January 21, 2011

San Carlos making great progress

Beds: 2
Baths: 1
Sq. Ft.: 880
$/Sq. Ft.: $824
Lot Size: 6,000 Sq. Ft.
Property Type: Detached Single Family
Style: Ranch
Stories: 1
View: Neighborhood
Year Built: 1947
Community: El Sereno Corte
County: San Mateo
MLS#: 81055039
Source: MLSListings
Status: Active
On Redfin: 51 days
Super adorable, hardwood floors, crown molding, double pane windows, new central forced air heating, new completely remodeled bathroom. Huge level lot with two yard areas-one large enough for pool! RV parking and 2 car garage! Immaculate, move-in & walking distance to park, schools and downtown!

Wowsers! Congrats to San Carlos for this impressive entry. At 880 sqft, this house is indeed super adorable. In other parts of our fine nation (the not-smart, not-innovative, sushi-lacking parts), this would be a house that you might buy for your daughter as a doll house – that’s how adorable it is!

And it’s even walking distance to the king of roads – El Camino Real!

$824 per square foot. San Carlos, you are now definitely Real Bay Area once again. Happy 2011! You’re off to a great start!

Comments (6) -- Posted by: burbed @ 5:25 am






January 20, 2011

Yeah, pictures are missing

Yeah, pictures are either missing or mismatched for posts after 1/8. I’m working on trying to undo this mess that I made this morning.

Comments (2) -- Posted by: burbed @ 11:36 am

A nightmare on Glen Mawr

image

Beds: 3
Baths: 1.5
Sq. Ft.: 1,406
$/Sq. Ft.: $142
Lot Size: 6,300 Sq. Ft.
TYPE: Detached
STYLE: Contemporary
STORIES: 1
Year Built: 1950
Community: El Cerrito Hills
County: Contra Costa
MLS#: 40502277
Source: EBRD
Status: ActiveThis listing is for sale and the sellers are accepting offers.
On Redfin: 10 days
A fixer in a very convenient location. Contractor’s special.

At first I was hesitant to post this as this is in El Cerrito, which is one of those cities that I have to check a map to make sure that it isn’t in Costa Rica or something – but that photo. WOW. Almost, JWOWW… but just WOW.

Here’s what A. Lewis who submitted this had to say:

I’m really sorry there are only 2 pictures. I have driven by this home many times over the years, and it’s got quite a history. I think it was Christmas 2009 when they started making exciting changes – it was some boring normal color, and then they spray-painted "Merry Christmas!" in big sloppy letters on the garage door. Then a lot of random paint colors were used on a lot of random patches around the house. I kept wondering what the heck was going on – and how they could stand it. I think it was early 2010 when the garage turned bright orange, and then the rest of the house started to follow. The exciting variety of trim colors were added piecemeal, too.

It reminded me of when my parents took down some old wallpaper in our kitchen, and decided to allow us to draw wha
tever we wanted for a while. They were planning to re-paint, so they said what the hell, go nuts, we’ll fix it in the end. We painted a big Turkey in November, then a big Christmas Tree in December, and lots of mini art projects in the corners whenever we wanted. Crayon, paint, permanent markers – anything was allowed! It was great. Then they painted it over after a few more months.

Well, this house didn’t seem to do the ‘fix it in the end’ part. They just let the kids do whatever they wanted! Right up until it’s time to sell! And it’s an awesome prominent location, right next to a K-8 school, and near a BART station so a lot of commuters see it twice a day.

It’s also a DEAL! Now I know the East Bay doesn’t even qualify to smell the RBA’s dirty laundry, but similar houses nearby have easily gone for $300-500k. It’s not like Tracy or something. Maybe when they say ‘fixer’ they really mean it. Gosh, what does "Probate/Court Approval" mean in the Redfin details? Don’t let that scare you away…I think it has a view of the Golden Gate bridge!
Remember, the value’s in the land!

You tell him A-Man!

Personally, I’m just fascinated by the “very convenient location” comment. Let’s look at this location:

image

This nightmare house really should bill itself as being on Elm St. “Yeah, just take Cutting Blvd,and then slash over to Elm St”. It’d be awesome of the buyer was Freddy K.

Comments (20) -- Posted by: burbed @ 5:58 am

January 19, 2011

Affordable house with great schools–just $284 per square foot!

