September 6, 2012

Flip this Complex

Everyone loves a flip!  That is if by everyone we actually mean Burbed readers who enjoy realty fail that happens to someone else.  Thanks very much to Burbed reader Michael Boltonestater for this awesome apartment arrangement!

120905-latham-redfin2033 LATHAM St
Mountain View, CA 94040
$5,900,000

— Beds 
— Baths 
13,530 Sq. Ft.
$436 / Sq. Ft.
Built: 1958 
Lot Size: 0.59 Acres 
On Redfin: 20 days
Stories: 2
County: Santa Clara
Community: San Antonio
MLS#: 81230709

Quality 26 Unit Apartment Complex in desirable Mountain View location. Unit Mix of (4) 2 bedroom 1 bath units and (22) 1 bedroom 1 bath units. Property has been very well maintained and has been significantly renovated by its current owner during 2011 & 2012. Attractive curb appeal, apartments open out to a beautifully landscaped central courtyard w/ deck and BBQ. Ext. painted 2011. 25 Apts have DW

120905-latham-kitchen120905-latham-leasing

If a single family residence flip is good, then this is 26 times better!  Especially because the seller isn’t going to bore you with a bunch of pictures of the interior, when you have no intention of ever living there.

The photo on the right is the only one that matters.  Flip on, Garth!

Comments (41) -- Posted by: madhaus @ 5:04 am

41 Responses to “Flip this Complex”

  1. mabeldu Says:

    i like the night shots that pretty much match the daytime shots. i guess the realtor thinks the night shots provide the Special romantic ambience that’ll make someone want to toss a $1.6 mil profit to the flipper.

    it’s in a good location – center of the universe & close to google. what else would you need?

  2. dollarbin Says:

    I know this block well. There’s a bit of gang graffiti scratched into the sidewalk in front of this or one of the neighboring complexes. Too bad Ron’s Farmhouse on El Camino closed; this apartment has easy access to the back door. One time I ordered a “bourbon” and the bartender didn’t know what I was talking about until I asked for Jim Beam.

  3. sonarrat Says:

    It’s not a good neighborhood, perhaps the worst in MV despite being a mere 2 blocks from Los Altos RBA-ness.

  4. Real Estater Says:

    Doesn’t matter. It’s MV. Gentrification sooner or later.

  5. Real Estater Says:

    Check out LinkedIn Headquarters.

    These are big times for the Bay Area. Look at what’s happening with the stock prices of Google, Apple, and LinkedIn.

    For the people who were making the argument that renting is cheaper than owning (and we heard that over and over), what the hell were they thinking? Wasn’t it totally obvious that it didn’t make sense for rent to be out of step with home prices? The market needs to achieve equilibrium, and it’s doing exactly that. Meanwhile, home prices continue to rise, because it needs to make up some lost ground in order to reach the historic norm; i.e. doubling every 10 years.

  6. Real Estater Says:

    By the way, to anyone who is laughing at Facebook, don’t.

  7. madhaus Says:

  8. Sunny(vale) Kim Says:

    Keeping finger crossed. Hopefully pretty soon it will be $26 to break even.

  9. DreamT Says:

    I wonder why LinkedIn can’t afford a regular Foosball table, the kind that doesn’t let your opponent stick it to your belly.

  10. SEA Says:

    “Now is the right time to buy” man gets 26 dollar price.

    Everyone else gets lower price.

  11. Real Estater Says:

    Old news dude. Profit taken long time ago. Find the right link. Next.

  12. SEA Says:

    Retroactive retirement, maybe?

  13. Sunny(vale) Kim Says:

    Find the right link.
    —-

    Sorry to say that there is NO such link. It’s quite disingenuous to ask people to “find the right link” when you yourself know that there is no truth in it.

  14. madhaus Says:

    Maybe we should also check on someone’s marathon times and number of “fourteeners” climbed.

  15. Real Estater Says:

    If I find the link, will you publicly apologize and admit to being a liar?

  16. SEA Says:

    I know about your “1 year target price of $38,” and it simply hasn’t made it there yet.

  17. SEA Says:

    This might help remind you of which weeks you suggested buy, and when you suggested sell:

    “On its first day of trading, Facebook Inc.’s stock closed barely above its public offering price. It gained 23 cents, or 0.6 percent, to close at $38.23. Since then, the stock price fell for 10 weeks and increased for six.

    Here’s are the closing prices each week since the first day of trading on May 18:

    — May 25: Closed at $31.91, down 17 percent for the week.

    — June 1: Closed at $27.72, down 13 percent for the week.

    — June 8: Closed at $27.10, down 2.2 percent for the week.

    — June 15: Closed at $30.01, up 11 percent for the week.

    — June 22: Closed at $33.05, up 10 percent for the week.

    — June 29: Closed at $31.09, down 5.9 percent for the week.

    — July 6: Closed at $31.73, up 2.1 percent for the week.

    — July 13: Closed at $30.72, down 3.2 percent for the week.

    — July 20: Closed at $28.76, down 6.4 percent for the week.

    — July 27: Closed at $23.71, down 18 percent for the week.

    — Aug. 3: Closed at $21.09, down 11 percent for the week.

    — Aug. 10: Closed at $21.81, up 3.4 percent for the week.

    — Aug. 17: Closed at $19.05, down 13 percent for the week.

    — Aug. 24: Closed at $19.41, up 1.9 percent for the week.

    — Aug. 31: Closed at $18.06, down 7 percent for the week.

