380 ONEILL Ave, Belmont, CA 94002 | MLS# 80933700
380 ONEILL Ave Belmont, CA 94002
Price: $615,000

Beds: 3
Baths: 1
Sq. Ft.: 1,090
$/Sq. Ft.: $564
Lot Size: 4,968 Sq. Ft.
Property Type: Detached Single Family
Stories: 2
View: Neighborhood
Year Built: 1947
Community: Homeview/Sterling Downs
County: San Mateo
MLS#: 80933700
Source: MLSListings
Status: Active
On Redfin: 35 days
Come see this charming 3 Bedroom, 1 Bath home in the beautiful city of Belmont. This home is located on a desirable corner lot on a quiet street with no thru traffic. It has great curb appeal due to the gorgeous, well maintained landscaping throughout the grounds. The neighborhood is conveniently located near shopping, restaurants, train station and major freeways/highways.

Thanks to Burbed reader Herve for this find.

I’m not sure how this got started, but there seems to be this meme that Burbed loves to feature pink houses.

Well, this is definitely a pink house!

But what I truly appreciate is the contrast of some of the interior pics. Let’s take a look:

I love the enormous TV that blocks out all the windows. And I love how it contrasts with the kitchen and its cabinets!

But more importantly, I liked this photo:

Wow. You can totally feel the pride of ownership soaring as your flag waves proudly.

And let’s look at who you’ll be sharing this pride of ownership with!

That’s right! All the industrial complexes near your house. The people there will trudge to work each day, jealous how you’re becoming rich by just sitting in your house earning equity.

Plenty of pride all around!

Home Economics : The New Yorker
Homeownership also impedes the economy’s readjustment by tying people down. From a social point of view, it’s beneficial that homeownership encourages commitment to a given town or city. But, from an economic point of view, it’s good for people to be able to leave places where there’s less work and move to places where there’s more. Homeowners are much less likely to move than renters, especially during a downturn, when they aren’t willing (or can’t afford) to sell at market prices. As a result, they often stay in towns even after the jobs leave. That may be why a study of several major developed economies between 1960 and 1996, by the British economist Andrew Oswald, found a strong relationship between increases in homeownership and increases in the unemployment rate; a ten-per-cent increase in homeownership correlated with a two-per-cent increase in unemployment. (In the U.S., it may be worth noting, the states that have the highest unemployment rates—states like Alabama, Michigan, Mississippi—are also among those with the highest homeownership rates.) And reluctance to move not only keeps unemployment high in struggling areas but makes it hard for businesses elsewhere to attract the workers they need to grow.

This doesn’t mean that the U.S. should become a nation of renters—even if both New York City and Switzerland show that high rates of renting are compatible with great prosperity. With the bursting of the housing bubble, though, it’s time not just to scrutinize the excesses of our home-buying process but to recognize the risks and costs inherent in owning a home. Sometimes the price—for the home buyer and for the economy as a whole—is too high to pay.

GASP.

Does this mean that Silicon Valley’s success is due to the fact that the majority of residents rent?

GASP.

What should we do about this? Anything?

Discuss!

It’s Saturday! Time for Burbed’s book of the week!

Maverick Real Estate Financing: The Art of Raising Capital and Owning Properties Like Ross, Sanders and Carey

Product Description
Praise for MAVERICK REAL ESTATE FINANCING

“Once you start reading, you won’t be able to put the book down. You will feel you are part of the deals that industry leaders have put together. This is a real book about real people and how they address risk and reward.”
–Bruce S. Schonbraun, Managing Partner The Schonbraun McCann Group LLP

“Bergsman applies a journalist’s logic to the complex world of commercial real estate, making it easier for outsiders to understand. He writes with the authority of a true insider.”
–Brannon Boswell, Managing Editor Shopping Centers Today

“Congratulations. Finally, someone has written a book that reflects real estate finance in the twenty-first century. With the growing proliferation of real estate education in university business schools today, this book should be required reading!”
–James D. Kuhn, President Newmark Knight Frank

In Maverick Real Estate Financing, Steve Bergsman–author of the widely acclaimed Maverick Real Estate Investing–describes the various financing methods you can use to achieve real estate investment success. Maverick Real Estate Financing also introduces you to an innovative group of real estate professionals who have used these methods to build substantial fortunes.

By listening to some of the world’s most successful real estate Mavericks–includingWilliam Sanders, W. P. Carey, and Stephen Ross–you’ll discover what sets them apart from the rest of the pack and learn how to apply their proven principles to your own real estate deals.

Ever since the 2008 elections, maverick has been a critical word in our lexicon. Popularized by former Vice Presidential Candidate and former Governor of Alaska Sarah Palin, it’s the phrase that everyone wants to label themselves. Maverick this, maverick that.

