July 6, 2012

Seller will finance w/ NO qual.

Here’s a little something to consider while another weekend is coming!  Thanks very much to Burbed reader nomadic for this luscious listing in Los Altos Hills.

11195 HOOPER Ln
Los Altos Hills, CA 94024
$4,099,000

120705-hooper-redfin

120705-hooper-frontBEDS:  4
BATHS:  4
SQ. FT.:  4,700
$/SQ. FT.:  $872
LOT SIZE:  1.86 Acres
PROPERTY TYPE: Detached Single Family
STYLE: Contemporary
STORIES: 2
YEAR BUILT:  1957
COMMUNITY:  Los Altos Hills
COUNTY:  Santa Clara
MLS#:  81217362
SOURCE:  MLSListings
STATUS: Active
ON REDFIN:  57 days

Seller will finance w/ NO qual. LOCATION, LOCATION, LOCATION: Private, Secure, Quiet, Serene, with City and Bay Views, and proximity to town are UNIQUE and RARE in this wooded ~2 Acres property. Update or rebuild the existing Comtemp. Style home in this Executive Estate. Detached cottage w/ Full Kitchen is ideal for backyard living/entertain w/ no direct visuals to any neighbors.

120705-hooper-kitchenAnd you thought the market was hot, hot, HOT?  Then what’s with this seller financing deal, w/ NO qual.  That’s probably short for “quality.”  Plus you can “update or rebuild” which means the “existing Contemp. Style home” isn’t exactly turnkey.  More like turkey.

There’s a virtual tour, if you really want to see how a 1957 house can be Contemp. Style.  Maybe that stands for the “contempt” the sellers must have, as they’ve been trying to get out from under this place since 2007.  Here’s the listing history, courtesy of Zillow.

Price History

Date Description Price Change $/sqft Source  
05/11/2012 Listed for sale $4,099,000 -14.6% $872 Coldwell Banker Residential Brokerage – Los Altos
08/07/2011 Listing removed $4,798,000 $1,020 Keller Williams Realty
05/06/2011 Listed for sale $4,798,000 -8.6% $1,020 Keller Williams Realty
08/14/2009 Listing removed $5,250,000 $1,117 NRT California
02/25/2009 Listed for sale $5,250,000 $1,117 NRT California
11/15/2008 Listing removed $5,250,000 $1,117 TourFactory
09/20/2008 Listed for sale $5,250,000 $1,117 TourFactory
06/13/2008 Listing removed $5,250,000 $1,117 TourFactory
06/01/2008 Listed for sale $5,250,000 -0.8% $1,117 TourFactory
01/04/2008 Listing removed $5,294,000 $1,126
08/26/2007 Listed for sale $5,294,000 521% $1,126 Agent
10/08/1996 Sold $852,000 1.4% $181 Public Record   
08/19/1994 Sold $840,000 $178 Public Record

Wrap that up with a ZEstimate range of $2.68 to $4.09 M and maybe some Facebook millionaire will take it off their hands by 2015.

 

Comments (12) -- Posted by: madhaus @ 5:03 am

12 Responses to “Seller will finance w/ NO qual.”

  1. Petsmart groomer Says:

    > Seller will finance w/ NO qual.

    Could it mean the seller has no qualification?

  2. SEA Says:

    “Update or rebuild”

    Another way to say, “The value is in the land.”

  3. Real Estater Says:

    >> Seller will finance w/ NO qual.

    Maybe the seller owns the bank.

    The bathrooms look pretty awesome. You don’t get those in Palo Alto.

  4. nomadic Says:

    That “no qual” thing opens so many possibilities. Buy with nothing down and “rent” until you feel like moving. Tear it down and then decide it’s too expensive to rebuild (and walk away). Other evil ideas?

  5. AstroWallaby Says:

    I am genuinely curious what the house looked like back in 1996. Details like the endless sea of granite in the one bathroom point to a fairly major redo of the interior sometime during the McMansion era; the taxable value for “additions” comes to $435,122, which buys a lot of pergraniteel.

    More interesting to know is how much is actually owed on this place for them to have been chasing the market down this long. If their total investment is “only” around $1.3 million they were very foolish to have turned down the $4 million dollar-ish offers they were almost certainly getting back in 2007. Bubble hadn’t really even softened yet here then, let alone popped. I smell a distinct whiff of HELOC abuse, although that could just be blind greed. (Easy to confuse the two.)

  6. SEA Says:

    “they were very foolish to have turned down the $4 million dollar-ish offers they were almost certainly getting back in 2007.”

    But then there would be no over-bidding, and without all that over-bidding, how would the kids’ education be paid?

  7. Divasm Says:

    When I was little my Grandparents lived in Los Altos Hills – they sold in the late 90’s when they decided to retire with a nest egg. If only they could have waited 10 years…they could have sold, waited for several more years, then rebought it for me so I could live my dream of having an Executive Estate!

  8. herpderp Says:

    Ugh, granite countertops. Everyone knows you use quartz or something harder if you don’t want to replace it if you drop a pot on the counter.

  9. Crissa Says:

    Granite is made of quartz… ?

  10. Petsmart groomer Says:

    > Other evil ideas?

    George Lucas should buy it and turn it in low-income housing.

    Speaking of Lucas, he donated land in San Anselmo for a public park.

  11. SEA Says:

    “By definition, granite is an igneous rock with at least 20% quartz by volume.”

  12. Real Estater Says:

    Never understood the attraction of LAH. The scenery is not particularly beautiful. Seems like your average undeveloped area that you can find in any number places. Certainly fails the gallon of milk test.


Leave a Reply

Please be nice. No name calling, no personal attacks, no racist stuff, no baiting, etc. Let's be nice to each other in the true Bay Area spirit! (Comments may be edited/removed without notice.)