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 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:
Oh my. Oh my indeed.
That said, check it out! There’s faux-columns in the front! That’s got to count for something!
April 21st, 2010 at 7:40 am
Ah, the sweet, sweet smell of $850/sqft San Mateo. Oh wait, this isn’t in Aragon or SM Park?
You must be paying up for mining rights. That “lava rock” must be laced with platinum deposits or something.
April 21st, 2010 at 8:21 am
Zillow says the house is 1,620 sq ft ($481 per sq ft). Another case of “permits unknown”?
April 21st, 2010 at 8:26 am
Congratulations to the 2004 buyer: house bought for $700K, sold 2 years later for $1,250,000.
April 21st, 2010 at 8:36 am
so someone’s taking a $430K bath on this house? How is it not a short sale then? Unless someone put 430K down…
April 21st, 2010 at 8:49 am
ES, the house was sold for $800k in 2008. I bet they thought they were getting a steal!
The 2008 sale was probably short.
April 21st, 2010 at 8:51 am
“Congratulations to the 2004 buyer: house bought for $700K, sold 2 years later for $1,250,000.”
Sold to the biggest fool in 2006.
Just for fun, let’s compute the average monthly cost of this fine piece: (Again using 5% net cost of capital)
$5,200 Monthly Cost of Capital (5% net of $1,250,000).
$12,500 Average loss on the sale per month.
======
$13,200 Average monthly cost.
I estimate a loss of $500,000 on the sale, and 40 months for the period January 2007 – April 2010. $500,000/40 = $12,500.
Not considering the shift in time, this is almost a zero sum game: The last owner purchased a couple years earlier for the $700,000 and sold for $1,250,000. That’s a gain of $550,000 over about 26 months, or over $21,000 per month, on a $700,000 investment!
Let’s look at the former owner’s cost:
$21,000 Average GAIN on the sale per month.
$2,900 Less: Monthly Cost of Capital (5% net of $700,000).
======
$19,000 Average monthly GAIN.
This was a very good investment for the 2004 buyer!
Is it reasonable to call the 2006 the biggest fool? Bag holder? What’s the correct term?
April 21st, 2010 at 8:54 am
“The 2008 sale was probably short.”
Foreclosure, maybe?
April 21st, 2010 at 8:58 am
> What’s the correct term?
Real Estate investor.
April 21st, 2010 at 8:59 am
In this case, and so many others, it’s more like Real Estate Loser.
April 21st, 2010 at 9:11 am
It wasn’t a foreclosure, at least per PropertyShark. They don’t have details like they used to, but there was no institutional owner in the mix.
April 21st, 2010 at 9:12 am
Other interesting stuff on the Zillow listing:
Much potential,endless possibilities. Fixer! Seller has asphalt plan for a duplex. Main level, 4 bedrooms/2 bath; 2bd floor attic, 2 bedrooms, 1 bath. Additional Office in the back with permits. Great west-side location, 1 block off of El Camino. few minutes to Hillsdale Shopping Center. This is not a short sale.
April 21st, 2010 at 1:11 pm
Put up a quickie fence in the garden, I mean lava field, use the garden hose to flood it, and imagine the possibilities! Instant mud-pit for Alex to wrestle with a redhead and an Asian. I bet some of us would even pay to see that. (I, of course, will be investing the proceeds since it was my idea.)
April 21st, 2010 at 2:01 pm
Would you be wrestling too, madhaus?
April 21st, 2010 at 5:23 pm
If you buy this you’ll never have to get replacement lava rock for your BBQ grill, assuming you use gas.
April 21st, 2010 at 9:39 pm
> If you buy this you’ll never have to get replacement lava rock for your BBQ grill, assuming you use gas.
bob, if there is one person here who should recognize a plowed field, it’s you.
(well, it looks like I’m the only one who could see that)
April 21st, 2010 at 10:32 pm
Petsmart groomer- I thought it was the crap zone for the dogs.
April 21st, 2010 at 10:34 pm
SEA, again your calculations are from the perspective of an investor. You don’t count the benefits derived from living in the housing. To be fair, your calculation should deduct the cost of the equivalent rental.
As a renter, I can assure you that housing isn’t free.
April 21st, 2010 at 10:39 pm
I assure you, Alex, housing can indeed be free. You just have to do a better job than you have in choosing your ancestors. I assume you muffed the job because you were too busy choosing sandwich ingredients.
