April 30, 2012

Tons of potential to add bedrooms if needed

Want a house in the lovely Rose Garden area of San Jose?  So do a lot of people!  Central location, big houses on beautiful lots… what’s not to like?  Tracy Tea House found a real goodie that shows every rule has an exception, and every good neighborhood has some Fail.

Now this property is gone,  It’s not on Redfin at all, nor on Movoto even, and Trulia says it’s off-market.  Guess who still has it.  Zillow.

1135 Yosemite Ave
San Jose, CA 95126
$699,000

120428-yosemite-zillow

Beds: 2
Baths: 2
Sqft: 2,868
Lot: 13,068 sq ft / 0.30 acres
Type: Single Family
Year built: 1922
Parking: —
Cooling: Central
Heating: Forced air
Fireplace: –

Spacious floor plan on a large lot. Tons of potential to add bedrooms if needed. Charming home located in the Historic Rose Garden area. Formal dining room with plenty of natural light, living room with wood burning fireplace, separate family room looking out into backyard and pool. Perfect for entertaining. Hardwood floors, A/C, side yard with space for boat or RV parking.

120428-yosemite-couchesHere’s what Tracy had to say about this find.

The price on this house keeps dropping like a stone. I looked at it a few times over the years and it is a great old place, full of charm. Except it has location FAIL. It is located at the corner of Yosemite and Race, famous for the prostitution ring, busted 120429-yosemite-poolacross the street. Shares a wall with a Mexican restaurant parking lot, and is down the street  from the “water Garden.”  If only it was located a few more blocks into the Rose garden.. Sigh..

Looks like we had best get some pictures up before Zillow gets a friendly visit from the wild and crazy lawyers who work for MLS.  They even have a much better front view than the one they led with.

120428-yosemite-front

There are several higher-resolution photos of an empty house.  This is a photographer who loves the interplay of light.  See these and more photos after the break.

(more…)

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






April 29, 2012

Open Season on Open Houses

120427-openhouse

Anyone been to an Open House lately?  Are buyers waiting for a drop?  Are sellers trying to hold it?

Open the door and tell us what you found inside.

Comments (21) -- Posted by: madhaus @ 5:11 am

April 28, 2012

BMR Coming to Menlo Park?

Some cities are more compliant than others in providing BMR (Below Market Rate) housing.  Perhaps Menlo Park will be getting off the “But we don’t have any below market residents” excuse pot.

Menlo Park eyes below-market rental housing

HIP Housing proposes deal with Menlo Park

120426-willow-pierceby Sandy Brundage, Almanac Staff

The city of Menlo Park has its eye on a Willow Road apartment complex that might be purchased for use as below-market-rate rental housing — something that currently doesn’t exist in Menlo Park.

The 12-unit complex, located at 1157-1161 Willow Road, comes with a price tag of around $2 million, according to a representative from HIP Housing, a nonprofit organization that specializes in finding below-market-rate housing and hopes to partner with Menlo Park on the deal.HIP currently operates 13 rental properties in San Mateo County.

120426-willow-backThe Willow Road complex would rent nine units to people earning less than 50 percent of the regional median income of $81,300, and three units to those making less than 30 percent. Rent at the complex would fall in the range of $610 to $1,016, according to a staff presentation.

A real estate listing described the property as vacant and partially renovated; it also said the complex had won a renewable energy award for upgrades such as solar panels and efficient lighting. Laundry and parking are available on site.

The apartment buildings are not currently for sale (the first is pending, the second is merely delisted).  They were built in 1958.  If you want to dig deep into the offering memorandum for the two buildings, have a look at this PDF.  And check out the pictures.  Solar panels!  Sweet!

120426-willow-offerpix

Assuming the rental numbers are correct, that would give this complex a rent ratio of 10.26.  BUY!!!!!!!!  Then again, I’m not sure I trust these numbers.  Notice something hinky here?

120426-willow-math

While Burbed has yet to amass a huge portfolio of investment property, even we can tell the difference between a 5 and a 50% vacancy rate.  This is another great reminder of how Real Estate Professionals deserve those hefty commissions, whether commercial or residential.

Discuss this neighborhood, older apartment homes like these, BMR housing, any Open Houses you visited, or anything else you can think of. Yes, this is your weekend open thread.

Comments (9) -- Posted by: madhaus @ 5:08 am

April 27, 2012

It’s a floor wax! It’s a dessert topping! It’s Mountain View!

