April 30, 2010

Excellent Investment Opportunity: Corner Lot Residence in Palo Alto’s Best Neighborhood!

Thanks to Burbed reader Gallileo for this find!

Excellent Investment Opportunity: Corner Lot Residence in Palo Alto’s Best Neighborhood!
Location: Old Palo Alto 8249611_max
This 3br/1.5ba single-family residence is an owner-occupied, ranch style one-level home (1328 sq. ft.) with a two-car attached garage. The house was built in 1950 and is on a corner lot (5625 sq. ft., Zoned R1) surrounded by multi-million dollar estates in the most prestigious neighborhood of Old Palo Alto located just ten minutes walking distance to University Ave. in downtown Palo Alto.
The owners have lived on the property since 1977 and prefer to continue residing in the home for the next ten years as opposed to accepting a traditional outright sale. Based on a 2007 appraisal, the property was valued at $1.2m. The property’s current fair market value now is estimated to be at least $1.0 million. *According to the City of Palo Alto Development Center, a new house may be constructed up to 2,438 sq. ft. (not including basement area which may also be built up to the same square footage area as the main level.)
The owners are open to all serious offers. However – as a reference point, they have considered the summarized scenarios below which will enable them to continue living in the property.
SCENARIO A
The owner-occupant will accept a $600,000 loan secured by a new first deed of trust at 6% compounded monthly. The owner will continue to live on the property with no loan payments and move out in 10 years with an end payoff to the lender of $1,091k in ten years. An alternative option is the owner would agree to pay a lender 60% of the purchase price in 10 years – allowing the buyer to be paid whichever payoff is higher depending on how inflation affects the property’s value at the end of ten years. *An investor in this scenario would need to consider their imputed interest because an investor making a loan with no payments (such as buying a zero-coupon bond) may still need to pay tax each year on the interest that accrues during the year. In this instance, a retirement account or non-profit entity may be a suitable investor.
SCENARIO B
The owner will accept $900,000 for the property as-is, through an outright sale now. The seller will continue to live in the property for the next ten years. Rather than paying rent to the new buyer (on which, an investor would be required to pay income tax), the seller will instead continue to pay 100% of the ongoing costs of property owner­ship such as insurance, property taxes, and maintenance during the ten years at which time, the buyer can take possession and/or sell.
SCENARIO C
Buyer to purchase a 67% undivided interest in the property for $600,000 cash. At the end of ten years, the current owner will sell their remaining 33% with a first right of refusal to the buyer for its fair market value.
*Buyers are required to consult with their own attorney and tax consultant, and are urged to conduct their own due diligence with the City of Palo Alto Planning Department regarding usage, building restrictions, and zoning laws. Any contracts and/or deed of trust will be recorded with both buyer/seller parties providing their own attorney representation and contract review at their own expense.

Property Location
740 Addison Ave.
Palo Alto, CA 94301
View Map
Features
Bedrooms: 3     Bathrooms: 1.5
Parking Spaces: 2       Year Built: 1950
Lot Size: 5625  Garage Size: 2
School District: Palo Alto      Square Footage: 1328

Here is another one for you. My guess is that someone has had a little too many cash-out refi’s and is looking for a way to stay in their home, but it’s really the bank’s at this point. Just look at the artistic color–easter egg blue is all the rage these days. Plus it is located on the corner of Fulton Street, which is Palo Alto’s “Christmas Tree Lane”–just on the part of it that isn’t part of the show. You get the Fulton street connection with none of the pesky tourists!

And such a realistic price–Just mention the 2007 price and you know you get 200K of instant equity just out of the gate. Now there is an investment worth pursuing.

Comments (116) -- Posted by: burbed @ 5:13 am






April 29, 2010

$300,000 for a Water Meter

Thanks to Burbed reader madhaus for this guest post!

Everyone knows construction costs in the Bay Area are “through the roof” because it’s so Special here.  What everyone did not know is that some places are so Special that it will cost more for a water meter than a house almost anywhere else.

image Bolinas is north of San Francisco, but the residents don’t want you to find them.  The state has given up replacing any direction signs to the town, because they keep getting torn down.  And even if you can find your way there, don’t plan on moving into a new house.  There are exactly 580 water meters allowed in Bolinas, and they don’t come up for sale very often.  No water meter, no new construction.

