April 29, 2011

You won’t find anything like this available for sale within 20 miles

A couple of weeks ago we featured this, um, charming house in Palo Alto.  Within 7 days, the price went up $150k, because if house was featured here, it was obviously worth far more than that lazy realtard had suggested!  Obviously he/she just wanted a quick commission and didn’t care how little money the bank netted after eating the first mortgage, the second mortgage, the HELOC, the hazardous cleaning team, and the poo guy.

But after making the front page of Burbed,  the Beautiful Eichler with Pool got a more upscale description: “Live down the street from $7,495,000 home.”

So without any further ado, here is the $7.5M house!  Thanks very much to Burbed reader Petsmart Groomer for mentioning this house in comments.

1535 EDGEWOOD Dr, Palo Alto, CA 94303
$7,495,000

image

 

BEDS: 5
BATHS: 5.5
SQ. FT.: 7,743
$/SQ. FT.: $968
LOT SIZE: 0.43 Acres
PROPERTY TYPE: Detached Single Family
STORIES: 3
YEAR BUILT: 2002
COMMUNITY: Green Gables
COUNTY: Santa Clara
MLS#: 81117522
SOURCE: MLSListings
STATUS: Active
ON REDFIN: 4 days

Incredible Hampton Style home with all the bells and whistles. Great North Palo Alto location, large lot and terrific Palo Alto schools. A rare opportunity to get a move-in home of first class quality and design. Designed and built for family living, you won’t find anything like this available for sale within 20 miles, let alone in Palo Alto.

imageWe’ve already discussed that a homedebtor can list a house for whatever s/he wants, but it’s what a buyer will pay for it that determines the “value.”  Back in the heady days of Pay Option ARMs and OPM and PPM (whoops, that refers to how much poo per million in the swimming area), a buyer would look at the asking price and offer 15% above that. Then they’d hope the homemade cookies, the family photo, and the offer to hand-wax the seller’s Porsche for the next five years would lead to an offer being accepted.  Now, with the housing market in freefall, anything goes, which unfortunately includes agents too lazy to include the full nine pictures on Redfin when six will do.  Just six pictures, for a house with an asking price of $7.5 million.

imageSo, is this house actually worth $7.5M?  Don’t forget that it’s “down the street” from the Beautiful Eichler, let alone in Palo Alto.  0.7 miles “down the street.”

The good news is that for an extra $6.5 million, you aren’t next to a freeway exit ramp, so you have a better chance of pretending you’re in the Hamptons.  The bad news is you’re next to East Palo Alto instead. 

I mean next to EPA, not “down the street” from itRight behind the back yard on the other side of the creek is Collective Roots, a nonprofit that teaches sustainable gardening and food system change (I think that’s PC for eating stuff that was actually alive).  It’s educational, which means lots of East Palo Alto kids visit their site, which is behind this house.

Let’s take a good look at what kind of neighborhood you get for $7.5 million.

image

Yeah, you won’t find another $7.5 million place next to this much high-density housing within 20 miles!

Comments (38) -- Posted by: madhaus @ 5:07 am

38 Responses to “You won’t find anything like this available for sale within 20 miles”

  1. sfbubblebuyer Says:

    You really won’t find another house like that within 20 miles (unless you look in Atherton… or Woodside) and you won’t find a buyer for that house at 7.5 million in 20 years, so it fits together! That’s one mile per year! Talk about the velocity of poo!

  2. SEA Says:

    347 ENCINA Ave

    It’s not 20 miles away, and not a lot of money. That said, it is in a favorite burbed area.

    From the description: “Just around the corner from well known Selby Lane and border of Atherton. Not Short Sale or an REO.”

    Could you give me the driving directions to Selby Lane?

  3. sfbubblebuyer Says:

    I sure wouldn’t want to spend half the money and wind up with a terrible house like this : http://www.redfin.com/CA/Woodside/811-Woodside-Dr-94062/home/877311

    Or for less money, you can make this flipper cream his pants : http://www.redfin.com/CA/Atherton/301-Stockbridge-Ave-94027/home/886004

    Or perhaps you want a touch more land for multi-million dollars of housing. Try here : http://www.redfin.com/CA/Woodside/155-Hobart-Heights-Rd-94062/home/2027625

    But if you JUST GOTTA HAVE PALO ALTO : http://www.redfin.com/CA/Palo-Alto/509-Hale-St-94301/home/542274

    One last parting shot, for those millionaires with bladder or sphincter control issues, a 5 bed, 10 bath manse for you : http://www.redfin.com/CA/Atherton/302-Atherton-Ave-94027/home/1776521

  4. nomadic Says:

    But it’s only $1.5M down and $30,000 per month! What a steal!

