January 31, 2011

Great starter home–ready for move in or remodel in Palo Alto

Beds: 3
Baths: 1
Sq. Ft.: 905
$/Sq. Ft.: $1,133
Lot Size: 6,875 Sq. Ft.
Property Type: Detached Single Family
Style: Traditional
Stories: 1
Year Built: 1950
Community: Barron Park
County: Santa Clara
MLS#: 81049730
Source: MLSListings
Status: ActiveThis listing is for sale and the sellers are accepting offers.
On Redfin: 89 days
 
Looking for a great starter home, move in ready, remodel or maybe build your dream home in the Barron Park neighborhood, this is the property for you. Quiet area close to schools, Parks and shopping. Perfect investment opportunity for the savvy investor/builder.

Every everyone! Check out this fantastic deal! Just $1,133 per square for for you to tear down, or move into. It’s amazing how things can be both perfect opportunities for investors/builders and be move in ready. But this is the kind of innovative and agile spirit that we have in the Real Bay Area.

So let’s see… buy it… tear it down… build a 2000 sqft home on it… hey, that’s not too bad at all! Just $1.625M all in! Sweet what a deal!

Better buy soon. This is the year Real Bay Area prices roar back. I’m calling it now – $2000 per square foot in Palo Alto by this time next year!

Comments (35) -- Posted by: burbed @ 5:42 am

35 Responses to “Great starter home–ready for move in or remodel in Palo Alto”

  1. Marty Says:

    Wow – sweet place. Life in P***A*** sure looks fancy. I’d be willing to drop a couple of mil on that ole double wide. It’d be worth it to be REs neighbor.

  2. nomadic Says:

    “Seller is licensed Real Estate Agent.” He’s doing brilliantly too. Listed over 100 days and still no price drop in spite of going into and out of contract in October.

  3. gallileo Says:

    Gunn High school, baby. With Gunn High, everything is worth 20x what it would be just across Loma Verde and attending Plebian Paly.

    Everything in the GHS district sells immediately–just like this property–and the overbid will take this house well into the two-millions.

    It’s only a matter of time.

  4. ES Says:

    Isn’t Gunn where the kids keep killing themselves because they can’t compete with the Chinese students with the tiger mothers?

  5. SEA Says:

    #2- “Still no price drop?” Have you lost your P*** A*** mind? Let me remind you: In P*** A***, as time passes the price goes up, not down.

  6. SEA Says:

    “Everything in the GHS district sells immediately”

    Immediate as in over 100 days according to Redfin.

  7. Web Cruiser Says:

    This can be a good house after adding about 1000 square feet to the interior. At $200 / sf construction cost, it requires $200K. Then the house will be at $1.2M/2000 square feet, or $600/sf.

  8. Alex Says:

    For 2 times not-a-whole-lot-of-money, you too can enjoy the wonderful Palo Alto life.

    Remember, the value is in the land!

  9. madhaus Says:

    Take a look at the Streetview for today’s house. There’s a car with a cover on it, parked right on the front “lawn.” Two houses down is a McMansion. If you want a deal on this house, go to the neighbor in the yuppie house and ask how much they’ll pay you to buy out Jed Hatfield and tear this crapbox down. I bet they’re much more motivated than the seller.

  10. PerfectAngel Says:

    Isn’t Gunn where the kids keep killing themselves because they can’t compete with the Chinese students with the tiger mothers?
    —–

    Not true. Actually tiger cubs are killing themselves. That’s how Chinese Chuanese style parenting purges out “incompetent” kids.

  11. nomadic Says:

    Take a look at the Streetview for today’s house.

    There’s also a lovely Pinto.

  12. gallileo Says:

    @6:

    Everything is “immediate” for the right definition of “immediate”.

    I’m surprised they aren’t asking 1.888.888 for this place.–I guess just because the overbid woudln’t be as high.

  13. maryjane Says:

    Oh dear, a lovely little starter home. I do hope it’s still there after I contact my trust fund manager. I just know this is what Mummy and Daddy had in mind when they put away all that troublesome cash for me. I think I’ll ask for $500,000 to put down. After all, that’s not a lot of money.

  14. A. Lewis Says:

    Ahhhhh. The REAL Bay Area. Thank goodness you found a remaining corner of it. Sometimes I worry it has disappeared completely, but a $1,133/sqft teardown? Automatic qualifier. The values is in the land.

    This is one of the stupidest purchases you could ever make. Great post, burbed!

    P.S. Last sale 1992 for $278k. The seller is almost EXACTLY using the doubles every 10 years price formula. Real Estater, is this your listing?

  15. bob Says:

    Whenever I see postwar tiny little houses like this for insane amounts of money I can’t help but wonder what the original owners would think if they were told back in 1950 that someday their small little starter home would one day command a 1 million dollar plus price. The price of this house is nothing short of absolutely insane.

    But hey- this things’s got one nice thing goin’ for it… just look at that nice PICTURE WINDOW! I’ve heard those are all the rage these days.

  16. Juno Says:

    Where’s the garage?

  17. Alex Says:

    You don’t need garages with great properties. Definitely not in Palo Alto.

    Garages only diminish property value.

  18. The Gilroy Alex Says:

    This is the Burbed I remember, wasn’t there a rule saying that to be in the RBA, the price had to be over $1000 a square foot?

  19. nomadic Says:

    That’s right. Our local expert said so. A garage is a wasteful use of precious lot square footage. ;-)

  20. SEA Says:

    “This can be a good house after adding about 1000 square feet to the interior. At $200 / sf construction cost, it requires $200K. Then the house will be at $1.2M/2000 square feet, or $600/sf.”

