February 7, 2012

Paint and carpet and you should be good to go… away

Are you all excited about the Facebook IPO?  I know I am!  Local used house salespeople are expecting to make out like bandits from all the Facebook money that will be snapping up nearby real estate!  Here’s just one example of what Facebookers will be calling home.

Thanks very much to Burbed reader Wendie for this superb short sale in Menlo Park!

311 SHERIDAN Dr
Menlo Park, CA 94025
$749,000

120205-sheridan-redfin

BEDS: 3
BATHS: 2
SQ. FT.: 2,360
$/SQ. FT.: $317
LOT SIZE: 5,940 Sq. Ft.
PROPERTY TYPE: Detached Single Family
STYLE: Ranch
STORIES: 2
VIEW: Neighborhood
YEAR BUILT: 1947
COMMUNITY: Flood Park Area
COUNTY: San Mateo
MLS#: 81135539
SOURCE: MLSListings
STATUS: Pending With Release
ON REDFIN: 174 days

This is a Short Sale. Big home in Menlo Park’s Suburban Park neighborhood. Home is in great shape, has been remodeled, but needs some TLC. Paint and carpet and you should be good to go. Located next to the German School.

120205-sheridan-staircaseHere’s what Wendie had to say about this terrific opportunity!

Look at these photos of this house!  The realtor could not bother to take the garbage out of any of the rooms? The realtor  just went crazy snapping photos of every part of the house, clearly not caring about the crap spewn everyone! And the carpet on the staircase; yuck!!!!

120205-sheridan-trashcan120205-sheridan-bedroom120205-sheridan-patio120205-sheridan-kitchen

Clutter.  What better way to show the world how busy you are?

Comments (86) -- Posted by: madhaus @ 5:06 am

86 Responses to “Paint and carpet and you should be good to go… away”

  1. SEA Says:

    “The realtor could not bother to take the garbage out of any of the rooms?”

    Looks like at least half of the garbage was moved to the backyard, yet that last bag was left inside.

  2. PKamp3 Says:

    Paint, carpet, and move the highway in the backyard? Perfect.

    Actually, do you think they can be coaxed to leave the stand for the big screen TV (image 7)?

  3. z2amiller Says:

    The neighborhood is actually called “Flood Park”? I wonder if there’s a basement/occasional swimming pool.

  4. gallileo Says:

    Paint and carpet today.

    Light bulbs and draino for the rest of your life.

  5. nomadic Says:

    House was remodeled? When, 1984?

  6. nomadic Says:

    What kind of people “buy” a house for nearly a million dollars and then live like pigs?

  7. SEA Says:

    “What kind of people “buy” a house for nearly a million dollars and then live like pigs?”

    Remember: A million is only twice our ‘not a lot of money’ standard.

  8. madhaus Says:

    #6: Probably people who don’t have a million dollars and didn’t have any of their own money to give them that Pride of Ownership thing.

  9. madhaus Says:

    Okay, what’s up with the ownership of this house? It was foreclosed on in 2008, but the listing copy says it’s a short sale. Is one bank shorting another, or did the bank foreclose but never kick the FBs out?

  10. sfbubblebuyer Says:

    Nomadic, I think the agent meant “House has been remouldered.”

  11. nomadic Says:

    According to PropertyShark, the 2008 buyer was the same as the 2006 buyer. D’you suppose he foreclosed on himself??? lol. In any case, his name was still on the assessment roll on 9/24/09.

    The seller in 2008 was Golden West Svgs Assn Svc. Very weird.

  12. Divasm Says:

    What’s also unusual is the bank appeared to list it at a price lower than the auction and/or loan price ($822K). Are banks finally getting smarter about listing for prices at which homes might actually sell?

  13. Mole Man Says:

    Flood park is named after James Clair Flood who cashed in big from the Comstock Lode and built Linden Towers, a vast mansion that dominated all of what would become this park, the little strip of unincorporated county that surrounds it, and the Lindenwood neighborhood of Atherton.

