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
SQ. FT.: 1,582
$/SQ. FT.: $561
HOA DUES: $85/month
LOT SIZE: 3,484 Sq. Ft.
PROPERTY TYPE: Detached Single Family
YEAR BUILT: 2005
COMMUNITY: Los Gatos/Monte Sereno
COUNTY: Santa Clara
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.
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 equity! 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.”
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.