January 8, 2013

Endless potential in Palo Alto

Time once again to visit one of our favorite places in the entire Real Bay Area!  And it’s been a while because the properties go pending faster than we can click through the listing photos.  We’ve been telling you that many RBA neighborhoods are hot, hot, HOT.  Now we’ve got even more proof that The Bubbly is Back.  Check out this Palo Alto palazzo from Burbed reader Michael Boltonestater!

411 PEPPER Ave
Palo Alto, CA 94306
$868,000

130107-pepper-redfin3 Beds 
1 Baths 
987 Sq. Ft.
$879 / Sq. Ft.
Built: 1940 
Lot Size: 6,534 Sq. Ft. 
On Redfin: 5 days
Status: Active
Property Type: Detached Single Family
Stories:1
Community: Ventura
MLS#: 81300120
Style: Cottage/Bungalow
View: Neighborhood
County: Santa Clara

Walk to California Avenue and enjoy all it has to offer, from this charming 1940s cottage with endless potential. Light filled rooms, hardwood floors, remodeled bathroom. Expansive backyard. Quiet location. Outstanding Palo Alto Schools. No offers prior to 1/14/13.

130107-pepper-kitchenNot just a house in Palo Alto with endless potential (after all, every house in Palo Alto has endless potential, just by being in Palo Alto!), this is a 1940s cottage with endless potential.  Just look at that kitchen!  They sure don’t build them like they used to.

But did you catch the last line in the listing?  “No offers prior to 1/14/13.”  If that isn’t proof that it’s 2006 again, we don’t know what will convince you.  Once again, the realtards are so convinced that their listed houses sell themselves, they get to decide what day they sell themselves.

Now here’s what Michael thinks about this Would Sell Way Over Asking Right Now If Only The Agent Hadn’t Made Everyone Wait a Week property:

Nice neighbors too, if you like junkyards.

130107-pepper-satellite

These will be terrific neighbors… if you ever need to borrow a cup of brake fluid.

Comments (25) -- Posted by: madhaus @ 5:03 am

25 Responses to “Endless potential in Palo Alto”

  1. nomadic Says:

    The realtard should have also pointed out the “huge” lot. Ahem.

  2. mabeldu Says:

    … and borrow a spare tire, a battery, jumper cables, or anything else your car’s heart desires.

    a “quiet location” nestled in between ECR and alma (which equals the choochoo). yep, i’m sure it’s a quiet retreat.

    the 1940′s hardwood floors could be magnificent, tho. old hardwood really is hard, and very nice. can’t get that quality any more. the yellow room looks like a newer floor, so not the same quality.

  3. SEA Says:

    “Home needs work, but on a decent lot. Located next to a body shop.”

  4. madhaus Says:

    It’s a few blocks from the train tracks, but a very short block to Oregon Expressway. “Close to major transportation!”

  5. waiting_for_the_fall Says:

    The bubble is back!!
    I went to view a home in Union City today. 15 people were already there with more driving up. This wasn’t even an open house. My realtor told me it would probably go 300k over asking for a 400k home.
    This is a 1960 crapshack that is getting top dollar because of zero inventory!

    Just saw another foreclosed home listed for 450k by a bank. The house was foreclosed 1 year ago for 350k. Clearly, the bank is making a profit on foreclosed homes because people are stupid enough to allow them to get away with it.

    Will we ever have a normal housing market again?

  6. nomadic Says:

    wftf, there may have been a second loan on that property that didn’t show up in your review.

    Check out this completely unremarkable flip in San Jose with a 33% price hike after a 30 day reno:
    http://www.redfin.com/CA/San-Jose/4905-Anna-Dr-95124/home/1473207

  7. Real Estater Says:

    This is by far the cheapest house in Palo Alto, among the 15 that are available. The next one is at $1.5M, next to the freeway.

    You don’t really see the body shop from the street view. You can walk to work at AOL. It’s a good house for the price. In general, I think that neighborhood is a good investment for the future. It’s behind the other Palo Alto neighborhoods in terms of gentrification and price point, but it’s a matter of time. The location is excellent.

  8. SEA Says:

    I thought we all agreed not to discuss P*** A***.

  9. Real Estater Says:

    OK, let’s talk about #5. There is a total dearth of inventory right now all over the Bay Area, including NRBA. Buyers are virtually in a state of panic. You will see this at any open house these days. It’s a real problem, as people cannot find a place to live.

  10. SEA Says:

    “It’s a real problem, as people cannot find a place to live.”

    Won’t be long until everyone is homeless.

  11. nomadic Says:

    Let’s back up a sec: AOL still has employees?

  12. SV Shopper Says:

    Jobs are easier to find than houses now days. The market is impossible right now.

  13. SEA Says:

    #12- Still Shopping–The market has been impossible for you for years, so it’s no surprise that today, like yesterday, there is nothing for you.

  14. nomadic Says:

    It’s tough when someone has caviar tastes and a bait budget.

  15. very amused Says:

    #12 is the dude in the lottery joke.

  16. nomadic Says:

    That joke reminds me of one about ice fishing.

  17. Real Estater Says:

    Endless potential was overbid to $1.107M:

    http://www.redfin.com/CA/Palo-Alto/411-Pepper-Ave-94306/home/1391298

  18. Real Estater Says:

    This one just closed at $1.47M. Asking price was $950K.

    http://www.redfin.com/CA/Palo-Alto/131-Washington-Ave-94301/home/1709673

  19. DreamT Says:

    I wonder why they bother with an asking price when the number of bids makes clear that the sale price is purely market-driven as opposed to asking price-driven

  20. Real Estater Says:

    DreamT,

    Congratulations. It looks like your neighborhood is priced at 94087 levels now.

  21. madhaus Says:

    RE, are you saying DreamT and I both live in million dollar shacks now?

  22. Petsmart groomer Says:

    I especially like the listing that says “There are very few opportunities to own a home in Old Palo Alto for less than a million. .. This is it!

    Nope, this wasn’t it. I have to say I’m loving this bubble. The material is getting better every day.

    And congratulations, DreamT! You’ll finally get some respect from your coworkers.

  23. SEA Says:

    #19- You are trying to apply the general principles of the non-RBA to the RBA. RBA status implies over-bidding.

    The problem is that over-bidding is necessary but not sufficient to ensure RBA status. Making a logical mistake, some fools over-bid the non-RBA…

  24. Real Estater Says:

    #21, For many years now, I’ve been the only person here who has been genuinely helping people out by telling them what they didn’t necessarily want to hear. Yes, you guys are living in million dollar shacks now, but the poor guy you pretended to side with is now out in the cold being priced out forever.

  25. DreamT Says:

    Yay, some respect! Too bad I only see coworkers about once a month, and they cannot tell 95051 from 95122, or grey hair from grey area.


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.)