Own a piece of El Camino real
$550,000
Beds: 2 Baths: 1 Sq. Ft.: 748 $/Sq. Ft.: $735 Lot Size: 5,250 Sq. Ft. Property Type: Detached Single Family Stories: 1 Year Built: 1910 Community: Santa Clara County: Santa Clara MLS#: 80954952 Source: MLSListings Status: Active On Redfin: 35 days zoned for commercial. corner of EL CAMINO and JACKSON. . bring offer. .owner realtor. doing a 1031 xchange. .OWN A PIECE ALONG SIDE OF EL CAMINO, LOT NEXT DOOR MAY ALSO BE FOR SALE. .. OWN A TOTAL BLOCK. ..
Great news! Finally your chance to own a piece of the King of Roads is now available. And, you might be able to own the lot next door – enabling you to own the whole block.
Wow! This can be your start to Real Estate Royalty!
And even better, the current owner is a realtor, so you know that this transaction will be handled professionally!
Just think, you can either live in it, or turn it into a commercial entity. Hm… what kind of business would you put here? And, would you keep the billboard? Or would you take it down?
January 25th, 2010 at 8:45 am
Do the cars in the pictures come with it? Interesting the realtor/owner was too lazy to get out of the car to take pictures of his own property. (One was taken out the back window of his car.)
Zestimate is $381k. Ouch.
January 25th, 2010 at 8:52 am
More great reasons to live in California:
http://www.mercurynews.com/los-gatos/ci_14251382?source=rss&nclick_check=1
“California schools angry over even more cuts”
Good thing we have amazing places like Palo Alto. Where $2 million will buy you an 80 year old, run down shack but also give you the privilege of being in a school zone funded by donations! Win win!!
January 25th, 2010 at 9:04 am
> zoned for commercial
Yet the listing also says “Zoning: R1″. Ah, these professional realtors…
January 25th, 2010 at 9:07 am
Bay area real estate in the WSJ:
http://online.wsj.com/article/SB10001424052748703657604575005491246452922.html
RE’s “exercept:”
In another hopeful sign in the market, bidding wars have returned. In Palo Alto, Jay and Jen Borenstein bested 21 other bidders in November to buy a two-bedroom, two-bath home near Stanford University’s campus that was listed for $729,000. Their winning bid: $1 million, or 37% above the asking price.
And the following sentence he would have left off:
The property was valued at about $1.5 million in 2008, according to estimates by Zillow.com.
January 25th, 2010 at 1:24 pm
I took a random walk through the rental prices in the BA last night, you can rent a pretty nice house/townhouse in a pretty nice area for a grand a month these days.
January 25th, 2010 at 1:41 pm
What a brilliant realtor. Certainly the kind of person you want to take financial advice from.
“Paid” 400k with 80k of their own skin in the game in 2003.
Nearly 7 years later and we can deduce two great things about this listing:
1) The realtor is going to lose money.
2) The realtor is going to lose their own money.
Almost brings a tear to your eye, doesn’t it?
January 25th, 2010 at 2:57 pm
SmilingCat, I’ll get you a 5-bedroom house for $1000 a month in Cupertino. Just wire a $5,000 deposit to me:
12 Hotel Rd
Lagos, Nigeria 23401
January 25th, 2010 at 5:37 pm
Hey, SmilingCat – here’s another pastime for you: “credit terrorist.” Sorry, but no guns required.
http://www.dallasobserver.com/2010-01-21/news/better-off-deadbeat-craig-cunningham-has-a-simple-solution-for-getting-bill-collectors-off-his-back-he-sues-them/
January 25th, 2010 at 6:31 pm
I’ll casually mention my typical and obviously cliche’ gut reaction when I read about people paying 1 mil for a 2 bedroom house in Palo Alto: Are these people nuts? Seriously? a million for a small house? Is there ever any alarm bells that go off in these buyers heads that they might just be paying too much for a house regardless of where it exists?
January 25th, 2010 at 7:06 pm
bob when you purchase the house at this price, the majority (> 2/3) is the price of the land, i.e. “where it exists”, independent from whatever’s built on it. So your post makes zero sense.
January 25th, 2010 at 9:28 pm
DreamT,
What you’re suggesting is that if I have an opinion that a price is too high, then I must be wrong. The world doesn’t exist in a vacuum. I’ll repeat it anyway. Paying 1 million for a small piece of property is ridiculous. My opinion.
January 25th, 2010 at 10:05 pm
Bob,
In NYC it’s common to pay $2M for piece of space in the middle of thin air. Same goes to Tokyo and any number of places. By comparison paying $1M for solid land in Palo Alto is a good deal.
January 25th, 2010 at 10:13 pm
bob, I was commenting on your logic, not on your opinion. You’d be better off presenting your opinion by itself rather than backing it up with incorrect logic.
January 25th, 2010 at 10:25 pm
It’s odd that I don’t recall seeing a property for sale in Palo Alto for $729K. Does anybody have a link for that house?
January 25th, 2010 at 10:44 pm
Here you go, lazy:
http://www.redfin.com/CA/Palo-Alto/2137-Bowdoin-St-94306/home/1732051
January 25th, 2010 at 11:08 pm
Thanks nomadic.
The house is not that small. At just under 1400 sq. ft., it’s a livable house. Based on valuation by Zillow, the owner is already making money. The house is located in the College Terrace Neighborhood, which goes to Nixon School with API score of 955.
January 26th, 2010 at 12:10 am
Credit terrorist sounds fun, but I’d not know how to do it. If the guy’s $100k in the hole, it doesn’t sound like he knows how to do it either.
January 26th, 2010 at 8:43 am
Palo Alto definitely benefited from the sale of the house in #15. Their tax revenue will be 10x what the previous owner was paying.
January 26th, 2010 at 9:41 pm
DreamT,
I’m clueless about what you’re talking about.
But I digress. Some of you (RE) seem to fully agree and are nodding in agreement over the price as being reasonable. Stop living in a vacuum. Its a million dollars for a small piece of land. Get real. Its like paying $100,000 for a 98′ Camry.
January 26th, 2010 at 9:47 pm
It is an idiotic thing to do.
Unfortunately there are enough idiots in this world that one of them may do it.
Real Estater: could this be the investment opportunity you’ve been waiting for?
January 26th, 2010 at 10:43 pm
>>Get real. Its like paying $100,000 for a 98′ Camry.
No, it’s like paying $100K for an entry level Ferrari. That is indeed a bargain, when you consider a Ferrari is supposed to cost $200K or more.
January 26th, 2010 at 11:15 pm
> Its like paying $100,000 for a 98′ Camry.
In light of today’s events, I would say it’s like paying $200K for a Saab thinking it’s going to be just like a Spyker.
January 26th, 2010 at 11:26 pm
New home sales picking up
January 27th, 2010 at 8:48 am
Comprehension problems? Or did you only read the last paragraph with a builder’s hopeful words?
Only 374,000 homes were sold last year, down 23 percent from a year earlier and the weakest year on records dating back to 1963. December’s sales were nearly 9 percent below the same month last year. This year, the National Association of Homebuilders is forecasting more than 500,000 sales.
Even if that happens, “it hardly makes you ecstatic,” said Bernard Markstein, senior economist at the trade group, noting that the industry clocked more than 1 million sales a year from 2003 through 2006
Home sales have had a rocky recovery from their four-year slide. December’s sales pace for new homes was up 4 percent from the bottom in January 2009, but down 75 percent from the peak in July 2005.