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:
image
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

103 Responses to “Lava field or yard in San Mateo”

  1. SanMatean Says:

    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.

  2. Petsmart groomer Says:

    Zillow says the house is 1,620 sq ft ($481 per sq ft). Another case of “permits unknown”?

  3. Petsmart groomer Says:

    Congratulations to the 2004 buyer: house bought for $700K, sold 2 years later for $1,250,000.

  4. ES Says:

    so someone’s taking a $430K bath on this house? How is it not a short sale then? Unless someone put 430K down…

  5. nomadic Says:

    ES, the house was sold for $800k in 2008. I bet they thought they were getting a steal!

    The 2008 sale was probably short.

  6. SEA Says:

    “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?

  7. SEA Says:

    “The 2008 sale was probably short.”

    Foreclosure, maybe?

  8. Petsmart groomer Says:

    > What’s the correct term?

    Real Estate investor.

  9. SEA Says:

    In this case, and so many others, it’s more like Real Estate Loser.

  10. nomadic Says:

    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.

  11. nomadic Says:

    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.

  12. madEstater Says:

    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.)

  13. nomadic Says:

    Would you be wrestling too, madhaus?

  14. bob Says:

    If you buy this you’ll never have to get replacement lava rock for your BBQ grill, assuming you use gas.

  15. Petsmart groomer Says:

    > 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)

  16. SEA Says:

    Petsmart groomer- I thought it was the crap zone for the dogs.

  17. Alex Says:

    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.

  18. madhaus Says:

    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.

  19. Petsmart groomer Says:

    Indeed, one can plow a lot of money in a rental.

  20. nomadic Says:

    Houses are free, dammit:

    http://www.burbed.com/2010/04/20/living-room-with-easy-access-to-fridge/#comment-58452

  21. SEA Says:

    “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.

  22. madhaus Says:

    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.

  23. Alex Says:

    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.

  24. Real Estater Says:

    All,

    Both new and existing home sales figures blown past expectations. Sites like patrick.net has been very quiet. Reality sinks in.

  25. SEA Says:

    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?

  26. Real Estater Says:

    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.

  27. SEA Says:

    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.

  28. Real Estater Says:

    SEA,

    A month back is not the same as yesterday. Interest rate did not move by much as some predicted.

  29. SEA Says:

    OMG a month has passed!

  30. anon Says:

    Yes – a whole month! Remember, SEA real estater is like the guy from Memento. He can barely remember 20 minutes ago.

  31. Insecure Techie Says:

    Both new and existing home sales figures blown past expectations.
    —-

    Useless aggregate data.

  32. Insecure Techie Says:

    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.

  33. Real Estater Says:

    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.

  34. Real Estater Says:

    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.

  35. Real Estater Says:

    >>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.

  36. SEA Says:

    “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.

  37. SEA Says:

    “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?

  38. Real Estater Says:

    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.

  39. SEA Says:

    Real Estater- Yes, Yes, all those lowly suckers who didn’t buy are priced out forever. FOREVER!

  40. Real Estater Says:

    SEA,

    May I ask you to refrain from acting immaturely?

  41. anon Says:

    “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.

  42. SEA Says:

    “May I ask you to refrain from acting immaturely?”

    Go ahead, make my day.

  43. Real Estater Says:

    >>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.”

  44. SEA Says:

    Real Estater- Why did we need a bailout, again?

  45. Real Estater Says:

    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.

  46. Real Estater Says:

    >>Real Estater- Why did we need a bailout, again?

    Because there are lots of people who mismanaged the opportunity. Read #45.

  47. SEA Says:

    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?

  48. anon Says:

    Answer: bought a house.

  49. Insecure Techie Says:

    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. :)

  50. anon Says:

    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…

  51. Real Estater Says:

    >>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.

  52. Real Estater Says:

    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.

  53. SEA Says:

    “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.

  54. Insecure Techie Says:

    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+.

  55. SEA Says:

    Real Estater Messages Categorization

    1. Immature
    2. Wrong Question
    3. Senseless personal attack
    4. How high is he flying?

  56. Real Estater Says:

    Zero value Pralay now wants to be an insecure techie?

  57. SEA Says:

    We are all so envious of your house buying skillz!

  58. Real Estater Says:

    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).

  59. Real Estater Says:

    Here’s a new motto to describe Pralay (old one was “zero value guy”):

    “I’ve been wrong all along”

  60. SEA Says:

    “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?

  61. SEA Says:

    Real Estater- Why not bring Pralay back?

  62. Real Estater Says:

    >>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.

  63. SEA Says:

    Insecure Techie is channeling Pralay?

  64. Real Estater Says:

    Can’t you tell by their equal lack of intelligence?

  65. SEA Says:

    There are plenty of people lacking intelligence, but that does not mean that all are one and the same.

  66. Real Estater Says:

    SEA,

    If you don’t believe Insecure Techie is Pralay, just check the avatar. You have intelligence, don’t you?

  67. anon Says:

    “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?

  68. Real Estater Says:

    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?

  69. anon Says:

    I don’t know. What does it say?

  70. DreamT Says:

    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…

  71. Real Estater Says:

    DreamT,

    Why are you here so late? Have you been locked in an office?

  72. DreamT Says:

    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?

  73. Real Estater Says:

    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.

  74. DreamT Says:

    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?

  75. Real Estater Says:

    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?

  76. DreamT Says:

    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?

  77. anon Says:

    Oh boy – a mortgage and an office job. real estater, you certainly have arrived!

  78. Real Estater Says:

    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?

  79. anon Says:

    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?

  80. DreamT Says:

    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.

  81. Real Estater Says:

    >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?

  82. Real Estater Says:

    correction: You still have not answered the question

  83. DreamT Says:

    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.

  84. DreamT Says:

    Real Estater, maybe you need some help with understanding the question? You know the term quixotic? Read Windmill Wars?

  85. anon Says:

    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…

  86. Real Estater Says:

    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.

  87. nomadic Says:

    wow, DreamT is powerful! He can subvert the will of others over the internet. That’s some bad mojo.

  88. DreamT Says:

    Real Estater, I release you now. Reflect during dinner, and report back with your answer before midnight.

  89. anon Says:

    A slave to his debt and a slave to DreamT’s will.

    No doubt an enviable man.

  90. Real Estater Says:

    DreamT,

    Where are you? I’m going to sleep now.

  91. DreamT Says:

    WHy don’t you ask your wife to tuck you in? I’m busy and I’ve no time for weasels.

  92. anon Says:

    Am i the only one who thinks real estater’s desperate please for attention incredibly creepy?

  93. Real Estater Says:

    Yup.

  94. madhaus Says:

    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!

  95. DreamT Says:

    huh? bed? what’s that?

  96. Real Estater Says:

    >>except a couple of new people (SEA and maryjane)

    Not really. SEA is the BAI (Buyers Are Idiots) guy.

  97. SEA Says:

    Real Estater- We all know that Buyers Are Not Idiots in the RBA.

  98. nomadic Says:

    And that SEA is a bit more civil than BAI.

  99. Alex Says:

    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.

  100. SanMatean Says:

    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

  101. Alex Says:

    Wow. The owners are getting b!tch-slapped on this one! TIIIIIIIIIIIIIIIIMBEEEERRRRRRRRRRRRRRRRRRRRRRRRRR

  102. mike Says:

    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.

  103. * Says:

    now $500k!


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