May 29, 2012

Wow! What a price!

Last week we looked at a series of very expensive houses.  Let’s return to our Burbed roots and examine some less stratospheric home options.  Today’s featured façade is a Milpitas mansion, thanks to Burbed reader PKamp3.

Milpitas, CA 95035


SQ. FT.: 1,962
$/SQ. FT.: $174
LOT SIZE: 7,975 Sq. Ft.
PROPERTY TYPE: Detached Single Family
STYLE: Contemporary
COUNTY: Santa Clara
MLS#: 81215571
STATUS: Active
ON REDFIN: 30 days

Wow! What a price! This beautiful 5 bedroom 3 bath home has enough square footage for a large family. Grand entry with pillar columns opens into a large living area with fireplace. Some bedrooms downstairs and the rest upstairs. 1 full bathroom downstairs as well!

120527-coelho-backyardHere’s why PK thought we should check this one out:

How about revisiting a house which has been featured on Burbed before?

So… if it was featured on Burbed on June 17, 2011 for $674,950 and it costs $340,800 today… is a 54% annualized loss the new 7.2% gain?

Yes, indeed, this house was featured before.  Bet you didn’t recognize its new look above, either.


120527-coelho-bath[5]According to Zillow, the price was only lowered one other time from the original $674,950 “WON’T LAST!!” listing, to $660,000.  And if the place didn’t sell at $674,950 between May and October, slashing $14,950 off (a whopping 2.2%) should have commenced the overbidding immediately.

The new asking price has been sitting for a month, despite the amazing features of the house (Some bedrooms downstairs and the rest upstairs).  I know that when I buy a six bedroom house, I’m always 120527-coelho-kawlumsreally cheesed off when discovering some of the bedrooms under the septic tank.

Also, the price cut also reflects another cut: this new listing no longer features a view.  But the kawlums are still included.  Do check out the pictures on this new listing, though, as there are surprisingly few of the inside of the house compared to last time.  There are four different shots of the back yard, and every single one of them features the portable grill.

Meanwhile, three different Redfin agents have left comments on the house.  Let’s share in their expert opinion.


Question: Does the master bedroom have a Jacuzzi tub in it?  Second question: How come two out of three realtards can’t spell Jacuzzi?  J’accuse!

Comments (17) -- Posted by: madhaus @ 5:07 am

17 Responses to “Wow! What a price!”

  1. Petsmart groomer Says:

    Someone should tell the agent about the autofocus feature most cameras have.

  2. PK Says:

    Oh no, my numbers are off now!

    Definitely a crazy house – I don’t know where to start. How do you cut the price that much without another mention about the incredible interior architecture and cawlums? I mean – if it was Better Homes and Gardens worthy in 2011, did the criteria change so only houses which are half of not a lot of money are eligible?

  3. nomadic Says:

    Looking at the pictures included in the first burbed write-up makes me wonder about that bathroom shot. There are four built-in THINGS around the sink! The faucet, what appears to be two soap dispensers and one that looks like a kitchen pull out sprayer. WTF?

  4. SEA Says:

    Oh What a Price

    Oh what a price
    Like late December 1963
    What a very special price for me
    And I remember-what a price
    Oh what a price

  5. Chris Soukoulis Says:

    I just stumbled across your blog today and found it to be very well written and informative ! I have bookmarked it and will come back soon to see what you have to say next time

  6. nomadic Says:

    Will flattery overcome the spam-flavored post in #5? Stay tuned to find out!

  7. nomadic Says:

    Hey, RE, did you keep buying FB on “weakness” today? After another 10% drop, it’s quite a bargain, eh?

  8. Faux Estater Says:

    Come on nomadick. You are such a pessimist. When the whole valley is talking “Facebook effect”, you are talking about “Facebook weakness”!!!!!!!!!!!!!!!!!!!

  9. nomadic Says:

    Take your complaint up with your bro.

  10. AstroWallaby Says:

    I’ll freely admit to knowing nothing about Milpitas so… just how bad of a neighborhood is this? If it were literally on fire it would still list for almost twice this in most of San Jose. (West of 87, anyway.) Sure, the house is ugly but it’s twice the square footage and half again the lot size of your typical well-shy-of not-a-lot-a-money East Side shack. Is the nearby park infested with C.H.U.D. or what?

    The gunnery-slit window in the Jacuzzi room is nice but there’s nothing stopping a grenade penetrating from the other direction. FAIL.

  11. Faux Estater Says:

    Take your complaint up with your bro.

    That must be someone else impersonating as my brother. In this valley we should be talking about the high tide of “Facebook effect” that started raising all the boats.

  12. nomadic Says:

    Here’s an interesting discussion of Facebook’s valuation for anyone who cares. Think of it as a counter-balance to our self-proclaimed expert here.

  13. madhaus Says:

    Will flattery overcome the spam-flavored post in #5? Stay tuned to find out!

    Heh heh. I took out the URL to defeat the spammer, while leaving the comment to rot on the vine. Note to spammers: next time, try leaving some flattery that looks like you actually read the site.

  14. briareos Says:

    I believe what they were trying to do was auction pricing. You set a price far lower than you want, then try to set up an auction atmosphere by taking bids at the showing, and saying you’ll only contact the top bidders. My fiancee and I have seen it a few times. I call it “game show” pricing. Of course, if you don’t get enough buyers, or your top bidder falls through, then you’ve still gone and listed the house for that low price in the public record.

    As to Milpitas, I lived there a bit a few years ago. Not all of it smells like that, and in fact many parts are pretty nice. Don’t know anything about that area, though.

  15. Faux Estater Says:

    I suspect lots of HELOC home-debtors are scrambling on COELHO St.

  16. SEA Says:

    “For what it’s worth, the median price target on the stock is $42, 40% higher than the current price. Analysts are forecasting earnings growth, on average, over the next three to five years of about 36% a year.”

    When was the last time real estate in the RBA was going up by 40% per year?

  17. Faux Estater Says:

    FB is below the first lucky number $28.88.
    Then wait for next lucky number $18.88.
    Then the ultimate lucky number $8.88.

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