Burbed began its life as a housing price and mortgage insanity site back in 2006.  And if home prices keep going up, up, up like they are now in some Very Special Places, we could be back to our glory days soon, when every article had over 100 comments no matter how meh the listing was.

Not only are listing prices up Where It’s Special.  So are lease costs.  Have a look at this well-situated rental, courtesy of Burbed reader Adennris.

229 Polaris Ave
Mountain View, CA 94043
For Rent: $1,195,000/mo

120424-polaris-zillow

Beds: —
Baths: —
Sqft: —
Lot: 15,246 sq ft / 0.35 acres
Type: Single Family
Year built: 1973
Parking: —
Availability: now
Lease term: ContactForDetails
Cooling: —
Heating: —
Fireplace: —
On Zillow: 21 days
MLS #: 81211034
Other facts

This may be a bigger entry error than simply putting in a sales price in the monthly rental field.  Here’s this same property on a realty site (photo right) and here’s the listing copy.  It’s a little different than what Zillow had.

120424-polaris-alanhuweGreat income opportunity for the right buyer. 1031 exchange is possible. 2 buildings on one lot. Many possible uses in the ML disdrict of Mountain View. Near the worlds greatest companies and close to many of Mountain View’s wonderful services and delights. Easy commuting access to El Camino, Central Expressway, 85, and 101.

Last updated on  4/25/2012

More Details for 229 POLARIS AVE

Property Class:Commercial Industrial
Listing Status:Active
City:Mountain View
Area:203 North Shoreline
County:SANTA CLARA COUNTY
State:CA
Lot Size:15164.00 SF
Stories:2
Year Built:1973
MLS#:81211034
List Date:3/24/2012

So it’s not a single-family home, then?  But the upside is you definitely can bring your arc welder.

Trulia calls it an income/investment.  But Zillow wasn’t the only one to assume this place was a residence.  Check it out!

120424-polaris-sfbrealty

This is a 380 square foot, single family home, which can rent for only $608 a month.  No beds or baths, but it has assigned schools, and more importantly, places doing business.

Redfin never heard of this location or either MLS listing number above.  That’s because this site is a 6019 sf office building for sale.  And this description might explain all the confusion.

Check this out!!
Real close to downtown Mountain View.
16 unit office building in ML district of Mountain View.
2 buildings on one lot.
Recent Zoning changes have allowed for additional uses.
ML zoning.
Buyer to check with City of Mountain View for precise zoning uses allowed for this location.

Near down town Mountain View.
Blocks from El Camino.
Easy access to highway 101, Central Expressway and highway 85.

If you read all these conflicting real estate offers for the same location, you will also notice that it’s been described as being in three different neighborhoods.  That’s because Mountain View is so cutting edge, it transcends space, time, and money.  No wonder it’s so hot, hot, hot!

Comments (15) -- Posted by: madhaus @ 5:04 am

April 26, 2012

Alum Rock Adventure Awaits! Um… TOO LATE!

Burbed loves East San Jose, because some of the best properties can be found here.  That is, if by “best” we actually mean “Can you believe this?”  Thanks very much to Burbed reader Tracy Tea House for proving once more, that when it comes to housing, Alum Rocks!

1412 Mount Herman Drive
San Jose, CA 95127
$300,000

120425-mtherman-trulia

Status: Withdrawn
Bedrooms: 4
Bathrooms: 3
Property type: Single Family Residential
Size: 1,368 sqft
Lot: 0.12 acres
Price/sqft: $219/sqft
Year built: 1961
Added on Trulia: 180+ days ago
Neighborhood: Alum Rock
Zip: 95127

The property has been maintain by sellers. With the converted garage, you have additional living area. Lots of parking space, nice front yard, rear room converted! Brokered And Advertised By: PN Real Estate Group Listing Agent: Louis Montalvo

120425-mtherman-concrete[4]Here’s why Tracy thought you’d love this place:

Here is a shack that proves the point, interior pictures are unnecessary anymore. Now if you can just “maintain” yourself, all rooms are converted. Even the car  has been covered, and probably converted.

These photographs have so much artistry in them, and such a unique point of view. The detail shot of the concrete is inspiring me. As a bonus, you will not be able to leave the house by car twice a day. If you want to walk however, the school has crossing guards.

Now wait, this house is Special.  It has been maintain by sellers, something one rarely finds in buying a house from them.