    This one, a block or so down and across the street actually sold for $7M in March, so could the price be within $1M of reality?

  5. nomadic Says:

    Or, if not reality, another buyer’s delusion?

  6. sfbubblebuyer Says:

    I am in moderation hell. *cries*

  7. DreamT Says:

    #6 – Cry no more!

  8. Real Estater Says:

    >>I mean next to EPA, not “down the street” from it. Right behind the back yard on the other side of the creek is Collective Roots, a nonprofit that teaches sustainable gardening and food system change (I think that’s PC for eating stuff that was actually alive).

    EPA can’t seep through the creek. The two sides have always been worlds apart.

    Take a look at this one:
    http://www.mlslistings.com/1870-UNIVERSITY-AV-Palo-Alto-CA~i19$1026060$RES

    First house into heaven on University Avenue.

  9. SEA Says:

    The power of wrong sides of right streets–

    That 509 Hale Street has an interesting history, with PERIOD DETAILS (No, I don’t really want to hear the period details!):

    Feb 09, 2011 Listed (Active) $3,998,000 — MLSListings #81105947
    Aug 28, 2006 Delisted * — Inactive MLSListings #1
    Mar 16, 2006 Listed * — Inactive MLSListings #1
    Apr 15, 2003 Sold (MLS) $3,000,000 — Inactive MLSListings #80258525
    Apr 11, 2003 Sold (Public Records) $3,000,000 -17.2%/yr Public Records
    Apr 11, 2003 Sold (Public Records) $3,752,500 — Public Records
    Mar 03, 2003 Delisted — — Inactive MLSListings #80258525
    Oct 30, 2002 Listed $3,900,000 — Inactive MLSListings #80258525
    May 23, 2000 Sold (Public Records) $5,175,000 — Public Records

    How difficult is it to imagine this PA home selling below 2000 pricing?

  10. sfbubblebuyer Says:

    Hooray! I’m out of solitary!

    #9: Yes, I saw that in the listing history, too. Losing a million in 11 years, why, that only takes one not-a-lot-of-money bay area salary to compensate for!

  11. SEA Says:

    “First house into heaven on University Avenue.”

    Right side?

  12. Real Estater Says:

    Left side, with a bus stop in front of it.

  13. SEA Says:

    If it’s not on the right side of wrong streets, I don’t want it!

  14. madhaus Says:

    #8, nice find! A ginormous house in 94301 on an almost 2 acre lot. Gotta take 20% off for that three-car garage though ;)

    Suggest you buy it, turn the garage into a full guest house, and build a proper Palo Alto one-car garage. You could double your money, instantly! Go for it! Why, you could rent out the guest house for at least $2500 a month! YOU ARE LOSING MONEY NOT TAKING ADVANTAGE OF THIS RIGHT NOW!

  15. BogusEstater Says:

    Suggest you buy it, turn the garage into a full guest house, and build a proper Palo Alto one-car garage.
    —–

    Why why why! He can turn the whole house into 20-car garage and make it his own auto museum.

  16. bob Says:

    What? Nobody mentioned anything about the Ping-Pong table? That to me seems like overwhelmingly obvious material for some fantastic puns and jokes.

  17. nomadic Says:

    We’re waiting, bob.

  18. Real Estater Says:

    The photo make it look like the house has a grand entrance. If you go there, you’d find out that the front yard is only about 10 feet deep. Obviously, the builder wanted to maximize the backyard, but for $7 mil it really should be set back further from the street.

  19. madhaus Says:

    For $7 million, it should really be set back further from East Palo Alto.

  20. Real Estater Says:

    As I told you, Palo Alto is special. Close to freeway doesn’t matter; close to EPA doesn’t matter; train noise is OK; 1 car garage is OK. For 7 mil, you can get 1 acre in Atherton; you can get 2 acres in Hillsborough, but this is all you get in Palo Alto. Even Steve Jobs doesn’t get to live big here.

