November 30, 2010

Black Friday: Cheapest home in San Francisco is … on Market St!

$125,000
Beds: 2
Baths: 2
Sq. Ft.: -
Lot Size: -
Property Type: Luxury, Condominium
Style: Modern/High Tech
View: Downtown
Year Built: 2007
Community: Financial District
County: San Francisco
MLS#: 377229
Source: San Francisco MLS
Status: ActiveThis listing is for sale and the sellers are accepting offers.
On Redfin: 31 days
Firesale! Listed over 40% off retail price! Hurry this is a deal. Enjoy Ritz-Carlton luxury club (RCC)! FRACTIONAL ownership (NOT FULL TIME) in RCC is ideal for those outside S. F. who come here often and stay overnight. 1/12 deeded ownership includes: minimum use of 21 days/year, unlimited space available per diem days, reciprocal use at other RCC resorts + RC hotel discounts/upgrades! HOA dues INCLUDE property tax.

It’s Black Friday week! The search is on for DEALS DEALS DEALS!

Whiny people are always complaining that there’s no affordable housing in San Francisco. BOOM. This amazing deal proves them wrong.

2 bedrooms and 2 bathrooms for a mere $125,000. I mean, seriously… that’s like Texas pricing.

Now, sure, you can only live here 21 days a year… but really, aren’t you at work most of the time anyway? Just buy two of these, and you can have a weekend home! Just sleep in your cube the other 313 days! What, are you planning to slack off?

Yes, my friends, this is an amazing deal in an amazing city! What’s stopping you from snatching this up?

Comments (20) -- Posted by: burbed @ 5:14 am






November 29, 2010

Black Friday sale: Half Moon Bay beach house!

$109,000

 

Beds: 1
Baths: 1
Sq. Ft.: 650
$/Sq. Ft.: $168
Lot Size: -
Property Type: Detached Single Family
Style: Cabin
Stories: 1
View: Ocean
Year Built: 1910
Community: Tunitas Creek
County: San Mateo
MLS#: 80935619
Source: MLSListings
Status: ActiveThis listing is for sale and the sellers are accepting offers.
On Redfin: 477 days
OCEAN FRONT HOME ON LEASED LAND. THIS IS ONE OF THE MOST SPECTACULAR BEACHES YOU’VE EVER SEEN!!LOOK WHERE YOU CAN LIVE. DOES IT GET ANY BETTER THAN THIS? HOME NEEDS SOME TLC BUT THE VIEW IS TO DIE FOR.

It’s Black Friday week! The search is on for DEALS DEALS DEALS!

This is the cheapest property in all of San Mateo county! And what a deal! Sure it needs some TLC, but at $109k, this is basically a stocking stuffer for your beach loving son/daughter!

Look, the view is to die for!

image

Oops… hold on… I’ve got a call from Oceanic Airlines. They’re askin
g for Jacob – has he seen their plane? No… must be a wrong number call.

While we’re on this Lost theme, I think it’s time for a flashback!

http://www.burbed.com/2006/04/14/265000-for-beachfront-view-in-half-moon-bay/

April 14, 2006

$265,000 for beachfront view in Half Moon Bay!

It’s friday. It’s the weekend. Let’s wrap up the week with a trip down to the beach…

MLSlistings Property Detail for MLS number 519266
14 MARTINS BEACH
Half Moon Bay, CA 94019

265halfmoon.jpg

[Smash cut to black. BURBED.]

Comments (21) -- Posted by: burbed @ 5:09 am

November 28, 2010

Santa Clara: Just Another South Bay City

Thanks to Burbed reader (and occasional guest editor) DreamT for this fascinating news item.

Layoffs facing another South Bay city

Tuesday, November 09, 2010
By David Louie

us-101_sb_exit_393_02_santa_claraSANTA CLARA, Calif. (KGO) — Nearly 1,000 city workers in Santa Clara are facing a tough choice — pay cuts for everyone, or layoffs for nearly 10 percent of them. Tonight the City Council votes on a plan that would cost about 80 workers their jobs if the unions don’t agree to pass on a scheduled pay raise.

