June 30, 2013

Mortgages Up Half Point in a Week: You are Officially Priced Out Forever

Here’s some cheery news for you from our local Website That Was Once A Newspaper Too!

Biz Break: Mortgage rate skyrockets amid housing market turnaround

By Jeremy C. Owens, San Jose Mercury News
Posted:   06/27/2013 03:47:57 PM PDT; ‘Updated:   06/27/2013 04:40:57 PM PDT

Today: 30-year mortgage rate takes a nearly unprecedented one-week jump to its highest point in two years as the real-estate market heats up. Also: Apple (AAPL) continues to decline even as Wall Street has third straight day of gains.

The average rate for a 30-year mortgage experienced its largest one-week increase in more than a quarter-century, as the housing market continues a booming turnaround from the crisis that precipitated the Great Recession.

Mortgage buyer Freddie Mac reported Thursday that the rate had increased from 3.9 percent to 4.46 percent in the past week, the highest rate recorded in more than two years. The rise in the mortgage rate is even more striking when comparing it to near-record-lows experienced less than two months ago — in early May, the average rate was 3.35 percent. Bankrate.com reported that the 3.35 percent rate on a $200,000 mortgage would result in monthly payments of $881, while the 4.46 percent rate would cost a buyer $1,008 a month.

The rise comes as the housing market roars back to life so quickly that some in the Bay Area have asked if the region has entered another housing bubble. Home prices in the Bay Area hit their highest average in five years in May, according to DataQuick, returning to levels last seen before the Great Recession had most of its effects on the market. That mirrors a national rise, with the Standard & Poor’s/Case Schiller index tracking the highest annual gain in home prices since 2006 in April, as San Francisco joined three other large metro areas in increases of more than 20 percent.

130629-mortgages-forsaleWe’ll stop you right there with a reminder that we called Bay Area Bubble 4.0 and have continued to call Bay Are Bubble 4.0 months and months ago. You can see how behind the Murky News is on this, running a story by one of their own reporters and using an AP photo of a house in, we kid you not, Illinois.

130629-mortgages-openhouseflagAlthough maybe we shouldn’t point and laugh, because houses in the Real Bay Area sell too fast for anyone to bother with For Sale signs anymore.  Instead they use For Sale flags.  Much faster to wave one around for a couple of minutes, collect the overbids, and head back to the air-conditioned office.

We like this one, especially because the tree is doing the agent’s job.

Are you trying to buy a house or do you know someone who is? Are you trying to refinance and are you kicking yourself for waiting too long? What kinds of rates are you being offered by your bank or mortgage broker? 

Comments (12) -- Posted by: madhaus @ 7:06 am






June 29, 2013

You know what they got? KAWLUMS

It’s been a while since we’ve been sent a MAWBUL KAWLUM heavy house. We miss them so much we were forced to present this one from (gasp) Southern California.

Good thing we just reordered red arrows.

130628-buggy-kawlums

The house itself is hideously overdone in Middle-Aged Movie Executive With Unlimited Budget, including the kawlum-bedecked indoor tennis court that meets US Open requirements. And no, we aren’t kidding. 

130628-buggy-tennis

We didn’t even know there was a standard for kawlums at the US Open.

Let us know if any US Open Houses you tour this weekend have kawlums. Or tennis courts. Yes, this is your Weekend US Open Thread.

Comments (4) -- Posted by: madhaus @ 5:01 am

June 28, 2013

Make this 6 BR house into a 6 BR retreat and please buy it already

We’re taking another drive by Redwood City this week, but this time we’re headed for the hills. Emerald Hills, that is. Or Cordilleras Heights, depending on which realtard portal you choose.  Thanks very much to Burbed reader laurenatuw for this find somewhere in the Woodside zip code. 

130627-california-redfin645 CALIFORNIA Way
Redwood City, CA 94062
$1,700,000

9 Beds
6 Baths
3,100 Sq. Ft.
$548 / Sq. Ft.
Built: 2007
Lot Size: 0.32 Acres
On Redfin: 22 days
Status: Active
Property Type Detached Single Family
Community: Cordilleras Heights
MLS#: 81319700

Best lot in Emerald Hills. Excellent location. 3100 sq foot main house and guest house with additional 579 sq feet. Great possibilities await you. Make it into a 6 bedroom retreat.

130627-california-livingUnfortunately for us, we were unable to find the interesting photos that laurenatuw must have seen when sending this in:

wow, a gem

3100 square foot main house is apparently not big enough to have a couch that wouldn’t block the door.

and maybe they are simply suggesting projects by the abundance of remodel supplies in the pics: tractor, ladder, random plywood, traffic cone – its practically a where’s waldo of construction items hiding in a 1.7mill listing

Alas no remodeling supplies in the current pictures. And for 3100 feet of main house they’re being awfully skimpy on the photos, because here are the other two.