Bunus: the reason this house was withdrawn is that it got foreclosed on April 2nd

Comments (2) -- Posted by: madhaus @ 5:04 am

April 25, 2012

Living not quite so large in Los Gatos

Let’s have another look at Los Gatos, as it’s one of those Real Bay Area cities.  You can tell it is when you see a property listed for twice as much as it sold for in the bubblicious days of 2005.  Thanks very much to Burbed reader nomadic for this peerless property.

138 SMITH RANCH Ct
Los Gatos, CA 95032
$888,000

120424-smithranch-redfin

BEDS: 3
BATHS: 2.5120424-red-arrow-hoa
SQ. FT.: 1,582
$/SQ. FT.: $561
HOA DUES: $85/month 
LOT SIZE: 3,484 Sq. Ft.
PROPERTY TYPE: Detached Single Family
STORIES: 2
YEAR BUILT: 2005
COMMUNITY: Los Gatos/Monte Sereno
COUNTY: Santa Clara
MLS#: 81211027
SOURCE: MLSListings
STATUS: Active
ON REDFIN: 31 days

Beautiful 7 yr new home walking distance to Courtside, Netflix, LG trails, restaurants and shopping within Los Gatos school district. Regular sale, shows like a model, with high ceilings, recessed lights, granite kitchen & stainless appliances, hardwood floors in the family room/kitchen areas. Large, bright master with over sized tub and walk in closet. Private back yard and large 2 car garage.

120424-smithranch-insideNote the HOA fees prominently listed next to key features such as size of the house, size of the lot, and how many beds and baths.  When did Redfin start doing that?

Now here’s what nomadic had to say about the house.

Purchased two weeks ago at foreclosure (auction?) for $730k and now listed for a lucky $888k to cash in on $158k of instant 120424-smithranch-backyardequity!  It’s on a postage stamp lot that backs up to the 85 off ramp at Winchester.  The most recent sales on the street were in June 2010 for $460/sf, but those were about 1/3 larger – maybe the price isn’t as ridiculous as it seems…

Let’s see if Zillow agrees with “ridiculous.”

120424-smithranch-zillow

Um…whoa.  Those ZEstimates are all OVER the place.  And the “bunus” is the railroad tracks (shown as the dashed line) that run behind the homes across the street, the cherry on top of the awesome sauce that is Winchester plus the freeway ramp.

What do you think this home should sell for?  What do you think this home should sell now that you know it has “corporate ownership” plus “agent has financial interest”?  Usually corporate ownership means you’re looking at an REO, but in this case the place is owned by “Petwun LLC,” and the agent is the “manager” of said entity.

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

April 24, 2012

GORGOUS UNBELVABLE PRVT BRTHTKNG CONTRY SETNG

We haven’t visited Belmont for a while, so this find from Burbed reader Overheard in San Carlos was very much appreciated.  And this property going pending despite the inept presentation goes to show that anyone can succeed as a Realtard.  At least anyone can when the Peninsula is this hot, hot, hot!

3034 SAN JUAN Blvd
Belmont, CA 94002
$1,249,000

120423-sanjuan-redfin

BEDS: 4
BATHS: 3.5
SQ. FT.: 3,120
$/SQ. FT.: $400
LOT SIZE: 0.3 Acres
PROPERTY TYPE: Detached Single Family
STYLE: Mediterranean
STORIES: 3
VIEW: Neighborhood
YEAR BUILT: 2004
COMMUNITY: Haskins Estates
COUNTY: San Mateo
MLS#: 81205312
SOURCE: MLSListings
STATUS: Pending Without Release
ON REDFIN: 73 days

GORGOUS 8 YR NEW MDETEREAN BEAUTY IN A UNBELVABLE PRVT BRTHTKNG CONTRY SETNG. ELEVATOR FOR YOUR MAJESTY’S CONVENIENCE TO A BRGHT AND CHEERFUL 4 BR 3.5 BTH FLR PLN. BALCONIES TO ENJY UR BBQ, WRK FRM HM OR READ A BOOK IN A PEACEFUL AND RICH SETNG. NU PNT, CRPT AND REFRBSHED HDWD FLRS, HI CEILNGS, REC LGHTS, OVRSIZE GRNT KITCHEN/PNTRY, LAVISH MSTR RM & BTH, LOFT IN GRG, EZ FWY ACSS TO SF, SJ, FSTR CTY.

