June 16, 2010

Several Building Pads to choose from and Existing House

Yesterday’s listing was an unsuitable property in a challenging location.  Today’s house is within reasonable commute distance so there shouldn’t be as many complaints.  Also, more eights in the price today so it’s LUCKY.

21631 Hicks Rd  Los Gatos, CA 95032
$1,999,988

image

BEDS: 3
BATHS: 2
SQ. FT.: 1,704
$/SQ. FT.: $1,174
LOT SIZE: 24.02 Acres
PROPERTY TYPE: Detached Single Family
STORIES: 2
VIEW: Mountains, Canyon, Lake, Valley, City Lights
YEAR BUILT: 1973
COMMUNITY: Los Gatos/Monte Sereno
COUNTY: Santa Clara
MLS#: 81025440
SOURCE: MLSListings
STATUS: Active
ON REDFIN: 24 days

INCREDIBLE OPPORTUNITY! GATED ESTATE PROPERTY ON NEARLY 25 ACRES WITH SWEEPING VIEWS AND LOS GATOS SCHOOLS! SEVERAL BUILDING PADS TO CHOOSE FROM AND EXISITNG HOUSE. .. NEEDS TLC BUT PERFECT FOR TEMPORARY RESIDENCE DURING CONSTRUCTION, OR TO USE FOR “REMODEL” PROJECT, OR TO OBTAIN SFR FINANCING. .. ALL WITH VIEWS! GREAT POTENTIAL FOR THE BUYER WITH VISION AND THAT WANTS PRIVACY. VALUE IS IN THE LAND.

Another description in ALL CAPITAL LETTERS.  Seems URGENT.  Let’s READ IT before REDFIN starts making sure the AGENTS know how to USE a COMPUTER KEYBOARD PROPERLY before POSTING A LISTING.

This seems straightforward enough.  There’s a rather ugly, boring, run-of-the-mill house that would go for about a hundred thousand in flyover country and about three hundred thousand in the non-RBA (Real Bay Area) part of San Jose.  But these out-of-state greedheads want two million dollars for it because it’s GATED.  And they think they’re going to get it because while they say they’re selling this (ugly, boring, overpriced) house, they’re really selling 24 acres of land with an ugly, boring, overpriced house that just happens to be on one of them.  This house can’t be too Special or we’d get to see a photo or two inside.  Maybe it’s all one giant open space when you walk through the front door?

In a way, they’re being honest about it. VALUE IS IN THE LAND = House is worthless, but you can’t finance this place if we tear it down.  They admitted it was still standing TO OBTAIN FINANCING.  And you could use this PERFECT FOR TEMPORARY RESIDENCE DURING CONSTRUCTION.

So, what happened between 1998, when the owners paid $275,000 for this place, and now? The wishing price is almost eight times higher!  Doesn’t RBA property only double in ten years?  Why have they tried to sell this place once a year, every year since 2004?

But there’s a bit of a mystery to this place.  Why are there SEVERAL BUILDING PADS TO CHOOSE FROM?  Did they hire several different contractors and fire each one of them before they built anything permanent? Or did they intend to invite NASA to move in when they lose Moffett Field,?  How many BUILDING PADS is SEVERAL, anyway?  The Redfin description doesn’t say, but this older listing says that not only has the house gotten 300 sf smaller, there used to be POTENTIAL FOR 8 BUILDING SITES.  And something about a BARN.  A BARN!  There’s nothing about a BARN in the current listing!  No wonder they reduced the price from last year’s $2,288,000!  If only they’d added some more eights.

And why did they take the TourFactory Video down?  Is there something on those BULDING PADS they don’t want us to see?  Maybe it’s the collapsed 300 sf part of the house.

Are you a BUYER WITH VISION?  Do you WANT PRIVACY?  Do you have a broom for some SWEEPING VIEWS?  There’s probably a fascinating backstory to all those abandoned BUILDING PADS, and it can be yours for just two million dollars.

Comments (13) -- Posted by: madhaus @ 5:01 am

13 Responses to “Several Building Pads to choose from and Existing House”

  1. SEA Says:

    Better buy today or forever be priced out.

    This must be the SUPER REAL RBA! Instead of the standard double every 10 years, this property increases in value by 8x, three doubles.

    Buy today for $2M, sell in 10 years for $16M!

    I’m still wondering, however, if everyone is “priced out forever,” as the claim goes, who will buy when you go to sell?

  2. Sio2 Says:

    The Zestimate is $802k. which seems high but not outrageous for a $275k 1998 purchase. I wonder where they came up with $2m.

  3. Sio2 Says:

    Plus I don’t think ending the listing value with 88 works in Los Gatos. That’s more a Cupertino, Saratoga, Palo Alto, west san jose with Lynbrook High idea.

  4. Tuno Says:

    they are not really building pads. they are alien landing pads, for the ETs who are coming to buy RBA houses. since they aren’t building more planets.

  5. nomadic Says:

    If they could overcome some issues, a developer might be willing to pay $2M for this place, but I don’t think those problems are solvable, like the fact it’s on well & septic and it would take about 1/2 hour to get to Los Gatos from there. I also wonder what HSSR zoning means – maybe those building pads are empty because the city wouldn’t let them build on them. Finding enough water out there would be a challenge, even if the land perks for septic systems.

  6. not madhaus Says:

    Los Gatos has Hillside Residential Zoning but they call it HR, and it’s further quantified by density (which is a function of slope, contour lines, etc). The densest HR zoning possible is one unit per acre.

    So, I looked up the zoning in the county planning office. Results:

    Planning and Development Information
    General Plan: Hillsides (100%)
    USA: None
    Zoning: HS-d1-sr (100%)
    Supervisor District: Donald F. Gage, District 1
    Special Area Policies and Information

    * Wildland Urban Interface Fire Area: IN
    * Geohazard: County fault rupture hazard zone
    * Geohazard: County landslide hazard zone
    * Geohazard: State seismic hazard zone (earthquake induced landslides)

    HS is Hillsides. Maybe D1 is the 1-5 acres per unit density and SR is single residence?

  7. WillowGlenner Says:

    As far as I’m concerned, inappropriate TILE ROOFS are right up there in the league of Marble Cawwwlumns. Tile roofs have their place, around houses near me, the 20s style bungalows ie
    http://www.redfin.com/CA/San-Jose/1324-Glenwood-Ave-95125/home/1334316

    This one happens to be on a bad street but the house itself is the right type of house to have a tile roof. Houses like this one in Los Gatos mtns should never have tile roofs, and a huge problem in a mountainous location is the crevices in tile roofs are ideal homes for insects and various local habitat.

  8. nomadic Says:

    That tile roof looks like they were trying to make their boring 1973 box into a Spanish hacienda. Just lipstick on a pig.

  9. Alex Says:

    When did WillowGlenner start poking fun at marble cawlums and ridiculous realtard postings?! I thought you’re the poster boy for the “rah rah rah” realtard community.

  10. WillowGlenner Says:

    Mawble Cawlumns is a skit from saturday night live, not really about bay area real estate pricing, just a general skit about tackyness. And tile roofs on 70s ranchers are indeed tacky.

  11. Insecure Techie Says:

    Listed since March 2004!!! This guy couldn’t sell it (or build it) while the whole bay area (not just RBA) was selling with multiple overbidding? May be CAR should give him a gold medal for dumbest seller of the decade.

  12. Breathtaking panoramic views — AS IS | Burbed.com Says:

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