June 7, 2012

Price Reduction in Palo Alto! NOW is the time to BUY!

price-cut[7]Sometimes we try to go an entire week without mentioning the most Special Place in the Whole Real Bay Area.  This week, sorry, no such luck. 

Many thanks to Burbed reader Gallileo for this perfect Palo Alto abode!

2150 Waverley St
Palo Alto, CA 94301
$4,450,000, reduced from $4,975,000

120606-waverley-redfin

BEDS: 4
BATHS: 3
120606-waverley-kitchenSQ. FT.: 3,018
$/SQ. FT.: $1,474
LOT SIZE: 0.26 Acres
PROPERTY TYPE: Detached Single Family
STYLE: Colonial
STORIES: 2
YEAR BUILT: 1928
COMMUNITY: Old Palo Alto
COUNTY: Santa Clara
MLS#: 81218701
SOURCE: MLSListings
STATUS: Active
ON REDFIN: 20 days

ELEGANT COLONIAL IN ONE OF OLD PALO ALTO’S MOST PRESTIGIOUS LOCATIONS – ON AN AMAZING 11,200 SF LOT. SPACIOUS, OVER 3000 SF HOME W/ 4BR AND 3 BATHS. INCLUDES FORMAL ENTRY, FORMAL DINING ROOM, SEPARATE FAMILY ROOM, MASTER BEDROOM SUITE, DEN/STUDY & GROUND FLOOR BEDROOM.

Here’s why Gallileo sent this listing in:

2150 Waverley in Palo Alto is back on the market!  Originally featured in 2009 for nearly four million dollars, this beautiful home with ocean views didn’t sell.

120606-waverley-burbed-0911

120606-waverley-bedroomThis house has appreciated a cool million–twenty-five percent–in just twenty-eight months. All the way to almost five-million dollars! Surely if it didn’t sell for four-million while it was listed for nearly all of 2009, someone will pay five-million in the summer of 2012. You know, the luxury good effect and all that. It just wasn’t priced high enough to be prestigious before.

Just imagine how much appreciation if it still had ocean views, or if you could still walk to Steve Jobs’ house from here. Hey, his old place is just down the street. It just needs to be more 120606-waverley-kawlumsexpensive so it can be truly prestigious.

So why was the home marked up a million dollars since 2009 when it didn’t sell?  They didn’t spring for new listing copy, or expensive lower-case letters. But this time around, there are actual photos inside the house.  So now we know a secret: There’s a set of MAWBUL KAWLUMS in the john!

But speaking of million dollar markups, whoops!  Would you believe the seller reduced the price the very day we wrote this house up? Sure you would, but what you won’t believe is that a house in Palo Alto could be overpriced in the first place. It must be because the ocean views got misplaced.

You do realize if you don’t put your bid on this property in the next 15 minutes you’re going to be priced out forever.

Comments (76) -- Posted by: madhaus @ 5:06 am

76 Responses to “Price Reduction in Palo Alto! NOW is the time to BUY!”

  1. Tom Stone Says:

    Location. You can get an 8k square foot home on 81 acres with a lake in the wine country for that.

  2. The Gilroy Alex Says:

    Not far at all from da EPA.

    Weren’t there plans at one time to clean up EPA and re-name it Ravenswood or some other suitably Nordic name?

  3. SEA Says:

    Of course this place is easily worth $5M. It’s a matter of simply RBA automatic housing price appreciation.

    “Sep 26, 2003 Sold (Public Records) $2,300,000 — Public Records”

    Now I know what you might be thinking, it’s not quite 10 years, and double $2.3M is $4.6M, but please remember: The double every 10 years is the absolute minimum RBA price double. In 94301 the prices double much quicker.

  4. Sunny(vale) Kim Says:

    I am wondering which one is more attractive – Facebook “weakness” or Palo Alto “weakness”.

  5. The Gilroy Alex Says:

    Columns on either side of the bafroom sink = the ultimate symbol of yuppie self-centeredness. Think of all the epic tooth-brushings and shaves some unique little snowflakes are going to do at that sink. I wonder if there are hidden speakers for dramatic music too.

  6. Greg Fielding Says:

    What would that rent for? Property taxes alone would cost around 4K per month… cost of ownership would be enormous.

    Even at $8-$10,000 per month rent, renting would be a steal.

  7. mabeldu Says:

    oh, man… so many comments, so little time. luckily, some of you already hit the highlights.

    potty kawlums – check!
    price double in <10 yrs – check!
    tacky over-indulgence – check! wait a sec…

    why no previous mentions of the atrocious green bathroom with a fully mirrored wall? don't y'all know that mirrors reflect light making a room appear larger; therefore, mirrors reflecting gawd-awful green marbly stuff make the room appear to have double the amount of green marbly stuff. and… wait for it… brass fixtures!

    yeehaw! my appalachia relatives may already be packing up the trailer to head out to see their dreams-do-come-true home.

    if i had $4.5 mil, i'd hand it over just to redecorate and put that house out of its misery. and then i could flip it for $9 mil.

    blechhhh…

  8. Michael Boltonestater Says:

    With kawlums like these and at that price, it better be a stoup and not just a stupid sink.