120423-sanjuan-stairsWhile the agent correctly addressed Us as YOUR MAJESTY, We do not consider issuing decrees or declaring war on the East Bay to be WRK FRM HM.  The elevator is appreciated but the lack of a throne room makes this a poor Seat of State for Our Royal Self, Our Royal Family, Our Trusted Advisors, and Our 500 liveried retainers, guards, and servants.

Despite the LOFT IN GRG, We are not amused by the plastic stair protection.

Comments (8) -- Posted by: madhaus @ 5:11 am

April 23, 2012

Trespassing Squatters Occupying Short Sale Property File TRO Against the Selling Agent. Yes You Read That Correctly.

Happy Monday!  We’ve got another exciting story for you, about some riveting residents who really respect realtards.  Read on!

Squatters issue restraining order against real estate agent

120421-antioch-squattersKTVU Channel 2,
Posted: 9:49 p.m. Friday, April 20, 2012

ANTIOCH, Calif. —  A Bay Area real estate agent said she’s being taken to court by squatters in Antioch who have taken over a house she’s trying to sell.

As many as three people have been living in the Concord home since December. Even though the owner never gave them permission to move in, they’re apparently not moving out without a fight.

Real estate agent Melissa Case said she can’t get too close to the four-bedroom, two-and-a-half bathroom home she’s listed for sale in Antioch because the unauthorized residents took her to court.

“I have a temporary restraining order against me right now,” Case said. “I cannot come within 50 yards of the home, which was filed by the squatters.”

Case is definitely a Real Estate Professional.  You can tell from the way she talks, because it reads just like listing copy we see every day here.  The home was filed by the squatters,  Got it.  So you’re going to love this next quote from Ms. Case:

“Actually the police came out and verified that their… rental agreement? [air quotes]… was false and full of misspellings.”

Because nothing says Real Estate Professional like an example of their work product written up full of misspellings.

Here’s the house, and it was not easy to find.  Case described it as a “four bedroom two and a half bath” but Redfin listed it as a 4/3.  Also just to really mess with our minds, the article also said it was in Concord (see the second paragraph above).  Do you have any idea how many freaking short sales there are in Antioch? Or Concord?  Let’s just say I have a feeling we’re not in Los Altos anymore.

5116 THISTLEWOOD Ct
Antioch, CA 94531
$149,000

120421-thistlewood-redfin

BEDS: 4
BATHS: 3
SQ. FT.: 1,873
$/SQ. FT.: $80
LOT SIZE: 5,900 Sq. Ft.
TYPE: Detached
STYLE: Traditional
STORIES: 2
YEAR BUILT: 1991
COMMUNITY: Antioch
COUNTY: Contra Costa
MLS#: 40568008
SOURCE: EBRD
STATUS: Pending
ON REDFIN: 23 days

End of Court Location and Across the street from the neighborhood park!! This home needs TLC.

End of Court!  Get it?  Get it?  Because the agent got taken to court!  Ahahahahahaha!

And speaking of short sales, the “homeowner in Berkeley” picked up this winner of a house for $460,000.  In 2004.  The current asking price is 23% less than what the house sold for, new, in 1992.  Perhaps “needs TLC” means “Teardown, Level and Condemn.”

Comments (18) -- Posted by: madhaus @ 5:08 am

April 22, 2012

Happy Birthday Dear Earth Day, Happy Birthday to You

120421-earth-dayToday is the 43rd Earth Day, so thank you Senator Gaylord Nelson (D-WI)!  How should Burbed celebrate Earth Day?  Let’s talk green houses. 

Hold your stones, I don’t mean glass houses.  I mean green, as in sustainable.  Green as in energy efficiency.  Green as in non-polluting, or at least less polluting.  And green as in whatever you left in the fridge is no longer before its time.

Berkeley architect attains enegy [sic] self-sufficiency in 1,800-square-foot home

Michael Freeze, BlockShopper.com, on SFGate.com
Sunday, April 15, 2012

120421-camelia-office

When Chris Parlette, an architect by trade, went green with his Berkeley home, holding back wasn’t an option.

Parlette took his 800-square-foot home, built in 1920, and turned it into a solar-powered building that spanned more than 1,800 square feet. He described his idea of green residential living as a way of pushing the envelope to energy efficiency.

