July 31, 2011

Media Room In Search of Some Action

That is, if by “action” I really meant “trademark violation lawsuit.”  Here’s a weekend WTF for your enjoyment, thanks to Burbed reader James M.

Media_Room

Here’s what James has to say about this photo:

Here’s a great shot of a "media room" from a 6000+ sq ft Toll Bros monstrosity in San Ramon… Perfect for that tech baron in all of us!  That little TV looks pathetic…

Alas, according to Redfin, this listing was removed this past Thursday.  It was still on Trulia, though.

This is an Open Thread.  Let us know about the Open House action you saw this weekend, and how the big the flat-screen TVs are now that rents are going up again.

Comments (13) -- Posted by: madhaus @ 5:14 am






July 30, 2011

Why We Love Realtors and Real Estate Agents

house4sale_ahole

Because so many people would do an even worse job than those hardworking professionals, and that’s really saying something.  Thanks to Burbed reader Chris for passing along this photo.

This is an Open Thread.

Comments (7) -- Posted by: madhaus @ 5:04 am

July 29, 2011

New Appliances will be installed when property is in escrow, as existing ones went walkabout

A while back, we featured this pretty amazing listing on Bonita Avenue in San Jose.  Burbed reader SEA noticed that there was a McMansion complex wedged in right behind and observed that a number of the units had owners who forgot the old adage: Buy low, sell high, profit!  Here’s how things looked when SEA reported in:

House Number 2006/7 Sale Price 2011 List Price Notes
209 $630K $368K Pending w/release – Short Sale
261 $700K $400K Pending w/release – Short Sale
313 $703K $400K Pending w/release – Short Sale
317 $718K $405K Active – Short sale
321 $674K $415K Active – NOT short
353 $675K $400K Pending w/release – Short Sale
365 $698K $430K Active – Short sale

Looks like those former owners all got the saying backwards.  And obviously all that instant equity couldn’t be left alone, since these homes were quickly snapped up!  Fortunately, another house in Rayos del Sol is for sale, so it’s not too late to grab some instant equity for yourself.

305 RAYOS DEL SOL Dr, San Jose, CA 95116
$439,900

image

BEDS: 4
BATHS: 2.5
SQ. FT.: 2,222
$/SQ. FT.: $198
LOT SIZE: 2,613 Sq. Ft.
PROPERTY TYPE: Detached Single Family
STYLE: Contemporary
STORIES: 2
YEAR BUILT: 2006
COMMUNITY: Central San Jose
COUNTY: Santa Clara
MLS#: 81129495
SOURCE: MLSListings
STATUS: Active
ON REDFIN: 23 days

Beautiful home located in a nice complex with lovely grounds. Spacious 4 bed 2.5 bath with remodeled kitchen , freshly painted interior , new living room carpet , new a/c , new water heater, cozy fireplace and spacious rooms throughpout. Inside laundry with good storage space. great first time buyer or investor. New appliances with be installed when property is in escrow.

These pictures really do say it all, so you might as well enjoy every single one of them… after the break.

(more…)

Comments (20) -- Posted by: madhaus @ 5:08 am

July 28, 2011

GREATE BUSINESS POORTUNITY

Thanks to Burbed reader and occasional Guest Editor sonarrat for today’s featured home.

2250 STORY Rd, San Jose, CA 95122
$325,000

image

BEDS: 3
BATHS:  2
SQ. FT.: 1,228
$/SQ. FT.: $265
LOT SIZE: 5,500 Sq. Ft.
PROPERTY TYPE: Detached Single Family
STYLE: Contemporary
STORIES: 1
VIEW: Neighborhood
YEAR BUILT: 1963
COMMUNITY: Alum Rock
COUNTY: Santa Clara
MLS#: 81127940
SOURCE: MLSListings
STATUS: Pending Without Release
ON REDFIN: 18 days

REGULAR SALE * * COMMERCIAL ZONE * * GREATE BUSINESS POORTUNITY * THIS PROPERTY FEATURES 3BED/2BTH INCLUDES UPGRADE SUCH AS NEW PAINT, KITCHEN CABINETS, GRANITE COUNTER TOP, PERGO FLOOR, BATHROOM, NEW LANDSCAPE FRONT/BACK, GARAGE CONVERTED * CONVENIENT ACCESS TO SHOPPING CENTER & FREEWAYS * READY FOR MOVE IN CONDITION * SPECIAL PROGRAM FOR FIRST TIME HOME BUYER * OPEN HOUSE 12-2PM 06/26 * THANKS FOR VIEWING

imageHere’s what sonarrat said about why this listing was sent in for your enjoyment:

Instant Entry into Real Estate Copy Hall of Fame

Wow, this place even has 2/3 of the Pergraniteel Hat Trick.  Sorry, no “stainless steal” appliances, but you can’t have everything at these prices, not to mention this location, location, location!  What could be better for a BUSINESS POORTUNITY than Story near King?  I mean, it already has an overflow parking lot!

image

imageIs it my imagination of is this ceiling not exactly level?

And it never occurred to me to use Pergo in the living room. The warm wood-like structure really brings out the natural-like fiber structure in the furniture.

Now let’s take a look at those UPGRADE, like the kitchen cabinets.

imageHey! Somebody stole some stainless after all, as well as the refrigerator!

What’s with the blue-green metallic dishwasher?  Maybe that was a close-out on somebody’s dream house who ran out of cash equity to borrow against. Then the dishwasher found its way here because it’s such a high-class appliance, who cares if it doesn’t match the cabinets or the range or the missing fridge? That’s a BUSINESS POORTUNITY.

Now I am really wondering what color the refrigerator was.  At this rate I expect it was candy-apple red metalflake.

imageThis yard picture is so perfect in so many ways. How do I count thee, mismatched patio sections, trellis suggestive of incarceration, and those trash cans in the back yard instead of hidden along the side.

Think of how convenient it is to have the trash receptacles right on the patio for your next outdoor fete!  None of your guests will be holding empty hors d’oeuvres plates for hours while making small talk through tight smiles.

And holy moley, couldn’t the agent bother to put the hose away for this photo?

imageFinally, here’s the location, location, location for your BUSINESS POORTUNITY!  And the homeloaner must have a sixth sense for these poortunities, because that living room Pergo is in the converted garage as well as one of the bedrooms, too!  The stuff might have fallen off a truck, or else it was a huge spaving (spend lots to save more)!

One last note: This home isn’t in move-in condition.  It is, instead, READY FOR MOVE IN CONDITION.  Any suggestions what extra steps must be taken by the sucker lucky buyer who has this place pending?

THANKS FOR VIEWING

Comments (21) -- Posted by: madhaus @ 5:13 am

July 27, 2011

This house is for “sale.” Honest.

It’s been far too long since we visited San Mateo, county seat of San Mateo County (we got that obvious tidbit from the Department of Redundancy Department, thank you Captain Obvious!)  Today’s Guest Blogger is Burbed reader MS, who has found a whole new definition of maximizing revenues.

Please give MS a warm, Real Bay Area welcome with today’s takedown of a San Mateo charmer!


1406 MONTE DIABLO Ave, San Mateo, CA 94401
$470,000

image

BEDS: 3
BATHS: 2
SQ. FT.: 1,320
$/SQ. FT.: $356
LOT SIZE: 5,500 Sq. Ft.
PROPERTY TYPE: Detached Single Family
STYLE: Ranch
STORIES: 1
VIEW: Neighborhood
YEAR BUILT: 1947
COMMUNITY: North Shoreview/Dore Cavanaugh
COUNTY: San Mateo
MLS#: 81127572
SOURCE: MLSListings
STATUS: Active
ON REDFIN: 34 days

Great home in San Mateo. Close to transportation, main freeways and schools. Three bedrooms, two bath, good size Master Bedroom and walking closet. Home is in good condition and at a great price!!!Open House Sunday, June 26 1-4pm

This 3/2 in Shoreview is priced attractively. Getting in to look at the whole property isn’t so easy. The main house has three separate tenants in it who cracked open their doors and left their rooms a sty. The garage houses at least another person who wouldn’t come out. The back-yard in-law houses yet two more who waved us away.

imageEach tenant in the main house pays 700 x 3 = 2100.

The couple who thought we were ICE = 1200.

The garage guys = 600.

Total in rent = 3900. My realtor and the listing agent were just shaking their heads. They’ve seen it a lot around here.

If there’s $3900 in rent coming in from five sources, why would someone short sell?

Why? Perhaps, theoretically, the time it buys a home “owner” to stop making payments and skate off the $4000/month in income he’s getting, all while whining about how the banks ripped off the little guy with the ’06 mortgage he took out.

