November 25, 2011

BLACK FRIDAY DEALS: Cheapest house in Santa Clara County

imageIt’s time for our post-Thanksgiving Black Friday Deals, Deals, Deals!  This series was a big hit last year, so we’ve brought it back, better than ever.  That’s why we opened an hour early this morning.

Every day we’ll feature the cheapest property we could find in a featured place.  We’re also going to keep bringing you the regular listings, because It’s Still Special Here.

Today, the cheapest house in the entire County of Santa Clara!  How much would you pay for an actual house (NOT A CONDO) on an actual lot (NOT PAVEMENT) in an actual city (NOT IN GILROY)?  And it’s not even one of those micro-cottages.  This is a real 3 bedroom, 2 bath house well over 1,000 square feet in size.

But, it’s BLACK FRIDAY, so you have to HURRY!  This one won’t last long because someone’s going to get it in the shorts.

548 SCOTTSVILLE Ct, San Jose, CA 95133
$150,000

image

BEDS: 3
BATHS: 2
SQ. FT.: 1,101
$/SQ. FT.: $136
LOT SIZE: 3,484 Sq. Ft.
PROPERTY TYPE: Detached Single Family
STORIES: 1
YEAR BUILT: 1979
COMMUNITY: Berryessa
COUNTY: Santa Clara
MLS#: 81129498
SOURCE: MLSListings
STATUS: Active
ON REDFIN: 142 days

Pre-Foreclosure. Must sell 11/27/11. Open House Sunday 11/27/11 2:00-4:00PM. Close to schools, cul-de sac.

Yes, this house must be sold by SUNDAY!  Wow, it isn’t even 80 years old.  An actual house for $150K.  That means if you earn $50K a year, like if you were a really lazy engineer and only worked 20 hours a week while whining at Occupy San Jose the other 148 hours a week, YOU COULD STILL QUALIFY TO BUY THIS HOUSE (provided you haven’t completely messed up your credit by, say, buying a house in the last 10 years.)

No more excuses.  NOW IS THE TIME TO BUY.

Comments (10) -- Posted by: madhaus @ 4:00 am






November 24, 2011

Something to be Thankful for Today

Happy Thanksgiving from Burbed!  And one thing to be thankful for is we’re not taking today off.  We are also thankful for our many wonderful readers, without whom we would never be able to bring you Real Bay Area Real Estate, House Price and Mortgage Insanity on a regular basis.

Speaking of wonderful readers, here’s a momentous mansion in Mountain View from Burbed reader dollarbin!

2178 LELAND Ave, Mountain View, CA 94040
$725,000

image

BEDS: 4
BATHS: 3
SQ. FT.: 1,920
$/SQ. FT.: $378
LOT SIZE: 4,947 Sq. Ft.
PROPERTY TYPE: Detached Single Family
STORIES: 2
YEAR BUILT: 2007
COMMUNITY: San Antonio
COUNTY: Santa Clara
MLS#: 81129200
SOURCE: MLSListings
STATUS: Active
ON REDFIN: 144 days

Maybe the Final Price Reduction before it goes to auction! Take a second look! Enjoy this stunning 4 year old well maintained home with 4 bedrooms and 3 baths, 1920 sf of living area, wrap around porch, granite kitchen, granite faced fireplace in living room, 4 spacious bedrooms including downstairs master suite. This home sits in a 4791 SF lot in a well sought after Mountain View area.

imageHere’s what dollarbin was thinking when sending us today’s Thanksgiving Turkey.

I swear this has been on Burbed before, if not it might spark some discussion. I don’t know if this house has ever actually been occupied, the sales history suggests it hasn’t. Mere inches from the Caltrain tracks, you can shop at Mi Pueblo in your slippers too.

If this house has been on Burbed, it was hiding under a different address.  And it has quite a history, too.  Take a look at this!

image

And if you think that’s interesting, then look what Zillow has to say about this place!  But none of those missing listings from 2007-08 are there.

image

imageHere’s the link to Auction.com in case you want to bid on this house.  I really like the exterior shot they’re using instead of the one above on Redfin (sorry about their annoying little banner there).  Arty!  Too bad the other 4 photos are the same as before.