One is coming up for sale very soon, and it’s going up for auction.  Minimum bid: $300,000.  It’s for sale because a the town, aided by billionaire venture capitalist Michael Moritz, bought a house that burnt down and is turning the lot into a park.  The auction ended Friday, April 16th, after this NY Times article was published.

For most of the last 39 years, “the only way a water meter came free was when a house burnt down, or fell off a cliff,” said Barbara Rothwell, a longtime Bolinas resident.

The meter moratorium has survived, even through protracted litigation, with the support of residents who like this isolated town the way it is.

The last water meter to come up for auction was in 2005, and it sold for $310,000.  Now, that’s Special!  How are your Special communities keeping out the riff-raff?
Incidentally, don’t you think The Bolinas Water Meters would be an awesome name for a rock band?

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Update, 4/20/10:  Nobody submitted a bid for the coveted water meter. The deadline has been extended another week, ending on Friday April 24th.

Update, 4/28/10:  No bidders on water meter, auction extended to May 14th

Your chance to get a rare Bolinas water meter has been extended to May 14.

“We want to give people more time,” said Flower Fraser, owner of Seadrift Realty, who is ready to collect the bids.

The original deadline was April 16, then was extended to Friday and now until mid-May. Seven parties have inquired about the meter, but no one has submitted a bid.

Maybe some properties outside the RBA aren’t all that Special.

Comments (20) -- Posted by: burbed @ 5:16 am

April 28, 2010

Condo living in Santa Clara for under a million

Thanks to Burbed reader DreamT for this guest post!
Beds: 3
Baths: 3
Sq. Ft.: 2,157
$/Sq. Ft.: $449
Lot Size: -
Property Type: Townhouse
Style: Contemporary, Mediterranean
Stories: 1-3 (Low Rise)
View: Neighborhood
Year Built: 2010
Community: Santa Clara
County: Santa Clara
MLS#: 81011793
Source: MLSListings
Status: Active This listing is for sale and the sellers are accepting offers.
On Redfin: 38 days
Top Cupertino Schools, these rare find brand new 12 Mediterranean style town homes and 2 single family homes located in the heart of Silicon Valley. Low utility cost, quiet neighborhood, close to shopping and commute. All the homes are built w/ top of line material and workmanship. Hardwood & lush Berber carpet, gourmet kitchen w/ granite counter, beautiful balconies, durable concrete tile roof, A/C .

You no longer need a million dollars fair and square to reside in Santa Clara! For the meager sum of $969,000, acquire a townhome within spitting distance of Gorgeous Freeway 280, and admire hapless commuters from the beautiful balconies while sipping nearby Barefoot Café’s confections.

Really, look no further – you won’t find anything more Mediterranean in the heart of the Silicon Valley! The Safeway across Stevens Creek rivals Monaco’s best resorts, the nearby flat-top Eichler wannabes rival Old Nice for age, and you have to see the Berber carpetting – I was told it contains real Berber blood as flame-retardant, since abestos is now out of style.

You will also humiliate the neighborhood’s previously priciest sale, a jolly mustard-colored 1955 3/2 rancher that sold in 2006 for $950k. Gosh, you will actually single-handedly double all of the neighborhood’s house values! What are you waiting for? You be da king! (on a Berber carpet)

Lest I forget, your kids will be eligible to attend Cupertino School, but with such top of the line material and workmanship, not to mention Berber carpets, this is almost an afterthought.

Maybe you should offer above $1M after all. Pride of ownership should not come cheap.

Comments (47) -- Posted by: burbed @ 5:13 am

April 27, 2010

Mountain View house with free memories!

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Beds: 3
Baths: 1
Sq. Ft.: 930
$/Sq. Ft.: $697
Lot Size: 5,400 Sq. Ft.
Property Type: Detached Single Family
Style: Traditional
Stories: 1
View: Neighborhood
Year Built: 1930
Community: North Shoreline
County: Santa Clara
MLS#: 81012681
Source: MLSListings
Status: Active This listing is for sale and the sellers are accepting offers.
On Redfin: 33 days
Move in and live where a second generation family grew up with beautiful memories. This beautiful well maintained 3bdr home has a lot to offer. First time home buyers or new High Tech employees. Also consider the expansion of this home because it is zoned R31.5 to accept a 2400 sq ft home. (The buyer can verify this with the city)The Comps in the immeadiate vacinity will verify the future value.

