May 26, 2011

Santa Row, Then and Now

Okay, please hold the pedantic corrections, we know it’s called Santana Row.  “Santa Row” is a Burbed inside joke because of this listing.  (Someday I am going to create a Burbed page of all the inside jokes with links to the original first misuse.  Please send in your contributions for this project and you can get your handle on a permanent Burbed page.  Wow!)

Anyway, here’s a look at all the terrific appreciation an investment in a Santa Santana Row Home would add to your balance sheet!  Get ready to shout… INSTANT EQUITY!  Thanks very much to Burbed reader Petsmart Groomer for some of these fascinating stats, which I find almost as scrumptious as zip code lists.  Of course I had to throw in some BUNUS listings.  (That’s another one.)

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333 Santana row #340

688k (05/25/2007)
$390k today (short sale)  “Enjoy of the night life of Santana Row.”

 

333 santana row (sorry, no unit number given, might be this one, pending 5/4/11)

$690k (03/01/2006)
$599k today



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333 santana row #336

$590k (12/23/2005)
$440k today (pending) “full length silk curtains w/ remote”

There’s much, much more after the break.  Much, much, much more!


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333 Santana Row #309

$635k (3/15/06)
FORECLOSED at $443,520 (4/28/11)
$559k (5/6/11) “Regular sale, no waiting or disappointments”

 

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333 Santana Row #209

$695k (6/29/06)
listed for $720k (9/28/10)
price dropped to $620k (10/15/10)
price dropped to $520k (1/24/11)
sale pending (3/1/11)
relisted $520k (5/17/11) (short sale)


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333 Santana Row #232

Listed for $749,000 on 8/27/08, dropped to $619,000 6/24/10.  Price is still too optimistic in this For Sale By Homedebtor.

333 Santana Row #216

$662K (12/21/05)
FORECLOSED at $468K (4/13/11)

333 Santana Row #233

$640K (2/28/06)
FORECLOSED at $562,500 (5/29/08)


Well, maybe the DeForest Building is bad luck.  Let’s try another building.

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334 santana row #340

$579k (8/30/05)
$495k (02/03/2009)
listed $559k (2/3/11)
$455k today “Not a short sale but priced like one!”

 

image334 santana row #317

$582k (09/02/2005)
$419k today (pending, since 3/29/11)  “Controlled access building”

 

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334 santana row #307

$705k (07/24/2007)
$475k today (pending) “PERFECT FOR PROFESSIONAL, COUPLES AND FIRST TIME HOME BUYERS!”


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334 santana row #300

$996k (06/12/2006)
$1,298,000 today “Santana Row Villa space at a loft price!”  “$200K in upgrades”

This is the mandatory WTF entry in an otherwise consistent list of price opportunities for YOU, the BUYER.  But we know this strategy: $200K in upgrades, and buyer demands a profit on them.

 

image 334 santana row #323

$610k (9/30/05)
$689k (02/09/2007)
$474k today (pending)  — Only unit in Santana Row located in Campbell!  Ignore that 951 zip code, it says Campbell!

 

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334 Santana Row #200

$605k (9/26/05)
$320k today (pending)  — love the cute, tiny photos in the listing.  “Super clean !!!”

334 Santana Row #208

$489.5 (3/7/06)
$250k today (pending) “Short sale and due to litigation, all-cash offers only.”

Ruh-roh.  First listed in December 2006, and lots and lots of listings between then and now, including one at $464k for two and a half years.  Never a good sign when Zillow has two different entries for the exact same place.

 

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334 Santana Row #212

$430k (10/12/05)
FORECLOSED $269,966 (2/17/11)
listed $329k (3/11/11)
$309k today “Normal sale!” “Vacant.”

 

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334 Santana Row #234

$427k (9/2/05)
$299k today (pending) “on the 2nd floor of the building”

 

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334 Santana Row #235

$487.5 (8/24/05)
$300k today (pending) “Perfect for the young executive”

334 Santana Row #240

$12,000 (6/20/07)
$72,000 (11/21/08) – Neither of these were arms’ length transactions.  Looks like someone gave the broker a really close-in series of servicings.
FORECLOSED at $453,279 (12/28/10) – Yup, buy it at $72,000 and still lose half a mil on it.

 

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334 Santana Row #241

$520k (10/20/05)
$320k today (pending, says sold for $325k on 4/1/11, joke’s on somebody because the fees are $485 a month)

I wouldn’t worry about any of those nuisance price reductions above.  Everything at Santana Row has a Walk Score of 91.  Walker’s paradise, baby!

Comments (15) -- Posted by: madhaus @ 5:06 am

15 Responses to “Santa Row, Then and Now”

  1. * Says:

    1. way too many images.
    2. burbed is really slow to load today.

    coincidence?!?!?!?!

  2. Alex Says:

    Holy Foreclosure Row, Buttman!

    Imagine all the hot mouth-watering Asian-Latina sandwiches! Forget cruising Palo Alto. This is the new Real Bay Area.

  3. pianist Says:

    “Enjoy of the night life of Santana Row.”

    Translation – forget turning in early, you’ll be up until 1:00 a.m. on work nights due to the horrible noise underneath your windows.

  4. SEA Says:

    Notice that the Santa House sold with OVERBIDDING!