  14. nomadic Says:

    On the foreclosure front, Saratoga, Atherton and Los Gatos are clearly not RBA any more:

    Foreclosures at the High End Increase

  15. sonarrat Says:

    This was foreclosed in 2008. Are they just getting around to listing it now? And is that trash still from the old owners? Or did the bank get into the slumlord business waiting for the values to come back up? So many questions.

  16. Divasm Says:

    nomadic, thanks for the link to the article. I’m relieved to see that the sacred city of Palo Alto isn’t mentioned in there. Of course, how could it be…nobody forecloses on Palo Alto residents. It’s just not done.

  17. Real Estater Says:

    Of course not. Those who took a position in Palo Alto in the past few years are winning big. Those who chose to stay with status quo are finding it harder than ever to move up to a place like Palo Alto. With Facebook going IPO, money is flowing into Palo Alto real estate like never before. Many properties sold in Jan 2012 are over $400K above asking. The buzz in real estate offices around town is that Palo Alto will set another record high this year.

  18. Sunny(vale) Kim Says:

    Those who took a position in Palo Alto in the past few years are winning big. Those who chose to stay with status quo are finding it harder than ever to move up to a place like Palo Alto.
    —-

    Really! How much the price went up for your *own* home in “past few years”? Not very reliable source, but Zestimate shows that the value did not up since Dec 2007. So why would be any harder today than Dec 2007?

    In brighter side, your 2010 tax assessment was lower than 2009. Now, that’s definitely a win!

  19. Sunny(vale) Kim Says:

    And 2011 property tax amount lower than 2010. Another win! You keep winning, dude!

  20. Sunny(vale) Kim Says:

    Many properties sold in Jan 2012 are over $400K above asking.
    —-

    Operative word here is “many”. When someone uses this word, what are the numbers you guys visualize? 1000? 100? 50? 10?
    Well, Palo Alto definition of “many” is just 2.
    1 = Non-many
    2 = Many

    More than 50% of January 2012 sales are actually LESS than original listed price. Here the sale list from tech gal’s site.

  21. Real Estater Says:

    LOL. The joker who cannot afford to be rent in Sunnyvale is back with more jokes:

    Joke #1: He has seen my property tax bill
    Joke #2: He is mistaking Nov/December leftover sales data for January data
    Joke #3: Using Zestimate to measure home values in Palo Alto.

    Let’s look at some real January sales data:
    769 Rosewood – Asking $1.05M. Sold for $1.515M
    185 Walter Hays – Asking $1.398M. Sold for $1.655M
    712 Lincoln – Asking $1.599M. Sold for $2.086M
    2928 Bryant – Asking $1.098M. Sold for $1.523M

    Need I say more? It’s a different world this year due to the Facebook announcement. Here is the real time information for the retarded guy: *ALL* homes in my zip code are above the 2007 peak values at this moment. Many are significantly higher.

  22. Sunny(vale) Kim Says:

    I can clearly see 185 Walter Hays is “$400K above asking”. After all math is not that hard.
    Can anyone tell me where is 712 Lincoln? Is it in Lincoln, Nebraska? I can see 690 Lincoln and 750 Lincoln in Palo Alto. But not 712.

  23. Real Estater Says:

    Can someone who is not retarded please give our amateur guy some help?

  24. Petsmart groomer Says:

    > Can someone who is not retarded please give our amateur guy some help?

    Yes, because clearly you failed.

  25. Sunny(vale) Kim Says:

    News Flash: 712 Lincoln Ave is part of Facebook IPO. Every shareholder is going own a piece of 712 Lincoln, as it will be divided by 2.5 billion outstanding shares.

  26. SEA Says:

    What I am trying to figure out: Should the smart money invest in Facebook or real estate?

  27. Real Estater Says:

    Real estate is the destination investment. After people make money from other avenues, they will bring the money they have earned to the person who can sell them their house. Just look at Mark Zukerburg: $7M of FB money spent on Palo Alto real estate.

  28. Real Estater Says:

    Not sure if this one went above asking. It’s already at over $2000/SF:

    http://www.redfin.com/CA/Palo-Alto/1820-Ash-St-94306/home/595737

  29. Real Estater Says:

    Long time readers will recall, I advised Madhaus on several occasions to trade in her shack for a home in Palo Alto. Sunnyvale 94087 has already reached steady state. She needs to get out of her comfort zone and move up to some place that operates above the clouds, where there is no weather pattern. Had she listened, she’d be rich now.