So on Monday we looked at an affordable house with easy commutes in the Bay Area – just $288 per square foot in East Palo Alto.

Today, let’s look a house in the same category in the suburbs of our mortal enemy: New York

image
Beds: 3
Baths: 1.5
Sq. Ft.: 1,300
$/Sq. Ft.: $284
Lot Size: 8,084 Sq. Ft.
Property Type: Residential, Detached
Style: Colonial
Year Built: 1924
Community: Westbury
County: Nassau
MLS#: 2306655
Source: MLSLI
Status: New
On Redfin: 191 days
Charming Colonial Has Been Updated With New Kitchen, Ss Appliances, Granite Countertops. Hardwood Floors On Main And Top Floors, Fabulous Sunlit Home, Sliders To Deck In Rear Yard, Beautiful Landscaping, Separate Shed On Property. Must See! Fabulous Yard
Hah. And people say New York is expensive. Look at this! Just $284 per square foot, with some of the nation’s best schools.
And, let me tell you one thing I know for sure: It’s a long drive from New York to Facebook – so you’re looking at a crazy commute. And they only have cannoli there, no sushi. Are there even smart people there?
Sorry NY suburbs – you have nothing on Bay Area suburbs.
Let’s all give a round of applause to East Palo Alto for helping us stand out!
Comments (41) -- Posted by: burbed @ 5:33 am

January 18, 2011

Affordable house with great schools!

So yesterday we looked at an affordable house with easy commutes in the Bay Area – just $288 per square foot in East Palo Alto.

Now, let’s look at what’s going on for about the same $/sqft in one of our two mortal enemies: Seattle!

$525,000

image

Beds: 3
Baths: 2
Sq. Ft.: 1,800
$/Sq. Ft.: $292
Lot Size: 7,725 Sq. Ft.
Property Type: Residential
Style: 1 Story
View(s): Territorial
Year Built: 1969
Community: Microsoft
County: King
MLS#: 165784
Source: NWMLS
Status: ActiveThis listing is for sale and the sellers are accepting offers.
On Redfin: 8 days
Cumulative: 151 days
Large elegant rambler. Giant open living room + formal dining + breakfast counter. Lots of Italian tile, new carpet and paint. Remodeled baths and kitchen. Entertainment size deck with hot tub. Tam-O-Shanter Golf Club community with golf, Olympic pool and tennis courts.

So it’s in a golf club. So it’s got some of the nation’s best schools. But is it near Google and Facebook? Does it have the Bay Area schools? Does it have great sushi? (No, all they have is teriyaki!)

Sure they’re similar in price per square foot, but let’s face it – Redmond simply isn’t as livable as East Palo Alto. Add to that the lack of a state income tax… well… what would you do with all your money? Save it for retiring? Stop working and become a slacker?

Further proof that the Bay Area reigns supreme and why our awesome ho
using prices help drive our awesome innovation.

Comments (15) -- Posted by: burbed @ 5:23 am

January 17, 2011

Completely remodeled, very affordable house!

$219,000

image

Beds: 2
Baths: 1
Sq. Ft.: 760
$/Sq. Ft.: $288
Lot Size: 3,225 Sq. Ft.
Property Type: Detached Single Family
Style: Ranch
Stories: 1
View: Neighborhood
Year Built: 1962
Community: East of U.S. 101
County: San Mateo
MLS#: 81055538
Source: MLSListings
Status: Active
On Redfin: 47 days
COMPLETELY REMODELED WITHIN THE LAST 8 MONTHS. BEAUTIFUL NEW KITCHEN CABINETS W/ GRANITE COUNTER TOP AND BACKSPLASH. HW FLOORS IN LIVING ROOM AND HALLWAY. NEW CARPET IN 2 BEDROOMS. REMODELED BATHROOM. ALL DOUBLE PANE WINDOWS. NEW GARAGE DOOR WITH REMOTE CONTROL. ALL WORK DONE WITH PERMITS. EXCELLENT CONDITION. LIGHT AND BRIGHT. WAITING FOR YOUR CLIENTS. PROFESSIONAL LANDSCAPING.

With prices like this, can anyone still say that houses in the Bay Area are unaffordable? Look at this beauty! It’s completely remodeled! And, with permits – something that’s pretty rare in the Valley apparently!