$725,000 really was the final price before the auction after all.  Take a second look, since you’ll be eating today’s meal a few more times too.  This house and its history can make you feel thankful for so many things.  Why not share them in comments?

Remember to get up extra early tomorrow as we begin our Black Friday Sales!  Have a Happy Thanksgiving!

Comments (6) -- Posted by: madhaus @ 5:26 am

November 23, 2011

OPPORTUNITY KNOCKS, Why isn’t anyone answering?

Today’s find continues our pre-Thanksgiving run of prices on the higher side, in preparation for our upcoming Black Friday Sales.  Many thanks to Burbed reader Petsmart Groomer for this beauty in Belmont!

1824 HILLMAN Ave, Belmont, CA 94002
$1,678,500

image

BEDS: 4
BATHS: 3
SQ. FT.: 3,820
$/SQ. FT.: $439
LOT SIZE: 8,900 Sq. Ft.
PROPERTY TYPE: Detached Single Family
STYLE: Contemporary
STORIES: 2
VIEW: Bay, City Lights
YEAR BUILT: 1979
COMMUNITY: Belmont Country Club
COUNTY: San Mateo
MLS#: 81140955
SOURCE: MLSListings
STATUS: Active
ON REDFIN: 58 days

OPPORTUNITY KNOCKS to own this spectacular spacious one-owner executive home with stunning Bay and City views. The contemporary European design with generous functional living space provides for a relaxed and inviting ambiance. The upstairs features a living room with vaulted beam ceiling and stone fireplace, formal dining room, large kitchen with hardwood floors, ample storage and dining area.

imageA few years ago, I met some neighbor parents when one of my kids befriended their kids, and we got to talking about real estate.  The dad was going on and on about how ridiculous it was that all he could afford was a dinky little tract house.  “I am a Vice President!  I should be living in an Executive Home!  Not here!”

Now I never asked him what he meant by “Executive Home.”  He probably meant a big, new house, on a big lot close to a golf course.  He sure didn’t mean his late-50s rancher with second story addition, on a lot closer to a fifth than a quarter acre.

imageI wonder if today’s house would have been acceptable to him, or if it’s still too close to the (gasp) worker bees.  Anyway, the guy and his family soon moved back to San Diego (where he could buy himself an Executive Home on a golf course, but then again, by 2003 so could almost anyone else).  I wonder what he thinks of Occupy San Diego?

Weren’t executives, at least back in the good old days, famous for having three-martini lunches?  Well, the bar’s all ready in this house!  Now, which is worse, the carpet or the wallpaper?

We have plenty more photos after the break!

(more…)

Comments (11) -- Posted by: madhaus @ 5:01 am

November 22, 2011

Requires extensive remodelling in order to enjoy the 2013 America’s Cup

This San Francisco house was briefly mentioned in the zip code series this past weekend, and really deserves an appearance of its own.  It’s not just a really expensive house in San Francisco, it looks like it comes with a huge number of challenges opportunities waiting to happen!

2250 Vallejo St, San Francisco, CA 94123
$7,950,000

image

BEDS: 0
BATHS: 12
SQ. FT.: -
LOT SIZE: -
PROPERTY TYPE: Single-Family Home
VIEW: Panoramic, Bay, Golden Gate Bridge
YEAR BUILT: 1902
COMMUNITY: Pacific Heights
COUNTY: San Francisco
MLS#: 390207
SOURCE: San Francisco MLS
STATUS: Active
ON REDFIN: 50 days

Large, Italianate view mansion. Four floors of occupancy. Formerly occupied as 11 units and presently vacant. Conditional Use Authorization obtained in 2009 to merge 11 units to 2 units (home with apartment). Although most original details remain, the home requires extensive remodelling in order to enjoy the 2013 America’s Cup.

image

This looks like a house that needs an in-person visit, what with the MLS not specifying how large the house or the lot is, or showing very many pictures either.  When there are more snaps of the view than the house, you know it isn’t going to be “turnkey.”  Instead, get your work gloves ready, because you’ll be spending the next year and a half fixing up this place in order to enjoy the 2013 America’s Cup.