  30. Sunny(vale) Kim Says:

    Real estate is the destination investment.

    When someone spends less than 0.0001% of his wealth to buy something, that’s not really “destination investment”. :) That called trickle-down.

    Today I just bought a $8 Chipotle burrito for lunch. Hence, Chipotle burrito is destination investment.

  31. Real Estater Says:

    You better stop going to Chipotle if you want to save up for a down payment!

  32. madhaus Says:

    Thanks for your concern about my finances, #29. But I am rich now, despite my ignoring your repeated suggestions that I buy in Palo Alto. Instead I invested all the money I saved in property taxes into this little company you probably haven’t heard of. It helps to get in on B round funding and sell a couple days after the IPO.

    Why wait ten years to double my money, when I can increase it by two orders of magnitude in two years? Oops, must run, my personal assistant says the chauffeur has pulled the Bentley around. Tally ho, what?

  33. Sunny(vale) Kim Says:

    But but but, Palo Alto is the DESTINATION investment. Once you cash out from IPO, you need to buy 712 Lincoln Ave property with $400K above asking price. Your neighbor’s Cayenne and your Bentley – perfect match.

  34. Real Estater Says:

    Pralay,

    When are you going to trickle down?

  35. Real Estater Says:

    >>I invested all the money I saved in property taxes into this little company you probably haven’t heard of.

    You put all your eggs into one basket, and you call that investing? After you pay off your 50% taxes, is there enough to pay for an overbid on a house? Instead of taking on this this risk, bearing the inefficiency of taxes, and gaining very little at the end of the day, all you had to do was to take my free advice on Burbed. Imagine that!

  36. Real Estater Says:

    Pralay,

    Are you in a position of needing school district within 5 years, or is your wife still waiting for you to “trickle down”?

  37. Sunny(vale) Kim Says:

    When are you going to trickle down?
    —-

    Who bought 712 Lincoln $400K above asking do you think?

  38. Real Estater Says:

    All,

    There is no need to buy B shares. I bought Apple at $380, on margin.

  39. Real Estater Says:

    If you missed Apple, load up on BAC. I picked up 20,000 shares at $5.50.

  40. Real Estater Says:

    >>Who bought 712 Lincoln $400K above asking do you think?

    I need to fly to Nebraska to find out.

  41. Sunny(vale) Kim Says:

    Are you in a position of needing school district within 5 years
    —-

    Very idea of Social Security was to provide a safety net for all. Not enough for comfortable living, but good enough for not going broke.

    Very idea of Public School was to provide education for all children. Not enough for quality education, but good enough for learning how to read and write your own name.

    People who can afford, normally they send their kids to private school. Real Estater’s neighbor Steve Jobs’ kids don’t go to public school. Another neighbor Steve Young’s kids don’t go to public school. Not necessarily famous like these guys, I am sure Real Estater will find “many” (not Palo Alto version) of his neighbors send their kids to private school.

    So, public school is for people like Real Estater who spend major part of their wealth in real estate and cannot afford to send his kids to private school.

  42. Real Estater Says:

    Wow, a passionate, lengthy passage from Pralay in defense of private school!

    Unfortunately, the info as well as the thoughts are both wrong. Steve Jobs definitely sends his kids to PAUSD. One is in Walter Hays and another is in Jordan. In private school your kids will miss out on getting to know other kids in the neighborhood. That may be a benefit where Pralay lives, but is a detriment in RBA. Public school provides a more real world environment. In private school everything is spoon fed. The kid may learn a lot of material, but won’t become a well rounded person. Finally, you already paid for public school from paying taxes. Why pay again to go to a different school? First you throw money away with rent, then you pay double for school? Great move!

  43. Real Estater Says:

    >>So, public school is for people like Real Estater who spend major part of their wealth in real estate and cannot afford to send his kids to private school.

