May 26, 2010

Single Family House for Price of a Condo… in the RBA. Really.

And for your reading pleasure, a guest post from madhaus.

409 Fernando Ave  Palo Alto, CA 94306
$649,000

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BEDS: 1
BATHS: 1
SQ. FT.: 645
$/SQ. FT.: $1,006
LOT SIZE: 3,000 Sq. Ft.
PROPERTY TYPE: Detached Single Family
STYLE: Contemporary
STORIES: 1
VIEW: Neighborhood
YEAR BUILT: 1958
COMMUNITY: Ventura
COUNTY: Santa Clara
MLS#: 81024711
SOURCE: MLSListings
STATUS: Active
ON REDFIN: 2 days

Nice and cozy one bedroom/one bath single family home located on a quiet street across from the beautiful Boulware Park. Newly remodeled bathroom and new dual pane windows throughout. Close to shops, restaurants, Stanford University, hospital, and public transportations. Private backyard, no HOA. Single family home for the price of a condo.

Last week, this site reported the startling news that only one ZIP code remained in the RBA (Real Bay Area).  That ZIP was South Palo Alto, 94306.  So here is an affordable house in the only ZIP worth buying.  $649,000?  That is better than free.  That is like having the owners pay you to take it off their hands!  All you have to do is live in this house while you enjoy 11.7% annual gains every year you own your very own RBA house!  Best of all, you can feel superior to every other ZIP code in the entire Bay Area.

So what do you get for $649,000?  You get the healthiest looking property in the neighborhood.  Nothing obese about this svelte lot layout!

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You get a house that is absolutely the most Special anywhere.  It’s not every home that has a higher number for dollars per square foot ($1006) than… um… actual square footage (645). 

Ah, home sweet home… if you can find it in this photo!  You won’t find many places with a carport that are daring enough to use a front door good enough for a garage entry!  Now, that’s bold!  So, just what are the dimensions of this house, anyway?  This reminds me of those townhouse blocks that are exactly as wide as a two-car garage… only… smaller.

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And at first the lack of windows in front seemed disturbing, but that western exposure would just heat the place up too much.  And you’ll need to use every trick to keep cool in the summer, because this house doesn’t have air conditioning, either!

Next, let’s take a look inside!  Ah, this must be the kitchen!

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Wow!  Look at the vintage stove, the Ikea-style cabinetry (long before there was an Ikea!),, the… that is a sink, isn’t it?

Well, on to the living/dining combo!

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Can’t you just hear the agent gushing, “Light and bright, light and bright!!!”  I suppose if you slap a bunch of titanium-flake white on every surface and turn the lights on in the daytime, that is what you get.  Plus a fireplace!  Wonder how long that paint job will last if you try using it.

Moving on!  Let’s see the bedroom.  There’s only one, so it’s important that it’s a nice one.

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Whoops!  Either that’s a very textured bedspread, or we seem to have walked right past it!  Let’s try again.

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Hey, how did we end up across the street?  This is definitely not included in the 3000 sf lot.

But it’s only $649K, so stop your complaining.  If they left the bedroom out, there must be a very good reason.  For extra credit, explain how a one bedroom place can be called “single family home,” when a “family” includes at least one adult and one child.

Oh, I almost forgot!  Per the listing, there are no homeowners fees associated with this house!  That is better than a condo!  Now buy this house and you can start watering your own lawn!  And pay for the water!

Comments (26) -- Posted by: madhaus @ 5:03 am

26 Responses to “Single Family House for Price of a Condo… in the RBA. Really.”

  1. Alex Says:

    At that rate of appreciation,

    BUY NOW or BE PRICED OUT FOREVER!!!!!!!!!!!!!!!!!!!!!!!!

  2. SEA Says:

    Why aren’t people bidding over the asking price?

  3. Real Estater Says:

    Are we back to talking about Palo Alto again?

    Except this is in the same 94306 neighborhood as the previously featured homes.

  4. SEA Says:

    “Are we back to talking about Palo Alto again?”

    Did we ever stop?

  5. madhaus Says:

    RE, what do you think this house should sell for?

    Be sure to give useless anecdotal data to support your answer.

  6. Gallileo Says:

    Resolved: That 409 Fernando is a better deal than 476 Fernando just up the street and right next to Boston Market (featured on Burbed last week).

    Narrow lot or Boston Market in the best zip code of the RBA–you decide!

    Discuss.

  7. Insecure Techie Says:

    what do you think this house should sell for?
    —–

    Well, this property is in Palo Alto, right? If the owner of this property is Poor Mom, the overbid amount on her home (should she choose to sell it instead of borrowing against it) may be enough to fund her kid’s college education. Now, calculate how much four year college education costs. Add that amount in listed price. That is the price it will sell for.

