October 3, 2011

Two Houses for the Price of One!

Thanks very much to Burbed reader AstroWallaby for this absolutely amazing listing from the garlic fields of Gilroy!  Remember, drive a little, save a lot!

 

7256 CHURCH St, Gilroy, CA 95020
$430,000

image

 

BEDS: 5
BATHS: 2
SQ. FT.: 2,193
$/SQ. FT.: $196
LOT SIZE: 9,800 Sq. Ft.
PROPERTY TYPE: Detached Single Family
STYLE: Victorian
STORIES: 2
YEAR BUILT: 1900
COMMUNITY: Morgan Hill/Gilroy/San Martin
COUNTY: Santa Clara
MLS#: 81139389
SOURCE: MLSListings
STATUS: Active
ON REDFIN: 9 days

Two homes for the price of one(almost). Large two story home with 5 bedrooms and 2 baths. 2nd home was built in 2006 has modern amenities and has ally access. There is some work to be done, but this is the definition of sweat equity.

imageHere’s what AstroWallaby had to say about this property:

Oooh, as an aside, check out this nearby neighbor of the Gilroy house:

In particular, the aerial view. Take a nice old Victorian on a reasonably roomy lot, maybe spruce it up a bit… and then fill the entire backyard with another house. Brilliant! That’s down-south country-style livin’ for you.

Let’s have a look, then.

image

imageWow.  Just, wow.  If only San Jose were as forward-looking as Gilroy and did away with that silly zoning code.  Not only would we have in-law units in our back-yards, we’d have apartment houses in our back yards.  Ka-ching!

But this is not the definition of sweat equity.  This is the definition of “previous owner ran out of borrowed money.”  Maybe the agent meant “the banker is breaking into a sweat over what happened to all its equity.”

Comments (14) -- Posted by: madhaus @ 5:05 am

14 Responses to “Two Houses for the Price of One!”

  1. JOe Says:

    I guess they’re not making anymore land, even in Gilroy…

  2. SEA Says:

    But 345 W 8TH St was nine homes for the price of one, as seen on Burbed.

    More seriously, 7111 EIGLEBERRY St is two homes for less than the price of this one: “Two separate units, with separate addresses, one parcel. Positive cash flow at this price. One unit has been remodeled -double pane windows, updated bathroom and kitchen. Tenants would like to stay.”

    Sold May 2003 for $417k
    Listing price August 2011 for $299k (pending)

    140 W 9TH St is a duplex, but the listing suggests, “Great large duplex, more like two separate homes with close 1200 square feet in each unit. EAch home has its own 2 car attached garage and private yards. Great rental property with tenants that stay. Exellent rents.”

    Gotta love ‘Exellent rents.’

    You know it’s got to hurt when you’re selling for a loss after many years–should have bought in the RBA.

  3. sfbubblebuyer Says:

    Who would want to live in EITHER of those two houses. Ugh.

  4. The Gilroy Alex Says:

    The “charm of downtown Gilroy” is strong in this one.

  5. madhaus Says:

    Who said anything about LIVING in the houses, sfbb? That’s what renters are for! You just buy them and watch the checks roll in. Until they don’t.

  6. SEA Says:

    Do non-RBA rents always go up?

  7. Divasm Says:

    This is unrelated but I had to share…the Fastest Flip in the West just went pending yesterday! Let’s take bets as to the purchase price!

    http://www.redfin.com/CA/Redwood-City/926-Stony-Hill-Rd-94061/home/1775543

  8. sfbubblebuyer Says:

    I’m surpised it went pending. The remodel was hurried lipsticking at best, and there were better values in the neighborhood. The most obvious, only blocks away had more living area for way less money. I actually thought it came the closest to ‘a good deal’ in the neighborhood that I’ve seen yet.

  9. Divasm Says:

    Agreed, I was very surprised, and a bit disheartened – I was hoping the flippers would have to suffer for at least longer than it took them to flip the place! Maybe even learn a lesson about buyers being more savvy than that? Wishful thinking on my part.

    Yeah, I wasn’t surprised when that one on Red Oak went pending in only 9 days. Did you see the one on Canyon that went in 4 days? http://www.redfin.com/CA/Redwood-City/628-Canyon-Rd-94062/home/1111181

    (and btw, sorry to be a noob, I don’t know how to embed links?)

  10. madhaus Says:

    Here ya go, Big D.

  11. ms Says:

    Divasm,
    This the one with the open bar?
    Too bad that won’t be open during inspection, oh well

  12. Divasm Says:

    Yes, ms, the one with the open bar. :)

    OK, this html noob is going to try to test a link. Here’s a place in Redwood City, listed as “not for the faint of heart” and a “Resttoration”.

    Is it me or is that a Watercolor painting ?

  13. nomadic Says:

    You mean: “not for the faint of heart with hardwood floors.” I could take that on; I don’t have hardwood floors. My house does, but I don’t think that counts.

  14. MS Says:

    This house has people who obviously don’t want to move, suspiciously under listing price, fell out of contract twice, now is allegedly under contract again.
    Ah, there it is. Selling shortly.


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