August 22, 2010

Nobody Move! Bay Area Home Sales Seize Up (July Insider Report)

Nobody Move! Bay Area Home Sales Seize Up (July Insider Report)

Redfin’s monthly Bay Area real estate insider report draws from our proprietary database of information on homes for sale and that just sold, along with insight from our agents to get a sense of what’s going on in the market right now. If you’d like to receive the report via email, just sign up.

Howdy Bay Area Redfinnians!

Even though we’ve been busy adding school ratings to our website’s map, Redfin just cranked out our latest analysis of the Bay Area housing market, based on proprietary data and local broker insights.

The news is not good, at least for real estate agents: as federal and then California home-buying credits expired, the overheated Bay Area market began to cool in July, except where technology-driven employment continues to be strong.

From June to July, the mix of buyers has likely shifted away from the first-timers responding to the tax credit. In these situations, you expect to see median prices increase, but even so median home prices were down or flat from June to July in five of six counties.

While inventory declined slightly except in the beleaguered East Bay market, across all six counties sales volume fell through the floor. We think demand is going to continue to ease for the rest of the year, as buyers now take their time, unhurried by either interest rates or tax credits.

Whoops, this is a bit dated as I should’ve posted this earlier, but do click on the link to read more about the situation from Redfin!

Obviously, as we head into Fall bounce, and then Winter bounce, everything will change for the better!

Comments (16) -- Posted by: burbed @ 5:34 am






August 21, 2010

Buyer Tax Credit Ends, Bay Area Home Sales Plummet

Bay Area home sales tumble 22.5%

Carolyn Said, Chronicle Staff Writer
Friday, August 20, 2010

Bay Area home sales slumped by almost 23 percent last month compared with last year as the federal home buyer tax credit expired and buyers stayed on the sidelines despite record-low interest rates, according to a real estate report released Thursday.

"It was a significant drop," said Andrew LePage, an analyst with MDA DataQuick, the San Diego real estate service that released the report. "It was to be expected (after the tax credit expired), but no one knew the magnitude. For seasonal reasons, you normally see a bit of a drop from June to July, but this was triple that."

A total of 6,773 homes, including existing homes, condos and new homes, changed hands in the nine-county region in July, DataQuick said. That was a 22.8 percent decline from the same time last year and represented the lowest July sales volume in 15 years. For existing single-family homes, sales were down 22.5 percent to 5,104 homes.

The median price edged up as more high-end homes changed hands. For existing homes, it rose 5.9 percent to $432,500. For all homes, it was up 1.8 percent to $402,000. The median is skewed by the mixture of homes sold.

caution-housePlummet.  Tumble.  Drop.  Dive.  Head South.  Collapse.

No matter what your metaphor, properties are not flying through windows anymore.  Foreclosures are up in Silicon Valley, too.  Inventory is rising, many properties listed as pending are actually short sales that banks can put into limbo, while foreclosures loom on more and more high-end properties.  Check out this lovely location that just received a Notice of Default.

The average monthly sales drop between June and July is 6.3 percent, according to MDA DataQuick.  Wow, this spring had extra bounce from the federal tax credits!  It’s not every year you get a 22.8% drop once it’s over!

Those Debbie Downers over at the SF Chronicle just can’t stop the gloom and doom.  The article mentions double-dip several times.  Hey, you want a double dip?  How about two scoops of ice cream!  That should turn your frown upside down!  Then take a couple of swim sessions in your backyard pool… before the bank repossesses it!

Here’s more great news!  The average mortgage payment in the Bay Area is down to $1641 a month, down from $1709 last month.  Woo-hoo low interest rates!  If you adjust for inflation, that payment is 35 percent below the typical payment in spring 1989 (the peak of the last real estate cycle).  And compared to the July 2007 peak… it’s down 54.5 percent.  These numbers are not just affected by the record low interest rates.  Difficulty in getting jumbo financing keeps home loan amounts down as well.  Jumbo mortgages were 36.1 percent of July’s Bay Area loans.  That’s certainly up from January 2009’s 17.1 percent (the low for jumbos)!  Boo-ya!