Santa Clara residents love their city for its parks, for its libraries and its low utility rates, thanks to a municipal power company. However, an economic tsunami has been building because of the recession — it’s facing a $5 million deficit this year and $13 million next year. So its 910 employees are facing a tough choice — pay cuts or layoffs. 

Layoffs, budget cuts, salary freezes, and givebacks: signs of the times across the nation.  Real Bay Area cities shouldn’t worry about these problems, but plenty in the Bay Area do.  Here we have it: Santa Clara is just another South Bay city. 

This despite the city already laying off 100 city workers.  As you know, dead wood is everywhere.  At least they still have their vaunted utilities to boast about.

Update: Layoffs are winning!  Santa Clara City Council voted 6-1 on November 9th to implement layoffs if not all city employees agree to concessions.  Employees must agree by December 9th to a 5.15 percent pay cut or 12 unpaid furlough days, plus all scheduled raises would be given up.  Up to 80 city employees would be laid off if the concessions are not accepted by all bargaining units.  These would be effective January 8th.

Outgoing mayor Patricia Mahan cast the dissenting vote, possibly because of talk to delay the vote in order to allow more of the bargaining units to agree to the concessions.

Comments (33) -- Posted by: madhaus @ 5:01 am

November 27, 2010

Bubble Bubble Toil and Trouble

While you digest your Thanksgiving meal, here’s something to think about.  The rest of the nation is dealing with the burst bubble of the real estate market (not a problem for homeowners in the Real Bay Area, of course), and eagerly awaits the Next Great Investment.

So, are these the Next Bubbles Waiting to Burst?

  1. Gold – $1408 an ounce for bullion.  Glenn Beck is hawking the stuff.  I rest my case.
  2. Real Estate in China – When amateurs enter a market, it’s time for the pros to pull the rip cord.  And doesn’t this remind you of all the overbuilding in the Phoenix exurbs?  Oh, and don’t forget you don’t own the land.  The government does, and they can cancel your land lease anytime they want.
  3. Alternative Energy – As soon as the government subsidies run out, then what?
  4. Commodities – Wheat up 60% because they aren’t growing any more wheat!  You know what commodity you should worry about?  Indium.  It’s used in capacitive touch-screens, and without it, say goodbye to your iPhone 4.
  5. Apple – Okay, obtaining the Apple Records catalog was cool.  But the iPhone 4 still has antenna problems, and eventually their pointless spat with Google is going to cost them.
  6. Social Networking  — How do you estimate the value for companies such as Facebook, Twitter, or LinkedIn which aren’t traded publicly?  At some point, someone’s going to put a market pricetag on those firms, and it’s probably going to be too high.
  7. Emerging Market Stocks  — These countries’ rising prices despite no growth are backed by… commodity price increases.
  8. Small Tech Companies – These pre-IPO firms are being eaten by the big fish, and at big valuations.  Often they bid against each other with the small firm owners the winners.
  9. The US Dollar – You know all those foreigners with cash at the sidelines?  Maybe they’re tired of that cash being in dollars and will trade them for their own currency.
  10. US Government Debt  —  The US owes $13.7 trillion dollars.  Try and get your head around that number and figure out how they could possibly pay it all back.  Want another number?  The Gannet Company says with all the money the government has borrowed from other agencies (Social Security, Veterans Administration, etc) it owes… $73 trillion.  However, Wikipedia states the intergovernmental debt is $4.7 trillion, so take that extra-large number with a grain elevator of salt.

Will any of these bubbles be worse than the real estate follies?  What will happen to the RBA if either Apple, the social networking sector, or all the small tech companies collapse?  Is the RBA economy dependent on any of these other sectors?  Discuss.