And just for $288 per square foot! In a safe neighborhood! (There haven’t been any shootings this year so far!)

Most importantly, look at all the instant equity waiting for you:

image

Cha-ching! Buy it today and watch as it soars back up to $420k! That’d be like doubling your money instantly!

A great price, for a great Bay Area sized house, in a great (so far this year) neighborhood, with… uh… schools. WHAT A DEAL!

Comments (13) -- Posted by: burbed @ 5:06 am

January 16, 2011

More Haircutting While Chasing the Market Down

Last Sunday we looked at a feature from Zillow Blog: ten expensive home sales in 2010 from all around the country (but NOT the Real Bay Area).  Today we take another look at more hideously high-priced homes across the nation, only these 12 housing tumors still haven’t sold.

This Luxist article ranks the lucky nominees by price reduction in dollars (not percentages) taken along the way.  I put the listings in the correct order (the blogger had one in the wrong place), and added one more property that came out on Luxist after the list was published.

Best of all, we have a San Francisco entry this time, so we’ll take an extra good look at that offering.  Even in the RBA it’s possible to overprice something.

<img missing due to burbed’s terrible admin skills. working on restoring>#1: Albermarle House Charlottesville, VA

Original Asking Price: $100 million (October 2009)

Reduced Asking Price: $48 million (February 2010)

Current Asking Price: $24 million

Haircut So Far: –76% ($76 million)

This behemoth in the Blue Ridge Mountains has 25,000 square feet, 45 rooms (including 8 bedrooms and 13 baths), but all the furniture and art has already been auctioned off, so sorry!  The 907 acre grounds include the Kluge Estate Winery and Vineyards (and that is also on the block).  Even places like this can get foreclosed on, but their loss is your gain!

<img missing due to burbed’s terrible admin skills. working on restoring>#2: Henry T. Sloan Mansion – New York, NY

Original Asking Price: $64 million (January 2008)

Current Asking Price: $39 million (November 2009)

Haircut So Far: –39% ($25 million)

6 FL, 18267 SF, 15 BR/17 BA, 11 FP, 18 E 68th @5th, TAXES $79K, MAKE OFFER, SELLER DESPERATE.

“The owners have a real need to sell in the first quarter of next year, or sooner,” said Lawrence J. Selevan of Chesterfield Faring, a financial adviser to the owners. “They need to raise the capital to take care of other issues.” – New York Observer, 11/10/09

The current FBs bought their property for $20 million in 2007, then bought out all the tenants, one by one, for another $11 million, so they could turn the apartment building back into a townhouse.  The F-word has already been used and lis pendens was filed last January.  This property has the distinction of being on the 2009 list as well.

<img missing due to burbed’s terrible admin skills. working on restoring>#3. Museum Tower Penthouse – San Francisco, CA

Original Asking Price: $70 million (August 2008)

Current Asking Price: $49 million (November 2008)

Haircut so far: –30% ($21 million)

Many properties have their own website when they go up for sale, but few use a description rather than an address: Museum Tower Penthouse.  You won’t find this place on the MLS, either.  But you will find it on the map, and Third and Minna doesn’t look like the RBA part of San Francisco.

<img missing due to burbed’s terrible admin skills. working on restoring>

<img missing due to burbed’s terrible admin skills. working on restoring>The owner doesn’t seem to be in much of a hurry to sell, with the price not budging in more than a year.  But this is not only the most expensive condominium in San Francisco, it may be the most expensive apartment anywhere, and $49M is one of the highest asking prices for any property in SF.

Then again, not many of those other properties are 20,000 square feet.  That includes 2900 sf over four terraces, a 2500 sf master suite, 5 other bedrooms, 7 total full bathrooms and 4 half baths, four fireplaces, a 13-seat cinema, an office with conference room, and parking for six cars.

According the Chronicle piece linked above, the owner lives for the most part in Hillsborough, so you may want to think about getting a country house in addition to this little pied-à-terre.  Perhaps your buyers’ agent can get you some kind of buy one, get one half off discount.

