Housing now beyond affordable in Redwood City
225 PACIFIC Ave, Redwood City, CA 94063 | MLS# 80924666
225 PACIFIC Ave Redwood City, CA 94063
Price: $219,000
Beds: 2
Baths: 1
Sq. Ft.: 880
$/Sq. Ft.: $249
Lot Size: 2,500 Sq. Ft.
Property Type: Detached Single Family
Stories: 1
View: Neighborhood
Year Built: 1963
Community: Dumbarton
County: San Mateo
MLS#: 80924666
Source: MLSListings
Status: Active
On Redfin: 25 days
* * Priced to Sell * * Bank Owned Property. Sold AS IS Bank makes no represntations or warranties Current configuration is 3 Bedroom 1 bath no garage plus a studio that enters from the rear of the building.
I don’t understand how people can continue to claim that the Bay Area is unaffordable. Just look at this house.
Look! It’s even got 2 kitchens! All for just $219,000 per year! That’s just 2x the salary of a firefighter. Now… granted there may be some drawbacks…
But I assure you, you won’t have any problems at all sleeping in this house. Why? Because the only sound you’ll hear is the sound of equity building, and the pride of ownership blasting.
So to all you whiners who complained you can’t afford anything in the Bay Area that’s close to work – shut up and buy this house.
Your bluff has just been called.
July 2nd, 2009 at 8:26 am
Come on bob, show us what one would get in Austin, TX for the same price. I’m sure it won’t have as much cachet.
How about in Tenafly, NJ?
July 2nd, 2009 at 8:27 am
The foreclosed ex-owners had this place since 1990 and bought it for $49,000. One refi in 2001 for $315k and another in 2005 for $430k.
I’d say they did AWESOME on this investment. A 7x return? Sweet. Downey Savings & Loan, on the other hand… not so much.
July 2nd, 2009 at 8:34 am
everyone’s favorite agent has posted the June sales report. not bad overall, unless you factor in seasonal effects.
Palo Alto added significantly to inventory, Menlo Park held steady. also, confirmed sales >$2M: Palo Alto 6, Menlo Park 7. more points to Cark?
finally, overbidding ,it seems, everywhere… in Menlo Park.
345 August Ci
Listed: $1,995,000
Closed: $2,300,000
days from listing to COE: 19
no financing contingency there. 4 Beds, 3 Baths, 3200 Sq Ft, 13500 Sq Ft lot, nice central menlo location, 46 years old and all original. (a href=”http://www.thegableteam.com/default.aspx?pp=-1&pg=0&l=19%24915048%24RES”>photos) can we all say, McMansion time?
July 2nd, 2009 at 8:36 am
oops, photos”>photos link (tag closed this time)
July 2nd, 2009 at 8:38 am
ok, I give up, previewed correctly, but, maybe bad HTML cascades. as I doubt burbed will take mercy on me and clean this mess up, here is the url plain text:
http://www.thegableteam.com/default.aspx?pp=-1&pg=0&l=19%24915048%24RES
July 2nd, 2009 at 8:46 am
467K jobs cut in June; jobless rate at 9.5 percent
Now let me quote a few things, a la Real Estater:
“the recession flashes signs of easing”
“the rise in the unemployment rate from 9.4 percent in May wasn’t as sharp as the expected 9.6 percent”
“the recession will end later this year. We’re probably two months away”
July 2nd, 2009 at 8:47 am
btw, here is a great example of what you can buy for $1.45M in los altos. quiet street, solid floor plan for a 3/2, nicely improved, complete move-in condition, perfect yard:
638 CAMELLIA WY (listing with pics)
Interior: 1916
Lot Size: 9750
Listed: $1,598,000
Closed: $1,450,000
DOM: 73
July 2nd, 2009 at 9:27 am
one more thing — inspired by the move up / move down discussion in the other thread. a new dynamic I have observed is the switch for folks in their 50s from buyer to seller. this is all anecdotal, of course, but the two types of sellers in the RBA market now are old/dead (tradtional sellers) and those with high school / college age kids.
now, the latter category isn’t too unusual nationally, but RBA houses aren’t big enough to form empty nests. what used to happen is that parents held on to these in destination cities (PA, LA, etc) and eventually became traditional sellers 20 or 30 years later. now, increasingly I would argue, they are cashing out.
also, in the good old days, folks in their 50s who couldn’t afford large enough distination houses when their kids lived at home would look for the “house of their dreams” when the kids left. I’ve seen 0 buyers fitting that profile at open houses. no one close to retirement age is putting $2M down to buy unless the have another 3 or 4 in the bank (which some certainly do).
July 2nd, 2009 at 9:42 am
Now let me quote a few things, a la Real Estater:
—–
Exercept, to be precise.
July 2nd, 2009 at 10:08 am
Steve,
I have never understood the ‘buying a bigger house after the kids leave’ idea. Don’t you need LESS space after they’re out? Nor have I understood the buying a more expensive house for retirement. You should be downsizing (no mortgage) or living in your paid off house.
I’ve seen it burn a few people. Now they have NO retirement and soon to have no house.
July 2nd, 2009 at 10:26 am
From Dr. Housingbubble, why the RBA is doomed…
http://www.doctorhousingbubble.com/wp-content/uploads/2009/07/county-vs-income.png
July 2nd, 2009 at 10:38 am
Some neighbors on my block are in their late-60s/early-70s. 12-18 months ago they got a “deal” (~$1M) on a burned out house near a local golf course. They are building their dream house (bigger than the current house) over there. It will be interesting to see what happens when it’s done. I think they were supposed to finish it at the end of the summer.
Maybe they’ll decide to try to sell it instead of the house in my neighborhood. My next door neighbor (who also has lived in his current house 30+ years) just doesn’t get it either – why they’d want a bigger house and a new mortgage at their age. Hey, if it makes them happy, fine, but I still don’t understand.
July 2nd, 2009 at 11:17 am
This house is Sunnyvale-slum apartment awful.
A friend of mine was mugged at the KFC in Redwood City.
July 2nd, 2009 at 11:23 am
Bwaaaa ha ha ha!!!!
The lot size for that property is smaller than the square footage of my parent’s house MINUS the lot!
LMAO! That is a gem burbed!
July 2nd, 2009 at 11:30 am
If you build 3 extra stories onto that house, you’ll have 3560 sq feet of bay area MANSION! SCORE!
July 2nd, 2009 at 12:52 pm
Look at the satellite image. What’s with that imaginary belt of vacant land that runs east-west? I dont see power lines. Underground aqueduct?
July 2nd, 2009 at 1:08 pm
CB, exactly right. http://virtualglobetrotting.com/map/6516/
July 2nd, 2009 at 1:18 pm
Are you talking about the belt parallel to Northside Ave? Isn’t that the land for proposed Dumberton Railroad?
July 2nd, 2009 at 1:55 pm
Is the Dunbarton Railroad like the Underground Railroad except that this one will let Debt Slave escape the chains?
If so, somebody should let them know that Canada has mortgages and credit cards, too.
July 2nd, 2009 at 2:20 pm
If you follow that “carved out” space to the west on the map far enough, you’ll see it marked Hetch Hetchy – just as sonarrat’s link says.
July 2nd, 2009 at 4:19 pm
I know what it is.
But that isn’t as funny!
July 2nd, 2009 at 5:31 pm
lol – I wasn’t disparaging your take on it! Just trying to clarify for Pralay.
The “debt slaves” for today’s house walked away while the master wasn’t looking.
July 3rd, 2009 at 4:41 pm
Burb, why you look down on firefighters? They certainly make more than half of the 219k, more like 90% of 219k.