Comments (22) -- Posted by: madhaus @ 4:58 am

November 26, 2010

It’s Black Friday! Cheapest home in Santa Clara county goes to…

$80,000

Beds: 1
Baths: 1
Sq. Ft.: 777
$/Sq. Ft.: $103
Lot Size: 1,742 Sq. Ft.
Property Type: Condominium
Style: Contemporary
Stories: 1-3 (Low Rise)
View: Neighborhood
Year Built: 1977
Community: Alum Rock
County: Santa Clara
MLS#: 81048882
Source: MLSListings
Status: ActiveThis listing is for sale and the sellers are accepting offers.
On Redfin: 38 days

It’s Black Friday! And I think we all know what this means! DEALS DEALS DEALS!

Now go out there and serve your nation by consuming consuming and consuming some more!

To celebrate Black Friday, for the next few days, Burbed is going to feature the cheapest properties around. This happens to be the cheapest home in all of Santa Clara county – wowsers! At just $80k, you could easily charge this on your credit card!

This place is so packed with value that there’s not even a description! That’s right! They’ve passed the savings on to you!

No need to wait in lines folks, for silly deals. This is the best deal in the Bay Area!

Comments (16) -- Posted by: burbed @ 5:06 am

November 25, 2010

Thanksgiving Post!

It’s Thanksgiving!

The best part about Thanksgiving is how much work you’re able to get done because your lazy, slacker, co-workers aren’t around to bug you. So keep going Bay Area Work Bee! We give our thanks to you – helping build the next AppleGoogleFacebook which will continue to fuel housing prices!

Enjoy the day of productivity, while the rest of us enjoy the day off!

Comments (1) -- Posted by: burbed @ 5:56 am

November 24, 2010

A mansion of sorts in San Carlos

$1,295,000

Beds: 5
Baths: 3.5
Sq. Ft.: 2,840
$/Sq. Ft.: $456
Lot Size: 4,980 Sq. Ft.
Property Type: Detached Single Family
Stories: 2
Year Built: 1948
Community: El Sereno Corte
County: San Mateo
MLS#: 81049701
Source: MLSListings
Status: ActiveThis listing is for sale and the sellers are accepting offers.
On Redfin: 33 days
Classic charm to create your personal dream home. 2 downstairs bedrooms and an additional room w/ seperate entrance to be used as an office, den or exercise room. 3 upstairs bedrooms – 1 Master and 2 others that are 17’x15′. Enjoy cozy family dinners in the kitchen or family holidays in the dining room. Relax in front of the living room fireplace. Value beyond the sales price.

Thanks to Burbed reader A.E. for this find!

Sure the description above is on par with Don Draper’s famous nostalgia speech, but A.E. submitted this additional descriptional glory:

The Upside

This home could price out in the high $1.5 million based on the sq ft price model. Even when you adjust and compare homes with larger lots, the value could still be in the $1.4 million dollar range.

To be honest, this home has not been updated while most of the homes currently for sale have been. While these homes were upgraded based on the visions of the previous owner, you have a chance to give your client the opportunity to create the reality of their dream home.

We understand the hurdles involved in buying this home. The property is currently rented. The tenants have been given notice.  In addition to the needed upgrades, there are Section 1 repairs that should be completed.  This is the primary reason for the reduced price of $1,295,000.

The seller has offered to credit your buyer $40,000<
u> at COE
to help cover closing costs, repairs and or upgrades.

The seller is interested in entertaining all reasonable offers.

Let’s Forget the Price for a Second

Consider the opportunity for your client that wants a large and flexible living space.

Wow… watch out Palo Alto, San Carlos is gunning for you! Look at how flexible the buyer is – they’re even willing to give you back $40,000!

Frankly, this is an amazing steal! And, when you move in, look at how you will benefit the city and state:

image

Congrats! You’ll be adding $10,651 annually to help dig the state out of its economic crisis!

So do your patriotic duty this day before Thanksgiving, and buy buy buy this house!