But just to give you an idea how much RBA (Real Bay Area) Kool-Aid was being served recently, back before the credit crunch in August 2007, the percent of jumbo mortgages was… (are you ready?)

Over.  Sixty.  Per cent.

I can’t see why this should put any downward pressure on RBA home prices, though!

Comments (10) -- Posted by: madhaus @ 5:09 am

August 20, 2010

Have fun at the beach this weekend

Bacteria driving away beachgoers

By: Sarah Haughey
Special to The Examiner
August 5, 2010

Bacteria counts at levels unsafe for humans led to beach closings or advisory days, including 117 at Aquatic Park and 100 at Pillar Point in San Mateo County last year. (Getty Images file photo)

Bay Area beaches are among the worst in the state according to Testing the Waters 2010, the Natural Resources Defense Council’s 20th annual beach water report.

Out of 452 coastal beaches surveyed, San Francisco had the highest bacteria exceedance rate with 17 percent. While San Mateo County fell in the middle with 10 percent exceedance, its rate increased from 6 percent in 2008, said Leila Monroe, an oceans expert with the environmental group.

“Total monitoring in San Mateo County decreased by 12 percent,” Monroe said. “The frequency of water sampling is used to judge how well a county is doing in testing their waters.”

Rankings are based on water sampling frequency, exceedance of state bacterial standards and number of beach closings or health advisories.

The NRDC is encouraging counties in California to increase the frequency with which they monitor water quality. However, with state cutbacks, San Mateo County no longer has stable funding for recreational beach sampling, Health Services Manager Lorraine Lew said.

The NRDC is encouraging counties in California to increase the frequency with which they monitor water quality. However, with state cutbacks, San Mateo County no longer has stable funding for recreational beach sampling, Health Services Manager Lorraine Lew said.

“We will do the best we can with the resources we have, but the extent of sampling won’t be at the same level as in past years,” Lew said. “We don’t have the ability to fund cleanup efforts. This is a prime example of what a state budget cut looks like.”

Aquatic Park in San Mateo County saw 117 beach closings or advisory days last year, and Pillar Point followed close behind with 100 closures. Los Angeles is the only county in California with more beach closings than San Mateo.

Beach closings and advisories were issued after water-quality monitoring showed bacteria counts at levels unsafe for humans. Swimming in polluted beach water can lead to various illnesses including respiratory infections, gastrointestinal illnesses, skin rashes and pinkeye.

In general, storm water runoff is the biggest contributor to beach water contamination, but the Oct. 30 Dubai Star oil spill, which dumped up to 800 gallons of oil into San Francisco Bay, is likely responsible for the significant increases in the area last year, Monroe said.

“A big issue is that [San Mateo] is a very urban environment. When it rains, impermeable landscapes like concrete and asphalt cause rainwater to run off into storm drains and waterways, carrying pollution with it,” Monroe said.

In order to reduce the amount of contaminated water flowing into storm drains, the NRDC is promoting green infrastructure techniques.

“Green infrastructure uses vegetation, porous surfaces or retention devices to stop rainwater where it falls and either store it or allow it to soak back into the ground rather than flow to the ocean,” Monroe said. “It’s the best and most cost-effective way to keep beachgoers safe from dangerous pollution in the water.”

Just kidding. What were you thinking going to the beach anyway? Shouldn’t you be adding value to your new social networking iPad app that will make you millions?

Comments (7) -- Posted by: burbed @ 5:53 am

August 19, 2010

Affordable house on Wall Street for sale!

