Let’s revisit 602 CHIMALUS Dr
$1,689,000602 CHIMALUS Dr Palo Alto, CA 94306
Beds: 4 Baths: 3 Sq. Ft.: 2,090 $/Sq. Ft.: $808 Lot Size: 5,311 Sq. Ft. Property Type: Detached Single Family Style: Contemporary Stories: 2 View: Neighborhood Year Built: 2009 Community: Barron Park County: Santa Clara MLS#: 81011503 Source: MLSListings Status: Active On Redfin: 115 days
Now this house was mentioned before – let’s take a look at the way back machine…
Pralay Says:
July 27th, 2009 at 10:52 pmOne more Palo Alto property that has neither buyer nor renter – 602 CHIMALUS Dr. The flipper bought the lot for $1.1M in 2007. In market from December (price reduced from $1.9M to $1.6M).
Now the flipper put it up as rental in craiglist – for $6995 per month.
Recently, burbed reader Gallileo saw that it continues to be listed, and had this additional commentary:
A house no one is worth of in Barron Park
Flipped not once but twice from 2006 to 2007, then undergoing an extensive remodel, this house first listed in 2008 in its new incarnation. All the resales and repricings–”Up! No down! no up!”–show the true desirability of this house–its so hot that no one feels worthy of it for more than a year. Even the former renters moved out. And how can you ever find the right price on a house that sells and rerents so often?
Now it sits there, stately and sideways on its half-sized lot, backed up against Palo Alto’s only light-manufacturing industrial plant, just waiting for a renter or buyer who feels worthy of it. The recent price increase shows just how desirable it is.
Alright all you creative minds out there… what’s it going to take to get this house sold? I’m thinking… increase the price even more! Let’s make it even more valuable by making it even more precious!
Anyone know what the fair market rent value of this house would be? Any good comparables?
July 7th, 2010 at 5:50 am
They need more marble columns.
July 7th, 2010 at 7:53 am
“Anyone know what the fair market rent value of this house would be?”
I say why rent it? In Palo Alto the annual price increases should be enough, and when you go to sell the over asking price bidding will take care of the kids’ college.
Using the rent amount of $6,250 per month [$75k per year] in the listing, annual property taxes of about $13k, and assuming that the place has no moving parts (only light bulbs and chemical drain cleaner is needed for maintenance), about $60k is for the cost of capital, assuming 100% occupancy rate. Idealizing the income, that’s 5-6%, depending on the investment denominator, plus the automatic price double, of course.
My guess is that the competition in the rental market will keep this place empty for some time to come, or, alternatively, the rent will come down. Then when the rent is below operating costs, Real Estater will suggest that the renter is missing out on those automatic price doubles, yet the renter is paying less than the cost of capital.
July 7th, 2010 at 8:48 am
Another (bigger) house for rent in same street for $4,800: http://sfbay.craigslist.org/pen/apa/1829552532.html
July 7th, 2010 at 10:00 am
Lots of other strange things about this house. It’s way over built for the neighborhood and lot. Super nice finishes and huge layout problems. I’ve always wanted the deck off my master bedroom’s sliding glass door to face the street! And my formal dining room a couple of rooms over from my kitchen. That makes total sense.
I’m told–although I have no way of verifying it–that the listing agent has a lien against it. Perhaps she financed the remodel?
July 7th, 2010 at 2:24 pm
Dow soars! As does the spam on the site…
July 7th, 2010 at 2:28 pm
The spam filtering service is down. Bummer for me.
July 7th, 2010 at 3:44 pm
burbed- Thanks for keeping the site clean. I know it’s not something that we normally notice. Who gives thans for the lack of spam?
Thanks again.
July 7th, 2010 at 5:03 pm
I don’t understand why this house isn’t selling for 2 million. After all, it’s in the only zip code that’s still in the RBA.
I took a look at Property Shark, looks like the owner lives down the street at 700 Chimalus. Quite a lot of flipping on this property, too, there are different names for all those sales. I love how it was cheaper in ’06 than ’05 despite a bubble market, too.
This seller bought 700 Chimalus for $296K in ’91, from someone who bought it for $376K in ’89! Maybe trying to repeat the magic, but raising the price in a down market won’t do the trick.
Property Shark doesn’t have the lien. Neither does the Recorders’ Office.
July 7th, 2010 at 6:37 pm
This site uses Akismet. Unfortunately, for reasons I can’t understand, this site can no longer connect to Akismet for spam detection.
July 7th, 2010 at 8:02 pm
madhaus says,
>>I don’t understand why this house isn’t selling for 2 million. After all, it’s in the only zip code that’s still in the RBA.
Because you have no clue. 94306 is the hottest zip in the RBA? LOFL!
July 7th, 2010 at 8:10 pm
94306 is the hottest zip in the RBA? LOFL!