  9. madhaus Says:

    Don’t let that zip code fool you. Take a look at where this house is on Google Maps. It’s a block north of California Avenue. That’s right. Midtown PA. “Old Palo Alto” my mawbul kawlum.

    This neighborhood map and writeup from PAO claims “Old PA” is north of Oregon Expressway. Not buying it. California Avenue is a downtown from a completely different city, Mayfield, that was eaten by PA many years ago. If that isn’t Midtown I don’t know what they’re smoking.

  10. Crissa Says:

    madhaus, googlemaps say that’s old palo alto, too.

    Anyhow, I’ve always been priced out of this market, so I’m not sure what the rush is to buy something I can’t afford ^-^ On the other hand… I can have stone steps, too, on my 100K 800sqft home
    http://crissa.twu.net/images/stairs120601front.jpg

    Yes, that’s my nonconforming but legal retaining wall parking place filled with gravel for the yard work on the right and a legal and conforming wooden retaining wall on the left.

  11. madhaus Says:

    Crissa, I’m just grumbling. I went to California Ave yesterday and I think of it as Midtown even if the neighborhood map says otherwise. What I really wanted to call attention to was that 94301 has a little tail that is Old Palo Alto, which extends into Mayfield. The rest of the ’01 is in the Northwest of the city.

  12. AstroWallaby Says:

    This house has me dying for a Waverly Wafer right about now, but all I can find is Club Crackers, the poorest of poor substitutes. If I join the Club and buy this house on Waverley will my dreams of being (and eating) a smart cracker finally come true?

  13. SEA Says:

    #6- Are you off your rocker?

    Did you include the cost of being a ‘rentard,’ in PA? That likely doubles the rent, or more.

    Did you include the housing price appreciation? In 94301 the price doubles faster than every 10 years, so let’s use 100 months (or sooner), thus the gain on sale will be at least $50k (the over-bidding will put this place right where it needs to be).

    Add in the ‘pride of ownership,’ and buying this house will easily gain you $100k each month, or more, likely much more.

    The above information is super secret, and that’s why we agreed not to discuss 94301/Palo Alto.

  14. The Gilroy Alex Says:

    Haha Astrowallaby! I knew a guy in the Army named Waverly Pierce. I used to kid him about the crackers all the time. It used to bug him, actually. I think it may have been because something … .crackers … black guy … something.

  15. Real Estater Says:

    WTF? After doing so many features on Palo Alto, Madhaus is completely clueless about even the most basic facts?

    Are you saying Steve Jobs lives in Midtown too? You can literally kick a soccer ball from the front lawn of this house into Steve Jobs’ property.

  16. Real Estater Says:

    By the way, zoom in on the Satellite map. See that humongous home at the end of Waverly Oaks? Do you know who lives where? That’s Larry Page’s home. I guess we are learning that Larry Page lives in Midtown too!

  17. Sunny(vale) Kim Says:

    See that humongous home at the end of Waverly Oaks? Do you know who lives where? That’s Larry Page’s home.
    —-

    That’s pretty much explains why nobody wants to buy this property. Who wants to pay $5M for a property and live next to guy who is constant doing multiple property annexing, remodeling to make it eco-friendly and then eco-unfriendly, pumping water to make basement, so on.

  18. Reloguy Says:

    As the previous poster alluded, I suspect this place is not priced for the general market, but rather to taunt a wealthy neighbor into buying it to annex. There are multiple billionaires living on this street. FYI, on Google maps, the car parked across the street has a ACK sticker on it. ACK is the Nantucket airport – nicely accessible from Boston or from San Jose via your jet.

  19. SEA Says:

    Yes, when I want to ‘taunt a wealthy neighbor into buying,’ I always price higher. I can think of no better way to ‘taunt’ the neighbors into buying.

    You know what I’m thinking: This place is not priced high enough to ‘taunt a wealthy neighbor into buying.’

    Price it higher please.

  20. AstroWallaby Says:

    #14: Whew, I’m glad I’m not the only person that remembers Waverly Wafers. For some reason every time I see this street name I can almost taste the ghost of “buttery, crumbly, and vaguely disappointing” in the back of my mouth.

    Which I guess, to be honest, is basically the same feeling an actual visit to Palo Alto leaves me with.

  21. Real Estater Says:

    >>That’s pretty much explains why nobody wants to buy this property.