April 21st, 2010 at 10:42 pm
Indeed, one can plow a lot of money in a rental.
April 21st, 2010 at 10:47 pm
Houses are free, dammit:
http://www.burbed.com/2010/04/20/living-room-with-easy-access-to-fridge/#comment-58452
April 21st, 2010 at 10:48 pm
“You don’t count the benefits derived from living in the housing.”
In the RBA the benefits are infinite, but the monthly rent is finite.
“To be fair, your calculation should deduct the cost of the equivalent rental.”
I computed the cost of living in the given house, not the difference between rent and buy. We all know that to be a Real Resident, one must buy. The value of being a Real Resident, as covered above, is infinite, so of course you want to buy–it’s really the only option, no matter how much the added cost.
If you want, however, deduct the rent for an equivalent place from the average monthly cost, and you’ll have the amount that one would save by renting. In the example where the house was sold for a gain of $500k, the cost of renting could be added to the gain.
April 21st, 2010 at 10:53 pm
No, to be a Real Resident, one must Buy, and then one’s grandchildren (provided that they and their parents stayed in the immediate neighborhood, which of course must have been RBA the entire three generations) can apply for Real Residency.
And nomadic, Real Residents do not wrestle in giant mud pits. They rent them to other people, who are by definition transients.
April 22nd, 2010 at 12:54 am
My humble apologies. This Real Peasant doesn’t know the meaning of being a Real Bay Area resident.
I’ll go back to hunting for my sandwich ingredients now.
April 23rd, 2010 at 9:44 am
All,
Both new and existing home sales figures blown past expectations. Sites like patrick.net has been very quiet. Reality sinks in.
April 23rd, 2010 at 9:50 am
Real Estater- Before you go getting your panties twisted up, don’t forget that the Income Tax Credit ($8k/$6.5k) has a couple of deadlines that are fast approaching. This same pattern happened last November/December.
The NAR has come out and said they would not support another extension. My guess is that they’d like another extension, but they don’t have the cojones to ask for another extension in the current climate.
Unlike within RBA, in many areas the $8k/$6.5k is a significant part of the purchase price. For example, in the Vegas area there are plenty of decent $80,000 homes that could be purchased.
The bigger question is what happens to prices when the credit expires. Are all those unsold homes suddenly worth an extra $8k/$6.5k?
April 23rd, 2010 at 10:04 am
SEA,
First of all, what happens in Vegas might as well be what happens in another country. In Bay Area the $8000 tax credit is not a factor. You can’t even buy a new car for that kind of money.
Secondly, the Fed stopped buying Mortgaged backed securities a month back. We heard similar warnings, and nothing came of it. As the recovery takes shape, the market can stand on its own.
April 23rd, 2010 at 10:08 am
Real Estater- Those “new and existing home sales figures” reported include Vegas, as well as many other places. As far as the Fed buying MBS, there is a bit of lag. In other words, if they stop buying today, then would we expect that Monday the entire game would change?
You remind me of the people who request everything be sent via Next Day Express service and then don’t open the package for a week or two.
April 23rd, 2010 at 10:23 am
SEA,
A month back is not the same as yesterday. Interest rate did not move by much as some predicted.
April 23rd, 2010 at 10:34 am
OMG a month has passed!
April 23rd, 2010 at 10:41 am
Yes – a whole month! Remember, SEA real estater is like the guy from Memento. He can barely remember 20 minutes ago.
April 23rd, 2010 at 10:41 am
Both new and existing home sales figures blown past expectations.
—-
Useless aggregate data.
April 23rd, 2010 at 10:46 am
As the recovery takes shape, the market can stand on its own.
——
Yes, we are all clear for take-off.
Oops, that was one and half year back. We got to be flying high now.
April 23rd, 2010 at 10:47 am
If a company misses an earning target, you can bet on instant market reaction. This is the way things operate these days. If you haven’t seen a reaction (to the Fed pulling the plug on mortgage backed securities) by now, that means the market has already absorbed it.
April 23rd, 2010 at 10:50 am
The stimulus is like jump starting a car. Once the car has been jumped, you can remove the jumper cable, and the car will keep running.
April 23rd, 2010 at 10:51 am
>>Oops, that was one and half year back. We got to be flying high now.
By all accounts we are flying compared to a year and half ago. The stock market is up, and we just saw the home sales figures.
April 23rd, 2010 at 10:51 am
“If a company misses an earning target, you can bet on instant market reaction.”
