start your millions.. hell… billions today with this house!

Comments (51) -- Posted by: burbed @ 5:28 am

June 9, 2009

House as many refrigerators as you want in this Milpitas house

225 CORNING Ave, Milpitas, CA 95035 | MLS# 80918123
225 CORNING Ave Milpitas, CA 95035
Price: $499,000

391488986-225
Beds: 3
Baths: 1
Sq. Ft.: 1,040
$/Sq. Ft.: $480
Lot Size: 4,968 Sq. Ft.
Property Type: Detached Single Family
Stories: 1
Year Built: 1955
Community: Milpitas
County: Santa Clara
MLS#: 80918123
Source: MLSListings
Status: Active
On Redfin: 39 days
FOR FIRST TIME BUYER OR INVESTOR NICE PROPERTY AND CLOSE TO SHOPPING CENTER, SCHOOLS AND CLOSE TO FREEWAYS.

Not too shabby. I mean… $480 per square foot for a house near 880? There’s got to be something special… right?

And indeed there is!

Let’s take a look at the photos:

468062078-225a

Apparently, in this house, you can have a fridge in the dining room and the kitchen. Furthermore, you can disable the inertial dampener in the kitchen, to produce a shaky cam effect. Sweet! That’s the ultimate “talk about” feature that none of your other friends will have!

The 25th century is available today – in Milpitas!

Comments (15) -- Posted by: burbed @ 5:02 am

June 8, 2009

$276,000 in instant equity in San Mateo – free energy as well!

414 CAVANAGH St, San Mateo, CA 94403 | MLS# 80916757
414 CAVANAGH St San Mateo, CA 94403
Price: $399,000

1211856424-414
Beds: 2
Baths: 1
Sq. Ft.: 870
$/Sq. Ft.: $459
Lot Size: 5,500 Sq. Ft.
Property Type: Detached Single Family
Style: Ranch
Stories: 1
Year Built: 1949
Community: North Shoreview/Dore Cavanaugh
County: San Mateo
MLS#: 80916757
Source: MLSListings
Status: Pending With Release
On Redfin: 49 days
Great home in move-in condition. Bath with tile floors and shower, updated kitchen with new tile counter tops and cabinets, great back yard with mature fruit tree and detached new bonus room(no permit)used as office/workshop.

Thanks to Burbed reader Wendy for this find. Wow… what a great deal for a cute little house. Let’s check out the bonus in the back:

2014761840-414b

Aw. This house comes with its own little Mini-Me!

But wait… Wendy has something important to say:

This cute, 2/1 move-in ready house is in San Mateo. And for only $399k it seemed way too good to be true. The best part of it is that the backyard backs up into a giant power station. You would never know from the photos since they are all taken from the opposite direction. But the moment you step into the kitchen or out the backyard, it is all you can see. You can see the power lines from the satellite photo view. The scariest thing is that the current owners apparently purchased it for $675k back in 2005 and now have to short sale it. But alas, time is running out, someone has already put an offer in on this unique jewel.

Hm. Maybe it’s time we looked past mini-me to see the whole picture. Here’s a Bird’s Eye View:

2016216991-414a

Um. Uh. Wow.

Well is it any wonder this house used to be priced at $675,000? It comes with unlimited energry. Just get a whole bunch of hangers, move them back and forth repeatedly, boom! You’re not just inducing current, you’re inducing free cash flow and profits!

Awesome find. No wonder it has been snatched up already!

Comments (92) -- Posted by: burbed @ 5:33 am

June 7, 2009

The history behind Hayward Park

San Mateo back in the Real Bay Area? | SF Bay Area Home Price and Mortgage Insanity Blog – Burbed.com
AmusedLurker Says:
May 21st, 2009 at 8:33 pm

I’m sure the question was asked in jest but…Hayward Park was named after the guy who used to own that section of what became San Mateo – Alvinza Hayward who was known as California’s first millionaire. After he died in 1904 his huge mansion was turned into the Peninsula Hotel which burned to the ground in 1920 – the rest of the estate was subdivided. At that time (1905) rather than building the homes prior to sale, the realtors sold the bare lots after the streets were laid out – this explains the many different styles of homes in the neighborhood. Personally I like the older homes but they are definitely asking WAY too much for this one!

I know this posted a while back, but I finally a calm time to post this nugget of information. Thanks AmusedLurker. We are now all informed!