Wouldn’t it just be easier to watch it on television?

Anyway, the public records say the home is 7335 square feet on a 6187 sf lot.  No bedrooms but 12 bathrooms, formerly 11 units rented out.  Given how tight the rental market is in SF, how do you think the tenants were cleared out?  Arson?  Blackmail?  Cockroaches?  Dynamite?

Here’s a couple comments on this home from Socketsite, back in 2009 when another Pacific Heights home that had been chopped into apartments failed to sell and was withdrawn from the market.

imagePosted by: Jake at March 27, 2009 2:51 PM

This would have been a great house if left alone.
The problem is that there was a period from the
thirties to the fifties when large houses were treated as white elephants. Many of them have been returned to their architecturally natural use.

Including… I am pleased to report, the James Francis Dunn mansion on Vallejo, for which the Planning Commission, in a moment of unusual enlightenment, approved, Thursday, a “dwelling unit merger” of eleven to two units!

Hooray for common sense! Commissioner Borden observed that the purpose of denying mergers was to preserve affordable housing, and apartments on this street would not be affordable by any measure.
The building is owned by the Rossi family, who as they noted, contributed a Mayor to SF.

imagePosted by: Conifer at March 28, 2009 11:02 PM

Holy Crap! I can’t believe that unit merger went through! I thought it would be DOA so I never bothered to check the commission’s decision. It was absolutely the right decision. 2250 is arguably THE most beautiful home on Vallejo St and should never have been chopped up.

imageJames Francis Dunn is not the owner but the architect of this house, and he designed a number of “French Renaissance” apartment buildings throughout San Francisco.  This book on Pacific Heights homes states that building an actual house was a departure for Dunn, and features this nice line drawing above.

The SF Chronicle article on Dunn’s designs describes this house in a footnote: “2250 Vallejo St., in Pacific Heights, originally a single-family house, is a playful take on Italian Renaissance with beautiful proportions and detailing.”

That’s a lot of Frenchified talk for what’s really important.  KAWLUMS!  And finding an agent who can’t spell remodeling but can walk you through an eight million dollar transaction.  Best of all, this “architectural pastry” has the icing on its street name: associated with a large, prolonged bankruptcy.

Comments (13) -- Posted by: madhaus @ 5:03 am

November 21, 2011

Most Expensive House in Sunnyvale. Or Anywhere Else.

Thanks very much to Burbed reader Swan for this find!  It’s great to know that nobody’s going to stiff Sunnyvale for bragging rights to the most expensive residence in the entire country, so take that Yuri Milner!

104 BRISBANE Ter, Sunnyvale, CA 94086
$652,000,000

image

BEDS: 3
BATHS: 2.5
SQ. FT.: 1,777
$/SQ. FT.: $366,911
LOT SIZE: 4,489 Sq. Ft.
PROPERTY TYPE: Attached Single Family
STORIES: 2
VIEW: Neighborhood
YEAR BUILT: 1988
COMMUNITY: Sunnyvale
COUNTY: Santa Clara
MLS#: 81148138
SOURCE: MLSListings
STATUS: Active
ON REDFIN: 1 day
NEW LISTING (24 HOURS)

Beautifully remodeled home that features high vaulted ceiling, new flooring throughout, granite countertops and dual sinks in both bathrooms, 2 fireplaces, gated community. Must see. Home is located close to downtown Sunnyvale(shopping), and Cal Trains. Centrally located, 10 minutes to Google , 7 minutes to Apple Co. Be in your dream home before Christmas!!

imageHere’s what Swan had to say when sending this beautifully remodeled home in:

Here’s a townhome in Sunnyvale (not even Cupertino schools) for $652,000,000!  Talk about a typo (hopefully).  Someone needs to go back to elementary school and learn some place value.