$479,000

3061 WALL St San Jose, CA 95111

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Beds: 3
Baths: 2
Sq. Ft.: 760
$/Sq. Ft.: $630
Lot Size: 8,050 Sq. Ft.
Property Type: Detached Single Family
Style: Traditional
Stories: 1
View: Neighborhood
Year Built: 1955
Community: South San Jose
County: Santa Clara
MLS#: 81033322
Source: MLSListings
Status: ActiveThis listing is for sale and the sellers are accepting offers.
On Redfin: 40 days
2 bedroom, 1 bathroom main house approx 760 sq ft plus 1 bed, 1 bath guest house approx 430 sq ft on this large lot. Both dwellings updated & perfect for the extended family or?? Newer windows; newer bathrooms, inside laundry, hardwood floors in main house. Close to shopping, convenient to freeway.

Thanks to Burbed reader sonarrat for sending this in!

Here’s what sonarrat had to say:

YESS!!! Who wouldn’t want to say they live on Wall Street? $630 a square foot, but if you add in the illegal outhouse, then it’s a mere $402.

It’s like living in Manhattan, but with the convenience and prestige of San Jose. Just think, you can go around telling all your friends “Yeah, I live in Wall St. Wall Street, San Jose that is!”

Hey since you’ve living the Wall St lifestyle, you can even have a servant live in your servant quarters. How sweet would that be! “Jeeves, please fetch me another Corona!”

And it’s the same size as a condo in Manhattan too! Win win win!

Comments (13) -- Posted by: burbed @ 5:30 am

August 18, 2010

HOW DO THEY AFFORD IT?

HOW DO THEY AFFORD IT?

Kelly Zito, Chronicle Staff Writer

The housing market is red-hot in the Bay Area. So, who’s buying those pricey homes — and how are they able to do it? The answers: Young professionals. Riskier loans. Longer commutes. Smaller houses. And, in some cases, a lot of peanut butter and jelly..

With Hayes Valley condos selling for $750,000 and Livermore tract homes fetching $1.3 million, the question is on everyone’s lips: Who’s paying these stratospheric prices?

The answer, increasingly, is young professionals who are devoting exorbitant portions of their incomes to housing, according to a new study.

"It’s painful, more painful than I thought it was going to be," said Kris Crichton, who bought a $640,000 condo in San Francisco‘s SoMa neighborhood using $50,000 in equity from a home she owned with her former husband and an interest-only loan for part of the mortgage. "I’m eating ramen and PB&J every day, but at least I have a house."

Recent California homebuyers are finding novel ways to stretch into the nation’s most expensive real estate market, including taking out riskier adjustable loans, leveraging existing equity, and choosing smaller homes and longer commutes, says a study released today by the Public Policy Institute of California in San Francisco.

"Californians are being resourceful about homeownership just like they are about many other parts of life," said Hans Johnson, co-author of "California’s Newest Homeowners, Affording the Unaffordable."

But one of the study’s most surprising conclusions finds that nearly 1 out of every 5 recent California homebuyers is spending 50 percent or more of his or her income on housing costs — twice the national average (the study defines recent home buyers as those who purchased homes in 2002 and 2003). Though 2004 and 2005 data were not available to include in the study, Johnson said the percentage is likely even higher today.

Experts fret that consumers are placing an expensive bet on an overheated market that is expected to cool off. "I worry there are going to be a lot of unhappy young couples five to 10 years from now because of the heavy risks they’re taking on," said Ed Leamer, economist at the UCLA Anderson Forecast.

The study — which primarily analyzed 2000-2003 data from the U.S. Census Bureau, the California Association of Realtors, DataQuick, the National Association of Home Builders and the regulator of Freddie Mac and Fannie Mae – – examined how homeownership rates across the state are rising at a time when prices are fast outpacing income growth.

Some of the explanations sound familiar.

Californians, on average, make more money than people in other states. In 2003, for example, nearly 1 in 5 recent home buyers had a household income of more than $125,000, compared to 1 out of 10 in the rest of the country.

And amid rapidly rising home prices — about 47 percent in the Bay Area in the last three years, according to DataQuick — many are trading up using equity from the sale of another property. Three out of 4 homes sold in 2004 went to people who had previously owned a home, the study found.