<img missing due to burbed’s terrible admin skills. working on restoring>#4: Porcupine Creek – Rancho Mirage, CA

Original Asking Price: $75 million (March 2010)

Current Asking Price: $55 million (August 2010)

Haircut So Far: –23% ($20 million)

This resort masquerading as a private residence sits on 249 acres, 248 of which are a golf course.  The 18,400 sf metastasized mansion with 16 bedrooms isn’t large enough for visitors, as the lot boasts eight two bedroom guest houses as well.  The Yellowstone Club is selling (or should we say liquidating) to meet their creditors’ demands, and the bankruptcy court in Montana must approve your offer.  Divorce and lawsuits seem to be the cause.  Aren’t they always?

This home was originally ranked #2 on the list.  Why the author thought $20 million was more than $25 million is left as an exercise to the reader.

<img missing due to burbed’s terrible admin skills. working on restoring>#5. Rocky Oaks Estate – Malibu, CA

Original Asking Price: $65 million (October 2009)

Current Asking Price: $49 million (November 2010)

Haircut so far: –25% ($16 million)

This 5 BR/5 BA hilltop lookout encompasses 37 acres, with not one foot of beachfront.  Kind of defeats having that Malibu address, doesn’t it?  As a consolation prize, you get a vineyard.  HUGE PRICE REDUCTION!  Only on market 459 days!  HURRY, THIS ONE WON’T LAST.

<img missing due to burbed’s terrible admin skills. working on restoring>#6. Val Kilmer’s Pecos River Ranch  – 30 miles east of Santa Fe, NM

Original Asking Price: $33 million (early 2009)

Reduced Asking Price: $23 million (October 2010)

Current Asking Price: $18.5 million CASH (January, 2011)

Haircut so far: –46% ($14.5 million)

Even the website heading has Val Kilmer as part of the title.  And what a ranch, 5200 acres plus an additional 640 acres of grazing rights, right in the middle of the homicide capital of the Southwest.  The sales conditions are spelled right out here: you get all furnishings and appliances not owned by employees or reserved by seller.  That could mean none of them.  You get all the mineral rights not previous reserved – oops, same loophole.  In addition to the land you also get a 5500 sf main house with 4 bedrooms, 4 baths, 2 living rooms, and, get this: 2 kitchens.  You also get 2 guest houses, a manager’s house, and the usual equestrian facilities.

Just for grins, the IRS has a half a million dollar lien on the property.  And for another knee-slapper, Kilmer put the property up last October on Craigslist.  Final indignity: In 2006, Kilmer attempted to sell an 1800 acre parcel of the ranch, or a bit less than a third of it, for… $18 million.

<img missing due to burbed’s terrible admin skills. working on restoring>#7. Michael Jackson’s Rented House – Holmby Hills (Los Angeles), CA

Original Asking Price: $38 million (April 2008)

Reduced Asking Price: $28,995,000(August 2010)

Current Asking Price: $23.5 million (October 2010)

Haircut so far: –46% ($14.5 million)

Yes, MJ was the tenant here, not the owner.  It’s just your basic 17,100 square foot 7 BR/13 BA French Chateau designed by Richard Landry off Sunset Boulevard.  Has the usual guest house and private cinema.  Ho hum.  Last sold for $18.5 million in 2004, and may very well sell for something a lot closer to that.

<img missing due to burbed’s terrible admin skills. working on restoring>#8. The Razor – La Jolla, CA

Original Asking Price: $39 million (May 2008)

Reduced Asking Prices: $32 million(August 2010), $28.5 million (June 2009)

Current Asking Price: $25 million (February 2010)

Haircut so far: –36% ($14 million)

Perhaps the only home on the list with any architectural interest, The Razor was designed by Wallace E. Cunningham, with floor-to-ceiling windows set to take in the ocean views.  It’s 11,000 square feet, with 4 bedrooms, 5 baths, an 8 car garage and the obligatory guest house, set on 3/4 of an acre.  It also has a private entrance to Black’s Beach.

This is the extra house discovered Tuesday, after Luxist already published their 11 price cuts piece.

<img missing due to burbed’s terrible admin skills. working on restoring>#9. Sea Lane Drive – Malibu, CA

Original Asking Price: $55 million (July 2010)

Current Asking Price: $45 million (December 2010)

Haircut so far: –18% ($10 million)

Never mind the 11,000 sf house with 7 bedrooms, 8.5 baths, guest house, theater.  Yawn.  Forget that it’s on 6.2 acres.  Meh.  No, this insane price is for the 339 feet of Malibu beachfront.