Wow! What a great deal – just $697 per square foot for a tear down. But the real benefit? It comes with memories of a second generation!

How many houses do you know come with free memories?

So let’s see… you buy this house for $648k, you spend another $600k to construct your 2400 sqft dream house, and then you add your memories to it… boom! You’ve got a $2 million dollar house from which you can profit from!

Remember, they’re not making any more memories!

Comments (30) -- Posted by: burbed @ 5:06 am

April 26, 2010

Buy your very own Cupertino Canyon

Thanks to Burbed reader DreamT for this guest post!

0 STEVENS CANYON RD, Cupertino, CA 95014 Offered at: $2,198,000 — Active

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PRIME 20 ACRES IN URBAN SERVICE AREA NEXT TO AFFLUENT UPSCALE HOMES*PRESENTLY COMPRISED OF 3 ADJOINING PARCELS*PRELIMINARY ENGINEERING PLANS AVAILABLE*CITY SERVICES AT PROPERTY*SUBDIVIDE OR DEVELOPE FOR GRAND PRIVATE VIEW ESTATE*10,000 SQ FT MAIN HOME W/SEPARATE GUEST RESIDENCE PERMISSABLE*OTHER USES INCLUDE: RESIDENTIAL CARE HOME*RELIGIOUS RETREAT*RECREATIONAL*WINE TASTING/GROWING*HORSE STABLES

Cupertino school don’t impress anybody these days – how about you buy your own canyon instead? After all, which of your friends can claim they live at address 0 of famed zip 95014 (to be fair, the real address is 11041)? Which of them managed to squeeze horse stables (seating 40), a personal religious retreat and a residential care facility, all on their own property?

True, these and the 10,000 SQ FT MAIN HOME W/SEPARATE RESIDENCE may only be fantasy drawings (also known as Engineering Plans), but what matters in the Silicon Valley anyway is unleashing Potential, enabling Creativity, and planting palm trees in Woodside – not maintaining some historical monstrosity that nobody will let you tear down!

Buy this canyon, but most of all don’t forget to build a garage in there – where you will start the next Hot Startup, Fresh Out of Cupertino (‘s Depths)!

Comments (10) -- Posted by: burbed @ 5:59 am

April 25, 2010

Silicon Valley median home price rises 29 percent

Silicon Valley median home price rises 29 percent

In one of the strongest signs yet that the Silicon Valley housing market is recovering, the median price of houses sold in Santa Clara County last month shot up 29 percent from a year earlier, hitting $550,000, the biggest year-over-year increase in almost a decade.

San Mateo County saw a similar phenomenon, with the median house price leaping 27 percent to $700,000, according to a report released Thursday by MDA DataQuick. That was the county’s biggest year-over-year increase in nine years.

"In the last four to six months, we’ve been seeing multiple offers, and there are definitely a lot of incentives" for people to buy homes, including both state and federal tax credits for home purchases, said Karl Lee, president of the Santa Clara County Association of Realtors. "I think there’s an undercurrent of demand even without the tax credit. The two greatest factors are the low interest rates, and that buyers believe prices have come down to where they think it’s attractive."

Those low prices helped spur Richard Jackman and his wife, Gina, to buy a three-bedroom house in San Jose’s Willow Glen neighborhood last month. After a little remodeling, they hope to move in next week. The Jackmans began looking for a home a year and a half ago, and in late 2008, they made an offer of about $700,000 on one, but ultimately did not buy it. This time, they won out over three other bidders, and paid $560,000 for a house that had been priced at $540,000.

Did I call it or what? The Valley is back! 10% year over year appreciation here we come!

Comments (37) -- Posted by: burbed @ 5:04 am

April 24, 2010

Top 29 Cities to live in for men – San Francisco beats New York in cost of living!