 

10 min. to Google and 7 min. to Apple.  I think I see a price reduction in the near future!

Just because Trulia has this property designated as Off-Market, formerly listed for $670K, don’t be so sure this is a typo.  Look at all you get with this house:

imageNot only beautifully remodeled, the agent spelled “remodeled” correctly.  You can’t ever count on that (see tomorrow’s listing for proof of that).

High vaulted ceiling: You know what that means?  Right.  Bank vault.  This house is selling for upwards of half a billion dollars because a former Washington Mutual VP was bringing too much high-value work home.

New flooring throughout: More places to hide money!  This house is going to be the best treasure hunt ever!

Granite countertops: Say no more!  Granite!  If you’re going to decorate like it’s 2006, you might as well pay like it’s 2006!

imageDual sinks: This property will be have a water view twice as fast as a normal place would!

2 fireplaces: If you don’t make your money the old-fashioned way, you can BURN IT.

Gated community: You get a “clicker” to keep the riff-raff where they belong: in 99 percentville.

Close to downtown Sunnyvale(shopping): I’m glad they tell you what is in downtown Sunnyvale.  I thought it was for watching construction projects repeatedly fail.

imageand Cal Trains: Whoo-whoo!  I hope you like Cal Trains, because you’re going to hear every one of them!

Centrally located: Miles from a freeway no matter what direction you go.  Hope you like traffic lights!

10 minutes to Google: Are you sure? I was able to Google this property in about five seconds.

7 minutes to Apple Co: Siri, turn this traffic light green immediately.

Be in your dream home before Christmas!!  And save $8,150,000 with Redfin!  Wait, wait, I almost forgot… this house has a gold star!  Let’s see what the Redfin agent thought of it:

image

But does it have a shed-like structure?  Because if it doesn’t, I’m only offering $651,990,000.

Update: Price reduced to $652,000 at 9:13 am.  That’s a 99.9% cut, which is a perfect promo for our Black Friday Sales!

image

Comments (15) -- Posted by: madhaus @ 5:08 am

November 20, 2011

Moo-ha-ha-ha! Burbed’s Most Loved Series EVER!

Yes, we’re back with Northern California places on the Forbes most expensive zip code list.  As you get ready for Thanksgiving, one thing you can give thanks for this Thursday is that this all-time favorite series (if by “favorite” I actually mean “causes excited readers to fling household appliances”) only runs on Sundays.  That means it’s at least another seven days until the next installment!  If you missed the last ones, you’ll want to catch up RIGHT AWAY so you are completely up on every aspect:

Also, beginning Friday will be Burbed’s Black Friday Sales!  That’s where we scour the Real Bay Area in search of the best bargains out there for you.  While you may not be able to afford the most expensive house in the most expensive zip codes, maybe you can afford one on the other extreme!

And now, the Top 100 of the Bottom 300 Most Expensive Zip Codes in the Country: This is Fourth Tier: Under a Million Median Means Middleclass Metroplex.  Or the shorter version: Forbes screwed up again.

#212: Redwood City 94062

  • Median Home Price: $998,975
  • Median Price Change: -11.9%
  • Average Days On Market: 200 118
  • Inventory: 118 76
  • Rank in 2010: #185 (-27 spots )
  • Most Expensive Home: $3.6 Million $3.45 Million (610 Edgewood Road)

imageOne of the few shared zips to survive Forbes and Altos Research’s data parsing, the most expensive zip in Redwood City is shared with tony Woodside, California.  But you won’t find movers and shakers like Larry Ellison in Redwood City.

What you will find is this house, complete with Mawbul Kawlums, at a Woodside Price on a busy arterial that feeds I-280!  The owners have been trying to sell it since 2009, no doubt because its neighborhood of “High School Acres” fails to evoke wealth, exclusivity, or prestige.  Maybe they should rename it “Prep School Prospects” and see if that does the trick.

More exciting Zip Code ZAwesomeness after the break!  More! More! More!

