August 10, 2011

Call your investors and developers, hide your kids, hide your wife

Did you know that Burbed is just about five and a half years old?  There are a lot of amazing listings in the archives, at some even more amazing pricing!  In fact, Burbed reader Petsmart Groomer was just taking a stroll through them and noticed that this incredible old listing.

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I know that pricing had gotten out of control in 2007, but… $1.25 million for EAST PALO ALTO? Burbed wasn’t using tags for posts then, but that entry would have needed something stronger than WTF, that’s for sure!  Anyway, PG wants you to know this property is back on the market, after selling in May, 2008 for $950,000. 

Care to take a few guesses what it’s listed for now?  Why don’t you mull that over, and join us after the break.  Then you can find out!  (No peeking on Redfin!)

Okay, here we go!  Tell us how close you were.

868 RUNNYMEDE St, East Palo Alto, CA 94303
$549,950

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BEDS: 2
BATHS: 1.5
SQ. FT.: 1,020
$/SQ. FT.: $539
LOT SIZE: 0.75 Acres
PROPERTY TYPE: Detached Single Family
STORIES: 1
YEAR BUILT: 1916
COMMUNITY: East of U.S. 101
COUNTY: San Mateo
MLS#: 81128711
SOURCE: MLSListings
STATUS: Active
ON REDFIN: 41 days

Great Potential for Subdivision! See the brand new subdivision on one side and newer homes on the other. Check with the city of East Palo Alto. Value is in the land. Enjoy the 32,700 square feet flat lot with all its possibilities. Build your dream home. Investor’s dream.

imageA whole lot of dreaming going on here, starting from the property being offered for $1.25 million, even in the wild and wooly days of 2007.  This place is both an investor’s dream and the future site of your dream home, so you’re going to need both those bedrooms to dream them up.

Guess you can’t have everything, but maybe you can have some of the extra vehicles thrown in that the current owner doesn’t seem to be using anymore.

How about you run a demolition derby on this lot?  Do you think the EPA police give a high priority to complaints about revving a car engine?  Or a few hundred car engines?

Here’s another surprise to dream about.  This house is a flip.  No, really.

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A flip, and it’s hit both peak and slump pricing in two different real estate bubbles.  I’m amazed nobody’s gotten foreclosed!  But for asking almost $200K above the January sale price, the current owner had better throw in a lot more extra vehicles.

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Looks like they’re getting started parking, but fixing the garage roof and putting out some safety cones isn’t what we’d expect for this much markup.  Come on, at least put some granite somewhere.

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Now this may be the best view of the house.  Pleasant dreams.

Comments (16) -- Posted by: madhaus @ 5:03 am

16 Responses to “Call your investors and developers, hide your kids, hide your wife”

  1. SEA Says:

    From $950k to $360k in under 3 years?

    This isn’t WTF, but Real WTF.

  2. nomadic Says:

    THE VALUE IS IN THE LAND! Uh, wait… was?

  3. nomadic Says:

    We’ve been on this street of dreams before.

    Tried to verify this place wasn’t foreclosed on PropertyShark but as usual, that site is not helpful.

    BTW, 805 (0.92 acres) is finally pending at $410k.

  4. SEA Says:

    It’s called “Instant Equity.”

    Now just tell me what instant will this place sell for $950k or more…

  5. SEA Says:

    “BTW, 805 (0.92 acres) is finally pending at $410k.”

    I’m sure you understand that the so-called over bidding will bring the price ‘right up to where it needs to be.’

    Better buy now before interest rates go up 1/10 of 1% and it’s no longer affordable–you’ll be priced out forever.

  6. The Gilroy Alex Says:

    A mil for a cracker box in a war zone? Yeah, I know its real value …. Sgt. Saunders and Littlejohn used to take places like this all the time for a few clips of ammo and a grenade or two.

  7. CB Says:

    Look at the prospective buyer across the street.

  8. sfbubblebuyer Says:

    Looks more like a prospective seller, if you catch my drift.

  9. dominoes20 Says:

    Real curious to see what this is backing on to? The agent mentions dividing the property but I’m not sure how that’s possible. Maybe I’m missing some street access somewhere.

  10. Sam_Adu Says:

    #9:

    You could easily stick a driveway along the west side of the property just like the driveway next door.

    I think that would actually be a good idea if subdividing the property because you then have the front property to absorb all the gunshots while the back property owners can be thankful for the protection.

  11. The Gilroy Alex Says:

    #7 – that means the house across the st. has a DHO number of at least one.

  12. Swan Says:

    This Burbed headliner is back too…

    http://www.burbed.com/2010/06/02/this-gem-is-proof-you-can-play-hard-at-home-during-a-foreclosure/

    http://www.redfin.com/CA/Cupertino/15070-Montebello-Rd-95014/home/779924

  13. SEA Says:

    #12- With a new owner:

    “Jul 06, 2011 Sold (Public Records) $1,800,000
    This home was foreclosed”

  14. madhaus Says:

    Oh man, that family with all the contractors was trying to get rid of that place for years. So the bank finally took it off their hands!

  15. madhaus Says:

    Gilroy Alex, love the use of DHO number. That’s Burbed WIN.

  16. Petsmart groomer Says:

    Reduced to $499,950.


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