Great tear down property in Los Altos for just $995,00
101 LYELL St Los Altos, CA 94022$995,000
Beds: 2 Baths: 1 Sq. Ft.: 931 $/Sq. Ft.: $1,069 Lot Size: 7,500 Sq. Ft. Property Type: Detached Single Family Stories: 1 Year Built: 1925 Community: North Los Altos County: Santa Clara MLS#: 80950527 Source: MLSListings Status: Active On Redfin: 67 days
I knew you were looking for a tear down in Los Altos, and here it is! Look, the owner even has two sets of approved plans – do they come with the house? who knows? who cares?
More importantly, there’s currently two units – so the price per square foot is actually bogus. And, there’s cash flow so after you buy this, you can take your time in coming up with the perfect plans for your very own trophy house in Los Altos. Should it have marble columns? Should it not? Meanwhile, $2575 is coming in per month. Heck, now that the recession is over, you can increase the rent by 50%
Woot! $3,862.50 per month! What a deal!
January 26th, 2010 at 9:59 am
Are you being sarcastic? I hope so.
January 26th, 2010 at 10:09 am
I have to agree with Bob’s opinion in the prior thread: I also think people who pay (near) $1 million for a tear down like this are nuts. One can speak about land value, location, and such. But I guess from my perspective, I cannot reconcile the fact that I am essentially paying a hefty sum for a piece of junk. Must be something in my psyche.
January 26th, 2010 at 11:23 am
The reason why it can command this kind of price is because a good size new construction in that location could sell for $2.5M.
January 26th, 2010 at 2:55 pm
Surprising news:
http://www.businessweek.com/news/2010-01-26/high-end-home-prices-gain-in-12-u-s-cities-including-miami.html
Prices for the most expensive U.S. homes rose in 12 of 17 cities tracked by S&P/Case-Shiller indexes in November, indicating efforts to help first-time homebuyers are also leading to move-up purchases.
Miami, Boston, Phoenix and San Francisco all registered gains at the top end of their markets, according to seasonally adjusted data from S&P Case-Shiller, which produces so-called tiered indexes for 17 cities that divide the housing market into thirds according to price. The bottom third, with the biggest share of first-time buyers and foreclosure purchases, also increased in 12 metro areas.
“It does indicate that this is real demand and not just a statistical aberration,” said Karl Case, a co-creator of the indexes. “The ones coming in and buying are very optimistic about this being a good time to buy.”
January 26th, 2010 at 3:35 pm
#2, yes, there’s a big pyschological barrier for paying $1m for a scraper. Yet if there was a decent house on it, and it was for sale for $1.5m, it would sell. (Check my previous post for a $1.45m house in Saratoga that sold in 9 days).
This lot is on the small side for Los Altos, only 7500 sq ft. So that will hurt. And clearly the price is too high, since it’s been on the market for 60+ days. And, whoever buys this with the intention of building has a lot of hassle in front of them, including evicting two renters.
January 26th, 2010 at 10:39 pm
On #4:
Some idiots here were preaching that there is no more move-up buyers. I think you were one of them.
Second point is about “good time to buy”. A bigger idiot here kept making an issue of this fact every time it was brought up.
January 26th, 2010 at 11:47 pm
>> But I guess from my perspective, I cannot reconcile the fact that I am essentially paying a hefty sum for a piece of junk.
Winning in real estate requires a mindset of truly understanding what constitutes real value. If you have the land and the right location, you can always rebuild the house. The structure is only a part of the worth of a property.
Imagine an amateur looking at a Cadillac and thinking it’s worth more than a Porsche because it’s bigger and appears more luxurious inside. If you think that’s funny, then BAI and Bob’s thoughts are hilarious.
January 27th, 2010 at 8:43 am
An idiot is someone unable to look at the facts as they change and see that what was true yesterday (or last year) is perhaps no longer true.
Kind of like someone on here who parroted the NAR all through the crash, denying that prices were falling. And the same person (you) said we hit bottom a year ago as prices continued to slide.
January 27th, 2010 at 1:02 pm
Winning in real estate requires a mindset of truly understanding what constitutes real value. If you have the land and the right location, you can always rebuild the house. The structure is only a part of the worth of a property.
I will grant you that.
Winning in real estate also means not taking a completely myopic view of it and touting it as the “sure fire” and “absolute path to wealth”. Kind of like you do….