April 11, 2012

$200K in upgrades means $304K markup!

Burbed reader Petsmart Groomer week continues, this time right in the heart of San Jose!  No, not downtown, silly.  Santa Row!  The Real San Jose!

334 SANTANA Row #300
San Jose, CA 95128
$1,298,000

120409-santana-redfin

BEDS: 2
BATHS: 2.5
SQ. FT.: 2,042
$/SQ. FT.: $636
HOA DUES: $620/month
LOT SIZE: 435 Sq. Ft.
PROPERTY TYPE: Condominium
STYLE: Modern/High Tech
STORIES: 1-3 (Low Rise)
VIEW: Neighborhood
YEAR BUILT: 2002
COMMUNITY: Campbell
COUNTY: Santa Clara
MLS#: 81202429
SOURCE: MLSListings
STATUS: Active
ON REDFIN: 77 days

Santana Row Villa space at a great loft price! Over 2,000 sf on just 2 floors! ~$200k in upgrades, including, remodeled kitchen with high end all-European appliances, remodeled bathrooms with Japanese soaking tub, 3 parking spaces, and more.

120409-santana-kitchenBurbed has visited Santana Row before, and it was thanks to PG that we discovered something very exciting about the real estate over there: All of the Santana Row condos that sold new in 2005 and ‘06 have dropped around 40% in value since then.  That article last May featured twenty separate units for sale or recently sold, and all but one of them showed some homedebtors taking pretty serious haircuts.

120409-santana-bedroomAll but one.  This one.  Because this one is Special.  It’s so Special, you can still get it at the 2011 asking price!  How’s that for Special?  It’s so Special that despite selling new for $996,000 in the wild, heady, bubbly days of June, 2006, and despite the $200K in upgrades, it’s now worth more than $300K than it was six years ago!  Or at least this seller thinks that’s the best way to recover all those monthly $600 HOA fees.

This unit does come with three parking spaces, which is one thing in limited quantities here.  We suggest you snap this place up for that reason alone.  You’ll make your investment back within ten years just from renting out the spaces.

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

9 Responses to “$200K in upgrades means $304K markup!”

  1. CB Says:

    Manufactured urbania. Comical pricing. Consumer congestion. Debt.

    Doesn’t an overpriced condo in Santana Row nicely sum up the south bay’s “high society”?

    Perhaps the only thing that can compete is a puddle of vomit at Mountain Charlies.

  2. nomadic Says:

    Wow. Look at the pattern of Zestimates for this place. It resembles the debtor’s EKG after the agent told him the place is actually worth $200k less than his purchase price in spite of the upgrades.

    BTW, what is that to the right of the electric (gasp!) cook top in picture 4?

  3. nomadic Says:

    Oh yeah, the three parking spaces are nice, but think of what fun it will be to reach them from November through January every year. Or every Friday and Saturday evening.

  4. sfbubblebuyer Says:

    My god, if there was a competition to make the WORST designed kitchen ever and this place would win the grand prize.

    The concept of the kitchen ‘triangle’ is that you want to put the cooking surface, sink, and fridge in a triangle to minimize the wasted effort in the kitchen. These guys put the appliances on the OUTSIDE of the triangle. They took the worst aspects of an efficiency kitchen, and put blew them up by making it twice as long, and putting a corner in.

    When I first glanced at the picture I, like every other sane person in the world would have, assumed it was a counter with the cook to stand behind it and guests to belly up against the counter to shmooze during the party. I had to do a double and triple take, then go to the site to convince myself that they really stuck the whole kitchen against an inverted corner, and stuck the stove and fridge on one side, and the oven and sink on the other to maximize inconvenience.

    Pretty much ANY OTHER CHOICE they could have made would have been better. This is not a 300 ft efficiency apartment, you retards! YOU JUST SHIT OUT THE MOST EXPENSIVE TURD OF A KITCHEN IN THE HISTORY OF RETARDED REMODELING.

    In summation, everyone in involved should die in a fire.

  5. Michael Boltonestater Says:

    San Francisco wannabe.

    I like the “and more” part. Do we have to contact Keith Bergevin to know what this is? Do we need to sign an NDS?

  6. madhaus Says:

    sfbb, you made me spew my coffee reading your rant. Good thing I didn’t read it in today’s property, or it would take 200% longer to get to the sink to clean things up.

  7. Mole Man Says:

    You’ve all misunderstood the brilliance of this kitchen design. Having the two sections of counter face in different directions allows 2-3 people to easily work together to prepare meals. Concurrency isn’t optional anymore, man. Think: scalable meals. In this kitchen you could make several meals all at once. You and your spouse and in-laws, that is.

  8. Sunny(vale) Kim Says:

    You guys all misunderstood the kitchen design here. You are living on Santana Row, right? Plenty of restaurants there. You don’t need to cook. That’s why there is no dedicated space for kitchen.
    If I was the architect of this condo, I would put the kitchen inside bathroom – one sink used for both bathroom and kitchen.

  9. Crissa Says:

    What is the 435sqft lot they speak of? Do you get a piece of roof garden? Is the condo five stories attached?


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