    “Aug 26, 2009 Sold (Public Records) $468,000 -11.0%/yr Public Records
    Aug 26, 2009 Sold (MLS) (Sold) $468,000 — Inactive MLSListings #80937074
    Aug 14, 2009 Pending (Pending (Do Not Show)) — — Inactive MLSListings #80937074
    Aug 01, 2009 Listed (Active) $420,900 — Inactive MLSListings #80937074″

    Please ignore the foreclosure:
    Jul 16, 2009 Foreclosure $656,149

    Apr 24, 2006 Sold (Public Records) $690,000

    It’s all about the overbidding, not the $222k loss from the 2006 sale.

  5. sfbubblebuyer Says:

    Man, can you imagine being an owner who bought in at the peak watching the foreclosures/shortsales? It must be like getting repeatedly punched in the gut every time you have to enter/leave the building.

  6. ES Says:

    SFBB: I lived in the Georgetown Place townhouses (renting) until a few months ago… that would be another good one to do.

    Those were selling in the mid 700’s… now they can’t sell for $400. Buildings themselves are a fiasco and there are like 4 suits going on with contractors. It’s a huge mess.

  7. The Gilroy Alex Says:

    Damn, I feel like I was sitting in that corner unit and a teal deer just jumped through that picture window.

    Whaaa…?

    Uh, all I know of that Santa Row has, is a New Balance store – see the site Things White People Like for more on that lol.

    It’s just a nice quiet boringish downtown. Easy to catch the #22 bus.

    And no yards. So, these things should be well, they do look kinda roomy, so just above $100k maybe.

  8. madhaus Says:

    #1, if the site is loading slow, then I will put today’s entry with a break (Read More). That should help.

    #5, well put. I had this jaw-dropping sense of shredded hundred dollar bills going down the toilet the more listings I found when I put today’s feature together.

    #6, please send in some listings from that complex and we can give them the Full Burbed treatment. I am not familiar with the place and don’t have addresses, street names, etc. Any writeups on the lawsuits are a “bunus.” Aren’t you wondering what’s up with the one unit that has the lawsuit asking for all cash?

    Actually I also want to do that disaster near 101 next to a house we did a few weeks ago.

  9. SEA Says:

    #5- You are completely ignoring the theory that it is always cheaper to own. Thus no matter how much the ‘loss on sale’ the cost of rent would always be more. And let’s not forget that the rent must be paid today, but loss on sale is at the end–you know, many years later. That’s discounted to present value at the point of purchase using a very high discount rate, so the present value of the loss at the point of purchase is very near zero, even if it’s more than ‘not a lot of money’ when the loss is realized.

    You know, give someone a $750 television, a $500 gas card, and a $8,000 tax credit today, and the present value of the deal goes up by at least $100,000.

    Offer a small child:

    1 piece of candy before dinner
    -OR-
    2 pieces of candy after dinner (about 2 hours later)

    In summary: $2,000 per month in rent today is very expensive (you know, you have to have $40 in cash for gas expense each week), but a $500k loss a few years from today is discounted to near zero.

  10. Real Alex Says:

    334 SANTANA Row #307 has only street and exterior view pictures. Does it mean “professional couples” are supposed to live on street most of the time, RE could not get in by some reason or it’s just because interior looks ugly?

  11. nomadic Says:

    #7, are ALL bus routes number 22 in the South Bay? I would swear that’s that’s the one that went up and down El Camino in Sunnyvale, and I saw another marked 22 in downtown SJ on Saturday…

  12. The Gilroy Alex Says:

    Nomadic – #22 runs 24/7, and pretty often, like every 15 minutes PLUS 522 expresses, along the El Camino Real aka The Alameda, between Diridon Station via downtown SJ (pick up a quickie, whether that to you means a BJ or a rock, in wonderful “diverse” downtown SJ) to Palo Alto. The homeless jokingly refer to it at the “22 Hotel” because riding on it all night is a way to keep warm during our 40s or down into 30s, occasionally 20s, winter nights.

    You’ll see other buses if you pay attention to such things (do you count dog turds while walking?) but you’ll see the #22 a lot.

  13. ES Says:

    Madhous:

    http://www.zillow.com/homedetails/255-Cahill-Park-Dr-San-Jose-CA-95126/64449251_zpid/#{scid=hdp-site-map-bubble-address}

    There’s an example of one of them. It’s actually called Cahill Park- Georgetown Place is separate. There are some shenanigans going on- there are 2 or 3 for sales or make me moves… and the prior sales price shows $0 on propertyshark. I’ve seen as much as 10 units for sale at once in that complex, all 50% off peak. My guess is that the HOA sat everyone down and told everyone to take their shit off the market or the entire community is going to collapse.

  14. $200K in upgrades means $304K markup! [Burbed.com] Says:

    [...] the real estate over there: All of the Santana Row condos that sold new in 2005 and ‘06 have dropped around 40% in value since then.  That article last May featured twenty separate units for sale or recently sold, and all but [...]

  15. THIS IS AN AMAZING PRICE [Burbed.com] Says:

    [...] when we took a good look at “Santa Row” to see how the prices were holding up?  The original oughties buyers probably weren’t too happy with their investments in San Jose’s [...]


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