    “Cannot afford” is a term you ought to use carefully. Usually people who live in RBA and keep a black credit card are not used to that term. There is profound difference between “cannot afford” and “do not want to”. My kids go to plenty of “private” lessons, including various sports leagues, music, art etc. Their public school education is well supplemented, and they meet all kinds of kids with a wide spectrum of interests.

  44. Sunny(vale) Kim Says:

    I am not sure why would a teenage girl would go to an elementary school. So what Real Estater is talking about Jobs’s daughters is another 712 Lincoln. He needs to google little bit harder.
    Paly and Gunn are not real world environment. These are actually “spoon fed” schools – FREE spoon fed schools. If Real Estater wanted to “real world environment”, he would not be buying home in Palo Alto. He would buying home somewhere where there are more mix – demographic, economic, educational etc. And thanks to Real Estater for admitting about private lessons. His kids definitely needs a lot private lessons, A LOT. Otherwise, his kids will grow and blame public school very same way as their dad did. I rest my case.

    So when Real Estater asks “why pay again to go to a different school”, the answer would be WHY NOT. If Real Estater could, he would. But today he can’t.

    And why would I consider paying tax for school and then sending my kids to private school is throwing away money? I pay tax for other infrastructures too – paving roads, fire dept. That does not mean that I need to drive on every road to utilize my tax dollars. Or starting a fire and calling fire dept to utilize tax dollars. Paying tax for basic infrastructures and facilities is not a bad thing. Public school is basic facility.

  45. DreamT Says:

    nice to see Real Estater back, I must admit

  46. Real Estater Says:

    >>Paly and Gunn are not real world environment. These are actually “spoon fed” schools – FREE spoon fed schools.

    In other words, free private school equivalents?

    These self-contradictory statements tell me that the grape is sour, very very sour.

  47. Sunny(vale) Kim Says:

    In other words, free private school equivalents?
    —-

    Do you understand the meaning of “equivalents”? I am pretty sure you understand that things are not black-and-white. One of the many (not Palo Alto version of “many”) factors of quality of education is class size. Cupertino already increased class size to 33 in elemenrary level. Palo Alto increased 20 to 22. It’s a matter of time Palo Alto elementary class will increased to 27 or 29 in few years (I am pretty sure you already know it, as Palo Alto Weekly delivered to your mailbox every week).
    Yes, it is “spoon fed”, but with lower quality. With class size 29 or 33, teacher probably won’t even remember your child’s name.

  48. madhaus Says:

    #41, 44: Steve Jobs’ youngest daughter attends Crystal Springs-Upland. That shows the difference between buying a house near wealthy, famous people versus actually socializing with them and knowing who goes to school where.

    #35, 38, 39: I realize math isn’t your strong suit, but you might want to have a middle school child explain to you what an order of magnitude is. Hint: if I received a ROI of two orders of magnitude, that’s roughly 100x. Paying half in taxes wouldn’t matter that much, but I also have a tax professional to help keep those numbers lower.

    Must fly, big fundraiser to organize.

  49. Sunny(vale) Kim Says:

    These self-contradictory statements tell me that the grape is sour, very very sour.
    —-

    Why would be grape sour? I know people who rent in Palo Alto and send their kids to Palo Alto schools. People can rent there if they want to. In the end it’s all matter of choice. People who can afford have choices – either send to public school or private school or home-schooling. You don’t have choice, because you are over-invested in your home. So grapes are actually sour for you.

  50. Real Estater Says:

    Pralay,

    Have you calculated the cost of sending 2 kids to private school? It could easily exceed the amount of mortgage, except you don’t get to have a house and you don’t get the tax benefit. It’s worse than paying for a flat screen TV and not getting the TV (a concept you are quite familiar with). The way you manage your money, you won’t ever get out of the rat race.

  51. Real Estater Says:

    >>It’s a matter of time Palo Alto elementary class will increased to 27 or 29 in few years

    Mark my words. That will never happen. PAUSD will just build additional schools. For example, they recently acquired land in South Palo Alto for exactly this purpose. They also have the option of taking back the location where Stratford School currently occupies.

  52. Real Estater Says:

    >>I know people who rent in Palo Alto and send their kids to Palo Alto schools.