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Of course, it is. It’s red hot.
July 7th, 2010 at 8:21 pm
> 94306 is the hottest zip in the RBA?
Considering it is the only one left, it is the hottest, sexiest, most moisturizing zip code indeed.
July 7th, 2010 at 8:22 pm
94306 is a wet dream, no less
July 7th, 2010 at 9:21 pm
Thanks for deleting the spammers today, burbed. We know you have better things to do.
July 7th, 2010 at 9:46 pm
Petsmart groomer and DreamT,
You guys should move in together, and make 94306 a reality!
July 7th, 2010 at 9:52 pm
I’m happy with my reality. Are you happy with yours?
July 7th, 2010 at 9:52 pm
94306 is flying through windows. Why don’t you join the party?
July 7th, 2010 at 10:11 pm
Are you happy with yours?
—–
Probably his reallity is as real as his name – Real Estater.
July 7th, 2010 at 10:18 pm
Why don’t you join the party?
—–
He will definitely join “on-going party” within a few months, after he finishes his “exercept” from Fall ’
0810 Real Estate feature of the Palo Alto Weekly.July 7th, 2010 at 10:19 pm
> You guys should move in together, and make 94306 a reality!
94306 is very real. Check this out:
“Southgate is very convenient. It’s the best place in Palo Alto”
Now, one could live on Castilleja, be walking distance from Steve Jobs’ house and still enjoy the most moisturizing zip code ever.
July 7th, 2010 at 10:23 pm
“Because you have no clue. 94306 is the hottest zip in the RBA? LOFL!”
Not only do we have the RBA, the Real RBA, and so on, but we now have to consider how hot a zip code is.
RBA move over, we have some hotties movin’ on in.
July 7th, 2010 at 10:49 pm
>>He will definitely join “on-going party” within a few months
A few months? Did you check the stock market today? Have you been to a RBA open house lately?
July 7th, 2010 at 10:50 pm
Real™ Estater seems to be angry. Did his base year value go down on him?
July 7th, 2010 at 10:50 pm
that’s what she said to Alex
July 7th, 2010 at 10:50 pm
>>Not only do we have the RBA, the Real RBA, and so on, but we now have to consider how hot a zip code is.
Couldn’t be as hot as your homeland. Right, South East Asian?
July 7th, 2010 at 10:55 pm
Did you check the stock market today?
—–
That explains why Real Estater was missing for so many days and then started posting today.
July 7th, 2010 at 11:00 pm
Right, South East Asian?
—-
Real Estater got to be very angry today.
Looks like South East Asian are the latest enemy of Real Estater. What happened? His megaaaaaaaaa-project was shut down and he cannot make 2AM conference call with South East Asian anymore?
July 7th, 2010 at 11:01 pm
“Couldn’t be as hot as your homeland. Right, South East Asian?”
I thought the RBA was the hottest place on Earth–I guess I was wrong.
SE Asia hotter than RBA–BUY NOW!
July 7th, 2010 at 11:09 pm
Goldman Sachs says double up, not double dip:
In a report entitled ‘Double Dip or Double Up?’ that is being bandied about on trading-room floors today amid the rally, Goldman’s strategy group (not associated with their research division) cites the rarity of a double dip retrenchment, flaws in bearish technical analysis, policy overhang and cheap valuations as reasons for its bullish long-term view.
July 7th, 2010 at 11:12 pm
Pralay says,
>>Looks like South East Asian are the latest enemy of Real Estater.
Where did you get that from? I said South East Asia is very hot temperature-wise. Are you challenging that? Should I bring a jacket to India?
July 7th, 2010 at 11:15 pm
“Should I bring a jacket to India?”
What are you doing in India to begin with? Shopping for investment properties?
July 7th, 2010 at 11:21 pm
>>What are you doing in India to begin with?
Where did I say I’m in India?
July 7th, 2010 at 11:22 pm
where did I say you’re in India?
July 7th, 2010 at 11:23 pm
Should I bring a jacket to India?
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India is not considered part of South East Asia. In case you don’t know, just ask your own “widely traveled” kids.
July 7th, 2010 at 11:26 pm
I see that the discussion of 602 Chimalus has degraded into another round of Tu Quoque again. Everyone please take it to South East Asia, where tempers get even hotter.
July 7th, 2010 at 11:26 pm
Shopping for investment properties?
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Is that is purpose of his visit, he definitely needs a jacket. A thick one.
July 7th, 2010 at 11:32 pm
Pralay says,
>>India is not considered part of South East Asia
Close enough from a temperature perspective.
Are you an Asian, Pralay?
July 7th, 2010 at 11:35 pm
>>Everyone please take it to South East Asia, where tempers get even hotter.
Not sure what triggers the controversy. The guy calls himself SEA, which clearly stands for South East Asian, and I’m sure he’s proud of it.
