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

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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.

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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.

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A Redfin agent visited nearby #321 (sold for asking price of $415K, with a foreclosure in between going pending and actually selling):

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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:

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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:

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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!

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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!

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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.

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

20 Responses to “New Appliances will be installed when property is in escrow, as existing ones went walkabout”

  1. z2amiller Says:

    New appliances will be installed; new owner responsible for reinstalling the copper pipes and wiring that was sold for scrap.

  2. madhaus Says:

    At least Santa Row has restaurants.

  3. Sam_Adu Says:

    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?

  4. The Gilroy Alex Says:

    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!

  5. nomadic Says:

    The neighborhood has all the charm of a trailer park. Who buys these things?

  6. madhaus Says:

    Rayos del S.O.L.

  7. SEA Says:

    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.

  8. SEA Says:

    “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.

  9. The Gilroy Alex Says:

    Err, are you sure? I’m thinking RBA may be a tiny area now, at $800/sf.

  10. nomadic Says:

    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… ;-)

  11. MS Says:

    Heyguise: This house doesn’t seem that bad. Is the neighborhood dangerously bad, or just charm-challenged?

  12. madhaus Says:

    #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?

  13. nomadic Says:

    misery loves company
    un-RBA
    who moved my equity?
    submariners
    Aussies (’cause they’re upside down in their mortgage)

  14. SEA Says:

    Tag Suggestion: Spavin Mavens

    Maybe #11 didn’t look at the demolition derby in the back yard?

  15. MS Says:

    Tag suggestion: Stockton-lite.

    Someone’s snapping up those things, though. Most of the block is pending with release.

  16. nomadic Says:

    I think you’re on to something, MS. How about Stockton-West?

  17. SEA Says:

    The believers buy the instant equity.

  18. Mole Man Says:

    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.

  19. MS Says:

    Tag suggestion: Baja East Palo Alto
    Thanks #18 for making it clear where this is!

  20. Dewane Says:

    I suggest “Dude, where’s my equity?”


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