September 29, 2010

MUST SEE TO APPRECIATE! NOT AN REO OR SHORT SALE!!!

Here’s a great find from burbed reader Herve, who says, “Check out that location and tell me if anyone would want to spend $1,250,000 there.”

$1.25M in Menlo Park?  That’s not out of line at all for a larger house.  Menlo Park has some very nice neighborhoods.  Unfortunately, this is not in one of them.

1151 Windermere Ave  Menlo Park, CA 94025
$1,250,000

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Beds: 5
Baths: 3
Sq. Ft.: 2,330
$/Sq. Ft.: $536
Lot Size: 5,403 Sq. Ft.
Property Type: Detached Single Family
Stories: 2
Year Built: 1947
Community: East of U.S. 101
County: San Mateo
MLS#: 81044545
Source: MLSListings
Status: Active
On Redfin: 14 days

NOT AN REO OR SHORT SALE!!! 5-6 BED, 3 BATH, 2 STORY HOME LOCATED ON A GREAT CORNER LOT WITH RV ACCESS, 2 MASTER SUITE AND CENTRAL HEAT AND AIR. TOTALLY REMODELED IN 2006. MUST SEE TO APPRECIATE!

What is the price point when a listing isn’t in all-caps?  Silly me, I had thought it was in six-digit land.  Guess the rules are different when the listing is NOT AN REO OR SHORT SALE!!!

The first photo above seemed odd, because it looked like it was taken from a street behind another street.  It was:

image

At least Howard street doesn’t go through; there’s a sidewalk cutting it short.  Nothing like living at a five-way intersection for great feng shui.  And nothing like the neighborhood for great property values:

image

Oops.  This place isn’t just on the Wrong Side of of El Camino Real.  It’s in the exciting community of Belle Haven, Wrong Side of 101!  Let’s see how Belle Haven compares with its zip code.

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Um… wow.  Guess they came up with that $536 a square foot price by averaging the neighborhood cost per foot with the whole zip code.  But look, the house sold for $145,000 in 1989, right as the last bubble was running up, It’s more than doubled in 20 years, so it has to be in the Real Bay Area!  Plus it was TOTALLY REMODELED IN 2006.  This is definitely the neighborhood to do an expensive remodel (did you see that Jacuzzi?), because the price has nowhere to go but up, up, up!

Comments (63) -- Posted by: madhaus @ 5:03 am

63 Responses to “MUST SEE TO APPRECIATE! NOT AN REO OR SHORT SALE!!!”

  1. sonarrat Says:

    Should read “Not a short sale or REO! (yet)”

  2. maryjane Says:

    One of my favorite games is going into a 5-6 bedroom house and trying to find all the ‘bedrooms’. I especially love it when the realtor isn’t sure if it is 5 or 6.

    I love the juxtaposition of the girly decor and the big black truck. Other selling points – low ceilings, TOTALLY REMODELED 2006 yet bath looks circa 1980′s, cheap kitchen cabinets and of course LOCATION, LOCATION, LOCATION.

  3. maryjane Says:

    What’s going on in picture #2? Is that a TV OVER the TV?

  4. Petsmart Groomer Says:

    > At least Howard street doesn’t go through

    I wonder why Howard St is even there. It does not seem to serve any purpose other than making lots smaller.

  5. nomadic Says:

    #4 – Symmetry with Chilco Street?

    #3 – I was wondering the same thing. Also, why is the picture on the bedroom up against the ceiling?

    A new flip tip – when you do an extensive remodel, don’t use materials from two decades ago and don’t decorate with the stuff you bought two decades ago.

  6. Real Estater Says:

    >> Is that a TV OVER the TV?

    Haven’t you heard of Picture-N-Picture?

  7. . Says:

    > What’s going on in picture #2? Is that a TV OVER the TV?

    yo dawg, i heard you like tv, so i put a tv over your tv so you can watch while you watch.

    it’s actually a picture of niagra falls.

  8. SEA Says:

    For the Math is Hard guy-

    Did you notice that Belle Haven’s sale/list ratio is 101%? Yes, you know what that means! Over-bidding!

    Now for the math question:

    How much per square foot does this place need to sell for to cover the kids’ college education?

  9. Real Estater Says:

    >>i heard you like tv, so i put a tv over your tv so you can watch while you watch.