130627-california-guest130627-california-view

Fortunately, there are always some sites our there that take their sweet time updating listings.  Today we’re featuring a new one for you: HomeSwing.  (Wow, that sounds kind of sleazy, doesn’t it?  Maybe they arrange key parties.)

For Sale › California › Redwood City › 94062

130627-california-homeswing645 California Way
Redwood City, CA 94062
FOR SALE $1,680,000

  • $8,738/month
  • 9 Bedrooms
  • 6.0 Bathrooms
  • 3100 sq ft
  • Built 2007
  • Single-Family Home

Big Price Reduction. Beautiful Emerald Hills. Expansive 4 yr old home – 9 bdrms, 6 full bath. Main house 3100 sq ft & Guest house is additional 579 sq ft. 14000 sq ft Corner Level lot w/RV access & Electric gate. Backyard is large enough for a pool. (Pool plans already apprvd by design review board)

Property Highlights
  • San Mateo County
  • 9 Bedrooms
  • 130627-california-patio6.0 Bathrooms
  • Finished: 3100 sq ft
  • Built 2007
  • Geo Coordinates: 37.457, -122.276
  • ZIP: 94062
  • Days On Homeswing: 647

Wait, what… 647 days on market?  Unfortunately HomeSwing is leaving out some useful information, such as the MLS ID number so we could see just how old this listing is. But the 2011 copyright on the photos offer us a free clue.  (As do the exact same photos cached from California Moves, along with the MLS ID of #40541748.  As opposed to the other MLS ID of #40617479. Neither of which start with Lucky #8, so they’re probably dangerous.)

130627-california-couchThen we found a different couch blocking the door.

There was also a completely different random view from the second floor than in the most recent set of (only 4) pix. 

Plus a photo of the fence, in case you were worried there weren’t any.  Fences.

We’re sorry we couldn’t find the construction equipment scavenger hunt, but while we’re not finding any, feel free to predict just what the correct price level is to induce the proper overbidding.  This agent is off to a great start raising the price $20K on a house that didn’t sell in two years.

130627-california-view2130627-california-fence

Bunus: Did you make your best price estimate? See how well you tracked Zillow’s Zestimates! They didn’t think this house was appreciating very quickly. It must have been built in one of those Not Actually In The Real Bay Area portions of an otherwise RBA zip code.

130627-california-zestimate

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

June 27, 2013

Marvelous Mountain View Mansion

Let’s check in with Burbed reader dollarbin again, because Mountain View is awesome. Too bad you can’t have this house.  It went pending, oh phooey, another one that got away! But, you can join in the fun guessing how high the overbids will reach!

130626-sanluppe-redfin837 SAN LUPPE Dr
Mountain View, CA 94043
$700,000

4 Beds
2 Baths
1,576 Sq. Ft.
$444 / Sq. Ft.
Built: 1962
Lot Size: 0.27 Acres
On Redfin: 52 days
Property Type: Detached Single Family
Stories: 1
Community: North Shoreline
MLS#: 81315358
Style: Traditional
View: Neighborhood
County: Santa Clara

THIS PROPERTY HAS A HUGE LOT * HOUSE IS OCCUPIED * LOCATED IN DESIRABLE NEIGHBORHOOD!

130626-sanluppe-otherpicDESIRABLE NEIGHBORHOOD, eh? What does dollarbin have to say about this listing?

Speaking of bubbles:

After a week on the market, this Stierlin Estates home got a $100K bump. Let your imagination run wild because apparently the tenants can’t be dislodged long enough to take interior shots. The massive sound wall from the Norman Y Mineta Highway wraps the whole lot in its cozy shadow.

The two pictures above are all the agent bothered to share. We can also confirm the 16.67% price increase.

130626-sanluppe-history

And the soundwall. Click for a larger version.

130626-sanluppe-streetview

Wow, we’d hate to see this agent’s idea of an UNDESIRABLE NEIGHBORHOOD.

Comments (8) -- Posted by: madhaus @ 5:09 am

June 26, 2013

Begin Your Journey in the Shire

We find all kinds of homes for sale and try to mix up the different options so our readers don’t get bored. Ho-hum, another crapshack in East Palo Alto? Not today! Best of all, you can purchase today’s featured property for Not A Lot Of Money℠! (Not A Lot Of Money is a Service Mark of Burbed Worldwide, which is a subsidiary of Burbed Galactic, a wholly owned enterprise of Burbed Universal.)

Thanks very much to Christin for adding this to her Just Wow Redfin Collection.

