196 Bersano Ln: $1,778,000.

214 Bersano Ln: $1,748,000.

I wonder if they’ll just stop paying the mortgage on the one-year anniversary? Let the bank sell it for them!

“Well, on Aug 1 it going to have one year anniversary for this listing. It didn’t sell in spite of ten months of continuous price reduction. So it got to be selling when price increased. That’s called Realtardized logic.”

Because, Pralay, homes never depreciate in value. That’s how they know not to sell for less than what they paid.

Well, on Aug 1 it going to have one year anniversary for this listing. It didn’t sell in spite of ten months of continuous price reduction. So it got to be selling when price increased. That’s called Realtardized logic.

Which is the right move in this environment? Both!

That is the beauty of real estate.

No downturn for this Sunnyvale property either. Seller just made it “attractive price” by reducing it $50K.

Anyone has any ponzi scheme they want to run with me so I can get into one of these RBA homes?

——

A bubble is a bubble. Doesn’t matter if it’s Sacramento or BA.

Btw, I know a lot of Sacramentans who can’t stand living in the BA. I also know a lot of techies who’d rather live in SF and commute to SV. “Real” BA? That’s funny. I worked in PA for years and only now did I hear of RBA. Is it anything like Real Stockton? And I thought people in SF who refers to “Real SF” are clueless.

172 Bersano Ln: 3,841 sq ft for $2.5M ($651 per sq ft), lot is 5,206 sq ft. Home completed.
202 Bersano Ln: 2,412 sq ft for $1,478,000 ($613 per sq ft), lot is 4,468 sq ft. Will be completed in Sept 09.
208 Bersano Ln: 2,324 sq ft for $1,498,000 ($645 per sq ft), lot is 5,110 sq ft. Will be completed in Sept 09.

They are all pending without release. No downturn here!

assuming that is true, and granted, that is a big “if”, how can the property tax portion of prop 13 be to blame for the budget mess, compared to say an out of control ballot iniative process and unchecked spending.

I looked it up this morning and prop tax receipts for 07-08 were 3x inflation adjusted and 2x per capita, inflation adjusted the 77-78 levels. on a nominal basis they were up 10x.

http://www.sfgate.com/cgi-bin/article.cgi?file=/c/a/2003/08/16/MN263845.DTL

Fast forward 5 years and our state is now bankrupt with bond status just above junk.

So exactly WHOM was out of touch?

Moral of the story: when the smartest and most well respected investor in this country’s history makes a statement, one should choose to listen. Especially after this state already put its foot in its mouth when they called him “out of touch” with the “new economy” of the dot com era.

But this is a good indicator of just how much further we have to fall before we reach normality.

Believe it or not, the location is not really that stellar. You are pretty far from downtown; it’s definitely not reasonable walking distance. And the prices are ridiculously inflated.

As a frame of reference, there is a home down the street from me which is two blocks from downtown in the Monte Sereno district and it is asking $1.5 million. Nicer spot and a larger lot. So I think these builders need to get their heads out of the clouds and realize its not 1999 anymore.

You can’t compare Sacramento to RBA.