    Have you looked at rent in Palo Alto lately? The people who rent a house in Palo Alto pay the same or more as people who pay mortgage; that is, if they are lucky enough to find a place for rent.

  53. Sunny(vale) Kim Says:

    Have you calculated the cost of sending 2 kids to private school? It could easily exceed the amount of mortgage, except you don’t get to have a house and you don’t get the tax benefit.
    —-

    Thanks for admitting that you cannot afford to send your kids to private school. So your #43 was bullshit. Black credit card does not send your kids to private school. So buying a house in PA is ALTERNATE option for you (not equivalent).

  54. Sunny(vale) Kim Says:

    Steve Jobs’ youngest daughter attends Crystal Springs-Upland.

    You are wrong. His 13 year old daughter goes to Walter Hays. It’s an elementary school.

  55. Sunny(vale) Kim Says:

    The people who rent a house in Palo Alto pay the same or more as people who pay mortgage; that is, if they are lucky enough to find a place for rent.
    —-

    Damn! I did not know Palo Alto is so cheap. :) It seems pretty soon it will turn into East Palo Alto.

  56. Real Estater Says:

    >>He would buying home somewhere where there are more mix – demographic, economic, educational etc.

    Demographic mix in Palo Alto is actually more representative of the society at large. It is not typical to live in a minority/immigrant dominated enclave.

    Economic mix – You’re being a hypocrite here. The reason people send kids to private school is to get away from economic mix (kids from lower income families don’t get to go). Similarly, there are good neighborhoods, better neighborhoods, best neighborhoods, and bad neighborhoods segregated by economics. This is why you don’t get to live in 812 Lincoln.

    Educational mix – Do you really want that? What’s the benefit of having low achievers in the mix?

  57. nomadic Says:

    ah, the balance of the interwebs is restored!

  58. SEA Says:

    “Demographic mix in Palo Alto is actually more representative of the society at large.”

    Yea, “more representative” of the “society at large.”

  59. Sunny(vale) Kim Says:

    Steve Jobs’ youngest daughter attends Crystal Springs-Upland. That shows the difference between buying a house near wealthy, famous people versus actually socializing with them and knowing who goes to school where.
    —–

    But at least he can walk to Steve Jobs’ house. Think about the experience of “getting to know other kids in the neighborhood” while walking to gate of Steve’s house.

  60. SEA Says:

    Like living close to Graceland will get you closer to the King.

  61. Sunny(vale) Kim Says:

    Mark my words. That will never happen. PAUSD will just build additional schools.
    —–

    I know, I know, I know. Cupertino said the same thing before increasing to 33. Palo Alto said the same thing before increasing to 22. It takes some time to digest the reality and be conditioned with it. Probably, “caring” parents of Palo Alto need little bit more time. So things happen there in steps – 20 to 22, then 22 to 27, and then 27 to 33, 33 to 40….so on.

  62. Real Estater Says:

    I’ll worry about that when my kids’ kids enter PAUSD.

    The real question is: What’s the class size in Santa Clara School District right now where you reside?

  63. Real Estater Says:

    Comparing two different cities is simply inane. It’s like Bob saying the market in East Bay is bad therefore it will spill over to Palo Alto. Totally different circumstances with no bearing on each other. As we know, Palo Alto has virtually no buildable land left. Any increase in school age children will be incremental and gradual. That means there is time for the school district to react and manage the increase. There is no doubt PAUSD has the funds to build additional campuses, which isn’t feasible in other places.

  64. Real Estater Says:

    Pralay,

    By the way, private schools are not all created equal. There’s a difference between sending your kids to a Harker vs. sending him/her to where you can afford.

  65. Real Estater Says:

    Pralay,

    Why your responses so slow? Are you running in the rat race?

  66. nomadic Says:

    #61, a class size of 33 in PA will still be prestigious when Prop 13 forces non-RBA classrooms to 50 students.

  67. Real Estater Says:

    Did everyone buy AAPL and BAC as I recommended yesterday? There is more money on the table. Buy with confidence!

  68. Michael Boltonestater Says:

    Yes, we all did. Thanks!

