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
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 daysBeautiful 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.
This is such a sad mixture of an earnest attempt at a good job to sell this place, yet a really pathetic execution given what the poor agent has to work with. Listed since 2008, foreclosed last month, purchased for a whopping $704K in 2006, and whoever took the pictures didn’t even change the ISO setting between bright sun and natural light indoors.
And face it, this place and its lovely grounds are convenient to the freeway. Looks like that’s about 250 feet.
A Redfin agent visited nearby #321 (sold for asking price of $415K, with a foreclosure in between going pending and actually selling):
Well, the selling agent has her work cut out for her, then! So when selling a challenging listing like these crapboxes, less really is more. Take a look at #209:
They got a buyer in 20 days with just 2 pictures (better lighting in those 2 pictures, too) and fewer words in the listing too! Now they can wait for months to find out if the bank wants to sell short or just foreclose.
Here’s another one from Rayos del Suck:
Previous sale price, $666,500 in October, 2006. SOLD for $197,500 in April, 2011, an astounding drop of 23.7% a YEAR. That’s Stockton or even Las Vegas-level performance!
This is 377 Rayos del Sol, marked with the blue house icon. It’s next to the “lovely grounds” and that’s the freeway soundwall on the upper right corner of this picture.
Remember, location, location, location! You pay more for that freeway convenience!
This is #261 Rayos del Sol. It sold for $425K the end of May, but was purchased during Spring Bounce 2007 for $700K. They’re paying more for the privilege of being close to that beauty on Bonita, and all the neighbor’s vehicles, not to mention everyone’s vehicles on US 101.
July 29th, 2011 at 10:26 am
New appliances will be installed; new owner responsible for reinstalling the copper pipes and wiring that was sold for scrap.
July 29th, 2011 at 10:53 am
At least Santa Row has restaurants.
July 29th, 2011 at 11:13 am
What’s the deal with the cut-out and electrical outlets above the fireplace? Is that for some half-domed shape television? or for something else?
July 29th, 2011 at 2:50 pm
I seem to remember this site, a few years ago, having a sort of half-serious rule where to be in the RBA, a property had to be $1000+ per square foot.
Now the trend is heading for $100 per square foot!
July 29th, 2011 at 2:54 pm
The neighborhood has all the charm of a trailer park. Who buys these things?
July 29th, 2011 at 2:58 pm
Rayos del S.O.L.
July 29th, 2011 at 3:42 pm
Update from May 6, 2011:
209 – No change
261 – Overbidding ba-by ($25k)!
313 – No change
317 – Pending with release May 23
321 – The original listing suggested it was not a short sale, but the lender foreclosed ($359k) and sold at full listing price ($415k).
353 – No change
365 – Pending with release June 6.
Additions:
293 – Listed at $450k, pending with release
384 – Listed at $415k, pending with release
Regarding the charm of a trailer park (#5):
If you lived in one of these, you could visit your neighbor (540 Bonita), whose property is listed for less than 1/10 of our ‘not a lot of money’ standard [=$49.9k].
Considering the 2006/7 sales of ~$700k, the losses are about $300k each.
When purchased, did all of the owners believe in real estate, that the selling prices would quickly go over $1M?
This was a test–all us believers know that they are sinners to sell for such low prices. Now the ‘good’ people, those who believe, will reap the fruit of true faith.
July 29th, 2011 at 3:51 pm
“I seem to remember this site, a few years ago, having a sort of half-serious rule where to be in the RBA, a property had to be $1000+ per square foot.”
You’re right that needs to be updated: Now the RBA is ~$1,500 psf, or more.
July 29th, 2011 at 5:10 pm
Err, are you sure? I’m thinking RBA may be a tiny area now, at $800/sf.
July 29th, 2011 at 5:54 pm
SEA is just keeping the faith that RBA prices will double every ten years. If we were at $1k/sf a few years ago, and there’s nowhere to go but up in the RBA… 😉
July 29th, 2011 at 8:43 pm
Heyguise: This house doesn’t seem that bad. Is the neighborhood dangerously bad, or just charm-challenged?
July 29th, 2011 at 9:03 pm
#11, you tell us how charming a place can be when it’s all of 2 feet from each neighbor and a freeway runs through it. Be sure to check out the link to the Bonita Avenue property so you can see what kind of neighbors you get if you dare leave the compound.
I’m thinking we need a new tag for developments like this and Santa Row where homeloaners have known nothing but price declines. Suggestions?
July 29th, 2011 at 9:34 pm
misery loves company
un-RBA
who moved my equity?
submariners
Aussies (’cause they’re upside down in their mortgage)
July 29th, 2011 at 9:38 pm
Tag Suggestion: Spavin Mavens
Maybe #11 didn’t look at the demolition derby in the back yard?
July 29th, 2011 at 10:13 pm
Tag suggestion: Stockton-lite.
Someone’s snapping up those things, though. Most of the block is pending with release.
July 29th, 2011 at 10:28 pm
I think you’re on to something, MS. How about Stockton-West?
July 29th, 2011 at 11:11 pm
The believers buy the instant equity.
July 30th, 2011 at 9:17 am
That’s not far from the Five Wounds area. People who have lived nearby for a while might remember that the intersection of 101 and 280/680 was an unfinished ruin in the middle of nowhere for years. When a subdivision is built on an equity burial ground, you have to hope all those bubble dollars rest in peace instead of haunting this mortal coil.
July 31st, 2011 at 3:49 pm
Tag suggestion: Baja East Palo Alto
Thanks #18 for making it clear where this is!
August 2nd, 2011 at 1:53 pm
I suggest “Dude, where’s my equity?”