    — Sept. 7: Closed at $18.98, up 5.1 percent for the week “

  18. Real Estater Says:

    SEA,

    We don’t need 2 people trolling. Let Pralay come clean first.

  19. SEA Says:

    Only takes one to tango these days?

  20. Sunny(vale) Kim Says:

    If I find the link, will you publicly apologize and admit to being a liar?
    —-

    Operative word is “if”. Ha ha! That’s nice way to say that you might not find it. From June 14th to today is not more than 100 days. That means not more than 100 threads on Burbed. It does not take more than 100 minutes to go through EACH thread, especially when most of threads have only 3-4 comments.
    There is nothing to apologise. I just did not find it. So rather than saying “IF I find the link”, go ahead and just find it. It does not have to be conditional.

  21. SEA Says:

    I’m definitely not laughing at Facebook.

  22. Real Estater Says:

    Pralay,

    I’ll give you one last chance. If I show it to you, you will post [needless attack on unrelated country] here 100 times, deal?

    Don’t forget my track record (and yours).

    Edited for gratuitous comments unrelated to the discussion.

  23. Real Estater Says:

    All,

    According to U.S. News & World Report, unemployment rate for engineers is just 2%. Party on!

  24. Sunny(vale) Kim Says:

    I’ll give you one last chance.
    —-

    :) No such post. Period. And you know it quite well. Otherwise I would have found it already. And you would have posted the link already and jumped on my throat.

  25. Real Estater Says:

    Pralay,

    Evasion is not helping you. Do you agree or not?

  26. SHOW ME THE LINK Says:
  27. SEA Says:

    Here it is.

    Or was it that he never really suggested to buy, since it depends on what the definition of is.

    Maybe he’s just too afraid of “copyright violations?”

    June 14, “Did everyone buy FB on weakness? I loaded up at $26.”

    June 22, Facebook rises again!

    How many times have we seen this happen? The person with the perfect track record makes a call. The same 3 or 4 people who should have been acting were laughing instead. Time passes by and RE gets the last laugh…all the way to the bank!

    It’s not like any of this can be faked. The call was made in real time!

    *************************

    Just to confirm that he really recommended the purchases, it’s confirmed here, June 23: “For anyone who missed RE’s recommendation to buy rental property last year, and then missed the recommendation to buy FB at a discount, here’s one more: RE issues strong buy recommendation for Apple at current level. Target price is $700 by year end. Use margin power with confidence.”

    June 24 he made it clear that he’s talking about the future, not the past, “Again, such claims about the past are useless. Say something about the future. That’s what separates the Chief from the Indian.”

    NOTE: On June 23 the FB price was about $33.

    I’ll continue later…

    Rescued from moderation jail for serious link overload. Previous comment, the one with nothing in it, similarly revived. –ed.

  28. Sunny(vale) Kim Says:

    Did not find “THE LINK” yet? :)

  29. Real Estater Says:

    It’s funny how you keep evading, trolling, and lying. Do we need people like you?

  30. Sunny(vale) Kim Says:

    Real Estater,
    I clearly posted in #20 that I browsed about 100 threads and did not find “THE LINK”. So with 99% certainty (unless Burbed deleted your comments OR you posted on some two year old thread) I can declare that there is no such “THE LINK”.

    If you want to prove me wrong (which I believe you are not going to miss that opportunity), go ahead and find “THE LINK”. But I am pretty sure you also know the truth. That’s why you laying out your puerile conditions and accusing me for evading, trolling and lying.

  31. madhaus Says:

    Sigh. If you’re going to have a stupid argument, would you at least argue about real estate?

    Oh yeah, a couple comments pulled out of the moderation queue. The really link-heavy one I get, but not the one with nothing in the body.

  32. Real Estater Says:

    Pralay “browsed about 100 threads”. Seriously?

  33. SEA Says:

    Facebook has been trending downward since mid-July. An sell signal after that would be an admission of a poor purchase signal, so the buy and sell points would have to be between June 14 and July 13.

    After reading those threads, and a few others, I can say I didn’t see the sell signal. Either I missed it, it’s buried where no one can reasonably find it, or it does not exist.

    Remember that on June 22 there was the whole idea that “Facebook rises again!” The sell signal, if meaningful and in “real time,” would have to be very close to that point in time. The target price of $38 was never realized.

    If I were going to bet on one of the three, it’d be that the sell signal was never posted.

  34. nomadic Says:

    Cue the “I said sell now, and buy later” claims – you should have been shorting all the way down. Now it may be too late!

  35. SEA Says:

    #34- I should have known, NOW is the right time to buy.

  36. Facebook Investor Says:

    it’d be that the sell signal was never posted.

    He has a pretty good track record for “truthiness“. Just remember, “don’t forget [his] track record” – as he always claims. :)

  37. Third Party Says:

    You guys are hilarious here, especially the guy who checked 100 threads!

  38. Third Party Says:

    You guys are a hilarious bunch here. Ha ha…especially the guy who browsed 100 messages.

  39. madhaus Says:

    Try as one might, the smell of freshly washed socks is too distinctive to miss. It especially helps when the socks try coming in first via anonymous proxy server and then through a VPN.

    I am thinking of a toddler with chocolate smeared on his face, insisting in a very loud voice that he did NOT eat any snacks. We smile because we find it adorable, but the toddler mistakes indulgence for certain belief he actually outsmarted the adults.

  40. Facebook Investor Says:

    And fixation with Indian names (his ex-colleagues) is very helpful.

  41. Nilish Says:

    I am Indian looking in Fremont. True IP, no proxy.


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