130625-blackburn-redfin203 BLACKBURN St
Santa Cruz, CA 95060
$499,000

1 Beds
1 Baths
750 Sq. Ft.
$665 / Sq. Ft.
Built: 1922
Lot Size: 5,053 Sq. Ft.
On Redfin: 7 days
Status: Active
Property Type: Detached Single Family
Stories: 1
Community: West Santa Cruz
MLS#: 81321651
Style: Cottage/Bungalow
View: Neighborhood
County: Santa Cruz

This is one of the most unique, eclectic, properties in Santa Cruz. A true eco urban farm in the heart of Santa Cruz, walking distance to beach and town. The home is made from 2 authentic historic street cars. Greeting you is a huge oak tree with its own treehouse, 2 cob stuctures for office, work or play, a pond, clucking chickens, fruit trees galore, gardens, sauna, fire ring, cob oven, more!

Cob oven? Say no more!

130625-blackburn-windows130625-blackburn-kitchen130625-blackburn-bath130625-blackburn-dutchdoor130625-blackburn-barrel130625-blackburn-barrel2

The house isn’t terribly large, which is a good thing. Gandalf will be coming by any minute with an important mission statement for you. Meet at the Fire Ring.

image

Comments (5) -- Posted by: madhaus @ 6:03 am

June 25, 2013

Go East, Young Man! East Palo Alto!

Last week, site founder and still occasional guest poster burbed brought us a trio of triumphant East Palo Alto Burbed win.  Or would that be Burbed wins?  Let’s return to the scene of the crime and see what else is available at low, low entry prices, possible even for those of us who don’t work at Facegle or GoogIn or Linkedbook.  That is, of course, if you think $700K for not just a house but a business opportunity is a low price.

Thanks very much to Burbed reader Petsmart Groomer for noting there’s more to EPA than just Ikea!

130624-euclid-redfin1910 EUCLID Ave
East Palo Alto, CA 94025
$720,000

4 Beds
2 Baths
1,518 Sq. Ft.
$474 / Sq. Ft.
Built: 1947
Lot Size: 5,544 Sq. Ft.
On Redfin: 69 days
Status: Active
Stories: 1
Community: West of U.S. 101
MLS#: 81312363
View: Neighborhood
County: San Mateo

This very well-maintained East Palo Alto duplex consists of two (2) one-bedroom/one-bath single-story units consisting of approximately 1,518 square feet of livable space situated on a parcel totaling 5,544 square feet. The building is constructed of a wood frame with stucco siding and has a pitched composition shingle roof as well as updated double-pane windows.

130624-euclid-trashbinsWe’re seeing opportunity everywhere in this listing. You get two units. That means you could rent them both out to Facegle employees, live in one and invent the next paradigm shift in the other, or go wild and use both as storage. The sky’s the limit, and don’t’ forget to set up bull spreads to lock in your profits!

Wow, look at this! The previous owner will even throw in these excellent receptacles to hold the cash this place will generate! Complete with wheels so you can take them to the bank of your choice!

Comments (11) -- Posted by: madhaus @ 5:04 am

June 24, 2013

Rhinestone in the Rough of Redwood City

Feeling a little stomped by the THERE IS NO HOUSING BUBBLE IN THE BAY AREA? Here’s a property for under $750K! There was a time when you could have bought this house with a $729K conforming loan, but then the government had to change the rules on us. Thanks very much to Burbed reader hOtSauCe from San Carlos for the find!

130623-alexander-redfin186 ALEXANDER Ave
Redwood City, CA 94061
$699,900

2 Beds
1 Baths
770 Sq. Ft.
$909 / Sq. Ft.
Built: 1952
Lot Size: 2,550 Sq. Ft.
On Redfin: 48 days
Status: Active
Property Type: Detached Single Family
Stories: 1
Community: Horgan Ranch
MLS#: 81314440
Style: Contemporary
View: Neighborhood
County: San Mateo

A 2BR 1BA single family residential located in a very desirable area west of Redwood City, near the border of Atherton. A diamond in the rough, this starter home has great potential and with some TLC and creativity, can transform into a charming house with picket fences and great curb appeal. Near Woodside Shopping Complex, transportation, school and other commercial establishments.

130621-alexander-kitchen130621-alexander-carpet130621-alexander-trashbins

The house may need some TLC and creativity, but the picket fences are already there and are painted white for your convenience. Now just work on the curb appeal: check out that Streetview below, and did they have to feature the trash bins in two different listing photos? 

Also practice saying “West Atherton” a bunch.

130621-alexander-streetview

Comments (6) -- Posted by: madhaus @ 5:04 am

June 23, 2013

Landlords from Hell settle for jail instead

Here’s a cheery story for you if you don’t like your landlord, as it will set things into a much better perspective.  Thanks very much to Burbed reader nomadic for alerting us to this development.

‘Landlords from hell’ accept prison terms for terrorizing tenants

130619-macys-mugshotsBy Lee Romney, Los Angeles Times, June 19, 2013, 2:45 p.m.