Yes, home prices change every 20 minutes, plus or minus 30 seconds.
April 23rd, 2010 at 10:52 am
“The stimulus is like jump starting a car. Once the car has been jumped, you can remove the jumper cable, and the car will keep running.”
Ever had an alternator fail?
April 23rd, 2010 at 11:25 am
Time and again I’m hearing the sentiment that the economy is the impediment against home ownership. The reality is that a down economy presents as many opportunities as an up economy. Since the time I’ve owned my home, I’ve seen my home value gone up (significantly), and my payment gone down (due to refinancing to lower interest rate), yet all during this time the rentards have been sitting on their butts issuing the same lame excuses.
April 23rd, 2010 at 11:29 am
Real Estater- Yes, Yes, all those lowly suckers who didn’t buy are priced out forever. FOREVER!
April 23rd, 2010 at 11:43 am
SEA,
May I ask you to refrain from acting immaturely?
April 23rd, 2010 at 11:53 am
“Time and again I’m hearing the sentiment that the economy is the impediment against home ownership. ”
Moron, the economy is not the impediment to home “ownership” (when you say home ownership, you really mean renting money from a bank for a mortgage). The economy has made it too easy to “buy” a home. This is why prices shot through the roof – people literally needed no money to buy a home. Just because something is easy to do, it does not mean that it is a good idea. If it is easy, everyone will do it, and you will not get ahead. The government has done a great job of causing people to sign up to work off the huge amounts of debt incurred by the hordes and hordes of irresponsible home debtors.
April 23rd, 2010 at 12:00 pm
“May I ask you to refrain from acting immaturely?”
Go ahead, make my day.
April 23rd, 2010 at 12:05 pm
>>The economy has made it too easy to “buy” a home. This is why prices shot through the roof – people literally needed no money to buy a home.
That in itself is either an opportunity or a disaster depending on how you handle it. That gets back to my original point: “It’s not the economy, stupid.”
April 23rd, 2010 at 12:07 pm
Real Estater- Why did we need a bailout, again?
April 23rd, 2010 at 12:08 pm
It all comes down to you. Everyone is the CEO of their household, and the result determines whether one is a winner or loser. To anyone who calls anyone else names, I repeat my assertion: Look at the results.
April 23rd, 2010 at 12:09 pm
>>Real Estater- Why did we need a bailout, again?
Because there are lots of people who mismanaged the opportunity. Read #45.
April 23rd, 2010 at 12:10 pm
Real Estater- The house featured above, 2318 FLORES St San Mateo, CA 94403, sold Dec 29, 2006 for $1,250,000.
It’s listed for $779,000, for a loss of about $500,000. I know, it’s not a lot of money.
My question is how did this household CEO go so wrong?
April 23rd, 2010 at 12:27 pm
Answer: bought a house.
April 23rd, 2010 at 12:32 pm
I repeat my assertion: Look at the results.
—–
Result: Faux Estater is a joke. Nobody believes him. Not even a new visitor.
Correction: some people believes him. Like SV Shopper and HotDog.
April 23rd, 2010 at 12:42 pm
The results we see are the incessant blathering of a complete and utter fool. One just like bob but apparently a little older…but certainly not any wiser…
April 23rd, 2010 at 1:23 pm
>>My question is how did this household CEO go so wrong?
That’s the wrong question to ask. Th question is whether you can take advantage of the situation and improve your own bottom line. Companies buy other companies all the time for the same reason.
April 23rd, 2010 at 1:25 pm
anon,
All I’m getting from you is senseless personal attack due to your inability to measure up in terms of results. Come back when you have something to show.
April 23rd, 2010 at 1:26 pm
“That’s the wrong question to ask.”
I should have known! I mean rather than ask about why housing prices are declining, I should be asking myself how to take advantage of these losers who bought homes.
April 23rd, 2010 at 1:43 pm
All I’m getting from you is senseless personal attack due to your inability to measure up in terms of results.
—–
Anon,
You need to measure up in Faux Estater’s term to determine that Faux Estater is great!
Think this way: if Faux Estater gets F in math, you need to measure up in Faux Estater’s term where F is A+.
April 23rd, 2010 at 1:58 pm
Real Estater Messages Categorization
1. Immature
2. Wrong Question
3. Senseless personal attack
4. How high is he flying?
April 23rd, 2010 at 2:51 pm
Zero value Pralay now wants to be an insecure techie?