Jason Morrison and Andrea Sumits bought their first house in North Berkeley three years ago after living with Morrison’s father in Lafayette for a year to save money for the down payment. Armed with perhaps a couple hundred thousand in equity from a sale, the couple hopes to move into a bigger house on a quieter street, either in Berkeley or Marin County.

Increasing numbers of both trade-up and first-time buyers in the state are allotting a fat chunk of their incomes to their house payments. Although the U.S. Department of Housing and Urban Development recommends that households pay no more than 30 percent of their incomes on housing costs, 40 percent of all households in California with mortgages and 52 percent of the newest home buyers exceed that threshold. In the Bay Area, 44 percent of recent home buyers dedicated 30 percent or more of their household incomes to homeowner costs, which include mortgage, real estate taxes, insurance, utilities and condo fees, the study said.

Caltrans landscape architect Marty Hogan is among a growing share of homeowners whose housing costs eat up a whopping 50 percent or more of their income.

Last September, Hogan, 49, bought his first home — a two-bedroom condo in Hercules for $301,000. He jokes that his mortgage payments are twice his old rent, but he figures that after deducting the mortgage interest from his taxes, he will come out ahead.

"You just adjust," Hogan said. "You’re still a little broke, but it’s not too bad."

Competitive lenders and a flood of investment in bonds and real estate are helping drive the trend toward smaller down payments, easier credit standards and larger percentage of income spent on housing, experts say. But no one seems to know whether the lending standards have grown too loose.

Almost 50 percent of home purchases in Californians last year were financed using interest-only loans, up from about 2 percent in 2001. As such, financially stretched buyers could quickly find themselves at the breaking point if home values were to stagnate or interest rates to jump.

"Everything works out well provided home values are rising and the economy and jobs remain strong," said Keith Gumbinger, vice president of HSH Associates, a mortgage information firm in New Jersey. "But in an adverse environment, those borrowers can get into trouble."

Likewise for lenders.

"If the risks are distributed, there’s not that much of a problem," said Gumbinger. "But if there’s an accumulation of risks out there, a lender who has accumulated a lot of these loans, and they fall over at the same time … that could pose some systemic risks."

Among the study’s other unexpected findings was that homeownership has risen among those in their early 30s. What’s more, many buyers in the last several years have moderate or even modest incomes — between $40,000 and $80,000.

An account manager at a fair-trade nonprofit in Oakland, Kristina Pappas describes her income as being at the low end of that spectrum. Still, by using a risky type of adjustable-rate mortgage and renting out a couple of rooms in the Mission district condo she bought late last year, Pappas, 35, has been able to get by.

"I don’t worry that it’s a gamble because … it’s my home — it’s not an investment for me," she said.

Others buyers have had to compromise on space or location to get a toehold in the market. One-third of recent California home buyers purchased dwellings with two or fewer rooms. And in Northern California, for example, prices are soaring in places like Yuba City, Merced, Redding and Stockton as refugees from the Bay Area flee to the lower home prices in the Central Valley.

Dan Kalb and his fiancee didn’t have to go that far.

Kalb, who had lived in San Francisco for 21 years, originally started his home search in San Francisco. But af
ter finding they could afford little more than a closet in the city, they quickly redirected their search to Oakland and Berkeley. After about a dozen failed offers, the couple landed a $700,000, 1,165-square-foot Craftsman-style home with two bedrooms in the Rockridge section of Oakland.

"It’s definitely smaller than what we wanted, but it’s a good neighborhood," said Kalb, a policy manager for an environmental nonprofit organization.

Melita and David Doostan were able to get a bigger place than they originally imagined — a triplex in North Berkeley. Their secret? Parents. David’s father kicked in about half of the down payment on the property.

"We’re lucky, we can pay that back — whenever," David said. "A lot of people scrape together whatever they can to make it work."

