February 25, 2012

Your Weekend Open Thread

It’s time to get out there and look at Open Houses!  Spring Bounce is just around the corner, so you don’t want to miss out on your dream house.

Speaking of fantasies, here’s a find that’s way out of Burbed territory. Some of you could pick up for couch cushion change.  I know, it’s SoCal, but hear me out.  Many thanks to Burbed reader BookingIt for this terrific tenement in Twentynine Palms!

3281 Blower Rd
TWENTYNINE PALMS, CA 92277
$14,500

120223-blower-zillow

Super cute cabin on 2.5 acres. Has had some work done. Owner may consider terms.Brokered And Advertised By: INSPIRE REAL ESTATEListing Agent: JULIANNE BEGGS

If you’ve been thinking about simplifying your life, this could be it!  Things couldn’t be much simpler than outfitting this 192 square foot desert domicile.  And if you don’t have enough spare change on your dresser to pick this up, “Owner may consider terms.”  “Bunus”: the ZEstimate is way above the asking price.  Win-win-win!

120223-blower-front120223-blower-setback

Redfin also has this property listed, only they give an address in the heretofore never discovered community of WOND, CA. 

This is an Open Thread.

Comments (37) -- Posted by: madhaus @ 5:06 am

37 Responses to “Your Weekend Open Thread”

  1. z2amiller Says:

    I’d hate to see what it looked like before it had some work done. I wonder if it has air conditioning? (Or electricity, for that matter)

    Also, I had to zoom out about 10 levels before I found a highway, talk about the middle of nowhere. (Not that that is always a bad thing though)

  2. z2amiller Says:

    Also since it is an open thread, the Palo Alto Daily newspaper had a front page article about a house sold with 38 offers. They’re probably talking about this burbed-worthy place: http://www.petergrealty.com/showlisting/8/663-Georgia-Avenue-Barron-Park-Palo-Alto-silicon-valley-real-estate . Is the bubble re-inflating?

    I guess the reason for the bidding is that there is very little inventory right now. Part of that is probably seasonal. Also I wonder how many sellers are sitting on the sidelines, waiting for the Facebook IPO to make another 1000 people into $1M+ homebuyers to the point that 38 offers looks just plain average? And at the same time, maybe buyers now are trying to get in ahead of the tidal wave of IPO’ers?

  3. Petsmart groomer Says:

    > a house sold with 38 offers

    Walking distance to Gunn high school. More time for homework. Quod erat demonstrandum.

    I like the road leading to the cabin.

  4. Sunny(vale) Kim Says:

    Also since it is an open thread, the Palo Alto Daily newspaper had a front page article about a house sold with 38 offers.
    —-

    Nearly most of the listing and recent sales are above $1.4M. Don’t you think listing it underpriced and then starting a bidding war is the strategy here?

  5. SEA Says:

    So there is all this talk about what AAPL should do with all its cash, about $100B. My recommendation to APPL: Buy RBA real estate.

    How little cash would it take to buy all the RBA real estate? Does APPL have enough to buy it all?

  6. Sunny(vale) Kim Says:

    Walking distance to Gunn high school. More time for homework.
    —-

    In addition, quite far from train track. Another plus point.

  7. LAhw Says:

    This looks like what used to be in the atrium of an Eichler. Sort of like a donut hole is to a donut.

  8. nomadic Says:

    Zillow says the property tax on this place is over $10k. Looks like another glitch in their database.

    A neighbor has a “make me move” price of $170k. How cute.

  9. Swan Says:

    The listing in Twentynine Palms fails to mention the drought resistant/native/low maintenance landscaping.

  10. Real Estater Says:

    >>Nearly most of the listing and recent sales are above $1.4M. Don’t you think listing it underpriced and then starting a bidding war is the strategy here?

    Pralay,

    Don’t you think you are the King of denial? How many $400K+ overbids do you need to see before you will recognize the PA market is indeed very hot?

    I told you about $400K+ overbids several weeks ago.
    I told you (and everyone) to buy AAPL several weeks ago.
    I told you inventory is scarce several weeks ago.

    You keep denying and looking for excuses. The results are you buddy. You lose again.

  11. Real Estater Says:

    The results are “in” buddy.

  12. Real Estater Says:

    Buyer got a great deal on this 94301 home for only $350K over asking. Seller got a great deal too at $1834/sf.

  13. magdalena Says:

    Isn’t this a 38% increase over the last sale price in 2008? Seems like it could be in Palo Alto.

  14. Real Estater Says:

    Not surprising. Palo Alto’s current price level is at all time high.

  15. Petsmart groomer Says:

    Anybody knows how many the average number of sex offenders per capita in the US? Does Twentynine Palms have more than the average city? (Cavuto mark)

  16. nomadic Says:

    That “shelter” looks like something they would build when testing nukes in the 1950s.

  17. z2amiller Says:

    I agree that there is some gamesmanship here in listing the “38 offer” house far under market in order to start a bidding war; this is what happened with one of the first homes we looked at that we actually liked. (http://www.redfin.com/CA/Mountain-View/1533-Miramonte-Ave-94040/home/646516 – listed at 699k, sold at 870k)

    I liked the “Eichler donut hole” idea, so I measured my atrium (I don’t have a real Eichler, I have an Eich-alike). It is about 300 sqft. Maybe the desert shack has an unpermitted area that is not in the official records.

  18. SEA Says:

    #17- Uh, you left out the fact that Mountain View home was a foreclosure in 2009 for $1,050,358, so $870k is still over 15% down. Now I am not suggesting that it was ever worth over a million, but some lender must have thought so.

  19. z2amiller Says:

    You say 15% down from peak, I say 15% instant equity! (Also note that the flipper who bought it, listed it in March for 30K _LESS_ than the 730K they paid for it in January – let’s start that overbidding auction!)

