August 30, 2010

Let’s go swimming in this Millbrae pool!

$979,999

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Beds: 3
Baths: 2
Sq. Ft.: 2,640
$/Sq. Ft.: $371
Lot Size: 0.48 Acres
Property Type: Detached Single Family
Style: Contemporary
Stories: 1
View: Bay, Neighborhood
Year Built: 1964
Community: Mills Estate
County: San Mateo
MLS#: 81035900
Source: MLSListings
Status: Active This listing is for sale and the sellers are accepting offers.
On Redfin: 12 days
Great Fantastic House Pool , Huge Back Yard.

Thanks to Burbed reader SW for this find!

Here’s what SW had to say:

I’m not sure if Millbrae is RBA or not, but there’s something special about a short sale on a place asking 2X its last selling price.

Combine that with the epic realtor description- "Great Fantastic House Pool , Huge Back Yard.", and you’ve got yourself a winner.  That great fantastic house pool happens to be green.  Not like environmentally aware green.  Like teeming with polywogs, malarial vectors and clumps of blooming algae green.

Let’s take a look!

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I think the listing forgot to say that this is an “organic” pool.

Comments (16) -- Posted by: burbed @ 5:29 am

16 Responses to “Let’s go swimming in this Millbrae pool!”

  1. Alex Says:

    Nearly 1/2 an acre of land but most of it is on a big slope. You can use it to practice downhill skiing :)

  2. Petsmart groomer Says:

    Obviously it is in the RBA: the price has been changed to $1,047,000. Hurry up before it jumps to $1.2M. Like Tigger would say, half this bounce is 90% mental.

  3. nomadic Says:

    You’d think that someone who will be in foreclosure if the short sale doesn’t work would maintain the pool… especially after sucking more than half a million dollars in equity out of the dump.

    BTW, are they running a nursery out front, or is it a landscaping business?

  4. SEA Says:

    That pool needs some Drano.

    Last sold in 1995?

    “May 02, 1995 Sold (Public Records) $500,000″

    Now 15 years later it’s selling short with an asking price of $1M? This property belongs with all the other homes that belong in the RBA.

  5. nomadic Says:

    The odd thing is, PropertyShark has the only refi in 2003 for $642k which would leave room to avoid a short sale.

  6. A. Lewis Says:

    Since it is in Millbrae, it has BART access. It should say “convenient access to Richmond, Pittsburgh, Fremont”. That should really draw in buyers from all over.

  7. Josh Says:

    This is most definitely a unique listing. Hard to fathom someone letting their property lose perceived value when they need to sell. Especially while jacking up the selling price. Great Find!

  8. SEA Says:

    nomadic- We don’t know the terms of the loans, negative amortization, interest only, 30 year, 15 year, initial values, and so on, but allow me to make some estimates.

    Assuming the 2003 loan was a second mortgage.

    $350k-375k Approximate principal balance on a 30 year fixed from 1995 principal balance $500k.
    $550k-$575k Approximate principal balance from 2003 loan

    Approximate Range: $900k-$950k

    And it’s my guess that we need to add some accrued interest, late payments, other fees, and so on.

    Then from the sales price we need to subtract the sales fees and expenses.

    Yes, yes, changing interest rates, loan durations, amortization schedules, and so on and so forth will definitely impact this analysis, but even after all those years of payments, this place is short.

    In the end, the definition of RBA isn’t about how much some sucker who loaned money on the POS is losing, but rather, we should only consider the price change of $500k to ~$1M, even if it took 15+ years. Oh, yea, we really should ignore it took so long.

  9. SEA Says:

    New description and price today!

    “Great Fantastic House , property needs Work , Huge Back Yard.”

    “Aug 30, 2010 Price Changed $947,900 — MLSListings #81035900″

  10. nomadic Says:

    Interesting assumptions, SEA, but the records (which could be wrong of course) indicate that the first loan was a refi in 2003 rather than a new loan. Also, the initial purchase loan balance was $400,000 so at least they originally put 20% down. Comerica did the original loan and World Savings Bank handled the refi.

    But you’re definitely right about one thing: this place “should” be worth $1M after 15 years. Even a non-RBA house in the Bay Area “deserves” that!

  11. Gallileo Says:

    I think the agent mistook the pool for what it really is: A pool converted to a Koi pond.

    It’s Japanese. It’s Zen. It adds value. The overbid on this place will get it to 2 mil easy–doubling every seven years, just like every other house in the RBA.

  12. anon Says:

    Tee hee!

    Now this is a million dollar house!!

  13. SEA Says:

    nomadic- 94% of $950k = $890k. Based on the one PropertyShark loan, it’s hard to imagine how this place could be underwater.

    $890k is $250k above that $642k refi loan.

    It’s difficult to imagine this place selling short even with a negative amortization and a recent history of no payments.

    What’s the minimum distance between one of the FIVE sliding glass doors and that Koi pond?

  14. Pralay Says:

    The description says “Huge Back Yard”.

    Does this Realtard(TM) thinks that the buyer is going to buy it without realizing that it is 45 degree slope?

    Actually this backyard will be great a waterpark. Kids can slide down the slope and jump into swimming pool. Spash!!!

  15. Petsmart groomer Says:

    Somehow the owner never got to plant all the trees that are waiting in the front yard (as pointed out by nomadic earlier). Apparently the neighbor found the time to do just that.

    I’d like to think the price was reduced today because of, or thanks to, burbed.

  16. madhaus Says:

    You know you’re dealing with a high class joint when the only interior picture is of the kitchen cabinets and the appliances on the counter. Yeesh, the agent didn’t empty the drainboard or get the truck out of the driveway before snapping pictures.

    Conejo Drive… Conejo, conejo, co ne jo… I knew that Spanish would come in handy! Cojone! Ok, who has the cojones to buy this place? Or at least a jones to buy it?


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