April 23rd, 2010 at 2:56 pm
We are all so envious of your house buying skillz!
April 23rd, 2010 at 3:06 pm
As the year wears on, we have seen one positive development after in another (think stock market, housing market, job market, tech earnings), the rentards’ case has become weaker and weaker. I believe a year from now patrick.net will either become a joke site, or will be forced to change its heading (“housing crash continues”, LOL).
April 23rd, 2010 at 3:18 pm
Here’s a new motto to describe Pralay (old one was “zero value guy”):
“I’ve been wrong all along”
April 23rd, 2010 at 3:20 pm
“I believe a year from now patrick.net will either become a joke site, or will be forced to change its heading (“housing crash continues”, LOL).”
Why do you keep bringing up patrick.net?
April 23rd, 2010 at 3:23 pm
Real Estater- Why not bring Pralay back?
April 23rd, 2010 at 3:25 pm
>>Why not bring Pralay back?
He’s here, in #54. I suspect he’s ashamed to use his real name now because he’s been wrong all along.
April 23rd, 2010 at 3:40 pm
Insecure Techie is channeling Pralay?
April 23rd, 2010 at 4:04 pm
Can’t you tell by their equal lack of intelligence?
April 23rd, 2010 at 4:13 pm
There are plenty of people lacking intelligence, but that does not mean that all are one and the same.
April 23rd, 2010 at 4:19 pm
SEA,
If you don’t believe Insecure Techie is Pralay, just check the avatar. You have intelligence, don’t you?
April 23rd, 2010 at 4:54 pm
“All I’m getting from you is senseless personal attack due to your inability to measure up in terms of results. Come back when you have something to show.”
Eggskreeter, I’m curious – what do you have to show aside from a bunch of stupid comments and the fact that every single poster on this board thinks you are an idiot?
April 23rd, 2010 at 5:10 pm
Senseless attack continues. As I said, it’s not about what you think; it’s about the results. If I’m an idiot, what does that say about you?
April 23rd, 2010 at 5:13 pm
I don’t know. What does it say?
April 23rd, 2010 at 5:24 pm
RE, why do you spend your whole day posting on burbed? Don’t you have anything better to do? The weather is gorgeous, pretty people abound, life is good, and you’re sullenly banging your keyboard away…
April 23rd, 2010 at 5:32 pm
DreamT,
Why are you here so late? Have you been locked in an office?
April 23rd, 2010 at 5:37 pm
If you want to know, was out in our backyard & around the neighborhood with my son in the morning, had family lunch and people-watched at Santana Row, and am about to get a little work done now that the sun is setting. Happy?
April 23rd, 2010 at 5:45 pm
I was on vacation last week, and just decided to spend some time at home. Did do my cafe routine and had a nice jog under the canopy. Will go out to dinner soon.
April 23rd, 2010 at 5:50 pm
That doesn’t being to explain the whole day spent on burbed, but I’m not judging.
It’s just that everything you say here more or less adds up, save one glaring question: why the amazing amount of time a father of two (right?) working away from home, who has mostly all he was asking for, would spend on an internet board trying to convince folks he only has contempt for? Utterly quixotic, and you know what his sanity was like. Don’t anon and Pralay resembles windmills to you?
April 23rd, 2010 at 5:59 pm
What do you mean working away from home? I was home. By the way, why were you not at the office? Don’t you have a mortgage to pay?
April 23rd, 2010 at 6:01 pm
I don’t need to be at an office, RE, and I decide of my schedule. As for you, you already mentioned in the past that you work at home some Fridays, i.e. you work outside of home the other days – CQFD. This clarified, would you answer the question or is it too inquisitive?
April 23rd, 2010 at 6:06 pm
Oh boy – a mortgage and an office job. real estater, you certainly have arrived!
April 23rd, 2010 at 6:08 pm
DreamT,
I don’t recall saying anything about my work schedule other than that I was late calls with India. You don’t need to be at an office, but taking your son out to Santana Row isn’t exactly working. Are you wasting your company’s money or is that too inquisitive?
April 23rd, 2010 at 6:13 pm
Yes DreamT, are you wasting your company’s money taking your son out instead of posting on burbed all day which would, of course, not be a waste of your company’s resources?
April 23rd, 2010 at 6:13 pm
It’s not too inquisitive. I was not wasting my company’s money (in fact, I did not pay for my lunch, the waiter made a mistake). See, I can answer questions. Still waiting on yours for #74.