    For the price of this home, I would expect to see one in the bathroom.

  10. SEA Says:

    I’ve often wondered about RV claims: “WITH RV ACCESS”

    Just what I want. I want to spend over $1M to get “RV ACCESS.” And I’m sure I’ll love looking at all the RVs in the neighborhood.

    Reminds me of a friend who complained about the cost to fill his Bentley up with gas. I just don’t get this stuff.

    Just to be clear:

    1. For $1.25M I expect “NO RV ACCESS,” given it appears that caps are necessary.
    2. If you drive a Bentley, I don’t want to hear you complain about the cost of the fuel.

    And for the Math is Hard guy:

    Is 2.5 times not a lot of money (2.5 x $500k = $1.25M) still not a lot of money?

  11. ROI Says:

    SEA – I think the RV might be one of the bedrooms.

  12. Real Estater Says:

    For the South East Asian guy:

    Is $100 a ton of money or an obscene amount of money?

  13. SEA Says:

    Let’s compute the value of a ton of money.

    Today an average Penny weighs 2.5 grams. There are 453.6 grams in a pound. A ton is 2,000 pounds (or some other amount, depending on the type of ton, but let’s assume 2,000 pounds to a ton).

    We need 907,200 grams of Pennies to make a ton, or about $3,628.80. Thus $100 is not a ton of money, unless it comes with Real Estater’s wife.

    Since $100 is not a ton of money, it must be an obscene amount of money, given this must be a bifurcation.

    Now, Mr. Math is Hard, can you answer the two questions above?

  14. DreamT Says:

    “MUST SEE TO APPRECIATE!”
    That’s the thing with this house. Unless you organize tours and bring busloads of tourists to see the house, it won’t appreciate. Very good of the agent to point this out – gotta protect that equity!

  15. maryjane Says:

    I’m starting to develop a little sympathy for these poor real estate agents.

    Someone brings you this listing and you have to find something nice to say about it. It’s like working for an advertising agency and they drop the Charmin account in your lap. On the one hand you’re happy for the work but on the other hand you have to make wiping yourself sound attractive.

    I’m sure the owner thinks he’s not getting 1/2 of what it’s worth and the realtor is thinking $799,000 and it might sell.

  16. anon Says:

    These very same realtors have spent multiple decades convincing people that home prices always go up. Having to now explain to your clients and deal with the consequences of wishing prices seems fitting to me…

  17. maryjane Says:

    Anon-

    If they could do anything else they would. We’re not talking rocket scientists here. They believed prices only go up because it was all they were able to observe and no one ever taught them that things can happen even if they aren’t directly observable.

    At least they’re not resorting to human sacrifice to make the prices go back up.

  18. madhaus Says:

    … yet.

  19. Real Estater Says:

    maryjane,

    Not sure if you work, but in case you do, do you try to market yourself with your resume, or do you consider it as making wiping yourself sound nice?

  20. TheGilroyAlex Says:

    What is the matter with you people? Look at the arial photo, it’s a symbol of a diode! You need to buy this property, that’s lucky as hell! Move there, and you’re guaranteed to become a silicon valley multi-millionaire.

  21. Alex Says:

    #13, SEA,

    very nice demonstration of simple algebra to our math-challenged, on-wrong-side-of-Middlefield Faux Estater.

    >> Thus $100 is not a ton of money, unless it comes with Real Estater’s wife.

    Trust me. She doesn’t charge that much.

  22. madhaus Says:

    #20: Diode? The lot is shaped like Indiana. That makes this place flyover country!

  23. nomadic Says:

    >> Thus $100 is not a ton of money, unless it comes with Real Estater’s wife.

    Trust me. She doesn’t charge that much.

    OHHHH, I took that completely differently. As a weight joke.

  24. maryjane Says:

    #19 – What I’m saying is that the poor realtor is only trying to market this as best he can. The reference to the Charmin account was only to point out that sometimes there just isn’t much to work with and you have to make a negative sound positive.

    For years houses sold easily despite their flaws and eventually realtors began to think they could make prices rise because if you wish something hard enough you can make it happen. If they could understand something like a yield curve they would have thought it had to be positive. They thought that any economic problem ever encountered in the long ago days of darkness had been fixed and could never happen again.