    We all know why removed for baiting

  22. Real Estater Says:

    Here’s a great event for the top 1 percenter.

    Notable quotes:

    “Those not invited thanks to their credit rating have to pay $75 to get through the door.”

    “It seems overpriced at $350,000, but many visitors to Top Marques don’t look at price tags”

    “If the cars aren’t enough, there are plenty of other ways to drop stupid money the show, from a motorized surfboard to a six-minute flight in space.”

  23. madhaus Says:

    #21, you know what? You’re a really slow learner. Enjoy sitting in timeout for a spell.

  24. Sunny(vale) Kim Says:

    :) Too bad I didn’t get to enjoy his bait. Madhaus, you are so cruel!

  25. madhaus Says:

    One reason I removed the bait was it wasn’t directed to the individual #21 was already engaging with.

    When it comes to baiting, there is only one master.

  26. Real Estater Says:

    Amusing. baiting remarks removed

  27. madhaus Says:

    Now, now, if you talk like that, you have to stay in timeout. Your choice.

  28. South Bayer Says:

    To be fair to everyone, I think censorship is a bad thing in the land of the free.

  29. Real Estater Says:

    Removed for gratuitous whining

  30. madhaus Says:

    South Bayer, do you have any kids? If you are a parent, you quickly learn that what is fair does not mean everyone is treated exactly the same.

    PS: You seem familiar, somehow.

  31. Sunny(vale) Kim Says:

    PS: You seem familiar, somehow.
    —-

    Trademark outlandish reasoning (e.g. “censorship is a bad thing in the land of the free”) is easily recognizable.

  32. South Bayer Says:

    I don’t have kids, but I don’t think it’s relevant anyways. Better to let people form their own opinions. Don’t be too judgmental here. Just my opinion.

  33. South Bayer Says:

    Kim, what is your point?

  34. South Bayer Says:

    Kim, are you the person who mistaken me for someone else last week?

  35. Sunny(vale) Kim Says:

    What makes you think it was “mistake”?

  36. South Bayer Says:

    Because we have not spoken before. Not to my knowledge anyways.

    What part of Bay Area do you live at? Do you own or rent?

  37. SEA Says:

    Land of the free? Not in my RBA.

  38. Sunny(vale) Kim Says:

    Then, IMO, you must be using someone else’s stolen phone.

  39. Real Estater Says:

    I’d have to disagree with South Bayer. This is not the land of the free. The degree of freedom you have really depends on your pocketbook. Removed for third-party attack

  40. Real Estater Says:

    Removed for whining about other participants.

  41. madhaus Says:

    I don’t have kids, but I don’t think it’s relevant anyways. Better to let people form their own opinions. Don’t be too judgmental here. Just my opinion.

    SB, it’s my job to be judgmental, and your opinion on the matter, as someone who (not that convincingly) presents as a newcomer, isn’t particularly relevant.

    Speaking of relevance, it’s silly to claim not having kids isn’t relevant to resolving squabbles. If you were a parent you would understand what I’m referring to, and if you weren’t, you couldn’t possibly know what experience I am alluding to.

    You do have a whiff of knit footwear to you. Reminds me of a three year old with chocolate smeared all over his face and hands insisting he did not eat any sweets and mystified why his parents won’t believe him no matter how many times he says he didn’t take anything.

  42. nomadic Says:

    I for one don’t think South Bayer is Real Estater. Only because I don’t believe RE could spell “judgmental” correctly.

  43. SEA Says:

    #42- You’re probably right, but those crows sound the same to me.

  44. Banke East Says:

    Funny I was thought to be RE also. Either people are paranoid or RE is everywhere!

    I know one thing for certain – I am not RE. Of course, doubters will still doubt, and we can’t help that.

  45. Wacky Wavewwey Wetuwns. Weawwy! [Burbed.com] Says:

    [...] featured find on Waverley escalated the eager entries in its comment thread, so let’s continue our pursuit of Palo Alto [...]

  46. madhaus Says:

    Funny I was thought to be RE also.

    Was?

  47. Petsmart groomer Says:

    > “Banke East Says”

    Banke East? Looks like someone had to change the Name field before posting and did not proofread…

  48. nomadic Says:

    RE would NEVER do that (fail to proofread)… LOL!

  49. SEA Says:

    “RE is everywhere!”

    An admission?

  50. madhaus Says:

    Also note “we,” a term RE’s misused before, but only meant for kings, editors, and people with tapeworm.

  51. Sunny(vale) Kim Says:

    Banke East? Looks like someone had to change the Name field before posting and did not proofread…
    —-

    Unfortunately, there is not enough browsers in the market for all the cookies he needs. So he does need to edit names occasionally.