Gleb Budman, who looked at a $729,000 condo in Noe Valley last weekend, also expects to use all the tricks he can — financial help from family, an interest-only loan and renting out rooms.

"All of the above," he said.

I thought it would be fun to post this trip down memory lane. Originally published on August 18, 2005.

A few things have changed since then. A few.

Comments (64) -- Posted by: burbed @ 5:32 am

August 17, 2010

Location, Location, Location, At Last

This occasional series has looked at several listings on the same street.  First there was the English Garden Shed, then the Vampire Frat House, and our latest Lincoln link was Limestone and Marble and Rock, Oh My! (the one with MAGICAL GARDENS near a busy street).  We’ve run through three neighborhoods: Community Center, Professorville, and Crescent Park; and three building styles: English Cottage, Craftsman, and Spanish. 

Today’s featured property finishes us right back where we started: English Country in Community Center.  The house is still for sale, but the price is a mite higher.

750 Lincoln Avenue, Palo Alto, CA  94301
$2,750,000

image

Beds: 5
Baths: 4.5
Sq. Ft.: 3,321
$/Sq. Ft.: $828
Lot Size: 5,625 Sq. Ft.
Property Type: Detached Single Family
Style:
Country English
Stories: 2
Year Built: 1998
Community: Community Center
County: Santa Clara
MLS#: 81034935
Source:  MLSListings
Status: Active This listing is for sale and the sellers are accepting offers.
On Redfin: 8 days

PICTURE PERFECT & TRADITIONAL with stone exterior covered in Boston Ivy * High ceilings, detailed moldings, quality finishes * Full basement w/ recreation room * Romantic English garden for sweet indoor/outdoor living * Great neighborhood with lots of family action in walking distance: Community Center (park/libraries/theater/clubs/special events); Schools(Addison/Jordan/Paly); & alluring Downtown

Now that’s a new real estate term for today: Family Action.  I’ve heard “Fun for the whole family isn’t,” so maybe “Family Action” has them each running for a different neighborhood feature.  But at least this house isn’t hiding any extra floors on railroad tracks, the agent was kind enough to spell out most of the ad copy, and even threw in a few asterisks to show us how exciting Family Action can be!  The garden may not be MAGICAL but at least it’s sweet.  And no sign of vampires, with or without a Stanford degree.

Why hasn’t this PICTURE PERFECT & TRADITIONAL house sold yet?  It’s got Boston Ivy!  That means Harvard!!! 

Look, you can hardly see that dreadful lemon line in the lower left corner.  Wow, what’s with that funny orientation of the lots on this block?

image

Perhaps it’s the neighbors?  Or the neighbors’ vehicles?  This is right across the street, but as bad vehicles go it’s pretty innocuous.

image

It’s certainly easier on the eye than the house directly across the street:

image

Wow.  Looks secure.  Maybe it’s an extraordinary rendition center.  Hope they soundproofed the interior walls!  On the plus side, no chance of parking RVs on the lawn.

Update: The house still on the market after 30 days.  No doubt it’s in “Soon Pending” status!  So what if it sold for $2.3 million just 5 years ago?  If it will be double in ten years, it should be up by half now!  Remember, to get Real Bay Area price, all you need is one Real Buyer!  Preferably a Real Buyer who doesn’t know Real Issue about which side of 94301 is the best location.

Comments (134) -- Posted by: madhaus @ 5:02 am

August 16, 2010

Untapped equity waiting for you to tap in Mountain View

$1,499,999

image

Beds: 3
Baths: 2
Sq. Ft.: 2,029
$/Sq. Ft.: $739
Lot Size: 5,750 Sq. Ft.
Property Type: Detached Single Family
Style: Traditional
Stories: 2
View: Neighborhood
Year Built: 2007
Community: Downtown
County: Santa Clara
MLS#: 81033665
Source: MLSListings
Status: Active This listing is for sale and the sellers are accepting offers.
On Redfin: 24 days
Beautiful custom Craftsman style home built in 2007 and located in highly sought after Old Mountain View Neighborhood. This home was designed for maximum space and features an open floor plan. Filled with premium features and skylights throughout. Serene backyard with custom built playhouse. Nearby amenities include CalTrain, lightrail, and walking distance to vibrant downtown Mountain View!

