December 7, 2012

2Homes!!2years new luxury 2 story homes

It’s been far too long since we’ve checked in with East Palo Alto.  Today’s featured home, courtesy of Burbed reader Petsmart Groomer, shows that you can have luxury at an affordable price.  Remember, if you’re choosing from luxe, low, large, and location, you can usually have two.  Let’s have a look at today’s low and large!

121206-runnymede-redfin919 RUNNYMEDE St
East Palo Alto, CA 94303

6 Beds 
4 Baths 
3,036 Sq. Ft.
$247 / Sq. Ft.
Built: 2010 
Lot Size: 6,733 Sq. Ft. 
On Redfin: 127 days
Status: Active
Property Type: Detached Single Family
Community: East of U.S. 101
MLS#: 81228693
Stories: 2
County: San Mateo

2Homes!!2years new luxury 2 story homes * 3,000plus living space * Main unit4bed/2.5bath 2nd unit 2bed/1.5bath which is rented for $1,600 * Vaulted ceiling * This stunning property boasts a bright & open floor plan that is easy for entertaining * Gourmet kitchen with granite counter tops and stainless steel appliances * 3 car garage, Patio * 1st floor master bed W/ walking closet *

121206-runnymede-livingWhen PG sent this in, the house was simply noted as “East Palo Alto wonder.”  As, we wonder why anyone would build a house in East Palo Alto to this level of finish.  Let alone two houses. 

Then we realized that the builder either took too long to catch the last bubble, or is positioning to catch the next one.  And isn’t $750K a reasonable price to pay for 2 houses in an up-and-coming neighborhood (that is, if by up-and-coming, we really mean “last up, first down”?)  Good thing the agent is pinching pennies by not wasting them on extra spaces in the listing copy.

Also, check out how well these luxe lodgings fit in with the neighborhood!


Let the gentrification begin!  Again!

Comments (10) -- Posted by: madhaus @ 5:07 am

10 Responses to “2Homes!!2years new luxury 2 story homes”

  1. SiO2 Says:

    Purchase for $750k. Annual cost of holding:
    Mortgage interest: 3.5% = $26.25k
    Prop tax: 1.25% = $9375
    Maintenance, insurance: $4000 Guess. Maybe high as it’s new. Maybe low due to the next step…

    So total cost = $40k

    Rent out each room for $750. 6 * 750 = $4500. x12 = $54k per year.

    Gross profit = $14k/yr. Investment would be 750k * 20% = 150k. 9.3%. Beats the stock market, although with a lot more work.

    So it could actually work to buy this and slumlord it. Of course, what will this house look like after a few years of this treatment is unknown.

  2. nomadic Says:

    Two houses on a 6700sf lot. Bravo. Maybe the original idea was to have security live in the extra unit. Maybe the buyer can get Alex (formerly of Gilroy) to live there.

  3. sfbubblebuyer Says:

    Doesn’t look like two houses. Looks like 1 house with an inlaw unit.

  4. nomadic Says:

    Whatever, I took the realtard’s word for it. I’m more interested in where the walking closet is going.

  5. madhaus Says:

    Maybe the walking closet took the other house for a stroll, although to be fair it says “2 homes” not “2 houses.” The realtard can’t help it if everyone assumed “2Homes 2story homes” meant two (2) distinct two (2) story buildings rather than two apartments within one 2 story building.

  6. mabeldu Says:

    oh, the horrors of mis-matched kitchen appliances! that’s why the place has been sitting so long. nothing to do with the neighborhood.

    the walking closet is trying to escape EPA.

    i wonder if it has bullet-proof glass?

    zillow lists the address as 919-921 runnymede.

    redfin says: in flood zone & in fault zone. oh yea, that’s someone’s fault.

    walk score is 52 – ‘somewhat walkable’. only if your family doesn’t mind that you might never make it home again.

  7. sfbubblebuyer Says:

    Runnable score : 100. You’ll be running any time you’re out of doors.

  8. nomadic Says:

    #5, it also says “detached single family.” This over-built oasis in the ghetto can be all things to no one.

  9. Divasm Says:

    Perhaps the hope is that an overseas investor will see the pics and price and not realize what the “East” in front of the town means and buy it sight unseen. I hear they love dining room chairs with super narrow backs in Hong Kong. 🙂

  10. SEA Says:

    The other house is out walking its neighborly closet.

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