July 7th, 2010 at 11:39 pm
Close enough from a temperature perspective.
Are you an Asian, Pralay?
—-
As close as East Palo Alto and Palo Alto.
Are you East Palo Altan, Real Estater?
July 7th, 2010 at 11:42 pm
The guy calls himself SEA
—-
I think it means South East American.
July 7th, 2010 at 11:48 pm
You guys are confusing me… What’s South East Asia? Is it on the right side of Middlefield?
July 7th, 2010 at 11:51 pm
What’s South East Asia? Is it on the right side of Middlefield?
——
I think it is located little bit east of Southgate.
July 7th, 2010 at 11:52 pm
If your map is oriented north, you want the left side of Middlefield. Now, South East Palo Alto, isn’t that near Ikea?
July 7th, 2010 at 11:59 pm
Is Faux Estater being retarded again?
Wait. When is he NOT retarded? LOL
July 8th, 2010 at 12:13 am
Palo alto is so ghetto compared to how it was in the 90s. Does anyone else remember those days?
July 8th, 2010 at 1:06 am
look at that, even Dilbert is moisturizing today!
July 8th, 2010 at 1:10 am
I moved to Menlo Park in the 80s. Certain neighborhoods of Palo Alto were declining considerably by then. Not only the crap neighborhoods like the Eichlers near 101 in South East PA. Some of the formerly nicer areas started going downhill as well. I heard several comments from former PA residents that the Community Center area wasn’t being kept up well and many homes were in poor repair. I noticed that too when I was taking classes or catching Theaterworks shows. I suppose with a lot of teardown work that would fix the repair problem but then the neighborhood charm is gone as well.
The “wrong side of Middlefield” issue was there as well. Homes on the west side presented much better. The only exception to this was some of the northeast section, mostly Duveneck attendance area.
Newer immigrants to PA would have missed this change over time.
July 8th, 2010 at 9:09 am
I think it means South East American.
Funny, I always thought of him as being from Seattle. SEA made me think of Sea-Tac airport…
July 8th, 2010 at 9:14 am
Could be South East Atherton, but then dealing with wrong side of Middlefield again.
Then again, it could also be South East Alviso. Which is best place to rent someone else’s house for tax purposes?
July 9th, 2010 at 8:38 am
madhaus says,
>>I moved to Menlo Park in the 80s. Certain neighborhoods of Palo Alto were declining considerably by then. Not only the crap neighborhoods like the Eichlers near 101 in South East PA.
Not sure what does the elephant have to do with the monkey? Menlo Park is nowhere near South East PA.
In hindsight, wasn’t it a major blunder on your part to have not bought into the “declining” neighborhood called Palo Alto?
July 9th, 2010 at 8:52 am
We have a winner!
July 9th, 2010 at 10:07 am
#50, I appreciate your concern for my theoretical “loss,” but I am more concerned for your actual one. Think of how much instant equity you would have had merely buying on the right side of Middlefield.
I may be in Sunnyvale, but I’m on the right side of Fremont, which is by definition on the right side of Middlefield East (otherwise known as Central Expressway).
July 9th, 2010 at 10:19 am
In hindsight, wasn’t it a major blunder on your part to have not bought into the “declining” neighborhood called Palo Alto?
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Your statement is based on the assumption that the world revolves around your opinion.
July 10th, 2010 at 12:19 am
>> may be in Sunnyvale, but I’m on the right side of Fremont
Whether you’re on the right side or left side of Fremont depends on the direction you’re traveling in, you idiot.
July 10th, 2010 at 1:30 am
Whether you’re on the right side or left side of Fremont depends on the direction you’re traveling in, you idiot.
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Real
EstaterIdiot,We get it. That’s why you say that there is no “wrong side of Middlefield”. Because when you travel south, west side of Middlefield is right side. When you travel north, east side becomes right side.
July 10th, 2010 at 2:19 am
There is only one right side of Fremont, and that is south of Fremont.
There is only one right side of Middlefield, and that is south/west of Middlefield.
There is only one zip in the RBA, and that is 94306.
Any questions?
July 10th, 2010 at 6:10 am
> Are you East Palo Altan, Real Estater?
Ghetto Estater is East Palo Altan.
He’s the most ghetto dude on this board.
July 10th, 2010 at 5:27 pm
He’s the most ghetto dude on this board.
In some circles, that would be a compliment. Not in the RBA though.
August 21st, 2011 at 8:28 pm
Back on the market for $1,750,000.
A fusion of great contemporary design, fine craftsmanship and a calming color palette results in a modern home that is a joy to live in. This home is only 3 years old and shines like new. Spaces are flexible to accommodate your lifestyle and allow single level living, if that is what you seek. Fine custom features and workmanship and Palo Alto schools!
August 22nd, 2011 at 7:35 am
Did you say Fusion? So this is a townhouse on a Superfund site?