Click here to post a comment -- Posted by: burbed @ 5:56 am

Is Your Home A Good Investment? – WSJ.com

Is Your Home A Good Investment? – WSJ.com
Yet look at the numbers. Since 1987, when the Case-Shiller index of 10 major cities begins, it’s risen from an index value of 63 to 151. Annual return: Just 4.1% a year. During that period, according to the Bureau of Labor Statistics, consumer prices rose by 3% a year. Net result: Home prices produced a real return of just 1.15% a year over inflation over that time.

Critics may point out that the analysis is unfair — after all, it starts counting near the peak of the 1980s housing boom. Fair enough. Look at the performance since, say, early 1994, when home prices were near a historic trough. Surely someone who bought then has made a bundle.

Not necessarily. Since then the ten-city index has risen from a value of 76 to 151. Annual return: 4.7%. Inflation over that period: 2.5%. That’s still only a real return of 2.2% a year above inflation.

You can often do better on long-term inflation protected government bonds.

And real estate often costs 2% or more a year in property taxes, condo fees, maintenance, insurance and the like.

Conventional wisdom long held that home ownership was a route to wealth, and the imputed rent — in other words, the right to live in your home — was just part of the value you got from it. Under that widespread view, the recent housing bust was simply a temporary, though deep, pothole.

Yet for very many people, even over the past 15 or 20 years, the imputed rent may have been all, or nearly all, the real value they actually got from their home.

So. What do you think? Is your personal home a good investment?

Is anyone in TIPS?

Where are all the financial geniuses? Let’s see some NPV and IRR calculations please!

And more importantly, let’s make sure those calculations are Real Bay Area specific!

Comments (16) -- Posted by: burbed @ 5:35 am

June 6, 2009

Busted: Life Inside the Great Mortgage Meltdown

Busted: Life Inside the Great Mortgage Meltdown

The fiasco that sank millions of Americans, including one journalist, who thought he knew better. A veteran New York Times economics reporter, Edmund L. Andrews was intimately aware of the dangers posed by easy mortgages from fast-buck lenders. But, eager to buy a home and start a new life, he gave in to temptation and began a surreal adventure into the mortgage mayhem that nearly wrecked our economy. Busted weaves together the author’s own ride to the edge of bankruptcy with the tragicomic stories of his lenders, the Wall Street pros behind them, and the policymakers in Washington who were oblivious until it was too late. The story takes Andrews to the offices of Alan Greenspan, the mansions of subprime-mortgage millionaires in southern California, a despondent deal makers’ convention in Las Vegas, and Wall Street. Rich with on-the-ground reporting, Busted is a darkly humorous exploration of the cynicism and self-destructive judgment that led to America’s biggest economic calamity in generations.

It’s Saturday and that means it is time for Burbed’s book of the week. This week I selected this book because I think it is a must read. The reviews that is. You must read the reviews. And buy the book.

The reviews slam this book for being incomplete.

The fact is that this book highlights the pitfalls of buying real estate… in places that are not the Real Bay Area.

It serves this elitest, New York Times (which is no match for our SF Chronicle, San Jose Mercury News, or Mountain View Voice btw) writer to end up being financially wrecked by not buying in a place where real estate values double every 10 years on average.

Tough luck dude. Better start reading start reading this blog instead!

Comments (6) -- Posted by: burbed @ 5:17 am

June 5, 2009

$600,000 in instant equity available for you in Downtown Mountain View house

555 CALIFORNIA St, Mountain View, CA 94041 | MLS# 80923362
555 CALIFORNIA St Mountain View, CA 94041
Price: $999,000

918277660-555
Beds: 4
Baths: 3
Sq. Ft.: 2,011
$/Sq. Ft.: $497
Lot Size: 5,000 Sq. Ft.
Property Type: Detached Single Family
Style: Craftsman
Stories: 2
View: Neighborhood, City Lights
Year Built: 2008
Community: Downtown
County: Santa Clara
MLS#: 80923362
Source: MLSListings
Status: Active
On Redfin: 9 days
Two blocks from Castro! This beautiful new construction home has a gourmet kitchen w/ cherry cabinets, granite counters, and Thermador & Electrolux appliances. Great open floorplan w/ hi ceilings, downstairs bedroom & full bath, walk-in closet and pvt patio off Master bedroom, French doors open to spacious backyard. Solid oak flrs w/ inlays, solid core doors, heated flrs-all top quality.