Thanks to Burbed reader S.L. for this find!

S wanted to call attention to this curious statistic:

image

Wow! Look at all the trapped equity waiting in this… uh… non-fixer-upper!

As we all know, real estate operates in a 5 year cycle – so if you buy this today, it should definitely resume the $1.8M price by… July 11, 2012! Boom! Instant riches!

Thanks for the investment advice!

Comments (11) -- Posted by: burbed @ 5:10 am

August 15, 2010

Should Government Encourage Homeownership?

I realize asking this question on a real estate blog is a bit like asking RBA parents whether it’s advisable to raise school taxes.  All I can say is Not my fault, USAToday brought it up.

Feds rethink policies that encourage home ownership

image By Paul Wiseman, USA TODAY

Just how much should Uncle Sam do to help Americans buy their own homes?

For 70 years — and for the last 15 in particular — the answer has been: Whatever it takes.

Now, policymakers are pausing to reconsider. In the next few months, they’ll weigh whether there can be too much of a good thing when it comes to helping families finance the American Dream.

The rethink could mean a shake-up for a mortgage market addicted to government subsidies.

“This process of figuring out the government’s role is going to involve some hard choices,” says Alyssa Katz, author of Our Lot: How Real Estate Came to Own Us. “The moment you start changing the nature of what is guaranteed by the government, what is subsidized, you start to change the alignment of winners and losers. … We took for granted that anyone could get a mortgage.”

This is not only a long piece for USAToday, it actually runs longer than most of my Sunday essays here on Burbed.  There’s a lot in this article, and most of you will probably TL;DR the thing.  So here are the major ideas.  (I realize that my trying to shorten a teal deer essay is going to be about as effective as asking Steven Slater to give a rousing pep talk about the joys of being a flight attendant.)

  • Previous policies led US to massively overinvest in housing
  • Treasury Secretary Geithner said reforms must make mortgage credit widely available, promote affordable housing for buyers and renters alike, protect consumers from predatory lending, promote financial stability.
  • Government sponsored enterprises such as Fannie and Freddie are providing funding for 90% of all mortgages now, unlike in 2005 where plenty of private lending.
  • Fannie and Freddie privatized profits and socialized losses to taxpayers.  Next incarnation won’t do so.
  • If they are taken away, there goes a homebuyers’ subsidy as mortgages will be more expensive.  Upper middle class homeowners vote.
  • 30 year fixed mortgages encouraged by Fannie and Freddie but bad bet for banks.  If rates are low they are poor return, if rates are high, borrowers refinance when rates go down again.  Contrast with the pre-WW2 model: 50% down, 5 year mortgage, balloon payment.
  • Government may switch to subsidizing apartments for renters instead of lower-rate mortgages
  • image Until now $230 billion spent on homeowner subsidies (including $80 billion mortgage interest deduction) versus $60 billion for renter programs.  Renters need the help more, 45% of them spend more than 30% of income on their rent, which is definition of affordable housing.  Furthermore 71% of bottom third income renters spend over half income on rent.
  • Richard Florida notes policies encouraging suburban homebuying no longer benefit economy as it did after WW2.  Money spent on furnishing a home no longer supports American industry as appliances, furniture mostly made elsewhere.
  • More homeowners mean fewer people moving where the jobs are.  Moving rate was 20% in 1985 but down to 11% in 2008.  Florida found high-homeownership cities lag in job creation.  (I hope this sounds familiar, as I’ve already written about his observations on this very topic.)
  • Florida thinks the Ideal homeownership rate to aim for should be 55%.  Current rate is 66.9%, projected to fall to 62% by 2012, a rate last seen in 1960.

