July 19, 2013

Another atrocious East Bay listing when you should buy in Mountain View

It’s time to point and laugh at the East Bay again, and Burbed reader Bob in Oakland has got just the place. Thanks very much for keeping us apprised of all the wanna-bes who won’t be living in the Real Bay Area no matter how much they try overbidding. After all, anyone can show 365 percent profit when houses like this were selling for way less than Not A Lot Of Money.

130719-yuba-redfin2612 YUBA Ave
El Cerrito, CA 94530
Sold for $903,000

3 Beds
2.5 Baths
2,570 Sq. Ft.
$351 / Sq. Ft.
Built: 1926
Lot Size: 7,000 Sq. Ft.
Sold On: Jun 28, 2013
Status: Sold
Type: Detached
Stories: 2
Community: Mira Vista Estates
MLS#: 40614765
Style: Tudor
View: Bay, City Lights, Downtown, Partial, San Francisco
County: Contra Costa

Gorgeous Tudor/arched entry, Juliet balcony, sunken LR/ exposed beam ceilings. Perfect combination of old & new. Upgraded kit/caesarstone/ tiled backsplash & stainless appliances. Updated baths. Plus rooms. Lovely yard/ brick patio. Super house for entertaining. Close to BART, shop. & restaurants.

130719-yuba-decorOk, Bob, why did you nominate today’s Tudor?

365 percent appreciation in El Cerrito!

Actually that appreciation was just from March to August of last year:  375k to 745k in five months.
It just sold AGAIN – the third time in 16 months.
Listed at 779k, went pending in two weeks, and sold for 903k (16 percent over asking).
Yes, it’s a good-sized house on a good-sized lot. But 240 percent appreciation in 16 months – W…T…F!!

130719-yuba-kitchenWTF, indeed, where do you get 365 percent increase going from 375 to 903? One percent for every day this year. Is that East Bay math?

Maybe the way it works is that this house gets extra price increase boosts, because the value of a typical listing is actually dropping simply by being exposed to other homes located in the East Bay.  Think of it as a belt of lead weights, or a heavy chain connected to a big ol’ Oakland anchor.

130719-yuba-bedroomWhy would anyone buy this house for $903,000, when it’s full of exposed hardwood and the living room is sinking plus it has a frighteningly large kitchen? It makes much more sense to buy a fixer-upper in Mountain View instead. Think of all the time you’ll save when everything is at your fingertips because the rooms are so conveniently close-in. And the Bay views from El Cerrito will lead to woolgathering when you’ll be needing to focus on work. Mountain View Eichloids don’t have those distractions! Besides, it’s not like you’d be leaving Google during daylight hours anyway.

Comments (6) -- Posted by: madhaus @ 7:04 am

6 Responses to “Another atrocious East Bay listing when you should buy in Mountain View”

  1. Joe Says:

    Bubble 4.0. Seriously, these bubbles just go from one commodity or industry to another. Tech Bubble, Housing Bubble, Gold Bubble, Housing Bubble AGAIN… what’s next, Oil Bubble???? I ask the question to all my friends and family, where are the white knights? Where are the federal prosecutors and regulators to help reign in the illegal activity and protect the people? Has everyone sold out?

  2. donjumpsuit Says:

    My favorite part of the listing is the Redfin agents comments.

    She makes it seem as if they ‘owners’ bought it with dreams of 30 years of living and raising kids in mind, updated it to their dream home, and now, very unfortunately, ‘have to sell’ as if it wasn’t in their plans.

  3. nomadic Says:

    #2, not only that, it was the owner’s BEFORE the most recent sellers that fixed the place up. The sale for $375k was listed as a “bargain fixer.”

  4. Single Pane Lass Says:

    I’m starting to think that *someone* lost a bidding war in MV last week!

  5. waiting_for_the_fall Says:

    The person who bought at 903k will sell the house again in 3 months for 1.5m.

    Next year, after 3 more flips, the house will sell for 5m.

  6. SEA Says:

    #4- Winner’s curse, maybe?

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