    And the next step is to sell at $1,200 psf (or more), thereby doubling your money.

  21. anon Says:

    “That’s right. Our local expert said so. A garage is a wasteful use of precious lot square footage. ”

    Why store cars when you can store proles instead?

  22. madhaus Says:

    Even better would be to have a negative garage on this property. After all, if 2 is pedestrian and one is chi-chi, and none is de rigeur, than negative is hoity-toity. Such as a sinkhole in the driveway.

  23. nomadic Says:

    Maybe you could get SLAC to whip up a little black hole for you.

  24. SiO2 Says:

    A comp (in far off Saratoga)

    “Golden Triangle” Diamond in the rough. Home damaged by fire July 09. Interior stripped to frame. Most fire damage in the roof. Buyer to determine permits, inspections, repairs, etc. Spacious Single Level Home on Large Corner Lot. Directly across the street from Argonaut Elementary School.

    http://www.zillow.com/homedetails/13179-Shadow-Mountain-Dr-Saratoga-CA-95070/19655654_zpid/

    Sold for $1.13m in June 2010. Similar to the PA house in that it’s not livable as sold. This one is under construction now.

    Considering this comp, I’m actually surprised that the PA house has been on the market for so long.

  25. SanMatean Says:

    Boom. Pending @ 1.025 Mil. $1133 psf.

    On the next street over 797 Cereza is pending at 1.5 Mil , ~$750 psf.

    Couple streets further down 3695 La Donna is pending at 1.37 Mil, $979 psf.

    Barron Park es en fuego.

  26. SanMatean Says:

    I can’t understand why anyone would buy those Barron Park places when properties like 13264 Rhoda in Los Altos Hills are offered at 1.4 million. It boggles the mind.

  27. nomadic Says:

    Boom. Pending @ 1.025 Mil. $1133 psf.

    RE’s new rental?

  28. SEA Says:

    Is “Pending with release” still considered pending?

    That needs to be updated to something more appropriate, such as “Waiting for a domino to fall somewhere.” Too many people are waiting in a continuous loop chain where everyone is waiting for a someone to start the chain reaction.

  29. SanMatean Says:

    28- Yeah, the “with release” sure does add some uncertainty. I used to discount this form of pending entirely, but recently I’ve seen a number of “with release” places end up closing- especially the short sales (I guess banks are finally recapitalized sufficiently/tired of dealing with foreclosure sales). Since this place isn’t a short sale, it probably means the prospective buyer is trying to unload another property before they have freed up enough capital to complete this transaction- but something about that doesn’t smell quite right. I mean, what kind of move-up buyer would buy this dinky place? Anyone who has owned a home before knows this is way too small and will need a ton of work. If they are planning on remodeling/expanding it, they should have a pile of cash ready to throw at it, but if that were the case, they wouldn’t need to unload their existing property before closing the sale. Perhaps the offer is low, and the seller wants to invite more offers by making the existing pending status appear to be shaky. It will be tres interesting to see how this ends up!

  30. nomadic Says:

    SanMatean, with “with release” because maryjane (#13) needs to get the trustee to approve it. ;-)

  31. maryjane Says:

    Nomadic – he won’t let me have the $500,000 to put down. He said it IS a lot of money. Who knew!

  32. anon Says:

    500k wasn’t a lot of money when you could borrow 500k with zero down. If you actually have to earn it, it is a fair amount of money.

  33. SanMatean Says:

    And Boom. 580 Georgia sold for $1,020,000 3/30/11. Crazy. Looks like the seller had to make a $5K concession. I bet they’re really broken up over that one!

    For those keeping track, 790 Cereza (built out, just around the corner) sold for $1,520,000 on 2/24/11. $20K over asking! TO THE MOOOOOON!

    Barron Park es en fuego! Nothing currently offered for under $1.5M. Back in the 80s this neighborhood was populated by Palo Alto school teachers, artists, a few SLAC scientists and the rare doctor or MBA-professional type. I have no idea who lives there now, but they must have access to money.

  34. SEA Says:

    “Looks like the seller had to make a $5K concession. I bet they’re really broken up over that one!”

    More like $15k:

    Feb 24 asking price: $1,035,000
    Mar 1 pending
    Mar 30 sold for $1,020,000

    Ultimately we’re talking about 1.5%–if it were $15k over, BFD.

    Similarly for the other sale:

    “$1,520,000 on 2/24/11. $20K over asking!”

    That’s under 1.5% over.

    Much more impressive is selling a small home (905 square foot) for over $1M. My guess: The value is in the land…

  35. SanMatean Says:

    No doubt someone is valuing that land at insanely high levels. With the construction industry nuked, perhaps building costs have come down enough for this to make sense. But you have to figure that anything new put in there is going to cost $500K to build at a minimum, more likely pushing 700K. For $1.5M-1.7M you could have bought a nice place on half an acre plus in Portola Valley, Los Altos Hills, Woodside, or Hillsborough. Or you can live in Barron Park. It must be the Palo Alto brand. The funny thing is that kids in Los Altos Hills, Portola Valley, Woodside, et al, refer to the kids in PA as “poor people”. Hi-larious.


Leave a Reply

Please be nice. No name calling, no personal attacks, no racist stuff, no baiting, etc. Let's be nice to each other in the true Bay Area spirit! (Comments may be edited/removed without notice.)