"Being an architect, I spent of lot time thinking of what I wanted to do with other clients’ houses," Parlette said of his home, located at 1147 120421-camelia-kitchenCamelia St. "Gelling these architectural ideals I had, I wanted to put it into practice with this home with mainly solar and green ideas."

A 3.2-kilowatt photovoltaic solar electric system in the form of panels brings power to the home, and it actually provides more electricity than Parlette needs. Aside from the abundance of power, the home, he rightfully noted, also is aesthetically pleasing.

There’s glass aplenty in this Berkeley home, and you’ll definitely hit the solar panels if you toss rocks at the roof.

120421-camelia-outsideYou can see more about the home over on the agent’s website, and there are even more pictures if you head over to Redfin and admire the listing.  But rather than splat out the nitty gritty details ($799K), let’s just use this house to start a discussion on how energy efficient your own home is, or is not.

Newer homes are not necessarily greener, either.  Not only is a lot of new construction done with shoddy materials and plenty of corner-cutting, but isn’t it greener to move into an existing home rather than have a new one built for you?  There are over 1.1 million empty dwelling units in California per the 2010 Census.  That’s 8.1 percent of all California homes.

Are you considering any energy improvements such as better insulation or putting in solar panels?  Is your house a lean, clean, green machine or is it a giant carbon sink?

Discuss your home, or particularly good or bad examples of sustainable energy in homes, or how you’re celebrating Earth Day, or anything else you’d like in this Open Thread.

Comments (14) -- Posted by: madhaus @ 5:09 am

April 21, 2012

Pride of Ownership: Los Gatos Edition

Thanks very much to Burbed reader Kir for passing along this nugget from her blog Inside Los Gatos.  While this is a commercial property, there’s no reason why it couldn’t be returned to its original purpose as an ostentatious trophy home.

120420-santacruz-house

Pride of Ownership Retail Investment | Los Gatos

115 N. Santa Cruz Avenue
Los Gatos, CA 95030
$4,900,000

Building Size: 7,300 SF
Price/SF: $671.23
Property Type: Retail
Property Sub-type: Free Standing Bldg
Property Use Type: Net Lease Investment with 10+ years left on lease
Cap Rate: 5.14%
Occupancy: 100%
Tenancy: Single
Lot Size: 17,987 SF

Highlights

  • Iconic Historic Building – One of Los Gatos’ Most Well Known Landmarks
  • Irreplaceable Downtown Los Gatos Location
  • 100% Leased to Experienced Restaurant Operators
  • New 10 year Lease w/Scheduled Increases
  • Minimal Landlord Obligations
  • Recent Extensive Renovations

Here’s what Kir had to say about this place over on Inside LG:

Coggeshall Mansion is For Sale

120420-palacio-dallasOne of our readers sent me a real estate flyer about the Coggeshall Mansion. I was going to post it in my "Where to Build a School" column, but decided it would be just too ridiculous of an idea; however, I want to share the fact that you can own a piece of historic downtown Los Gatos.

The history of the Coggeshall Mansion is interesting, to say the least. The house was originally built for Mary G. Coggeshall, a wealthy widow with two children. According to Alastair Dallas, "Once a grand home, one of many along N. Santa Cruz Ave., the Coggeshall Mansion was built in 1891 and converted into the Place Mortuary in 1917. When it re-opened as the Chart House restaurant in 1976, the bar in the back was called the Embalming Room. After the Chart House closed, the restaurant was known as Trevese from March 2007 to Fall 2009…" Now, Palacio inhabits the mansion.

Hooked on Los Gatos has a 1949 flyer depicting the Place Funeral Home. You can check it out HERE. In fact, many of the locals swear the mansion is haunted.

120420-place-funeralSo not only is the former home being sold at a premium as commercial in-town property, it comes with “bunus” ghosts.  Here’s some more on the hauntings mentioned above.

Unfortunately the link above is to yet another Google product called “knol” that’s being abandoned for insufficient awesomeness. That means the link above may not work after May 1st.  Sorry about that. 

Here are the links given in that article about the ghosts, like the one who runs up huge bar tabs or the little girl who turns wine bottles hiding the label, or the little boy running outside the building.

This house/restaurant/funeral parlor is definitely for someone who had a huge pile of stock option cash dumped in their lap who wants to one-up all those Facebook poseurs househunting in Palo Alto and Hillsborough.

Thanks very much to Kir for allowing us to reprint articles that mention real estate.

Comments (4) -- Posted by: madhaus @ 5:06 am