(more…)

Comments (9) -- Posted by: madhaus @ 5:15 am

November 19, 2011

FICO Now Predicting Mortgage Walkaway Likelihood

imageOwe more than your house is worth?  Is your credit otherwise good?  Do you have few credit cards but pay them on time?

Congrats.  You’re a likely candidate for strategic default, according to FICO (formerly Fair, Isaac), the company synonymous with credit scoring.  And now Moody’s took a look at the mortgage market and said the most likely homeloaner to default is sitting on an upside down jumbo mortgage.  Why?  Because the subprime mortgages already shook out the people who couldn’t pay, the prime market has some risk of strategic default, but the Jumbo pool lost the highest quality mortgages due to refinancing.  Most mortgages left didn’t refinance because they couldn’t.  And this is spooking the PrimeX, the index fund of prime RMBS (Residential Mortgage Backed Securities).

Given how Special it is here with our high prices, we have plenty of Jumbos both in the Real Bay Area and outside it.  That means Walking Away all around the Bay.

Jumbo mortgages may be next in line to default

By Kenneth R. Harney, Washington Post, Published: November 11

Do you have a big mortgage and good credit scores but not much equity — maybe you’re even underwater? Do you see little chance that your home’s market value will improve much during the coming three to seven years?

If you answered yes to both questions — and thousands of homeowners across the country could do so — new research suggests that you are in a category that lenders need to worry about most: prime jumbo borrowers who once were thought to be among the safest bets but who now are the most likely to opt for a strategic default and walk away from their homes.

In a study released Oct. 31, the ratings agency Moody’s said that based on its analysis of mortgage-backed bond portfolios, homeowners with jumbos now constitute “greater strategic default risk” than any other type of borrowers, including subprime. That’s because an exceptionally high number of jumbo owners — many in high-cost markets hit by real estate deflation over the past several years — are stuck with persistent negative equity. More than half of the jumbos analyzed by Moody’s where owners are still making payments have home market values lower than their outstanding loan balances.

Whoa.  More than half the current jumbos are on upside down homes?  Good thing that doesn’t happen in the RBA!  Instead, we concentrate the upside down jumbos in subprime territory: Vallejo, Oakland, Antioch, Concord, Salinas, Fremont, Hayward, East Palo Alto and Redwood City!  And South San Francisco and Daly City and most of San Jose and half of Sunnyvale and three-quarters of Santa Clara and San Mateo, but it’s not like you should be worried, I am sure your house  is just fine!  And if it isn’t, let’s find out what FICO is doing to predict your behavior so you can stay a few steps ahead of them.

imageFICO says 67% of strategic defaulters are within the bottom quintile of nondelinquent mortgage holders, and 76% within the bottom 30% of late payers, ranked according to their model.  Obviously they’re not going to give away their Secret Formula of Doom, but they admit defaulters have high FICO scores.  That’s right, the more likely their other model says you’re a great credit risk, the more likely you are to be a terrible mortgage risk to the innocent dupes at the hapless bank.  Although this isn’t exactly rocket science here: why would someone default on their mortgage for nonstrategic reasons if they have a FICO of 845?  A high score means excellent ability to pay, so this chart really says among mortgage deadbeats, the better your credit, the more likely you’re playing the bank instead of vice versa.  I think Occupy Wall Street has been telling us the same thing for a couple of months now.

Here are the other “red flags” FICO admits to using in creating their new predictive model:

  • Lower utilization, as shown in the chart below. We also saw less overlimits on credit cards, reflecting better credit management behavior.

imageThis means, duh, people with high credit scores don’t use more credit than they need, which is, duh, why they have high credit scores in the first place (see above).  This also means that Joanne Gaskin, who developed this model, doesn’t understand the difference between less and fewer

(Free grammar clue: Use fewer for quantifiable amounts and less for amorphous abstracts.  Example: FICO has fewer exogenous variables in this model than the blog entry suggests, as utilization is directly linked to FICO score.  That makes their claims of this Predictive Deadbeat Model’s awesomeness less believable.)