Well, now’s the time to learn how to apply it to real estate financing. This book will help you be a total maverick, a one of a kind thinker, a lone wolf – just like Ross, Sanders, and Carey and all the other people who read this book.

Frankly I hope there are contributions from Sarah Palin – now she knows how to be a maverick! Maverick!

And when you’re not too busy being a maverick, please help this site out, click this link to learn more!

It’s Friday, the end of East Palo Alto week!

1169 SARATOGA Ave, East Palo Alto, CA 94303 | MLS# 80917708
1169 SARATOGA Ave East Palo Alto, CA 94303
Price: $235,000

Beds: 2
Baths: 1
Sq. Ft.: 750
$/Sq. Ft.: $313
Lot Size: 5,800 Sq. Ft.
Property Type: Detached Single Family
Style: Spanish
Stories: Bi/Split Level
View: Neighborhood
Year Built: 1949
Community: East of U.S. 101
County: San Mateo
MLS#: 80917708
Source: MLSListings
Status: Active
On Redfin: 128 days
Good split level starter home/investor opportunity. 2 bedrooms upstairs with hardwood floors throughout. Downstairs: living room, dining room. Kitchen. Ground level laundry room with separate rear entrance. Good size fenced & gated lot laundry room with ample storage. 1 car attached garage. All reports have been ordered. Easy access to Dumbarton Bridge/Willow Road. Property sold “as-is” condition.

Hey wait a minute… this looks familiar!

From March 2008:

From April 2007:

Geez! They’re practically giving the house away now!

Why hasn’t this sold yet? I’m perplexed!

What advice would you provide to the owner and listing agent to help it clear?

I’m thinking… raise the price!

It’s East Palo Alto week!

1166 SARATOGA Ave, East Palo Alto, CA 94303 | MLS# 80930093
1166 SARATOGA Ave East Palo Alto, CA 94303
Price: $260,000

Beds: 4
Baths: 2.5
Sq. Ft.: 1,680
$/Sq. Ft.: $155
Lot Size: 5,800 Sq. Ft.
Property Type: Detached Single Family
Style: Contemporary
Stories: 2
View: Neighborhood
Year Built: 1955
Community: East of U.S. 101
County: San Mateo
MLS#: 80930093
Source: MLSListings
Status: Active
On Redfin: 54 days
Opportunity for large home with beautiful but not quite complete upgrades. 3-bedrooms down stairs and one luscious master suite upstairs. Dual pane windows, almost all new electrical and plumbing, hardwood floors, gated lot with great stone/stucco work. Low maintenance almost new vinyl siding. Large lot with easy access to commute arteries. With a little bit of finish work, this could be it!

Wow. Another amazing deal in the Bay Area. If you can’t afford this, you really shouldn’t be living here.

Look, this house is practically done – it’s just waiting for a few remaining small touches. Heck, they even left you the trailer so you can add the pieces yourself! That way you can tell your friends “I did all the work!”

Don’t believe it? Look the agent even included 3 photos of the house and trailer!

At $155 per square foot, you can just sell a few of your facebook options and buy this house today. You’ve already got a bunch of equity, now just add some sweat equity!

Cupertino School District Overflow information | SF Bay Area Home Price and Mortgage Insanity Blog – Burbed.com
Real Alex Says:
August 26th, 2009 at 1:43 pm

Cupertino, heh… If you want to see real disaster, stop by Foster City Elementary at Edgewater. This is a trailer park and war zone at the same time. They over enrolled about 200 kids last year! I don’t know exact stats for this year, but from what I’ve heard it’s not much better. School has about 900 students now and enrollment is going up to 1000 this year, though it was originally designed for 600. In the beginning of last year they had one big class of ~100 kids with 2 temp teachers from other schools and volunteers who were… students from the middle school nearby. It reminded me something… temp schools I’ve seen in Somali… But this was actual school with 900 rating in the middle of Silicon Valley.
This year they had to close all main permanent buildings because of poor condition long overdue maintenance. So, now it’s a set of trailers. Proposition to build another elementary school was rejected by the city. Instead city allocated land for new commercial development. Good job, Foster City. Way to stay in the RBA!

I agree. Let’s face it, children are not the future. Let me say it again. Children are not the future.

Prop 13 made that clear in 1978. Children don’t add to communities, they take away from them. All they want is more more more. Does building a school help bring more $200k jobs to Bay Area? Does building a school make it so you can drive 1 block to go to Best Buy/Bed Bath Beyond/Target instead of 5 miles? Of course not. Investing in children is a net loss.