    But now strange things are happening. Houses are selling for less, not more. People are being picky. Loans are scarce. It’s as if the moon has moved in front of the sun and darkness has descended on the land or the long dormant volcano has erupted. Realtors don’t have much to fall back on. They thought they were selling savants – but people aren’t listening to them anymore. They thought they understood the economics of home buying – always buy more than you can afford because prices always go up but that’s wrong too. The world they knew is in turmoil and they don’t understand why these things that have never ever happened before – well, not since the 1980′s – are ruining their world.

    All I’m asking is for a little compassion for these poor simple souls. They have to work as best they can with their primitive knowledge of the world and they’re frightened.

  25. anon Says:

    no

  26. SEA Says:

    maryjane- REALTORS are like attorneys in that they get paid no matter which side they lie on.

  27. Mole Man Says:

    Realtors only talk about prices going up if you let them. Ask about the features, look at the place if it might fit, and tell them to skip the rest and you might get a different experience. I don’t mean to excuse tedious selling techniques or pretend they don’t happen, but knowing how sales people work and fitting your needs to that is part of the game. No real estate agent ever forced anyone anywhere to buy a house. Talk about prices going up was an integral part of the market for a while. Buyers made it happen because they kept lapping it up like starving dogs.

  28. maryjane Says:

    SEA – yes but someone needs to want what they’re selling which brings me back to my original point that no matter how much lipstick you put on a pig it’s still a pig. People used to look at it and think “Hmmm, at the worst I’ll have pork chops all winter” but now they just see a greedy beast that needs constant feeding and will probably run away.

    Besides, attorneys actually have to know something.

  29. SEA Says:

    maryjane- So forget about ethics in advertising?

  30. maryjane Says:

    Ethics is usually an advanced course therefore realtors never get that far.

  31. SEA Says:

    Ethics is to REALTORS as Einstein is to High School Physics?

  32. Alex Says:

    >> Ethics is usually an advanced course therefore realtors never get that far.

    damn. all the zingers on this thread today!

  33. maryjane Says:

    Are you surprised they’re ethically challenged when they can’t spell? Or use grammar correctly? Or even use spell CHECK? Or use expressions like ‘curve’ appeal? Or street PRESENTS? And yet people seem to trust them with million dollar purchases. I’m certain that their grasp of geography is so minimal that they think Belle Haven IS in Menlo Park.

    Maybe during the downturn some of them can to to Remedial Realtor’s School.

  34. SEA Says:

    “Maybe during the downturn some of them can to to Remedial Realtor’s School.”

    A math is hard school?

  35. Real Estater Says:

    I haven’t seen ethics being an issue with realtors in the area. Most of the time they don’t need to do much to sell the property. The properties sell with multiple offers due to market demand, not realtor advertising. Most buyers these days are well informed due to the internet. The realtor is just there to handle the transaction.

  36. maryjane Says:

    I think we could be on to an good idea here – Wyotec for Realtors! They could all take out student loans to pay the outrageous tuition and we could promise them a job once they graduate by pointing out how busy the market was during the bubble. Really, we would be doing god’s work, don’t you think?

  37. maryjane Says:

    >>The realtor is just there to handle the transaction.

    So commissions should be coming down? Surely they can’t expect to be paid if the buyer is doing all the work.

  38. SEA Says:

    OMG! Look at #35!

    “I haven’t seen ethics being an issue with realtors in the area.”

    Of course you have not noticed.

    “Most of the time they don’t need to do much to sell the property.”

    How much is not doing much worth?

    “The properties sell with multiple offers due to market demand, not realtor advertising. Most buyers these days are well informed due to the internet. The realtor is just there to handle the transaction.”

    Simply put: Buyer beware!

  39. maryjane Says:

    #35

    The laziness inherent in that statement just screams volumes about the attitude of realtors.

    “Most of the time they don’t need to do much to sell the property.”

    Doesn’t that say it all.

  40. SEA Says:

    maryjane- Looks like the options are getting slim:

    1. Bail those REALTORs, that don’t do much to sell the property, out with housing tax credits.
    2. Bail them out with transfer payments.
    3. Deal with an increased number of transient guests.

    Do we really need people who don’t do much dragging our economy down?

    Maybe we need the “Math is Hard” retraining school.