Comments (14) -- Posted by: madhaus @ 5:05 am

July 26, 2011

* TOO MANY FEATURES TO MENTION * * *

Today’s featured home shows that even at the very top of the housing pile, you can still find an agent cutting corners.  Or in this case, bulldozing them.  This entry is not only courtesy of Burbed reader Swan, it was written by Swan as well.  Yes, that means we have a new Guest Blogger for you to enjoy.

So let’s take a trip through the wilds of Woodside, and find out if it’s still the Real Bay Area.  And please give a warm, RBA welcome to Swan!



925 MOUNTAIN HOME Rd, Woodside, CA 94062
$13,900,000

image

BEDS: 8
BATHS: 10.5
SQ. FT.: 18,260
$/SQ. FT.: $761
LOT SIZE: 8.7 Acres
PROPERTY TYPE: Detached Single Family
STYLE: French
STORIES: 2
YEAR BUILT: 1991
COMMUNITY: Central Woodside
COUNTY: San Mateo
MLS#: 81128695
SOURCE: MLSListings
STATUS: Active
ON REDFIN: 26 days

THIS STUNNING ESTATE FEATURES +/-8.7 ACRES IN ONE OF THE MOST PRESTIGIOUS AREAS IN WOODSIDE * MAIN ESTATE FEATURES +/-18,000 SQ FT * FLAT, SUNNY, LEVEL SITE * CIRCULAR DRIVEWY * HORSES PRMITTED (VERIFY W/ WOODSIDE) ON PROPERTY * GREAT WOODSIDE VALUE WITH POOL HOUSE AND TENNIS COURT * TOO MANY FEATURES TO MENTION * * *

 

I think the comment of “TOO MANY FEATURES TO MENTION,” is code for “I’m too lazy.”  For example,

  1. I’m too lazy to turn off the CAPS LOCK.
  2. I’m too lazy to put the E in PRMITTED and the A in DRIVEWY.
  3. I’m too lazy to turn the flash on when I take pictures of the living room.
  4. I’m too lazy to make the swimming pool look inviting.
  5. I’m too lazy to change the date on my camera.  As a result, some of the pictures are dated December 20, 2003.  Maybe that’s why the pictures are so dark.  2003 is back in the dark ages before smartphones, the iPad, and Burbed (sorry, don’t know the birthdate of Burbed).  (February 4, 2006, with this Redwood City beauty. –ed.)
  6. I’m too lazy to ask someone, preferably the maid or butler, to clean up the island and countertop in the kitchen.  By the way, what is the red mystery object on the lone chair at the island?  At first, I thought it was a tomato.  On further inspection, I think it’s a Kong toy for dogs.

imageimageimageimage

A simple search on Google yielded some better representations of this property.

  1. http://www.commorancyproperties.com/925mountain_home.htm.  Note the clean kitchen and bright living room.  How about the woodwork around that fireplace?  And, wait a minute!  It’s got an indoor pool with retractable roof!  Who knew?
  2. http://www.kerinicholas.com/ has a virtual tour.  But, OOPS!!, if you go to the tour, the price is listed as $13,900.  What a steal!
Comments (18) -- Posted by: madhaus @ 5:03 am

July 25, 2011

Red Skies at Morning, Buyer Take Warning

It’s been far too long since we featured a house from one of our favorite zip codes.  Let’s return to Palo Alto, where red ink flows everywhere.

1293 MARTIN Ave, Palo Alto, CA 94301
$3,195,000

image

BEDS: 5
BATHS: 3
SQ. FT.: 3,420
$/SQ. FT.: $934
LOT SIZE: 0.26 Acres
PROPERTY TYPE: Detached Single Family
STYLE: Traditional
STORIES: 2
VIEW: Neighborhood
YEAR BUILT: 1938
COMMUNITY: Crescent Park
COUNTY: Santa Clara
MLS#: 81127805
SOURCE: MLSListings
STATUS: Active
ON REDFIN: 29 days

Traditionally inspired classic home in the heart of the Crescent Park. 5BR, 3BA on a spacious 11,000+ sf lot. 3,420 square foot floor plan includes formal living/dining rooms, and spacious kitchen/great room. French doors lead to a trellised deck, and spacious back yard. There is also an expansive brick patio perfect for outside dining and entertaining, as well as a detached two-car garage.