  52. nomadic Says:

    His sock puppets eat cookies? ;-)

  53. SEA Says:

    Of course the “new people” are always attracted to the 94301 posts. It is what all things gravitate toward.

  54. Sunny(vale) Kim Says:

    Also note “we,” a term RE’s misused before, but only meant for kings, editors, and people with tapeworm.

    Or some manager in consulting firm who desperate needs to some invisible people in his side.

  55. SEA Says:

    It is called “mega project” after all.

  56. Banker East Says:

    Is this the conspiracy theory thread? Jesus! The “r” is back in. Is everybody happy now?

  57. Sunny(vale) Kim Says:

    Extending the analogy from #41, the three year old kid washed his face and hand. Now, will you believe that he did not eat sweet? Don’t be so conspiratorial.

  58. Banker East Says:

    Why are you so interested in making a case, if I may ask? What is your stake in it? I live on the east coast, and don’t even know where Sunnyvale is.

  59. madhaus Says:

    This is like stealing candy from fish in a barrel.

  60. Sunny(vale) Kim Says:

    I live on the east coast, and don’t even know where Sunnyvale is.
    —-

    Sunnyvale – that’s my first name. It’s not a place name that you have to know “where” it is.

    But apparently Banke East knows where Palo Alto is. That’s why he shows up every time there is a thread on Palo Alto.

  61. AstroWallaby Says:

    You know, to this day I still can’t get enough of the Sifl and Olly show. I sure hope the sock named after an aspirin suppository will be on tonight’s rerun too!

  62. Banker East Says:

    Kim, will you answer my questions please? Those are fair questions, so please don’t feel defensive.

    As I said, I am an east coaster. I’d buy the Hamptons before I buy Palo Alto.

  63. madhaus Says:

    As I said, I am an east coaster. I’d buy the Hamptons before I buy Palo Alto.

    Oh, would you?

    Are you sure?

    You know what the benefit of telling the truth is? It’s so much less work to keep your story straight.

  64. Sunny(vale) Kim Says:

    You play your card too early, madhaus. I wanted to give some more time. More he is allowed to open his mouth, more inconsistent he becomes.

  65. Banker East Says:

    Did you not read my last update? We decided to stay put in New York, and buy a condo in San Francisco for visits. You can look it up.

  66. Banker East Says:

    Kim, so I get it, you are here to play games. Well, you can play with your friends. I already got my answer. Thank you.

  67. madhaus Says:

    You can look it up.

    Oh I did, but it wasn’t posted from Man Hatten, nor is today’s IP from there either. What’s interesting is how inconsistent your IPs are, almost like someone was making them up at random.

    I wonder why that is.

  68. Banker East Says:

    Of course I am in Manhattan. That can’t be made up. Where do you see me in? Sunnyvale? Palo Alto? San Fran?

    While your at it, where are you at? Where is Sunnyvale Kim? I’d appreciate if you can be open.

  69. Banker East Says:

    It’s past midnight here, so I’m going to bed. Look forward to a response tomorrow

  70. Banke Nowhere (Alaska, to be precise) Says:

    Haven’t checked back here for a while. I am getting posted at Palo Alto within two months. $4.5 million for this house? Palo Alto looks dirt cheap in Alaska standard. My budget is $8.88 million, preferably 8888 sqft (that’s the smallest sqft home Alaska standard). Could you give me some idea what are the best neighborhoods in Palo Alto? I prefer to live in a neighborhood where median income is $8.88 million – just to maintain my standard. Is there any neighborhood like that in Palo Alto? Looks like this blog is the best source to get this kind of information.

  71. madhaus Says:

    You may claim to be in Manhattan, but your IP addy says otherwise. But that’s not the issue. If you were an actual Manhattan banker, I’d expect to see some consistency in where you log in from. Again, it’s almost like they’re made up at random. But banker types don’t play with spoof IPs. Furthermore, bankers are creatures of habit. You don’t act like a banker. You act like… another known poster here.

    And like that other poster, when shown an inconsistency, you ignore it and fire off your own questions, often dragging in third parties.

    I hope you’re having fun.

  72. Sunny(vale) Kim Says:

    It’s past midnight here
    —-

    Thanks for the information. Otherwise we wouldn’t know that Manhatten is in different timezone.

  73. madhaus Says:

    Manhattan is in a different time zone? I had absolutely no idea! Learn something new every day!

  74. nomadic Says:

    Really guys? You’re over-stuffing the troll. So RE decided to adopt a new name. Does it matter?

  75. Banker East Says:

    I am not a technical person, but I have been at the same location. I do not get why madhaus insists I am not, yet refuses to say where my location is.

    P.s. Kim said he is playing games, so I apologize for over-stuffing the trolls.

  76. Harvey Jamison Says:

    Sure it’s a million dollar markup. It’s funny that the seller reduced the price the very day this house was written.


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