October 8, 2009

How do you spell opportunity?

2592 ABORN Rd, San Jose, CA 95121 | MLS# 80945587
2592 ABORN Rd San Jose, CA 95121
Price: $345,000

Beds: 4
Baths: 2
Sq. Ft.: 1,400
$/Sq. Ft.: $246
Lot Size: 6,100 Sq. Ft.
Property Type: Detached Single Family
Style: Traditional
Stories: 1
View: Neighborhood
Year Built: 1965
Community: Evergreen
County: Santa Clara
MLS#: 80945587
Source: MLSListings
Status: Active
On Redfin: 4 days
B_A_N_K__O_W_N_E_D__S_P_E_L_L_S__”_O_P_P_O_R_T_U_N_I_T_Y_” – This home is in great condition by comparison to most bank owned properties and it’s ready for a new owner right now!! Priced to sell quickly to either an owner occupant or investor, so don’t hesitate, see it today!! In addition to the house there’s a great storage building, too. There are a few repairs needed, so sorry no FHA financing *

Thanks to Burbed reader sonarrat for this find.

I’ve often wondered “how do you spell opportunity?”

And now I know! It’s spelled BANK OWNED. Or, more precisely, B_A_N_K__O_W_N_E_D_. (I like how even the word SPELLS get the underscore treatment!)

That said, at just $246, you really can’t argue that this house isn’t priced to sell. Let’s take a look at those few repairs that might be necessary:


Huh. What’s going on at those points?

But what sonarrat thought was interesting was the previous pricing history:


Oh yeah. Smell that sweet sweet sweet instant equity waiting for you. Unlock it today! Buy the house, and get $272,000 instantly. Then invest those profits in a mini-golf course in your backyard. Profit!!

That’s… if you can wrest this out of the hands of sonarrat first! He’s got first dibs after all!

Comments (17) -- Posted by: burbed @ 5:20 am

17 Responses to “How do you spell opportunity?”

  1. sonarrat Says:

    Looks like this find of mine went pending without release too. I live right around the corner, and I can’t fathom who would sign up to live their life facing six lanes of Aborn Road. The Evergreen sprawl has resulted in some pretty vicious traffic patterns.

  2. nomadic Says:

    sonarrat – you have to spin it better. Aborn is a divided road, so it’s actually like living on a three-lane one-way street!

  3. sonarrat Says:

    Yeah, and just as inconvenient to get in and out too!

  4. AstroWallaby Says:

    Oh, joy. I just love *everything* within that magic several-mile radius of the Reid-Hillview airport.

    Has Burbed ever posted any entries about the strange little neighborhood of attached houses which lives a little ways down 101 from 280-101 armpit? Here’s an example of one:


    Those are some of the strangest housing units I’ve ever seen. Nondescript 1970’s tract houses glued together into row/townhouses. It’s like San Francisco or London except completely minus the charm!

  5. CB Says:

    One of the smartest men I’ve ever known lived in the armpit –Frank Schiavo

  6. UnrealAlex Says:

    I know someone who lives in Evergreen. She had a “lot” of equity in her house, now she can “still get out ‘some'”.

    I’ve advised her to stop paying her mortgage NOW. Stay in it as long as possible, she’ll have at least a year. In the meantime save her money NO not in a bank ya dummy! Get done selling off all the antiques (these days antiques can mean anything from Chippendale chairs to that old ALF mug you got in high school) then she’ll be in a postion to rent someplace smaller and nicer. So what if her credit gets trashed, all she has to do is pay 6 months or a year of rent at a time, no problem.

    But she won’t listen, she’ll continue to ride things all the way down to the bottom.

    But they do these ariel maps remind me of the beginning of the fun and short-lived Dilbert cartoon? Remember the maze of cubicles? That’s the only show I actually bought a TV to watch.

  7. nomadic Says:

    Dilbert was a TV show?

  8. anon Says:

    unreal alex, it makes no sense to stop paying if you have anything left. I wouldn’t stop paying unless the following equasion is true:

    amount you owe > market value + 6% (realtard fee)

    With that said, the people who think they’re going to hold on to their house for a couple years “until things turn around” are smoking crack. The middle to upper end will continue to sit stagnant or slowly decrease for years. It sure will be fun to watch…

  9. nomadic Says:

    in your equation, it depends what you think the market value will be when you will want to move. If it’s going to tank, then might as well stop paying now, right? (Playing devil’s advocate.)

  10. anon Says:

    Yeah, that’s a good point. I didn’t consider that.

  11. nomadic Says:

    c’mon Mr. Doom & Gloom, snap out of this moment of optimism. 😉

  12. Pralay Estater Says:

    Yeah, that’s a good point. I didn’t consider that.

    Another proof that clowns forget to consider important factors in calculations. It proves that I was right all along and clowns like Pralay, anon, DreamT, madhaus were wrong all along. It’s high time these clowns start visiting open houses to get pulse of the market and understand velocity of buyable inventory.

  13. DreamT Says:

    your formula also discounts two important aspects:
    * the subjective premium you’re willing to pay for homeownership (willingness to see it dip 10% or 20% for example in exchange for not being subject to someone else’ foreclosure and all the headaches of moving to a different place)
    * the presumption that you’ll find an equally suitable place to rent for the amount of mortgage interest you were paying, MINUS the $ amount of your income that would no longer be tax-deductible, PLUS property tax you’d no longer pay
    unless it’s going to tank as nomadic says, the 6% figure looks wrong to me

  14. SiO2 Says:

    Plus, don’t forget that if you move you might find change under the couch in your new place!

    (meant to be funny, no insult intended, sometimes internet jokes fail. insert other appropriate disclaimers as you see fit.)

  15. Pralay Says:

    Plus, don’t forget that you might find ancient treasures in your backyard, especially in all the superfund sites.

  16. UnrealAlex Says:

    Nomadic – Yes there was an animated Dilbert cartoon! It was great! There was the monkey programmer who could code faster than anyone else “thanks to his tail”, the people who got “downsized” literally downsized, the size of Lego people or someting and they’d steal and huff all the dry-erase markers, the one where Dilbert lost his engineering gift because he drank from the Cup Of Management, the trip to Elbonia (where everyone has a beard even women and infants) and so on.

    Probably the closest I’ve seen any animated series come to being utterly faithful to the strip.

  17. burbed Says:

    They actually solved the problem of making Dilbert look like he was talking. It was pretty creative.

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