  41. maryjane Says:

    I think they could all be retrained and taught a skill. We need more green jobs – how about a wind farm of former realtors blowing hot air at windmills?

  42. Pralay Says:

    The realtor is just there to handle the transaction.
    —–

    Really! I always viewed realtors in high regard. I thought

    - They should be trusted for giving us factual and accurate information about housing market and assessment about Silicon Valley economics.

    - They are so good at helping people that there is a “cicle [sic] in heaven” for realtors.

    I simply refuse to believe that someone can get admission in the circle in heaven just handling transactions. They must be better and nobler than that.

  43. Alex Says:

    >>“Most of the time they don’t need to do much to sell the property.”

    >>How much is not doing much worth?

    #38 SEA,

    Realtors who don’t do much work should get paid not a whole lot of money.

    $500K = Not a whole lot of money.

    Therefore, realtors should be paid $500K.

    *sneer*

  44. SEA Says:

    $500k

    Ding, Ding, Ding!

    Thanks for bringing me back to the RBA.

    zing +1

  45. madhaus Says:

    $500K? Per transaction?

  46. Real Estater Says:

    I think it’s easy to underestimate the challenges of a job without being in the job. During the hot market period (which is most of the time), a realtor may submit 10 offers before 1 is accepted. He or she may be spending many weekends showing houses to a client before an offer is made. After the deal is done, part of the commission goes to the broker firm.

    There’s only one easy job in the world, and that’s being a house wife.

  47. Petsmart Groomer Says:

    It sounds like Real™ Estater’s wife is a realtor.

  48. maryjane Says:

    >>“Most of the time they don’t need to do much to sell the property.”

    >>I think it’s easy to underestimate the challenges of a job without being in the job.

    In other words you have no idea what you’re talking about. Keep making it up as you go along.

    >>There’s only one easy job in the world, and that’s being a house wife.

    Is that from personal experience?

  49. Real Estater Says:

    >>Is that from personal experience?

    You should be telling me.

  50. Real Estater Says:

    >>In other words you have no idea what you’re talking about.

    Read the context. Translation:

    >>“Most of the time they don’t need to do much to *promote* the property.”

    That’s different from saying it’s like house work.

  51. Brian Says:

    Thought I would share this with Burbed since I know he/she loves bragging about CA’s prices

    http://www.newjerseynewsroom.com/economy/alpine-nj-no-longer-most-expensive-zip-code-in-us

  52. madhaus Says:

    What’s even more bizarre is that the above is supposed to be a humor column. Hint: If you have to tell us it’s a humor column, now that’s not funny.

    To Brian, and everyone else: To have a story considered as a burbed feature, please email it to burbed@burbed.com If you post the link here, by the time the feature appears, everyone has either discussed it in the day’s thread. Or more likely they’ll ignore it.

    If you just want to discuss a story in comments, by all means share a link.

  53. madhaus Says:

    #47: That’s because she isn’t qualified to be a house wife [sic].

  54. SEA Says:

    Next time I’ll let my REALTOR know that, yes, I’d like fries with that. I’m sure I won’t ever understand the work, but all I care about is results.

  55. SEA Says:

    fröhlichhaus- “$500K? Per transaction?”

    Remember: It’s not a lot of money.

  56. anon Says:

    … it really isn’t…

  57. Real Estater Says:

    SEA,

    You look like an idiot by repeating that phrase about $500K. Only Bob here would be on the same page as you. Remember, you’re not in Kansas anymore. If madhaus were to sell her shack, she would have around a million dollars…and remember, she still cannot afford 94301 (despite whatever the graph says. If she could, she would).

  58. Alex Says:

    Pralay, please link to the original post where the idiot made the comment about $500K not being a lot of money.

  59. Real Estater Says:

    No need to link. I’ll say it again: $500K is not a lot of money here in Silicon Valley. It’s a serious statement.

  60. SEA Says:

    This is the comment that started it all.

    But pointing it out makes one look like an idiot, but please read #59.

  61. NoU Says:

    Real Estater was the fat kid in school that always got beaten up. Now he’s the fat kid pretending to be a cool kid on an anonymous blog but the bloggers are still beating him up. rofl.

  62. Petsmart Groomer Says:

    Reduced to $1,150,000.

  63. Petsmart groomer Says:

    Reduced to $875,000 (after having been relisted for $1M and then reduced to $950k).


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