Wow. Talk about a fancy place! And for just $497 per square foot! What an absolute steal!

Fortunately, Burbed reader Stephen has the scoop:

555 California St. was built new about a year ago, and was on the market asking $1.8mil, and then reduced to $1.6mil, and they still couldn’t sell it, so they’ve been renting it.  Zillow says “days on market” is 351.

It looks like it just went back on the market of $1.0mil (a 60% reduction!).  You can see more here:

http://idx.diversesolutions.com/search/808/40/283493/source/rss#PropertyID=14621890
vs.
http://listings.realbird.com/Real_Estate/Quality-New-Construction-in-Downtown-Mountain-View/Mountain_View/CA/A5F7F8C4/14831.aspx

and

http://www.zillow.com/homedetails/555-California-St-Mountain-View-CA-94041/2144469884_zpid/

Wow… can you say steal again? Let’s face it… the builder of this home knows that these are difficult times, and wants to help you profit from it. So they’ve temporarily lowered the price of this home so you can swoop in and become rich.

It’s really the Real Bay Area way – you know, people helping each other become rich.

Thanks Stephen for calling this out. I bet it’ll be gone in no time flat now that everyone will know about this little secret!

Comments (74) -- Posted by: burbed @ 5:24 am

June 4, 2009

It’s like living in Carmel, but in Belmont

1942 BAYVIEW Ave, Belmont, CA 94002 | MLS# 80911855
1942 BAYVIEW Ave Belmont, CA 94002
Price: $899,950

1177915628-1942
Beds: 2
Baths: 2.5
Sq. Ft.: 1,180
$/Sq. Ft.: $763
Lot Size: 6,360 Sq. Ft.
Property Type: Detached Single Family
Style: Cottage/Bungalow
Stories: 2
View: Bay
Year Built: 1932
Community: Belmont Country Club
County: San Mateo
MLS#: 80911855
Source: MLSListings
Status: Active
On Redfin: 74 days
Imagine if you will a Carmel setting in Belmont. Meander down a brick path surrounded by lush foliage to the entrance of this unique 1930′s Hunter’s Cottage. Artists are inspired by the indoor/outdoor serenity this property provides. Whether soaking up the sun in one of the many outdoor entertaining areas or enjoying morning coffee while taking in the views of the bay, this home will embrace you.

Thanks to Burbed reader Herve for this find. Hey another example of creative writing!

Wow… this totally reminds me of Carmel. Except without the ocean. And being crammed in with a bunch of other houses. On a (likely) steep road. Where it’s cold. And windy.

Yeah… when you’re living on the East side of Alameda you’re definitely going to need a Hunter’s Cottage like this one. Granted its not on the East side of El Camino – if it were there you might need to go hunting for Impalas and such.

Personally I’ve always wanted a home that embraces you. This is that home.

Comments (93) -- Posted by: burbed @ 5:04 am

June 3, 2009

Ski jump on the roof – interesting San Jose styling

6603 Mcabee Rd, San Jose, CA 95120 Almaden Valley MLS# 80919544 – Property Details
6603 Mcabee Rd, San Jose, CA 95120

(Almaden Valley)
$1,649,000

2009819829-6603

Status: Active
Bedroom: 4
Bathroom: 3&1/2

* Year Built: 2007
* Lot Size: 8712
* Square Footage: 3601
* List Date: 4/21/2009
* Garage Spaces: 2
* MLS#: 80919544

Beautiful home located in Almaden Valley. This home is 2 years new with magnificent upgrades including downstairs hardwood floors, marble master bath, granite slab in gourmet kitchen. Extra premium lot with courtyard. Great location with convenient access to shopping, restaurants, freeways, excellent schools and Quicksilver Park. Almaden Schools: Simonds, Castillero, Pioneer

Thanks to Burbed reader Sonarrat for this find. Here’s what he had to say:

I don’t know what I like more, the drooling tongue hanging out from the front door or the ski jump on the roof.

Wow… that’s pretty creative imagery. Were you a creative writing major or something? At $457 per square foot this is quite the steal. And look, it comes with a courtyard!

Would you go for this piece of art? I bet you could take some fancy photos, submit them to the SF MOMA, give it a fancy title that only makes sense to 4 people, and win a giant prize, instantly earning this house for free!

I nominate sonarrat to buy this house and pull it off!

Comments (40) -- Posted by: burbed @ 5:27 am