  20. SEA Says:

    #19- I’ve got some ‘bunus’ equity for you! You get more instant equity in percent than the percent the price is down from peak.

    So 15% down is roughly 18% instant equity.

    My favorite is 100% instant equity.

  21. Sunny(vale) Kim Says:

    How many $400K+ overbids do you need to see before you will recognize the PA market is indeed very hot?
    —–

    “How many”? You mean that “many” – when you showed four – one with less than $400K and one with fictitious address? That made “many” = TWO, right?
    Let put it this way, if you list your own home for $1M, if you are lucky you will get 38 offers and will be sold for $400K above asking (provided you did enough maintenance and improvements in your 1923 structure; Drano and changing lightbulbs do not count). If you listed for $2M, if you are lucky it will be sold $600K less than listed price.

    If this is the example of PA market is being HOT, I can’t figure out who is more hot – Palo Alto market or your Trophy Wife.

  22. Sunny(vale) Kim Says:

    Anybody knows how many the average number of sex offenders per capita in the US? Does Twentynine Palms have more than the average city? (Cavuto mark)
    —-

    Quite possible. It’s desert after all. Probably it has become dumping ground for all the CA sex offenders. Reminds me Kill Bill 2 movie – the trailer home in desert where Bill’s younger brother used to live.

  23. SEA Says:

    “Let put it this way, if you list your own home for $1M, if you are lucky you will get 38 offers and will be sold for $400K above asking (provided you did enough maintenance and improvements in your 1923 structure; Drano and changing lightbulbs do not count). If you listed for $2M, if you are lucky it will be sold $600K less than listed price.”

    How dare you suggest that the property only had $1.4M in value. The value added is in the so-called overbidding. I’m sure in PA if you list that $1.4M place for $10M it will sell for $10.4M, not the lowly $1.4M when listed for $1M. Why didn’t the seller list for $10M? Because RBA sellers play nice in the true Bay Area spirit!

  24. SEA Says:

    “Sometimes even Warren Buffett gets it wrong”

    “HOUSING HOROSCOPE

    The blunder: Buffett predicted in last year’s letter that the U.S. housing recovery would begin within the next year and help fuel economic growth.

    The explanation: Buffett doesn’t mince words and says he was “dead wrong” about this one. But he says basic biology makes it unavoidable that the country will need more houses.

    The quip: “People may postpone hitching up during uncertain times, but eventually hormones take over. And while ‘doubling up’ may be the initial reaction of some during a recession, living with in-laws can quickly lose its allure.””

  25. SEA Says:

    Buffett’s shareholder letters are here.

  26. PKamp3 Says:

    Since this post is the open thread, who saw the articles in SF Gate on the large naked woman destroying cars in Noe Valley? And yes, there is a picture (not in that link). Google around if you really want to see!

  27. Real Estater Says:

    Pralay,

    Sounds like we struck a nerve in you. Why take it so personally? Its not like the uptick in Palo Alto market will affect your life. After all, the overbid is already more than what you can scape up for down payment. Don’t forget, living in the hood means you still need to save up for private school.

  28. Sunny(vale) Kim Says:

    Sounds like we struck a nerve in you. Why take it so personally? Its not like the uptick in Palo Alto market will affect your life.
    —-

    Old trick. Keep it up, RE. :)

  29. SEA Says:

    I’m yet to figure out why RE’s avatar is yet to get a pending sign. Too many days on the market for my liking.

  30. Sunny(vale) Kim Says:

    He put a pending sign last Friday. Then it was stolen, probably by the same guy who stole jewelry from his neighbor at 1100 Middlefield.

  31. SEA Says:

    Wrong side of busy street: Unfortunate for him that he didn’t live on the other side of the street.

  32. madhaus Says:

    Nice find, PKamp3! How come nothing exciting like that ever happens in Silicon Valley? The best we could find this weekend was a house hidden behind a medium sized pile of garbage.

  33. madhaus Says:

    I saw an open house today. The flyer said it was in a neighborhood I never heard of. The map they showed me (a “Microsoft map” according to the agent in residence not-the-listing-agent) had a number of neighborhoods in the wrong place.

    Anyway, the house had been listed for many months, obviously not at a price that invited overbidding. By cutting it 10%, they finally generated an offer. Don’t know what it ended up selling for. The house isn’t interesting enough for Burbed treatment; weird mix of nicely-done, adequate, and why-the-heck-didn’t-they-spend-$50-and-get-some-outlet-plates? I suspected some of the “wood” floors were laminate too, but I’m not an expert in detecting those. But hardwood floors shouldn’t creak when you walk on them.

  34. SEA Says:

    Not even worthy of an open thread link?

  35. madhaus Says:

    Nah, this wasn’t a “point and laugh at this house,” more of a “pulse of the market” post.

  36. bmwman91 Says:

    Shit, for that amount, I should just buy it up as a vacation get-away. I usually spend 1-3 weeks per year climbing in Joshua Tree. This shack would be totally bitching to have as a post-climbing beer drinking hang-out! Mr. Ranger can’t hassle us over there, and it looks like a ~20 minute drive to the upper park and Indian Cove!

  37. AstroWallaby Says:

    Rather late to comment I guess, but… I actually can’t stand the picture of this shack. Not because I really find that much wrong with it in theory; I have *no idea* what the fair going rate for 2.5 acres of wasteland is but at that price I suppose you can’t go too far wrong. The problem is that the structure looks so much like a Park Service outhouse I can actually *taste* that “outhouse smell” in my nose when I look at it. My subconscious is absolutely 100% positive that the reason there are no interior shots is simply because there’s nothing to see: once you’ve seen one stainless steel outhouse can bolted to a concrete slab you’ve seen them all.


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