Comments (5) -- Posted by: burbed @ 5:48 am

November 23, 2010

FRENCH DOORS AND WINDS, BASE BOARDING PARTIAL BASEMENT

Another great find from Burbed reader sonarrat!  I tell you, if it weren’t for sonarrat you’d be reading about Sunnyvale every single day!  This house was sent in because, “I had no idea this neighborhood was so hot. Is it because of the easy access to bail bonds?”

130 Rankin Ave, San Jose, CA 95110
$669,000

image

Beds: 3
Baths: 4.5
Sq. Ft.: 1,852
$/Sq. Ft.: $377
Lot Size: 5,000 Sq. Ft.
Property Type: Detached Single Family
Style: Colonial
Stories: 2
View: Neighborhood
Year Built: 1937
Community: Central San Jose
County: Santa Clara
MLS#: 81029707
Source: MLSListings
Status: Active
On Redfin: 157 days

MOTIVATED SELLER. NESTED IN A TRULY MAGNIFICENT & ELEGANT VENDOME NEIGHBORHOOD. DTWN JEWEL. A RARE FIND. FORMAL ENTRY, SEPRATE D/ROOM, GRACIOUS L/ROOM W/ FIREPLACE, BEAUTIFUL STAIRCASE, FRENCH DOORS & WINDS, HARDWOOD FLOORS, CROWN MOLDING, BASE BOARDING PARTIAL BASEMENT, CONVENIENTLY LOCATED NEAR LIGHT RAIL, JAPAN TOWN, SHOPPING & EASY ACCESS TO FREEWAYS & MAJOR STREETS.

I went through every one of these pictures and there are no FRENCH WINDS anywhere.  I’d even accept ENGLISH WINDS or WOOD WINDS.  Just no BREAK WINDS, though.

image Also I can’t find the BASE BOARDING the PARTIAL BASEMENT (or should that be a PARTIAL BASE MENT?).  Definitely another case of DECEPTIVE LISTING COPY.

But maybe this place is worth it for the classic console television,  If they throw that in, then it really would be A RARE FIND.

And if it is indeed a DTWN JEWEL then you’d have to worry about being arrested for STEALING it at this low, low price.  Fortunately, sonarrat helpfully informed us about the easy access to bail bonds services.

image

Right.  Looks like there are a number of fine agencies competing for our business!

Competition is a wonderful thing, but I am wondering if this TRULY MAGNIFICENT & ELEGANT VENDOME NEIGHBORHOOD has some basic niceties beyond having ten different bail bonds offices within two minutes’ drive.

On the plus side, with this LOCATION, LOCATION, LOCATION, you could rent out some extra bedrooms and bathrooms), plus that PARTIAL BASE MENT, to the city or county as an Overflow Jail Annex.  Your “guests” will appreciate how quickly the bail reps can show up!  The police will give you concierge service knowing some perp they bust is more likely to stay busted, thanks to your innovative inmate solution.  The neighborhood louts will steer clear of the serious muscle inside.  And you’ll appreciate knowing this house is making money for you every single day.

Comments (36) -- Posted by: madhaus @ 5:02 am

November 22, 2010

Beautiful English Country Manor, 6 Car Garage, Bank Owned

Thanks to Burbed reader Herve for this incredible listing.  I wonder if the foreclosure tour bus stops here?

389 Moore Rd, Woodside, CA 94062
$6,202,000

image

Beds: 8
Baths: 10.5
Sq. Ft.: 11,130
$/Sq. Ft.: $557
Lot Size: 21.18 Acres
Property Type: Detached Single Family
Style: Country English
Stories: 2
View: Mountains, Valley
Year Built: 1939
Community: Woodside Heights
County: San Mateo
MLS#: 81045707
Source: MLSListings
Status: Active
On Redfin: 64 days

Beautiful, English country manor – "Miraflores" – with sweeping views of coastal hills. 7 bed/8 bath main house with separate guest house. Rec room, wine cellar, workout room with sauna, custom wood bar, library. Stunning 21 acres features pool with waterfall & clubhouse, spa, barn, riding arena, tennis court, orchard, landscaped grounds. Garage for 6 cars. Las Lomitos schools.