  8. madhaus Says:

    I can’t decide until I see the bedroom in 409 — assuming it actually has one.

  9. sonarrat Says:

    And then we have this lovely home at $1174 a square foot in 94303.. beautiful neighborhood, but not in my wildest dreams could I justify that price.

  10. sonarrat Says:

    http://www.redfin.com/CA/Palo-Alto/1820-Fulton-St-94303/home/1411879

  11. Gallileo Says:

    @Sonarrat

    That house is on Fulton Street, Palo Alto’s “Christmas Tree Lane”. And unlike the Fulton Street house featured here a couple of weeks ago, this one is actually on the “magical” part of it.

    Lots of people pay a premium to live on those three-or-four blocks of Fulton Street. They are not crazy to be asking a fair amount over what that house would fetch just one block away.

    Not saying I would–prestige is very far down my list of requirements–but lots of Shallow Alto families will.

  12. sonarrat Says:

    Interesting. I guess even magic and Christmas trees couldn’t prevent a $100K price cut, though.

  13. nomadic Says:

    Also interesting that sonar’s listing is priced below its assessed value.

  14. Tuno Says:

    from the first photo, that place looks exactly like my carport, and the little storage closet at the back of it. except that my carport/storage closet are painted brown.

    not that there’s anything *wrong* with living in a storage closet at the back of a carport, as long as you clean out the rat poop, first.

    but seriously, this place is *much* more attractive than the Retirement Vehicle of the last post. even if they are both adorned with Holiday Ornaments; the RV at all times, and the Carport House only in season.

  15. SEA Says:

    Real Estater- Could you list all the reasons why this property is excluded from the RBA, not including that the housing price appreciation isn’t high enough?

  16. anon Says:

    SEA, don’t concern yourself with meaningless drivel. Real estater is a person who does not have any meaningful input to contribute (read: zero value). Seriously. This is a guy who may or may not have an entry level palo alto property (read: crap box) and who has only been living there for 5-6 years. What on earth would he know about the bay area – real or not? The answer is: nothing. He’s a newcomer and a wanna-be at that. I wouldn’t worry about his arbitrary points of view.

  17. Real Estater Says:

    >>Real Estater- Could you list all the reasons why this property is excluded from the RBA, not including that the housing price appreciation isn’t high enough?

    Where did I say this house is excluded from the RBA? All I expressed is that this is not the most desirable part of Palo Alto, and I gave the reason why previously.

  18. SEA Says:

    Real Estater- How much should this place sell for?

  19. Real Estater Says:

    If I were them, I’d listed at $599K, and the overbidding would take it to what they’re trying to sell for.

  20. SEA Says:

    “Mar 03, 2006 Sold (Public Records) $580,000″

    It’s been a little over 4 years.

    A selling price, before selling expenses, between $599k and $649k on $580k after 4 years?

    Is this close enough to call it zero? Is it low enough to be excluded from the RBA?

    Actually I highly doubt the “overbidding would take it to what they’re trying to sell for.” In fact, if this place sells in the next 6 months, it is my guess that it will sell for less than $600k, no matter what selling strategy is used (must be “arms length transaction,” as always).

  21. Insecure Techie Says:

    If I were them, I’d listed at $599K, and the overbidding would take it to what they’re trying to sell for.
    —–

    Of course that means Real Estater can read seller and his/her agent’s minds to know “what they’re trying to sell for”. May be they listed it $649K because they are thinking that overbidding will take it to $700K or $750K.
    Hmmm, first they listed it for $649K in March. Then raised the price to $699K in April (“Spring Bounce is coming”). Now it is back to $649K again. Hopefully overbidding take it to Spring Bounce price. ;)

  22. Petsmart groomer Says:

    > If I were them, I’d listed at $599K, and the overbidding would take it to what they’re trying to sell for.

    It was reduced to $599K two weeks ago.

  23. nomadic Says:

    They had so many bids, it’s taken two weeks to wade through them all. Any day, RE will say it sold for $639k or some such made-up number.

  24. madEstater Says:

    They had so many bids, it’s taken two weeks to wade through them all. Any day, RE will say it sold for $639k or some such made-up number.

    Don’t be a dic. This house is soon pending.

  25. Pralay Says:

    The listing status active is an invalid status in RBA. The correct RBA status is SELLING.

    Real estate is local. So does status.

  26. madhaus Says:

    Listing cancelled September 15, 2010, four months after home was featured on Burbed. Obviously the overbidding didn’t take it up to where the sellers needed it to be.


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