SAN FRANCISCO — A software engineer and his real estate agent wife who terrorized their tenants in a twisted attempt to force them to move are back after fleeing to Italy, and each has accepted a four-year prison sentence and two strikes rather than face trial, Dist. Atty. George Gascon announced Wednesday.

Nicknamed the "landlords from hell," Kip and Nicole Macy employed tactics "so outlandish and brazen" in attempting to clear their building of renters that "it sounds like the plot of a horror movie," Gascon said.

They each pleaded guilty to two felony counts of residential burglary, one felony count of stalking and one felony count of attempted grand theft. In custody on $2-million bail apiece, they are scheduled to be sentenced Aug. 22.

Kip Macy’s attorney, Lisa DewBerry, said the couple could have faced a maximum of 16 years in prison if tried on all charges.

130619-macys-sawBe sure to read the whole article, cataloging not only what the Macys were accused of doing to their tenants and their apartments, but also the part where they paid bail and fled the country for Milan and spent a year fighting extradition.

Don’t forget the power saw that popped up into one of the tenant’s floor without warning (the photo at left shows what happened when he whacked the blade with a nearby hammer).  There’s even accusations of email spoofing.  And here’s an older piece from Palo Alto Online when they were first hit with the charges; what’s interesting are the comments defending the Macys from the evil San Francisco tenants. Why, some of them read as if they were written from the perps themselves!  Why Palo Alto Online for a San Francisco story?  This caring couple lived in Palo Alto when they were accused of all these shenanigans. Kip was a software engineer and Nicole was… a realtard.

130619-macys-clementinaHere’s the building where all the fun took place. Don’t you want to go out and buy an apartment building in SF right now?

This is also your weekend open thread! How’s the renter life treating you? Is it awful enough to make you want to look at a bunch of Open Houses and overbid up the wazoo?  How about chatting up the other people at the Open House so you can spoof email saying they don’t want the property you’re trying to score? Hey, in a competitive market Insane Real Estate Bubble, the only way to win is to prevent everyone else from playing.

Comments (15) -- Posted by: madhaus @ 5:03 am

June 22, 2013

The very best house “in the center of silicone Valley”

2148 RALMAR Ave, East Palo Alto, CA 94303

20130618silicone

Let’s face it – there are enormous pools of cash these days, in search of great investment opportunity. You probably have some of that cash, desperate to get some sort of return for it.

And here, ladies and gentlemen, is one of the best investments… ever.

In “the center of silicone Valley” is this amazing cash cow gem. Now, we all know that Realtors cannot lie – because if they do, they are sent to the Realtor Tribunal, judged by other Realtors who have only the highest ethics and professionalism in the land – and thus we must acknowledge that this house really does have 6 bedrooms and 4 bathrooms in a mere 1,728 sqft.

Just think about how many hackers you can fit in there, hacking away at the next service that can allow us to record 200 characters, 8 seconds of video, or find 3 matching virtual dog treats and crush them together. Think how much you will be able to charge these hackers who make $300,000 a year, changing the way we live, eat, sleep, crush virtual dog treats.

It even comes with gated doors and windows, to help the enormously valuable intellectual property that will lie asleep within – dreaming up new ways to help us be more local, social, mobile, farm to fork, Second Life… oh whoops… big data.

This can be yours. It will be yours. Pick up the phone today. But a bid in. No wait, but in two bids. Then hire Frank Gehry and M.C. Escher to remodel this home. Hey, after all, you’ve gotten to level 924 in Kitty Treat Crush Sagas… tackling this remodel will be a cinch for you!

Comments (2) -- Posted by: burbed @ 5:33 am

June 21, 2013

On the market for 13 days… or since 2012

2166 UNIVERSITY Ave, East Palo Alto, CA 94303

20130618university

Whoa, this has been on the market for 13 days already? And it hasn’t been snapped up despite the prestigious University Avenue address? What’s going on???

Wait a minute! I’m getting that déjà vu feeling all over again. Where have I seen this before?

Are you ready for 2012 – you know, end of the world and all that?

2166 UNIVERSITY Ave
East Palo Alto, CA 94303

$650,000

2166ua

Huh. Go figure. 1 year, 1 month later, this house is once again on the market.

Ok, so we all survived the apocalypse and brain eating undead zombies. But, how do we know that it wasn’t a simple off-by-one error and that the world won’t end this year? I bet you could spray paint some silver paint onto that fence and make it look all metal-y. (Of course, someone by then steal your faux metal fence and be sorely disappointed at the scrapper…)

Are you concerned about the end of the world? Are you concerned about privacy? If so, why aren’t you concerned that you don’t own this house already?

Comments (5) -- Posted by: burbed @ 5:35 am