Do you know who this house belonged to?  Max Palevsky.  He died in May, so the house is for sale.  He founded some snack company that made chips.  They even have an office in Santa Clara!

<img missing due to burbed’s terrible admin skills. working on restoring>#10. The Webb Project – Montecito, CA

Original Asking Price: $42.5 million (August 2010)

Current Asking Price: $32.5 million

Haircut so far: –24% ($10 million)

Yet another 6 BR/8.5 BA house with theater, guest house, and two three-car garages on five acres. Enough, already. Enough.

Its address seems to be 000 East Mountain Dr.  Can any of you sleuths find the date the price got reduced?  I’m having no luck with Redfin, which I like for its price history section. This is the only listing where I couldn’t get dates from either Redfin or real estate blogs.  It was still $42.5 million this October, from my one hit on a Montecito site.

<img missing due to burbed’s terrible admin skills. working on restoring>#11. Flying Dog Ranch – Woody Creek, CO

Original Asking Price: $56 million (July 2009)

Current Asking Price: $46.2 million (October 2010)

Haircut so far: –18% ($9.8 million)

245 acres, next to National Forest, and close to Aspen.  Other than 11,000 sf, 9 bedrooms, 7 baths, there’s next to no details about the house. The value really is in the land, and the seller assumes the interest is only in the land, too.

<img missing due to burbed’s terrible admin skills. working on restoring>#12. Villa Colina – Knoxville, TN

Original Asking Price: $21 million (June 2010)

Reduced Asking Price: $19 million (September 2010)

Current Asking Price: $12.5 million (November 2010)

Haircut so far: –40% ($8.5 million)

You get so much more for your money once you leave the coastal nexus of CA-NY-DC-FL.  You lose so much less when you can’t sell it, too.  Percentage-wise, though, you may take a pounding.

If you can figure out why someone built an Italian Villa in Knoxville, Tennessee, then you’ll can figure out how to sell it to the next victim, too.  This effronterous edifice is 37,000 square feet.  That’s right, it’s almost an acre of house, with 8 bedrooms and 11 bathrooms.  The garage has room for 5 cars.  Just like those Southern California ego trips, it boasts a guest house and a cinema.

And speaking of Things One Really Doesn’t Need In Tennessee, this house comes with… a doorman?  The buyer should send him to property #2 where he’ll feel more at home.

Comments (6) -- Posted by: madhaus @ 5:03 am

January 15, 2011

Who’s Buying All Them State Buildings? Nobody’s Sayin’

<img missing due to burbed’s terrible admin skills. working on restoring>Hidden in emergency budget legislation, 7.3 million square feet of noted state office complexes were put up for sale, including several in San Francisco.That resulted in the oddity of all seven justices recusing themselves from deciding whether the sale could proceed. (Their offices in the Earl Warren building, part of the SF Civic Center, would be included, photo right.)  The deal was halted only 2 days before closing on December 15th, as Arnold’s reign came to an end.  And the more reporters dig to find out who benefits from this sweetheart deal, the more muck they find.

24 buildings on 11 sites, including landmarks such as the Ronald Reagan building in Los Angeles, plus others in San Francisco, Sacramento, Oakland, and Santa Rosa are being sold. The deal is with a mysterious group of investors who don’t wish to be identified, or claim they’ve dropped out when contacted.  The buildings cover 43 percent of all state government office space.

Identities of Investors in State Property Sale Grow Cloudier

Many have dropped out of contested deal, and those that remain are tight-lipped

By ELIZABETH LESLY STEVENS on January 12, 2011 – 3:12 p.m. PST
The Bay Citizen

Most of the members of a shadowy investor group that agreed to finance the sale of tony state office buildings last year appear to have dropped out of the deal, and those that remain are tight-lipped about their involvement in the transaction, which is being challenged in court as an illegal gift of state assets to a group with political pull in Sacramento.

Departing Gov. Arnold Schwarzenegger tried mightily in his waning days in power to close the controversial sale of 11 premier properties.

The deal, now being challenged in a state appellate court, is in limbo. The new administration of Gov. Jerry Brown asked the court for a month to review the matter, and now arguments are scheduled to begin in February. The nonpartisan Legislative Analyst’s Office reported in November that the deal would end up costing California taxpayers $6 billion in the coming decades, but the approximately $1.3 billion net proceeds of the deal are already factored in to the state’s budget for the coming year. If the deal falls apart, the cash-strapped state’s deficit will swell by another $1.3 billion.

