July 14, 2011

Million Dollar Property, A Must to See

At least the seller thinks this is a million dollar property.  Maybe it was, in 2006.

19381 W Grant Line Rd, Tracy, CA 95391
$1,200,000

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BEDS: 3
BATHS: 3
SQ. FT.: 3,165
$/SQ. FT.: $379
LOT SIZE: 1.63 Acres
TYPE: Detached
STYLE: Contemporary
STORIES: 1
YEAR BUILT: 1990
COMMUNITY: Tracy
COUNTY: San Joaquin
MLS#: 40506238
SOURCE: EBRD
STATUS: Active
ON REDFIN: 166 days

Gorgeous custom home with country feel surrounded by 1.6+ acres. Completely updated with Brazilian Cherry wood flooring throughout, crown moulding, custom paint, solid granite in kitchen, all new appliances, stunning cabinets throughout, custom entertainment center in family room. A must to see. .. .

imageIt definitely is a must to see, because the nine pictures above are all you get on the virtual tour, too.  But the virtual tour has the added benefit of loud music appropriate to a seven-digit asking price for a home over an hour’s drive from the Googleplex. 

Speaking of commutes and sitting in traffic, let’s talk about its location, location, location?  Look at this!


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Ahh, country life!

Don’t believe that “166 days” on Redfin figure above, either.  This house has been listed since March.  March, 2010.  The listing was canceled in January and they listed it anew.  And if you ever had any concern about how good those Zestimates are, you can put those silly little worries to rest.  Zillow says it’s worth every penny, see?  Okay, 5 out of 6 pennies!

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Rent Zestimate: $2,250 a month!  That’s a rent ratio of 44!  Hope that Brazilian Cherrywood was worth it.

Comments (15) -- Posted by: madhaus @ 5:09 am

15 Responses to “Million Dollar Property, A Must to See”

  1. ES Says:

    LOLLERSKATEZ!

  2. The Gilroy Alex Says:

    That’s the same kind of house that’s around here, in quantity. A large-ish lot, lots of ag land around, and a bit of a commute to where the jobs are, er, used to be.

  3. CB Says:

    At least the Realtor is marginally literate.

  4. sfbubblebuyer Says:

    Wow! We have a MASSIVE housing recovery in zestimates! To bad you can’t monetize zestimates at all…

  5. SEA Says:

    “Rent Zestimate: $2,250 a month! That’s a rent ratio of 44!”

    Please remember: Rents are expensive, and the housing price appreciation will take care of everything, and the kids’ education will be funded with the so-called overbidding.

  6. sonarrat Says:

    #3, indeed, literacy is hard to come by in that neck of the woods. Worth the premium price.

  7. madhaus Says:

    That Zestimate bounce makes no sense whatsoever. I know they redid the Zestimate formula on June 13th or thereabouts, but this one is just to laugh. Look at the trends for the zip and the City of Tracy, they give us a free clue that there’s no way this place went up over 150% just because the seller was smoking something when they came up with a wishing price.

  8. JuJu Says:

    Maybe RE made another great investment?

  9. Real Estater Says:

    There are many estates you can buy in Tracy for less than half a mil. Your dollar really goes a long way over there. If you’re going to be on 2 acres of nature, why does it matter if you are in Tracy or Woodside?

  10. Real Estater Says:

    The low end market is hot! I think everyone wants to be in the rental business now.

    Christopher Saiz, a 29-year-old engineer, was wrapping up the short sale of his 10th Street San Jose home Thursday, with plans to save up his money and buy another home when the time is right.

    “Home sales are up,” said Saiz’s agent, Ann McKinney of Intero Real Estate Services.

    “We’re getting multiple offers, sometimes up to 15 on a home, because inventory is low and interest rates are low. We’re seeing lots of cash buyers,” she said.

    Investors are flooding into downtown San Jose seeking bargains, McKinney said. “In the lower-end rental market, there’s a lot of cash coming from overseas. Downtown San Jose homes at $400,000 and under are being gobbled up all-cash. It makes it hard for individual homeowners to compete.”

    All-cash offers above asking price are common in San Mateo County now, said Faye Farzinpour with Re/Max in Redwood City.

    For example, she said, a property in Redwood City that was listed for $259,000 drew multiple offers, with her client beaten out by an all-cash offer of more than $310,000. A condo in Foster City that was listed for $650,000 sold for $670,000 after drawing multiple offers, she said.

  11. Sunny(vale) Kim Says:

    I am Sunny(vale) Kim, the real estate investor. Today I am going to reveal the Secret of Real Estate Investment.

    If you want to know secret of real estate investment, first you have to know the secret of Zestimate(TM). If you want to increase the Zestimate of your investment property, you just need to list your property in MLS with whatever price you want. $5M for a 400 sqft? No problem. $10M for an one car garage at the wrong side of Middlefield? No problem. Just list it. The Zestimate will bounce like 2005 Spring Bounce. Then invite your neighbors for a tea or coffee. Ask them to list their properties with whatever the price they want. The Zestimate of your whole neighborhood will go up in sky like a helium balloon (oops, that was a bad analogy).

    I am Sunny(vale) Kim, the real estate investor. Stay tuned for my next Secret of Real Estate Investment.

  12. bmwman91 Says:

    Thank you for the valuable wisdom, Sunny. It is particularly awesome because when I read it in my head, I read it in the voice from that video you posted.

    I think that a LOT of the people “gobbling up” low-end properties for rental purposes are biting off a lot more than they will be able to chew. Targeting the lower-end rental demographic is a lot more trouble than most people realize, particularly in CA where renting gives you government-backing to be the worst possible renter ever. A few coworkers’ families own rental properties around Oakland, and the stories are astounding. No rent payments in many months, malicious property damage, $10k’s of legal costs in trying to get tenants evicted, and yet they still can’t legally do it because the deadbeat tenants know how to game the system for “extensions.”

    It is comical to think about investors from mainland China buying rental “investment” properties in CA…they probably figure that they can just give a local cop RMB150 & have him toss lousy tenants out. Not in the socialist people’s state of Kalifornya! In mother Kali, tenant evicts YOU!

  13. bob Says:

    I think that a LOT of the people “gobbling up” low-end properties for rental purposes are biting off a lot more than they will be able to chew.

    I would agree with that statement. Most of the houses being bought by “Investors” are still grossly overpriced for the type of house and areas they are typically in. If anything they’re still paying bubble prices because even at 300k-400k, a house at that price in a working to lower middle class area is out of reach for the area incomes. I’d imagine their memories are rather shortened and they fail to realize that not too long ago 400k was considered ridiculous, even for the nicer areas.

    A good analogy would be going out spending $10,000 bucks for a 95′ Camry. Sure- the car was probably 20k new, thus you’re paying 50% less, thus surely that must mean a steal. All they’re doing is paying premium for crap.

  14. bmwman91 Says:

    I approve of bob’s analogy. It is a nice summing-up of my pedantic rambling.

  15. Jo Amick Says:

    A beautiful property with great landscaping. Love it the layout of it.


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