September 7, 2011

Gunn High School for $27,000. There goes your last excuse.

Friends, sonarrat here. I’m here for a brief visit and to give you great news: I’m happy to report that the long wait is over. The bottom of the housing market is upon us. How do I know this, you ask? How can it not be, when we have this nice, fat little plum just ripe for the picking?

3980 El Camino Real #27, Palo Alto, 94306
$27,000

 3980 El Camino Real, #27, Palo Alto, CA 94306BEDS: 3

BATHS: 1
SQ. FT.: 602
$/SQ. FT.: $45
LOT SIZE: -
PROPERTY TYPE: Mobile Home (Single Wide), Room Addition
YEAR BUILT: 1964
COMMUNITY: Barron Park
COUNTY: Santa Clara
MLS#: 81116830
SOURCE: MLSListings
STATUS: Active
ON REDFIN: 138 days

 


Hey, where are you all going in such a hurry? My post isn’t even over yet!!!

Comments (26) -- Posted by: sonarrat @ 5:00 am

26 Responses to “Gunn High School for $27,000. There goes your last excuse.”

  1. z2amiller Says:

    Wow, and the space rent/HOA is only ~$700/mo. Maybe I will buy this place and just send all of my mail here. $700/mo is a lot cheaper than private school.

  2. ES Says:

    z2a: you’re absolutely right. You could rent it out and turn cash flow positive too!

  3. SEA Says:

    When’s the next price reduction? There seems to be a dry spell.

    “Jul 05, 2011 Price Changed $27,000 — MLSListings #81116830
    Jun 17, 2011 Price Changed $28,500 — MLSListings #81116830
    Jun 08, 2011 Price Changed $30,500 — MLSListings #81116830
    Jun 04, 2011 Price Changed $32,500 — MLSListings #81116830
    Apr 15, 2011 Listed (Active) $35,000 — MLSListings #81116830″

  4. madhaus Says:

    This place could give lessons to Owner on how to sell one of these no-wheels houses.

    I wrote this place up too and will probably run my take on it next week.

  5. SEA Says:

    For what it’s worth, after trying to sell for over a year, Owner didn’t get the job done, and that fine place is no longer MLS listed. But did he really try?

  6. The Gilroy Alex Says:

    $27k means about $270 a month for the ‘mortgage’, using my simple move-the-decimal-point method.

    HOA fee of $700, means you’re paying a grand a month to live here. Yes, the ‘mortgage’ will be paid off in a decade or so, but by then the zombie apocalypse has come and you’ll have bigger problems so just assume it’s $1000 a month.

    You can get an apartment or a mother-in-law for $1000 a month, or a rather nice room, even in Palo Alto. But you’d have a *little* bit more privacy in this place so ….. it’s hard to say.

    I’d have to conclude that even with a resale value to be calculated at the scrap yard when you’re done, this might not be a bad deal for the purpose of getting your kid into Gunn or even just living in Palo Alto.

  7. sfbubblebuyer Says:

    I am kinda surprised nobody bought this just to send their kids to Palo Alto. I mean, you wouldn’t LIVE there. But you could live in RWC and drive your kids to school on your way to your average tech job!

  8. The Gilroy Alex Says:

    Wow looking at the pictures though, what a sh!tty park. I almost bought a mobile in a park in Costa Mesa and probably should have. *That* park had a parking space for each unit, much more greenery, and while some of the spaces/trailers were so-so in appearance, some of ‘em had been turned into amazing gardens with trellises and arbors and stuff.

    This has all the ambiance of an RV storage yard. If I lived here I’d be one of those bicycle fanatics who doesn’t own a car. The Peninsula is great for that.

    You gotta love the TV antenna at a jaunty angle, sort of the trailer park equivalent of a green olive on a toothpick topping off a martini.

  9. Alex Says:

    Whoa! This is where I take Faux Estater’s wife for our usual nooner.

    Who told the realtor he could post this for sale?!!

  10. madhaus Says:

    Dow soars! Sell the mobile home!

  11. The Gilroy Alex Says:

    Actually, it’s probably not going to be a $270 monthly mortgage, it’ll be something like 2X-3X that because mobile homes are almost impossible to finance. So unless you can just put it on a credit card, it’ll be an interest rate of at least 15%, and if you do put it on a credit card, watch your interest rate hit 30% and then go up from there.

    And the kind of people who have $30k lying around, don’t buy things like this.