What would you call those angry red windows, zombie or werewolf?  Even the walkway is pretty steamed!

Well, once you take a look inside, you’ll figure this is a house for an Alzheimer’s patient.  This place reminds me of a house we had in Sunnyvale a few months ago.  With this kind of paint scheme, you’ll always know where you are, or at least which room you’re in.

imageimage

imageimage

imageimage

imageimage

This house is just perfect for the “everything in its place” type of person, although the mismatched dining room chairs in photo #6 would probably drive you to strong drink.  Just write out a nice check above the demand price, and everything will be taken care of.

Comments (11) -- Posted by: madhaus @ 5:04 am

July 24, 2011

Rents Going Up: More Tech Jobs, Fewer Homeowners

Let’s have another buy vs rent thread with this latest News of the Obvious from what’s little is left of our local newspaper.

Bay Area rents, especially in Silicon Valley, are on the rise

By Pete Carey, San Jose Mercury News
Posted: 07/21/2011 12:01:00 AM PDT, Updated: 07/21/2011 10:07:26 AM PDT

Bay Area apartment rents are on the rise, fed by the contrasting economic forces of a booming tech recovery and the steady flow of foreclosures that is turning former homeowners into renters.

The San Jose metro area, which includes Silicon Valley, weighed in with the highest average rent — $1,759 a month — among 43 metro regions monitored by RealFacts, a Novato apartment rental research company that released a report on second-quarter rental prices Thursday. The region also saw the biggest year-over-year increase, up 12.6 percent.

The San Francisco metro area — encompassing the Peninsula, East Bay and Marin County — had the second-highest rents in the survey, at $1,644, and the third-highest year-over-year increase, at 7.6 percent.

Rents are a barometer of the region’s economic vitality and job market, and after several years of stagnation, this year they’re pointing to recent job market gains. But they also signal the continued weakness of the housing market, with stiff competition for rentals throughout the region.

Photo: SJMN

That opening paragraph observes that rent going up isn’t only driven by new jobs being created by tech firms: it’s also due to new renters being transformed from former homeloaners.  So what are you seeing where you live?  Are your new neighbors former owners who now rent, or former renters who can now own?  Is your firm hiring or cutting back?  Is rent going up where you live?  Are house rents going up as quickly as apartment lease rates?

If you want to get into the apartment rental business, you could look to East Palo Alto, where up to 1,800 rental units are about to change hands.  The current owner, Page Mill Properties, defaulted on a balloon payment, and Wells Fargo is looking to sell the entire portfolio.  East Palo Alto: Close to the new Facebook campus, plus rent control!

And while former homeowners may be looking to rent now, foreigners with suitcases full of cash are still buying up RBA property, supposedly.

Trulia, the online real estate information service, reports a big jump in searches for Silicon Valley real estate from other countries. Searches for property in Cupertino were up 90 percent in the first quarter of this year from a year earlier, Trulia reported. Palo Alto was up 121 percent; Los Altos Hills up 182 percent; Atherton up 68 percent and San Jose up 86 percent.

This is an Open Thread.

Comments (67) -- Posted by: madhaus @ 5:13 am

July 23, 2011

The Sad Sad Story of Kenny Lane: A Special Report

Kenny Lane isn’t a person, or even a Beatles song.  Kenny Lane is a street in San Jose, and there’s a house on it that’s the subject of today’s fascinating Guest Post.

Please give a big RBA welcome to today’s Guest Blogger, Tracy!  This is quite a tragic tale, and many of these bank bastardry details cover why Burbed will never run out of horrible housing to highlight.


Why I see so much stuff in the East Valley, or The Sad Sad Story of Kenny Lane

When the owner of this house died, she was in debt. A wonderful woman by all accounts, at about age 87 she took a second on her home, which she owed a sizable chunk on the first. Well we don’t stay here forever, and in 2009 her daughters found themselves in the sad position of inheriting a debt. They decided to walk away, let the banks foreclose and cut their exposure. Because they are super nice people, they used a neighbor as their realtor.

