$205,000 off a fine house in San Jose
490 Valroy Ct, San Jose, CA 95123
Thanks to Burbed reader EV for this find!
Let’s take a look at the price history:
Wow. Is this a deal or what? $205,000 off!
I’m not sure why the price has dropped so much in the last 2 months… haven’t these people ever heard of Spring bounce? This is practically the opposite.
But hey, their bad pricing is your gain! At just $372 per square foot, they’re practically giving this house away. Think of it as $205,000 waiting to leap into your pocket! Hello sweet instant equity!
June 28th, 2010 at 6:17 am
Priced below the Zestimate finally. Maybe now it’ll sell.
June 28th, 2010 at 8:18 am
With a lot size of 12k square feet, I thought this might be in WillowGlenner’s RBA, but with such dramatic price reductions, how could this possibly be in the RBA? This must be subject to other RBA exclusion, terms and conditions.
June 28th, 2010 at 8:25 am
Pending with release now.
June 28th, 2010 at 11:15 am
This house is in Santa Teresa del Fuego, which was never in the RBA. It’s too far away from everything except IBM, and that’s not exactly a growth employer. Here are your commutes:
- Google: 23.5 mi
- Apple: 17.9 mi
- Facebook: 29.7 mi
- Yahoo: 21.0 mi
- Intel 16.5 (via 87) or 19.3 (via 85/101)
That said, this is an amazing set of price drops. It’s almost as if they thought it was overpriced in the first place.
No loan info on Propertyshark, but this is interesting. 490 Valroy Ct sold for $730K in March, 2006. Just up the road, 474 Valroy Ct sold in 2005 (just 6 months before 490) for $899K. Yes, almost nine hundred thousand. It’s larger (2000 sf) but the lot is a little smaller (11.4k) and both homes were built the same year. And 474 (2200 sf on 18.5k sf lot, also built in 1971) sold in 2004 for $775K.
Looks like pricing in those days of liar loans and Kool-Aid dreams was completely unrelated to anything other than I WANT A HOUSE. Seriously, the price drops here look like something out of exurban San Diego.
June 28th, 2010 at 11:34 am
My guess, and this is only a guess, is that the 2006 buyer(s) thought this place was a genuine RBA opportunity.
“Just up the road, 474 Valroy Ct sold in 2005 (just 6 months before 490) for $899K. Yes, almost nine hundred thousand.”
900k*4%/12 = $3,000/mo interest/opportunity cost.
Add or subtract $750/mo for 5% or 3% respectively.
(As always, net cost of capital is used)
WTF were these buyers thinking? It does not matter how much buying costs, buying is cheaper!