  69. nomadic Says:

    #67, I bought AAPL at $21 in 2000 after the dot-bomb. It split a couple of years later for an added “bunus.”

  70. nomadic Says:

    Where’d you go, RE? Is 47x appreciation a disappointment compared with RBA appreciation?

  71. madhaus Says:

    You don’t understand, nomadic. RBA appreciation is far more prestigious than making money hand over fist like a common venture capitalist. Anyone with the proper connections and discernment can buy B round stock at three cents a share. But buying in Steve Jobs’ zipcode and watching your home’s value double (after falling back by 35% from the September 2008 peak); why only a few can aspire to those sorts of rewards.

  72. Real Estater Says:

    Pralay says:
    >>Well, Palo Alto definition of “many” is just 2.

    Some help from a reliable source:

    >>10 homes in Palo Alto sold for more than their asking prices last month, some by large amounts.

  73. Petsmart groomer Says:

    Real Estater says:
    >>Many properties sold in Jan 2012 are over $400K above asking.

  74. SEA Says:

    #73- We all know that “large amounts” must be over $500k.

    The bigger issue is how many is “some?” Obviously “some” cannot be larger than 10, and in fact, my guess, based on the context, is that “some” is a few many smaller than 10.

  75. Real Estater Says:

    >>RBA appreciation is far more prestigious than making money hand over fist like a common venture capitalist.

    This is too funny. Did Bob move in with Madhaus? Didn’t she say she only invested her property tax savings? How big is her fist exactly? Reminder: We’re talking about property tax in Sunnyvale under Prop 13.

  76. Real Estater Says:

    Petsmart and SEA,

    This is what worker bees do, counting beans. The exact number actually doesn’t matter. Read the article. If you get the big picture, that’s what’s important.

  77. SEA Says:

    “How big is her fist exactly?”

    Why not try asking your favorite search engine.

  78. nomadic Says:

    Bigger than this?

  79. DreamT Says:

    “This is what worker bees do, counting beans.”

    And you get paid to supervise people who count beans? The 2am calls to India must be totally worth it.

  80. madhaus Says:

    I was going to propose cutting Burbed’s grant to Planned Parenthood in order to artificially create some controversy and go back to the days of 200 comment threads. Fortunately Real Estater came back and still requests negative attention, so I don’t have to make any funding changes just yet. I suppose we could endorse Rick Santorum just to be sure. Also banning contraception would require families to buy bigger houses.

  81. Are having a hard time finding the perfect home? [Burbed.com] Says:

    […] Oh dear, if J from Alameda thinks a photo of a trash bin or two in a home listing is unique, then clearly we aren’t doing our job that well.  There’s now a trash bins tag so everyone who enjoys comparing bins around the Bay Area can peruse them at their leisure.  We just had a bunch of them featured earlier this week. […]

  82. Real Estater Says:

    Facebook employees will have some tough competition for homes as Apple employees are already loaded today. Recall last year RE said “Now is the best time to buy a home”. That was again the right call, in a string of consistently right calls. If you had bought, you’d already be sitting on equity right now.

  83. Petsmart groomer Says:

    > If you had bought, you’d already be sitting on equity right now.

    And that equity would be coming from your downpayment.

  84. Real Estater Says:

    Just did a quick inventory check on Palo Alto:

    – 32 total available
    – 21 under $3M
    – 14 under $2M (note: Majority are not “buyable” due to being in bad locations, such as next to train tracks, freeway, or other busy streets)

    Compare the above to the number of newly minted millionaires. There is now wonder RBA is experiencing full blown sellers’ market right now.

  85. madhaus Says:

    What a perfect balance. The “newly minted millionaires” don’t have any millions yet, and Spring Bounce hasn’t begun. Somehow, I expect the supply of RBA homes to automagically expand once the Facebook lock-up expires.

    Similarly, the number of schoolchildren in Palo Alto will increase as well. While the total number of homes won’t increase much, the demographics will continue to shift from empty nesters to families.

    Do you think Steve Jobs was the only person to pick out the house he wanted and offer the residents whatever price they asked?

  86. Last post of 2012 [Burbed.com] Says:

    […] Good housekeeping in Menlo Park […]


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