House with $630,925 in instant equity
For Sale (MLS-listed)$469,075
Beds: 3 Baths: 2 Sq. Ft.: 2,520 $/Sq. Ft.: $186 Lot Size: 5,000 Sq. Ft. Property Type: Detached Single Family Style: Contemporary Stories: 2 View: Neighborhood Year Built: 1988 Community: West of U.S. 101 County: San Mateo MLS#: 80949949 Source: MLSListings Status: Active On Redfin: 64 days REO BANK OWNED, GREAT BUY, OPEN HOUSE SUNDAY 1:30-4:30PM PLEASE STOP BY AND SEE FOR YOUR SELF! OPEN FLOOR PLAN, TWO CAR GARAGE, DOWNSTAIRS UNIT HAS NO HEATING SYSTEM, CLOSE TO FREEWAY, SHOPPING AND TRANSPORTATION, SOLD IN AS IS CONDITION,
Thanks to Burbed reader sonarrat for this find!
Wow, talk about starting the year with a bang! This house is just full of win. It’s a “GREAT BUY” it’s got a downstairs unit (somehow) so that means you can rent it out and make some money on the side. There’s no pesky heating system to break or increase your carbon footprint. And check out how close it is to the freeway!
Can’t get closer than that! (Well, you probably can…)
But wait, there’s more. Just when you thought this house was already full of win, there’s this:
Holey moley. Just look at that instant equity waiting to be tapped and released. Wow.
If you bought this house today, you’d pretty much be set for this new decade. Score one for the home team! What a way to start the year!
January 1st, 2010 at 11:24 am
Sold for $1.1M in Dec 2007?!? Are you @#$%ing kidding me?
Happy New Year everyone! May 2010 bring back our deserved God-given double-digit appreciation!
January 1st, 2010 at 1:21 pm
“Even though this is in EPA, you won’t be able to get it at this price. Interest in EPA is very high by investors. The list price is just the opening bid.” I bet this one will be sold for $1.1M again, if not more.
January 1st, 2010 at 2:03 pm
lol – a million dollars for this shit?
That’s what you call a fatal financial decision. Can anyone imagine paying over 9k a month for 30 years for the privilege of calling this home?
January 1st, 2010 at 2:30 pm
I’d question the accuracy of those figures. Back in ’05-’07, one could’ve bought a pretty nice house in a normal RBA city for those prices. Who would pay that kind of money for a 5000 sq. ft. lot next to the fwy in EPA? Unless there are some hidden benefits, like tons of drugs buried in the backyard.
January 1st, 2010 at 3:34 pm
Wow, 300k profit for holding that property for 23 months. If they waited one month it would have been tax free, too. I’m going to assume the seller listed in Dec hoping to sell after the Jan date, but some moron came in hot with that 1.1M offer minutes after the listing hit the MLS, and the seller just couldn’t refuse.
January 1st, 2010 at 3:48 pm
Large enough to house enough people to pull 24/7 guard duty, window overlooking driveway makes it easy to have a good field of fire. Nearness to the freeway can mean a good ‘bug out” route is overrun.
January 1st, 2010 at 4:00 pm
http://www.redfin.com/CA/Palo-Alto/1653-Mariposa-Ave-94306/home/967157
It is pending.
I guess it is important that nobody died in the house.
January 1st, 2010 at 4:06 pm
Was anyone in jail for that 1.1M loan?
January 1st, 2010 at 9:19 pm
Propertyshark can’t find the damn place. I was wondering if the $1.1M price was the foreclosure value after a HELOC or two. December ’07 was when things were already starting to unravel.
January 8th, 2010 at 1:44 pm
One thing this property *does* have going for it is that it’s located on the fringe of a decent Menlo Park neighborhood known as The Willows … it actually misses being in Menlo Park by a mere 125 feet.
The Willows has smaller lots and houses, but it’s pretty popular among families. Easy walking distance to downtown Palo Alto isn’t bad, either. Average sold price is $1,185,000.
If you had the energy, you could come in and remodel this place into a 2,500, true single-family home. But you’re still stuck with EPA schools and what’s gotta be undesirable freeway noise.
January 8th, 2010 at 1:57 pm
The Willows is desirable? A friend of mine got robbed in her home there. I guess it could happen anywhere, but after he got out of jail he walked back over from EPA to try to get even. I give the cops an A+ for fast response time.
January 20th, 2010 at 7:54 pm
> The Willows is desirable?
It just became a little bit more desirable.