April 23rd, 2010 at 6:19 pm
>I did not pay for my lunch, the waiter made a mistake
That’s not exactly honest, is it? You should have not answered the question. What were you doing not being productive, and therefore wasting your company’s money?
April 23rd, 2010 at 6:20 pm
correction: You still have not answered the question
April 23rd, 2010 at 6:23 pm
RE, it’s your turn to answer #74 wouldn’t you think? As for honesty, the mistake was genuine and I did not request not to pay, the waiter offered (I think I looked rather unhappy)
And as for being productive, not everybody’s productivity is confined to screens and keyboards. In any case, as I said, I set my own schedule, and you’re a moron if you’re suggesting I should be “productive for my company” 24 h/day, 7 days a week.
April 23rd, 2010 at 6:27 pm
Real Estater, maybe you need some help with understanding the question? You know the term quixotic? Read Windmill Wars?
April 23rd, 2010 at 6:31 pm
Lol – real estater giving people a hard time for evading questions. Well if that ain’t the pot calling the kettle black, I don’t know what is…
April 23rd, 2010 at 6:37 pm
DreamT,
Why are you keeping me here? I am a father of two, and need to take my family out to dinner on a Friday night.
April 23rd, 2010 at 6:38 pm
wow, DreamT is powerful! He can subvert the will of others over the internet. That’s some bad mojo.
April 23rd, 2010 at 6:41 pm
Real Estater, I release you now. Reflect during dinner, and report back with your answer before midnight.
April 23rd, 2010 at 6:48 pm
A slave to his debt and a slave to DreamT’s will.
No doubt an enviable man.
April 23rd, 2010 at 11:36 pm
DreamT,
Where are you? I’m going to sleep now.
April 24th, 2010 at 12:10 am
WHy don’t you ask your wife to tuck you in? I’m busy and I’ve no time for weasels.
April 24th, 2010 at 12:48 am
Am i the only one who thinks real estater’s desperate please for attention incredibly creepy?
April 24th, 2010 at 8:42 am
Yup.
April 26th, 2010 at 2:08 am
RealEstater never says please when he demands attention.
Jesus Christ, would you people get a LIFE? I go away for a long weekend, come check what’s been posted in my absence and absolutely nothing has changed! I go away for a few months and nothing has changed, either, except a couple of new people (SEA and maryjane) showed up and everyone* still thinks RE is a pathetic LOSER. And Alex now has this thing about Red Chinese sandwiches.
Oh wait, something has changed. burbed seems to have turned this site over to Herve, just because he can write better than me using only 10% of the word count. Big deal. I can write using only 10% of my word count too, but those are usually just shopping lists.
*SV Shopper doesn’t count, since it’s obviously an Excretevator.
Looks like all the soft core guys have gone to bed!
April 26th, 2010 at 2:40 am
huh? bed? what’s that?
April 26th, 2010 at 7:48 am
>>except a couple of new people (SEA and maryjane)
Not really. SEA is the BAI (Buyers Are Idiots) guy.
April 26th, 2010 at 7:57 am
Real Estater- We all know that Buyers Are Not Idiots in the RBA.
April 26th, 2010 at 8:43 am
And that SEA is a bit more civil than BAI.
April 26th, 2010 at 11:21 am
And Alex now has this thing about Red Chinese sandwiches.
Nonono, I mentioned it once and people kept coming back to it…so I had to oblige and entertain you guys :pp
And it doesn’t have to be Red-Chinese sandwich. Just any hot Red-Asian will do.
June 25th, 2010 at 2:04 pm
It’s Baaaaaaaaaaaack.
Now offered at 575K! Just about even with 2003 pricing.
http://www.redfin.com/CA/San-Mateo/2318-Flores-St-94403/home/1266795
June 26th, 2010 at 9:05 am
Wow. The owners are getting b!tch-slapped on this one! TIIIIIIIIIIIIIIIIMBEEEERRRRRRRRRRRRRRRRRRRRRRRRRR
June 26th, 2010 at 11:30 am
sold for $1.25M @ 920sq in 2006. lol.
i bet the idiots that bought it for $800k in 2008 thought they were getting a bargain.
listed today for $575,000k – a nice 54% drop from peak.
it’s still over priced for its size.
October 30th, 2011 at 1:27 pm
now $500k!