May 3, 2011

Still Gorgeous

Thanks very much to sfbubblebuyer for today’s featured listing.  Does it look familiar?  It should.

2524 Dekoven Ave, Belmont CA  94002



SQ. FT.: 1,480
$/SQ. FT.: $641
LOT SIZE: 7,900 Sq. Ft.
PROPERTY TYPE: Detached Single Family
STYLE: Ranch
VIEW: Bay, Neighborhood, City Lights
COMMUNITY: Haskins Estates
COUNTY: San Mateo
MLS#: 81114658
STATUS: Active
ON REDFIN: 28 days

4 years new. Still gorgeous. High ceilings, gourmet kitchen, level lot, secluded, serene, private. Area for dog run, children play yard, RV/boat parking, etc.

imageHere’s what sfbubblebuyer had to say about this listing:


Hey, the house that caused a 210 post-war… is BACK ON THE MARKET!

Surprisingly, it never sold at 1.05 million. Shocking, I know. Zillow lets us know they stared out at 1.14 million. After 3 years of watching housing tank they think that their precious house suffered a terrible loss of almost 17% and they’re now offering it for $949k. How generous of them! While other markets suffered 30-60% losses, Belmont is so special that 17% is a gift to the buyer!

It’ll be interesting to see if they manage to move the house this time. If the bought it for 750 and truly ripped it down to the studs, they’re probably selling it at ‘cost’ now. 200k for redoing everything in a house plus the outside seems about right. Unless you live somewhere non-special, where 200k would buy you a 3,000 sq foot new build.

I don’t think you understand this Spring Bounce idea, sfbb,  You see, prices in the RBA always go up.  Guaranteed.  That’s why this house is shaped the way it is:

2524DEKOVEN Up Arrow

I sure hope this place is still staged.  That would mean the show’s been running for three years!

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

6 Responses to “Still Gorgeous”

  1. The Gilroy Alex Says:

    Anywhere else it would cost 3X the median income. In the BA, the median income’s about $50k, thus this crap shack would cost $150k.

  2. madhaus Says:

    But #1, you can’t put a price on pride of ownership.

  3. sfbubblebuyer Says:

    This thing should be selling like HOTCAKES! I mean, if the big one hits, you’re right next door to millions of gallons of drinking water! If a wildfire hits the peninsula, all you need is a spike and a sledgehammer and you’ve single-handedly saved the neighborhood!

    Seriously, check out the street view! 3 story water containment vessel next to house? CHECK! BACKUP 3 story water containment vessel next to house? CHECK!


  4. SEA Says:

    #2- But I can!

    Pride of ownership = asking price – 3*median income + 10 * overbid amount ($)

    =$950k-$150k + $$$$$$$$$$

    Pride of ownership = $800k + $$$$$$$$$$

    It’s all about increasing the pride of ownership!

  5. Real Alex Says:

    Why not? It has new cabinets and beautiful chandeliers. 😛

  6. nomadic Says:

    Finally foreclosed 8/15/11 for $653,500. To recap: purchased in 2006 for $750k, house torn down and rebuilt (from the foundation up!), listed for THREE years and ultimately lost to the bank. There was plenty of lost money to go around for this house. Funny that it still hasn’t gone up for sale again.

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