  • Less retail balance—chances are that they spend money carefully.

Does spending less than the typical But I Want It Now consumer contribute to a higher or a lower credit score?  I’ll give you three guesses here.  (This is also an exception to the fewer vs. less rule. Time, money, and distance, while countable, use the term less because they still have abstract tendencies as opposed to, say, the 14.6 million underwater houses in this country.)

  • Shorter length of residence in the property—and thus, likely less attachment to that property.

The real estate market peaking between 2005-2008 (depending on where the house is) should have absolutely nothing to do with this brilliant insight (which only coincidentally has a high correlation with an individual’s Loan to Value ratio).

  • More open credit in the past six months—perhaps in anticipation of damaging their credit?

imageOkay, this one makes complete sense.  If you’re going to Walk Away on purpose, you might as well be ready for it by piling up on credit, because it’s going to dry up as soon as the first NOD hits.  Renting an alternate place to live before pulling the trigger is another thing to look for. 

If I were coming up with a model for strategic defaulters, I’d just look at the advice on the Walk Away discussion boards and see how many can be quantified via credit reporting tools. Opened new lines of credit in the last six months? You’re giving FICO too much lead time. Better open them in the last week if you’re going to walk.


Comments (33) -- Posted by: madhaus @ 5:14 am

November 18, 2011

Total square footage of 2200 sq ft not formally recorded

Today’s luscious listing is a superb short sale in San Mateo, courtesy of Burbed reader Divasm!  Thanks for this fantastic find, featuring fun photos, plenty of deferred maintenance, and the ever-popular “The dog ate my permits” excuse.

324 MIDVALE Ave, San Mateo, CA 94403
$550,000

image

BEDS: 4
BATHS: 4
SQ. FT.: 1,610
$/SQ. FT.: $342
LOT SIZE: 5,056 Sq. Ft.
PROPERTY TYPE: Detached Single Family
STYLE: Ranch
STORIES: 1
YEAR BUILT: 1950
COMMUNITY: Westwood Knolls
COUNTY: San Mateo
MLS#: 81119319
SOURCE: MLSListings
STATUS: Pending With Release
ON REDFIN: 168 days

Contractor Special! House has 4 bdrms 4 ba on record but total square footage of 2200 sq ft not formally recorded. Owner states that 2 bdrms, 2 ba & family rm addition were built w/ permit. Close to shopping & schools. Needs maintenance. Has a lot of potential. Swimming pool and spa in bkyard. Legality of 4th bath not warranted.

imageHere’s Divasm’s thoughts on today’s house:

This short sale has been around for over 150 days and been in and out of pending. It’s nothing new, same old story…but it’s a great example of when to just NOT include pictures of the house because they’re really not doing you any favors. The outside pic has so much glare and lens flare you think you’re in a JJ Abrams movie, and the inside pics look like somebody intentionally trashed their house…at Christmas time.

imageBut hey, maybe in a couple months the season will come back around and it will appear festive! And I guess we should be happy there are no Dudes or Cats hanging around, there is that…

I think this shot of the kitchen is a 10.  A 10 on the “I’m selling my house for more than half a million bucks and can’t be bothered to clean the kitchen before taking a few snaps.”

They couldn’t even bother to move the trash can out of the frame.  This is so beautiful, it’s bringing tears to eyes.  Or maybe that’s the onions in the trash can.

imageThe permit issues are just the icing on this delectable cake of contractor concern!  Good thing the owner states that most of the additions were built w/ permit!  The extra square footage not appearing on the county records is just a quibble you can work out with the friendly folks at the Planning Department and the Assessor’s Office.  You’re going to be spending a LOT of time with those folks getting approvals for all the maintenance this place needs, so you might as well ask them why there’s 600 square feet “not formally recorded.”

Maybe they’re hiding behind all the crap in this bedroom.