The deal had been scheduled to close on Dec. 15. The legal challenge, brought by lawyer Joseph Cotchett and former San Francisco City Attorney Louise Renne, convinced the appellate court to issue a stay just 48 hours before the sale was to have closed.

<img missing due to burbed’s terrible admin skills. working on restoring>Color me surprised.  A bunch of former officeholders finding ways to sell themselves some primo office properties hiding behind lawyers and corporations?  Stalwart building authority members who objected to the deal got sidelined?  Who would have predicted that?

And what a lovely problem it’s left California with: sell our buildings to these crooks, and have to rent what we owned.  (Bonus!  And get evicted in favor higher-paying trophy retailer!)  Or, invalidate the deal and dig up another $1.3 billion for that out-of-whack state budget.  Plus everyone standing to benefit will then sue when they don’t get their cut.  Be sure to read the first link in the article for more background if you haven’t been following this local example of how crony capitalism works.  (Photo above left, State PUC building is part of the 24 building deal.  Adithya Sambamurthy/The Bay Citizen)

But that’s just one secretive sell-off of public assets.  Burbed reader nomadic sends in what could be the answer, but it only raises more concerns.  Matt Taibbi suggests that large chunks of our infrastructure, including “a whole bevy of Californian public infrastructure projects,”are being bought by “sovereign wealth funds.” SWFs are extremely large amounts of cash, in particular from oil-producing nations.  One of the SWFs was offered the entire Pennsylvania Turnpike.  (They demurred, but Taibbi names other public works projects that have been sold off, including the Chicago Skyway and their parking meter revenue.)

Around this time, state and municipal executives began putting their infrastructure assets up to lease — essentially for sale, since the proposed leases in some cases were seventy-five years or longer. And in virtually every case that I’ve been able to find, the local legislature was never informed who the true owners of these leases were. Probably the best example of this is the notorious Chicago parking meter deal, a deal that would have been a hideous betrayal even without the foreign ownership angle. It was a blitzkrieg rip-off that would provide the blueprint for increasingly broke-ass America to carry lots of these prized toasters to the proverbial pawnshop.

Sounds familiar.  Maybe that’s why this California First LLC group is being so secretive?

Comments (7) -- Posted by: madhaus @ 5:05 am

January 14, 2011

Biggest, Weirdest Reported Sale – Maybe Ever – Alameda County

I wanted to close out the week with one more property that could have made Zillow’s expensive home sales list (remember, not one RBA property on the list, the nerve!)  But there weren’t any over $10 million properties in Marin, and when I moved over to Alameda County… lookie here what I found.

1812 Bali Ter (Unable to map), San Leandro, CA 94578

Sold on 01/08/2011: $41,500,000

<img missing due to burbed’s terrible admin skills. working on restoring>

BEDS: 5
BATHS: 2.5
SQ. FT.: 2,192
$/SQ. FT.: $18,932
LOT SIZE: 2,543 Sq. Ft.
TYPE: Detached
STYLE: Contemporary
STORIES: 2
YEAR BUILT: 2009
COMMUNITY: San Leandro
COUNTY: Alameda
MLS#: 40492923
SOURCE: EBRD
STATUS: Sold

New Construction. .. Gated Community. No HOA. Many upgrades included. Great floor plan. Large kitchen island & pantry and gas stove. Huge master suite with jet tub, etc. Has 3-fireplaces. Seller says must sell bring offer!.

Guess this was the seller’s lucky day, huh?  Or maybe someone seriously fat-fingered that update?  From looking at that rather pedestrian kitchen (for $41 million, I want something that doesn’t scream 2005 at me), I suspect someone made a big mistake.  Let’s hope it wasn’t the FB fulfilled buyer.  So, have a look at the asking price.

<img missing due to burbed’s terrible admin skills. working on restoring>

Whoa!  I’ve heard overbidding is everywhere, but… let’s see what the lucky homedebtor got for (cough) $41 million.  Fortunately, this site and several others had lots of pictures and information and even managed to come up with a map.  There were 10 homes in this new gated community.  It must be really posh!