10183 KENNY Ln, San Jose, CA 95127
$400,000

image

BEDS: 3
BATHS: 2
SQ. FT.: 1,880
$/SQ. FT.: $213
LOT SIZE: 1 Acre
PROPERTY TYPE: Detached Single Family
STORIES: 1
VIEW: Bay, Green Belt, Mountains, City Lights
YEAR BUILT: 1960
COMMUNITY: Alum Rock
COUNTY: Santa Clara
MLS#: 81131176
SOURCE: MLSListings
STATUS: Pending Without Release
ON REDFIN: 7 days

1 ACRE LOT WITH PANORAMIC VIEW FROM MOST ROOMS AND LARGE DECK!

42011 misc pictures 1259The house has some good features. Even though suffering from years of neglect ( the second did not go to home repairs …) and being located on a steep hill, it has the grooviness factor my husband and I were looking for. I loved the location as well. It was on the market for the price of the debts which was waay too high. We got into contract for it, and agreed that we would adjust to the level the house appraised at. We did due diligence, secured financing etc., and finally agreed to pay $580,000 for the house.

Banks were fighting over 10,000 dollars

42011 misc pictures 1238Bank #1 did not want Bank #2 to have $20,000 on #2’s $75K debt; Bank #1 wanted all monies. So we finally made a side deal to directly pay Bank #2. Unfortunately this kicked up a HUD2, and after all money was paid, escrow papers etc. done all parties assuming the deed was done on a Friday afternoon. When I checked to see if all was closed on Monday, I got the bad news that Bank #1 refused to sell because of the money to Bank #2, and after 6 months of work, we lost the house!

Foreclosure started and we were not informed of the auction date, the bank only had a short notice, and we only found out from the heirs the day before. I was unable to get a $500,000 cashier’s check on short notice and no one bid on the house, it was returned to the bank for the opening bid of $504,000.

42011 misc pictures 1248Now it is on the market again for $400,000, which is one of the reasons I started following Burbed; the absolute craziness of the banks and the real estate world. Where does it make sense to turn down $180,000 more? Only when bank number one is evil Occwen… AKA Countrywide.

The pictures on the house defiantly qualify as the world is tilting worthy. I have many better pictures of the problems of the house which I attach. The house is on a steep hill with no retaining wall, and no working septic system. It does have a million dollar view, and is open on Saturday July 23rd. [That’s today – ed., also tomorrow and next weekend.]

I don’t think I’ll go.

42011 misc pictures 123442011 misc pictures 123642011 misc pictures 123742011 misc pictures 124142011 misc pictures 124442011 misc pictures 124742011 misc pictures 125642011 misc pictures 1257

Comments (27) -- Posted by: madhaus @ 5:14 am

July 22, 2011

MUST BE A CASH BUYER

1623 OAK Ave Redwood City, CA
$400,000.00


Beds: 3
Baths: 1.5
Sq. Ft.: 1,300
$/Sq. Ft.: $308
Lot Size: 5,000 Sq. Ft.
Property Type: Detached Single Family
Style: Traditional
Stories: 2
View: Neighborhood
Year Built: 1925
Community: Central Park
County: San Mateo
MLS#: 81128665
On Redfin: 22 days

Build a new home. Definite tear down. Doubt anyone would want to rehab. Being sold for land value. Sold “As Is. ” MUST BE A CASH BUYER. Zone R-2, Possible Duplex site.

What a deal! Only $400k for a lot you have to scrape a festering craps off of before having a chance to build something decent! But before we get ahead of ourselves, let’s take a closer look to see if the Realtor is correct in doubting anybody would want to rehab it.
Okay, so maybe I’d be afraid of dropping a hammer and causing the whole structure to collapse on me. That’s what illegal immigrantsbudget contractors are for! Plus, I’m not sure what that tiny second story over the… porch I think it is… is for. Storing midgets? Sniper loft? Emergency kayak supply location?

Anyway, let’s just concede it’s a tear-down. I figure the cheapest you can remove a house for is about 20-40k, so take a look at what your 440k could be getting you a few short blocks away! An actual house! That’s like buying this house, plowing the existing junks under, and having a house magically appear! Of course, you could scoff because since that lot has an ACTUAL house on it, it must be worth far less because raw land is impossible to come by, I suggest you have a look here for what $420k will get you with nary a house in sight! As a bonus, that you get pre-approved plans ready to build there! As the Realtor says, just pull the permit and build!

Doing that would be crazy, though! Instead, you can enjoy the blazing glory of burning down a dump to get around the demolition permits! That’s the bay area entreprenual spirit! And as the listing says, MUST BE A CASH BUYER. However, they’ll probably accept your Facebook stock options in lieu of cash.

Comments (8) -- Posted by: sfbubblebuyer @ 5:11 am