Good job, Foster City! You certainly did pick the right priorities.

It’s East Palo Alto week!

1912 PULGAS Ave, East Palo Alto, CA 94303 | MLS# 80913446
1912 PULGAS Ave East Palo Alto, CA 94303
Price: $798,000

Beds: 2
Baths: 1.5
Sq. Ft.: 1,260
$/Sq. Ft.: $633
Lot Size: 9,944 Sq. Ft.
Property Type: Detached Single Family
Style: Cottage/Bungalow
Stories: 1
View: Neighborhood
Year Built: 1949
Community: East of U.S. 101
County: San Mateo
MLS#: 80913446
Source: MLSListings
Status: Active
On Redfin: 151 days
HUGE LOT ALMOST 10,000 SQ. FT. ACROSS FROM SMALL MARKET. PUBLIC STORAGE AND GASOLINE STATION NEARBY. CLOSE TO HOME DEPOT, BEST BUY, ETC.

Some people might value being near the water, near good schools, near their church. But let’s face it, in hectic Silicon Valley – you want to be near the essentials. This house is near a small market (food), gasoline (energy and food), home depot (repairs and food), and best buy (fun toys!).

Let’s see what else it is close to:

And, it’s a green house – symbolizing your commitment to the environment. It’s like wearing one of those bracelets saying you support a cause, except that you’re living in it.

However, living in a green house may attract attention… thus:

You see, sometimes you’ll need to keep those crazy tree huggers away. This fence will provide your tree with some privacy.

Hey, for $633 per square foot (though a 10k lot), that’s the least the owner could do!

Palo Alto Online : School district to cancel Garland re-opening | SF Bay Area Home Price and Mortgage Insanity Blog – Burbed.com
Herve Estater Says:
August 23rd, 2009 at 10:39 pm

Wow. I have seen the overflow down here and it’s bad. There are 3 CUSD elementary schools in Sunnyvale …, and the worst is Stocklmeir (in enrollment). CUSD kicked the resource people out of the adjacent set of buildings and moved grades 4&5 into that complex. I think Stocklmeir has around 950 kids in the K-5 school. 950!!! It’s like a million kids per classroom!

Chief problem is the other 2 elementary schools in the area … weren’t just closed when enrollment dropped in the 70s …. They were sold to developers who bulldozed the schools. So CUSD has nowhere else to send those kids. You should see the place; portable classrooms everywhere, and by portable I mean trailer park

Also from what I hear, anyone enrolling their kids in PA school dist who are older than kindergarten has zero priority on either the neighborhood elementary school or even *keeping siblings together*

I am seriously considering moving to Mountain View now. Cheaper yet better than Palo Alto, less pressure and fewer suicides).

Solid information. Thanks Herve.

By the way, does anyone know of anyone who has actually camped outside to get their kids into a school? That’d make a great post!

Hot off the presses! Stop what you’re doing!

http://blog.redfin.com/blog/2009/08/first_broad_price_increase_seen_in_case-shiller_index.html

Thanks to Herve for sending me a very similar mail. Thanks to redfin for the update!

Oh my god, the Bay Area is coming back! Prices are soaring! We’re beating out New York and Seattle!

Hallelujah! Hallelujah! Hallelujah!

It’s East Palo Alto week!

800 WEEKS St, East Palo Alto, CA 94303 | MLS# 80840024
800 WEEKS St East Palo Alto, CA 94303
Price: $848,000

Beds: 3
Baths: 1.5
Sq. Ft.: 1,780
$/Sq. Ft.: $476
Lot Size: 7,386 Sq. Ft.
Property Type: Detached Single Family
Stories: 2
View: Neighborhood
Year Built: 1930
Community: East of U.S. 101
County: San Mateo
MLS#: 80840024
Source: MLSListings
Status: Active
On Redfin: 304 days
A piece of elegance on beautiful tree-lined street. Stately 2 story home part of new subdivision. Charm and class galore. Kitchen remodelled in 2008, carpet 2008. Bonus room on first floor. Formal dining room, fireplace. Lots of space! Exciting one of a kind property. Price includes 3 subdivided lots (approx. 1/2 acre) Live in house while you build a compound!!!!

Thanks to Burbed reader Herve for this find as well!

Wow… the price includes 3 subdivided lots so you can build a compound! Just call it “The Green Zone”!

Let’s take a look at this beautiful tree-lined street shall we?

Well, you certainly can’t argue that there aren’t any trees there!

And look, the neighborhood really is picking up – there’s new houses all abound. Once you complete your Estate, your pride of ownership will soar as all your neighbors will drive by everyday, looking at your palace, and going home to their dinky little house.

Sounds like a plan to me!