<img missing due to burbed’s terrible admin skills. working on restoring>

That’s some serious elbow room.  At least there should be some open space nearby, right?

<img missing due to burbed’s terrible admin skills. working on restoring>

Plenty of room across Liberty Street!  Awesome!  Now, gated community, right? Let’s get a good gander at the gate!

<img missing due to burbed’s terrible admin skills. working on restoring>

While a few security guards at an entry booth would be a touch more apropos, the riffraff won’t be crashing the cotillion!  In fact, don’t worry about the wrong element showing up uninvited to social events, because absolutely nobody will know where this house really is.  I’ll prove it.  Here’s where another Realtard site thinks it’s located:

<img missing due to burbed’s terrible admin skills. working on restoring>

Who wouldn’t pay a hundred times the asking price for an undisclosed location and guaranteed privacy?  Not convinced? Here’s where Zillow thinks it is:

<img missing due to burbed’s terrible admin skills. working on restoring>

And remember, Redfin didn’t even try to find the house.

Okay, I know you’re all laughing at this new construction in San Leandro (has Burbed ever been to San Leandro before?  Yes!) but it’s got 10 rooms!  The house yesterday had 14 (and zero bedrooms).  So there’s no reason why this house can’t sell for an eight digit price, too.  Plus you will avoid all that horrible traffic in The City.

Update 1/11/11: Well, dammit, Redfin now (as of 4 pm) says the house sold for $415,000.  I was so looking forward to watching this FB open the property tax bill, too.

Comments (26) -- Posted by: madhaus @ 5:06 am

January 12, 2011

Most Expensive Sale 2010 – Santa Clara County

Yesterday we showcased the most expensive sale last year in San Mateo County, a $15M property in Woodside.  Can Santa Clara beat that?  Yes we can! But only if we count the sale of a mobile home park.  If we want to stick to single-family houses, the answer is NO WAY, SAN JOSE.

16331 Matilija Dr, Los Gatos, CA 95030

Sold on 06/15/2010: $10,000,000

<img missing due to burbed’s terrible admin skills. working on restoring>

BEDS: 6
BATHS: 7.5
FINISHED SQFT: 11,616
UNFINISHED SQFT: 3,075
TOTAL SQFT: 14,691
FLOORS: 2
LOT SIZE: 82,328
STYLE: Single Family Residential
YEAR BUILT: 2001
YEAR RENOVATED: 2001
COUNTY: Santa Clara County
APN: 51030027
LAST UPDATED: August 26, 2010

<img missing due to burbed’s terrible admin skills. working on restoring>

Alas, the original sales description and images are gone.  But check this out.  Looks like the asking price on this megamansion was once $14,900,000.  And it has the agent’s description (even if the pictures are gone), so let’s enjoy what they were so eager to hide:

MEDITERRANEAN INSPIRED VILLA BY MEHUS CONSTR-NEARLY 2 AC OF FORMAL HILLTOP LAWNS,TERRACES&COURTYARDS-BELOW REPLACEMENT COST-TRUE GRAND ESTATE VIEWS FROM SF TO SO. VALLEY-ARTESIAN WORKMANSHIP-NOTHING SPARRED-FINEST QUALITY-MUST SEE

Wow.  Artesian workmanship.  So there should be deep and narrow wells all over the property – or the construction crew came from France. And nothing was sparred.  Glad they weren’t fighting while installing all those tiles on the roof.  Although if the house was really “below replacement cost” at $14.9M, there was probably a lot of fighting when it sold for ten million with that 33% haircut.

Also I’m going to call shenanigans on “below replacement cost,” since tax records say additions are valued at $5.2 million. This house is ten years old, not a hundred. Maybe you can convert a garage into a couple of bedrooms without anyone noticing (until you try to sell the place), but there’s no way the FB put up a quarter acre worth of house and “forgot” to file construction permits.  That addition value shouldn’t be too far out of line with actual building costs.

If we ranked the homes on Sunday’s Zillow list by how much of a discount off original asking price they sold for, this Los Gatos hyperhouse that takes up more floor area than some strip malls would be tied for fifth place.  No question about it, Los Gatos has an insanely overpriced, oversized home smacked down by market forces.  Booyah!

Comments (13) -- Posted by: madhaus @ 5:05 am