August 23, 2012

How you gonna keep ’em down on the farm?

…Once they’ve seen the bright lights of South San Jose?  This is a floor wax and a dessert topping, two mints in one, yes an actual farm in San Jose.  Thanks very much to Burbed reader Abby Dow for this fantastic farmyard complete with funky photos and retail store pricing.

San Jose, CA 95121


120822-kettmann-front3 beds
2 baths
1300 sqft
8 acres
1937 built
18 days on site
MLS# 81229181
Walk Score™ 48

Wow- Great Location and Potential. Developers, investors and owner builder; come see for yourself this one of a kind evergreen property, wonderfully located on 8+ acres.

120822-kettmann-outbuildingThe value must be in the land because the actual house doesn’t appear in the listing photos until you get to #4.  Our pal Abby seemed quite taken with the idea:

I’m sure this is priced for development, but it’s still strange to see a shabby looking little farm with a rundown house going on the market for $2,999,999 in San Jose.

It sure is.  8 acres?  It should be going for $3,999,999, especially with trash bins of this quality.  Plus you can be lord of the manor on that much property right in the middle of all this suburban sprawl.


Except that big house we’re seeing on Streetview is someone else’s manor.


You’ll get to know them well, as it looks like you’ll be sharing that gated one-lane road.  That’s going to be awesome when you build you PUD zoned 12 homes to the acre.  Who needs Santa Cruz, you can play real bumper cars just trying to get in or out!

Comments (12) -- Posted by: madhaus @ 5:04 am

12 Responses to “How you gonna keep ’em down on the farm?”

  1. Tracy Tea House Says:

    Let’s see, If I buy it for 2.7 and put 40 homes on it, looks like a #$4.6 million dollar profit. Or was that $460,000.00? It’s hard to keep track of all those zeros…

  2. SEA Says:

    madhaus- That last photo is of the wrong driveway and gate. The correct driveway is the one to the left in the Streetview photo.

  3. madhaus Says:

    Okay, here’s a view of both driveways. Thanks for the catch.

  4. nomadic Says:

    This is the RBA on steroids! If you go to good old Redfin (where I am a super-secret sleuthing admin), you can see the last sale was for a mere $1M just SIX MONTHS AGO!!!

    See, this is why other real estate sites are inferior.

  5. nomadic Says:

    The property is on septic. I wonder if a) the city is willing to put in sewers and b) what that would cost the buyer. There are big properties off of Almaden Road, but they can’t be developed because the city won’t extend the sewer line.

    BTW, the Zestimate on this place is nearly $2M.

  6. Crissa Says:

    Alas, we’re not getting our Equity this year, which means deciding if we can afford to do the repairs on credit cards still…

    Our best hope paid for a half appraisal, and the appraiser decided our house (based on county records) was the same as a 2-bedroom (from mls listings). I guess what they don’t know is the other house took a tree through it last winter. *sigh* And our house has modern wiring and heating and hot water and the other doesn’t, and ours has parking and the other doesn’t.

    Not very due diligence, if you ask me. But it’s our bad luck.

    It’s interesting to see what other background errors the appraiser had, such as estimating the market dropped 1% since last year. According to Z we bought on the price line, according to these guys, we got a heck of a deal but the market kept dropping.

    Oh, and seeing the one Republican guy has his primary residence owned by a Living Trust. I wonder how to trigger an audit…

  7. sonarrat Says:

    South San Jose my ass. Evergreen, especially this part of Evergreen, is East San Jose through and through. I lived on this very street for 2 years (not on one of the farms). There is development going on along Nieman right behind this house, so this is clearly a play off of hopes that new housing starts are coming back. The terrain is rather hilly, though.

  8. nomadic Says:

    Crissa, have you thought about appealing the appraisal? Don’t give up without an argument.

  9. Crissa Says:

    How do you appeal an appraisal? FHA doesn’t allow it, for instance. I wrote a pretty long letter to the bank explaining that their appraiser is probably wrong for these reasons, and thanking them for releasing the information without charging us (they didn’t have to).

    The appraiser’s computer model said our house was worth 17% more than the market price they gave for the final appraisal.

    For some reason this went to spam. No idea why, but I’ve let it out. –ed.

  10. SEA Says:

    “The appraiser’s computer model said…”

    FCK! I hate the logic of “the computer says so it must be right.” WTF- why can at least on minion think?

    Where do they think that computer model comes from?

    Some Realtards are just as bad.

  11. SEA Says:

    I’m so agitated about people who cannot think. Let me correct that line above:

    “why cannot at least one minion think?”

  12. nomadic Says:

    Crissa, you wrote a letter to the bank, so that’s probably all you can do. With FHA I suppose your options are very limited. There is more flexibility with a regular loan because you can talk to more than one lender and find one with a thinking minion.

    I just re-read your post. What’s a “half appraisal?” Sounds like it’s short for half-assed. Also, how did the appraiser justify cutting your house’s value 17% from the computer model? They usually write a report that shows the baseline value and each adjustment from that. Did you get a copy of the written report?

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