We’ve been calling Bubble on the Real Bay Area for several months. For the next few days we’ll continue to make the case that the housing bubble in the Bay Area is absolutely unmistakable. Yesterday, we had a 35% overbid in Prime Palo Alto for a tear-down bungalow on a lot too small for subdivision. Today, we have an even smaller lot with a return of what we called a “wishing price” when the Bubble was about to pop. But before it did, we had another name for a WTF asking price. Let’s see what one would look like in Millbrae.
140 MAGNOLIA Ave
Millbrae, CA 94030
990 Sq. Ft.
$1,111 / Sq. Ft.
Lot Size: 6,000 Sq. Ft.
On Redfin: 3 days
Property Type: Detached Single Family
County: San Mateo
Charming Two Bedroom and One Bathroom Single Family Home situated on a Lot that is Zoned R-2 (Residential Duplex). This home is located conveniently around the corner from Downtown Millbrae’s Finest Restaurants and Shopping. Great Development Potential, come see this home!
A thousand a foot is a fair price for convenient access to SFO plus two freeways! Plus this is primo real estate photography. At least the agent isn’t snapping pictures in corners like yesterday.
Plus this home is located conveniently around the corner from Downtown Millbrae’s Finest Restaurants and Shopping. According to Yelp, the Best Restaurant in Millbrae is the Millbrae Pancake House, so we’re talking haute cuisine. Or at least hot cuisine.
Now, this lovely home last changed hands in September 2010, for $675,000. Aren’t you sorry you didn’t snag it then? Look at all the instant equity you missed out on! As you can see from the old listing photo (right), the only improvement done to the home since then was to Photoshop in a better sky. Also back then the place was “Close to BART, Airport, Freeways and schools.”
Not any longer! Now it’s just one big Great Development Potential opportunity for you! With a price like this, this is now a Real Bay Area house, therefore the train tracks, airport and freeways must have been relocated.
We hope you realize this is THE SECRET of how to make money in Bay Area real estate:
- Buy house not in the Real Bay Area due to its location fail
- Eliminate location fail so house moves to RBA
Remember, a WTF asking price isn’t a Wishing Price unless there’s no chance of getting it. This is a Bubble Price. This seller is saying, “You want this house? You’re going to have to pay me enough to Make Me Move.”