  12. nomadic Says:

    $25,000 financed for 10 years at 10% would be $330/month.

  13. The Gilroy Alex Says:

    Nomadic of course you’re right, but mobile home financing is actually like financing a used car. In fact on paper, this thing amounts to a used car, model year 1964. It’s very hard to finance a used car that’s older than 3 years old through normal channels. So essentially you’re either breaking your piggy bank and buying the damn thing, putting it on a credit card, or financing through Rocky & Vito.

    Well, credit cards are all charging 25%-35% these days, you might get 10% interest for a few months and then bingo! It’s 34.13412305823405840% compounded every uSecond or something.

    Rocky & Vito’s Used Car Loans and Tattoo Parlour will actually turn out to be a better deal, but you ain’t gettin’ no 10%. It’ll be at least 15%. But youse better have pretty good credit, capice?

    The only sensible way to buy this … thing …. is to pony up the cash and the kind of people who can do that, don’t live in things like this.

    So, the conclusion is that the price will continue to fall. This might ultimately sell for 10 grand. I saw this in Costa Mesa, basically get on a bicycle from the unit I was thinking of buying and coast, and in a few hundred yards you’re in Newport Beach. Another mile or so and you’re at the sand, so it was really a rather nice area overall, just a holdout from the immediate postwar era, full of boat yards and places saying they’ll take the “dent” out of “accident”. And the most I heard of a place there going for, was $20K but I have a feeling it actually went for less, to a friend. And the rest of the places were $10K and down.

    Nicer park, walking distance to Millionaireville, and $500 HOA and $10k was/is/will always be the top price there.

  14. * Says:

    sfbubblebuyer, that’s genius.

  15. * Says:

    how do the economics work such that you have trailer parks in palo alto?

  16. nomadic Says:

    Gilroy Alex, I get your point. The sensible thing to do is not buy a crappy trailer in Palo Alto, but of course we know that people will do worse things to make sure their bundles of DNA get ahead in the world. ;-)

    It’s funny that you could get more money for a lot 1964 cars than this 1964 trailer. I’m impressed it hasn’t fallen apart yet.

  17. SEA Says:

    The value is in the ‘space rent.’

  18. The Gilroy Alex Says:

    #15 there are not only trailer parks in Palo Alto, there are SCARY trailer parks in Palo Alto. This place is nothing. There are some truly scary, creepy-mc-creeperson places in Palo Alto and not anywhere near EPA which is a whole separate issue.

  19. Real Estater Says:

    This is why Paly is more prestigious. There is no loop hole to get in.

  20. sonarrat Says:

    #18, I’m going to have to call your bluff here. I don’t believe there are any other trailer parks in Palo Alto besides this one, which is called Buena Vista. There are several in Mountain View, a couple in East Palo Alto, and at least one big one in Redwood City, but this is the only one I’ve ever seen in Palo Alto itself.

  21. nomadic Says:

    While doing a quick look for more trailer parks in PA, I found this old article from 2000: http://www.nytimes.com/2000/11/08/us/palo-alto-journal-hidden-away-trailer-park-watches-as-silicon-valley-drives-by.html

    It says space rent was as high as $748/mo back then! At least the guy only paid $7500 for his trailer.

    Yelp has a long review of the dump:
    http://www.yelp.com/biz/buena-vista-mobile-home-park-palo-alto

  22. Sunny(vale) Kim Says:

    This is why Paly is more prestigious.
    —–

    Since when Paly became prestigious? Last time I checked it is still a public school that can’t run without voluntarily mandatory donation. Steve Young does not send his kids to Paly. Steve Jobs did not send his kids to Paly. Larry Page is not going to send his kids to Paly. So who are left? Some of the Stanford students who had kids due to unprotected sex and Real Estater?

  23. Sunny(vale) Kim Says:

    Yes, I forgot. Al, the owner jerk of ABC Elevator Maintenance, who blocks drive ways with two-wheel trailer and has no respect for woman, sends his kids to Paly.

  24. Petsmart groomer Says:

    > Some of the Stanford students who had kids due to unprotected sex and Real Estater?

    A comma can do wonders sometimes.

  25. JuJu Says:

    Truly some rude a-holes here

  26. Buenas Noches for Buena Vista [Burbed.com] Says:

    […] dropped by the Buena Vista “Mobil Home Park,” the only trailer park in Palo Alto, a few times.  But Burbed […]


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