I’m sure there’s more to say, so why don’t you say it in the comments.  Is it time for homeowners to pull their own weight and stop sucking the government teat?  Are Angry Renters angry for a damned good reason?  Are there just some people who shouldn’t be homeowners even if they can fog a mirror?

Comments (46) -- Posted by: madhaus @ 5:06 am

August 14, 2010

Landlord Calls Out Deadbeat Tenants With Spray Paint

Here’s a nice cheery story that could not possibly happen in the Real Bay Area (RBA).

Fed up landlord spray paints "deadbeat tenants" on home

By Tom Roussey
Posted: Aug 04, 2010 7:50 PM PDT
Updated: Aug 05, 2010 7:57 AM PDT

CHARLOTTE, NC (WBTV) – A landlord who says she’s fed up with some tenants who refuse to pay their rent decided to take matters into her own hands with spray paint.

Landlord Vanessa McCants spray painted the words "deadbeat tenants" on a house she owns in the Reedy Creek subdivision of Northeast Charlotte.

McCants says the tenants have not paid the $1300 a month rent since June 1st, and have now missed two payments.

McCants says the home is being foreclosed on and will be auctioned off next week.

This is the sort of story that demands a visual.  Fortunately for you, both parties are stupid enough to do so, just so they could be on television.  Be sure to catch when the landlord calls her tenants “ghetto people” at around 1:23.

So, the tenants don’t want to pay rent because the landlord is about to get foreclosed on.  The landlord says it’s still her house so they must pay the rent, or as she put it, “The bank don’t have it yet.”  The auction should have just happened this week.  McCants believes the tenants stopped paying the rent, figuring eviction proceedings would take longer than the foreclosure process.

The tenant, Shanae Jackson, admitted withholding the rent, since she said she couldn’t afford to both pay rent and pay for a move.  She said her security deposit should cover the rent, but McCants said the deposit was to cover damage.  Jackson called the police about the garage tagging, but was told it is not a crime for a landlord to spray paint her own property.  Whew!  And you thought the only benefit to homeownership was the joy of watering your own lawn!

Of course, landlords not paying their mortgages while collecting tenant rent is a problem that never happens in the RBA, just in the East Bay.  In the RBA, if a tenant stopped paying rent, the landlord would simply refinance another property to cover the cashflow disruption.  Besides, the tenant is probably putting the rent money into their Web 3.0 startup… in the very garage the landlord isn’t spray painting.

Comments (3) -- Posted by: madhaus @ 5:02 am

August 12, 2010

A gingerbread house in Millbrae

Beds: 2
Baths: 1
Sq. Ft.: 1,300
$/Sq. Ft.: $615
Lot Size: 5,664 Sq. Ft.
Property Type: Detached Single Family
Style: Traditional
Stories: Bi/Split Level
View: Neighborhood
Year Built: 1942
Community: Highlands
County: San Mateo
MLS#: 81036820
Source: MLSListings
Status: Active This listing is for sale and the sellers are accepting offers.
On Redfin: 7 days
Gingerbread Split Level Millbrae Highlands Home! Large living room with fireplace, hardwood floors. Formal dining room hardwood floors. Kitchen with breakfast nook and family room. Two large bedrooms and bathroom. Large utility room with laundry area. Bonus room. One car attached garage. Large covered patio, deck, brick walkways, garden/tool shed. Adjacent to Spur Trail. Close in location.

Thanks to Burbed reader J.W. for this find.

Wow… it’s a “gingerbread” house! I bet it’s full of surprises!

image

I’m going to bet that this fireplace is a secret passage to a magical place. One where houses will appreciate 15% year over year in Millbrae.

image

Um…. so… yeah… there’s this floating desk….

image

Uh… yeah… so there’s this jail for toddlers…

image

… and you reach it all by climbing the ladder out of the tub!

What the heck??

Comments (8) -- Posted by: burbed @ 5:16 am