Comments (10) -- Posted by: madhaus @ 5:04 am

November 17, 2011

Excellent Starter Home waiting for a sale to finish

Did you like yesterday’s cute little house at an affordable price?  Then you’re going to love today’s find from Burbed reader nomadic, from that same thread on Redfin forums.  Today’s house costs 80% less, yet is 25% bigger!  Best of all, this place is much, much closer to Silicon Valley, yet offers all the same advantages of living in a big city.

181 N 34TH St, San Jose, CA 95116
$220,000

image

BEDS: 2
BATHS: 1
SQ. FT.: 572
$/SQ. FT.: $385
LOT SIZE: 3,600 Sq. Ft.
PROPERTY TYPE: Detached Single Family
STORIES: 1
YEAR BUILT: 1949
COMMUNITY: Alum Rock
COUNTY: Santa Clara
MLS#: 81141730
SOURCE: MLSListings
STATUS: Pending With Release
ON REDFIN: 33 days

Excellent Starter Home 2 Bedroom and 1 Bath home.

Here’s what nomadic has to say about the property:

Here’s a funny listing someone on the Redfin forum linked to:

Homeowner? check
Luxury German auto? check
Up next, trophy wife!
Chicks dig guys who own a home right?  (Please don’t notice this is a short sale!)

I didn’t notice it was a short sale because I was too busy wondering just how many drinks the surveyor had when platting out this neighborhood:

image

I wonder if he was working in an office where his colleagues enjoyed playing practical jokes, like the old “substitute tissue paper for drafting paper” trick.  Unfortunately, Mr. Five Martini Surveyor was too looped to notice and nobody had the heart to tell him he had to do it over.

Also, did you notice this house is Pending with release?  Do you know what Pending with release means?  It means this:

This listing is in escrow and all contingencies have been fulfilled. “With Release” means that there’s a release clause with the offer stating that the buyer is trying to sell his current home before closing. A release clause lets the seller back out of the deal if the buyers can’t sell their home within a set time frame.

So my question to you is what the hell kind of house is someone hoping to sell in order to buy this one?

Comments (15) -- Posted by: madhaus @ 5:03 am

November 16, 2011

A Thousand Dollars per Square Foot? That’s *All*?

Here’s a house that will give the entire la-di-da zip code of 94301 the “You’re not wearing THAT cheap thing?” glare it so rarely gets.  Yes, today’s featured listing is asking more than double the $1000 a square foot altitude we’ve come to love near University Avenue.

Thanks very much to Redfin Bay Area Forums reader tarazet for this find.

 

86 Stanton St, San Francisco, CA 94114
$1,150,000

image

BEDS: 1
BATHS: 1
SQ. FT.: 435
$/SQ. FT.: $2,644
LOT SIZE: –
PROPERTY TYPE: Single-Family Home
STYLE: Cottage
YEAR BUILT: 1918
COMMUNITY: Eureka Valley/Dolore
COUNTY: San Francisco
MLS#: 382947
SOURCE: San Francisco MLS
STATUS: Active
ON REDFIN: 202 days

Two Buildable Lots and One Updated Cottage that sits in a little dell, down flagstone steps, with a terraced stone-paved front yard and grassy side yard. Two skylights, bleached hardwood floors, peaked beamed roof, bathroom with glassblock. Pedini Kitchen: Viking range, Carrera marble countertops. Great development plans available for viewing or develop your own.

imageHave we ever had a house listed for this much a foot?  This one cleared $2000 a foot, but isn’t anywhere as awesome because its high price is due to being on half an acre in Los Gatos.  Today’s house breaks the $2600 a foot barrier on a whopping 2347 square foot lot.  Now that takes some doing.

That’s right.  TWO buildable lots on the 2347 square feet.  I bet this house is perfect for two families as well.

Speaking of $2600, that’s exactly what this place rents for per month.  That means the price rent ratio is a delightfully buyer-friendly 36.86. Wowzers, you’d best jump on this place, because that hanging Ikea lamp probably adds at least an extra $75,000 to the kitchen.

Update: Price reduced to a million even last Friday.  It’s now a bargain at $2,299 a foot!

Comments (9) -- Posted by: madhaus @ 5:10 am