  21. Tuno Says:

    yes, RE, proximity to freeways doesn’t matter at all: http://www.sciencedaily.com/releases/2011/04/110407092028.htm

    If I had kids (perish the thought), I’d raise them in Boulder Creek and home school.

  22. BogusEstater Says:

    Even Steve Jobs doesn’t get to live big here.
    —-

    Poor Steve Jobs. All he got some neighbors like Real Estater.

  23. BogusEstater Says:

    As I told you, Palo Alto is special. Close to freeway doesn’t matter; close to EPA doesn’t matter; train noise is OK;
    —-

    I know it’s all about location, location, location as demonstrated by the properties like 2430 Cowper.

  24. BogusEstater Says:

    As I told you, Palo Alto is special. Close to freeway doesn’t matter; close to EPA doesn’t matter; train noise is OK;
    —–

    I know it’s all about “LOCATION LOCATION LOCATION”, as demonstrated by 2430 Cowper St property.

  25. SEA Says:

    April 29, 2001: “As I told you, Palo Alto is special. Close to freeway doesn’t matter; close to EPA doesn’t matter; train noise is OK; 1 car garage is OK.” (#20 above)

    Just 8 days earlier-

    April 21, 2001 #49: “Edgewood is actually quite a beautiful and prestigious street. There is one section that gets too close to the freeway, and that’s where this house is.”

    Just one question-

    2115 Edgewood Dr is in special Palo Alto on a beautiful and prestigious street, so why does its proximity to any freeway matter? Special red herring?

  26. Real Estater Says:

    Read “closely”: Close doesn’t matter, but right next to the freeway, or “too close”, does matter. Use your common sense.

    Same thing with that house on Cowper. It’s not really on Cowper, but on Oregon Expressway. That does matter. You guys really need my help to point out the obvious?

  27. DreamT Says:

    SEA, it’s pretty obvious that “very close” is ok but “very, very close” is not!

  28. SEA Says:

    Let me guess- “This property is only close, but not too close.”

    That is until you go to sell…

  29. madhaus Says:

    So the house is or is not worth seven and a half million? What should this house sell for? I say this is serious overreach. $5.25M. Including the pingpong table.

  30. BogusEstater Says:

    Read “closely”: Close doesn’t matter, but right next to the freeway, or “too close”, does matter. Use your common sense.
    —–

    As Bill Clinton said it depends the definition of sex.

    In Palo Alto, it depends on the definition of “close”, “too close”, “next to” and “right next to”.

  31. SEA Says:

    #28- Of course it’s not worth seven and a half million. The over-bidding will bring the price right up to “where it needs to be.”

  32. SEA Says:

    What is?

  33. Joe Says:

    Ha, Facebook guy bought this.

  34. Joe Says:

    My bad, guess he bought a different one for about the same price in the area.

  35. Joe Says:

    Just down the street …

    http://www.redfin.com/CA/Palo-Alto/1456-Edgewood-Dr-94301/home/762051

  36. Real Estater Says:

    Come one guys, the news shouldn’t be a surprise. Anybody with any money is not going to rent for long.

    I suppose you all want to hear my comments. Well, the 1400 block is the right block to be in (yes, even though it’s on the “wrong” side of Middlefield). Close to freeway doesn’t matter. Close to EPA doesn’t matter. Over $1000/sf is still a fair price to pay for 94301. Sure, for 7 mil you can get 1 acre+ lot in Atherton or Hillsborough, but it won’t have the cool factor of 94301. There is no substitute.

  37. Petsmart groomer Says:

    > I suppose you all want to hear my comments.

    You suppose wrong.

  38. Real Estater Says:

    “Exercept” time. Latest report from Dreyfus Properties:

    Palo Alto is on fire. First quarter numbers show the high end moving with a 15% increase in the average price, and we think the second quarter number will blow that increase out of the water. The market at the super high-end ($5,000,000 plus) could almost be described as a panic. Multiple buyers are chasing the same trophy properties. South Palo Alto continues to see multiple offers above asking price, particularly at the entry level. The only part of Palo Alto not running amuck is the condo market. That can’t be far behind.


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