Top 29 Cities to live in

1: New York City

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10: San Francisco

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I think this is a case of good news/bad news. The good news is that San Francisco scored 9.2/10 for cost of living, while our mortal enemy New York scored a mere 8.9/10. WOOHOO!

That said, it’s clear the methodology of this report was wrong. They should’ve been comparing Silicon Valley!

Comments (76) -- Posted by: burbed @ 5:57 am

April 23, 2010

Looking to build your own militia compound in San Jose?

4250 MONTEREY Hwy San Jose, CA 95111
$560,900
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Beds: 5
Baths: 2.5
Sq. Ft.: 3,000
$/Sq. Ft.: $187
Lot Size: 1.35 Acres
Property Type: Detached Single Family
Style: Mediterranean
Stories: 2
View: Mountains, Neighborhood, Valley
Year Built: 1947
Community: South San Jose
County: Santa Clara
MLS#: 81012669
Source: MLSListings
Status: Active This listing is for sale and the sellers are accepting offers.
On Redfin: 23 days
Secluded home on a very private lot. See tons of possibilities for this large home in a great location near shopping, dining, freeways, and schools. (Just blocks from Valley Christian Middle/High School. )square footage is an estimate from agents * buyer to verify
Thanks to Burbed reader sonarrat for this find!
 
Here’s what sonarrat had to say:

Satellite map confirms it is actually behind those auto shops at the end of a steep driveway. Perfect as a hideaway for the kingpin of a car theft ring!

Let’s take a look!

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Uh. Hm. Originally I was going to go with a joke about how if you liked the Fast and the Furious, you might like this house… but the more I look at it, the more it appears that this would be a better candidate for someone looking to start their own militia!

But just look at that amazing price. What a steal!n

Comments (29) -- Posted by: burbed @ 5:26 am

April 22, 2010

Minutes… or seconds to Highway 85/280 in Cupertino

Beds: 3
Baths: 2
Sq. Ft.: 1,666
$/Sq. Ft.: $599
Lot Size: 7,455 Sq. Ft.
Property Type: Detached Single Family
Style: Ranch
Stories: 1
View: Neighborhood
Year Built: 1970
Community: Cupertino
County: Santa Clara
MLS#: 81016634
Source: MLSListings
Status: Active This listing is for sale and the sellers are accepting offers.
On Redfin: 2 days
Open House Saturday-Sunday 4/10-4/11 1:30-4:30 * Ditz Crane builder home. Spacious floor plan. Formal living and dining room. Large family room kitchen w/ fireplace and breakfast bar. Hardwood floors under most carpeting. Excellent Cupertino schools. Oversized back yard. Walk to neighborhood park. Desirable neighborhood. Minutes to 280/85 DeAnza College, shopping and other public amenities.

Thanks to Burbed reader Eric for this find.

Eric really liked the fact that this was stated to be minutes to 280/85. Let’s check that!

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Why yes! Yes it is! And that’s a very desirable neighborhood! Heck! You could walk to 85/280!

It’s a good thing this house has an oversized backyard!

Comments (15) -- Posted by: burbed @ 5:21 am

April 21, 2010

Lava field or yard in San Mateo

Beds: 3
Baths: 2
Sq. Ft.: 920
$/Sq. Ft.: $847
Lot Size: 5,740 Sq. Ft.
Property Type: Detached Single Family
Style: Spanish
Stories: 2
View: Neighborhood
Year Built: 1927
Community: Beresford Manor
County: San Mateo
MLS#: 81016043
Source: MLSListings
Status: Active This listing is for sale and the sellers are accepting offers.
On Redfin: 5 days
Fantastic Opportunitty for a Big Family , 2 extras Bonus Room, and very nice Garden.
Thanks to Burbed reader Jeff for this find. Here’s what Jeff had to say:

From the description, “Fantastic Opportunitty for a Big Family , 2 extras Bonus Room, and very nice Garden.”

So I guess that would be 3 bedrooms and two bonus rooms in the 920sq ft house?

Pic 5 is either a garden or a lava field.

Let’s take a look at that pic:
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Oh my. Oh my indeed.
That said, check it out! There’s faux-columns in the front! That’s got to count for something!
Comments (103) -- Posted by: burbed @ 5:18 am