This property has a number of things going for it.  It’s an English Country Manor with a Spanish name.  These are always a hit at parties where your guests will think you’re an uncultivated dilettante with too much money and no class.  Also if any of your guests can translate the house name (Look at the flowers, you low-class rube), then they can try it.  Good luck finding any.  Any flowers.

image

Next, 10.5 bathrooms.  Host a small dinner party and all of you can freshen up simultaneously!

Best of all, this house was foreclosed on April 15th.  Both the IRS and the bank got a piece of this FB, but their loss is your gain, now with a 5% price reduction!  Wouldn’t this be a great place for, say, a cellular antenna farm

You might as well grow something on it, because despite being in Woodside, this poorly sited temple to the bubble’s excess is not in the Real Bay Area.  You see, it sold in 1994 for $3.9 million.  RBA property doubles every ten years, so it should be up to around $11.7 million now.  But it languished on the market for over 8 months with no takers at $8.5 million.  Even slashing the price to $6.5 million didn’t move this turkey (Thanksgiving is coming, you know!)

So the price was raised a small amount, and then lowered another 5% ten days ago.  Won’t somebody please buy it?  I bet if you do they’ll give you naming rights.  Hint: English Country Manor.  Consider something really posh (that means not in some foreign language), and you might get your $11.8 million after all.

How about Whitechapel?

Comments (8) -- Posted by: madhaus @ 5:05 am

November 21, 2010

This Could Never Happen in the RBA. Could It?

Today’s feature is a guest post by Burbed reader SEA.  Wow, Southern California just has a thing for squatting in a foreclosed house you no longer own.  Thanks very much, and I’m sure all the people who hate the Most Expensive ZIP Codes series thank you even more.

—–

What happens when amateurs compete with professionals?

“Since the day that we were married, we have been working hard, and saving our money for the day we purchase our dream home. With the depression of the housing market, we believed the time has finally come for us to find our house.”

“The owners of the house had just foreclosed on, and were awaiting eviction. Already were several buyers lined up to purchase up this home as soon as the previous owners were removed (contingent offers had already been placed.) Since the house was at already pushing the limit of our budget, we could not afford to raise our bid and have a chance to outbid the others.

“Today is October 28th, the day we should take possession of the home. What we found out early this morning is that the pervious owners have no intention of leaving. In fact, they filed for bankruptcy — this automatically puts a stay on the eviction process.Even though the house is not theirs, even though they agreed to move out, the eviction is instantly frozen.”

The Full Story is at Evict Struiksma.

Let’s see… No professional would buy this place with the former owner inside, but this guy thought it’d be a good idea. I’m not a bankruptcy attorney, but deals in the past can get undone by a bankruptcy court–preferential payments for example. Ever had a bankruptcy court ask for cash from you? It’s not a fun experience to have to pay back the cash you were owed.

Also bankruptcy filings have spiked, so courts and judges are experiencing heavy loads, and, it’s been my personal experience that judges are a bit more sympathetic to these foreclosures–the end result might be the same, but additional time might pass.

What’s even more comical is there is a Short Term Occupancy Agreement that provides for certain fees and expenses to be paid by the “occupant,” such as attorney fees. I have no idea what David Potts, or the attorney for that matter, was thinking about how to collect from someone who has gone through foreclosure. Isn’t bankruptcy likely?

I’m sure this house will be left in pristine condition, if David Potts can survive financially…

Oh, and now that it’s in bankruptcy, I doubt that David Potts could legally just go pay the guy to leave. Rather than expect magic for free, I’d have paid the occupant to leave before the bankruptcy was filed, but when you spend every last dime on the purchase, well, uh, what kind of contingency planning is that?

I know; I know. This could never happen in the RBA.

Comments (8) -- Posted by: madhaus @ 5:03 am