April 27, 2018

Speaking of Fire Sales, Here’s One in Willow Glen

High house prices have you down? Well here’s some great news for everyone. The houses aren’t what’s high priced. It’s the LAND.

Burned out property in Willow Glen sells for over $900K

KTVU
POSTED: APR 18 2018 03:08PM PDT, UPDATED: APR 19 2018 11:21AM PDT

SAN JOSE, Calif. – A burned out home, and the property it sits on, in San Jose’s Willow Glen neighborhood is in contract for more than $900,000 and is expected to close in 10 days.

The home, which hit the market last week, was originally listed for $800,000. The realtor said the asking price was reasonable given the housing market and its location.

Realtor Holly Barr said the value is in the 5,800-square-foot lot — not the house.

The asking price was reasonable? Let’s take a look at what you’re getting.

1375 Bird Redfin

1375 Bird Ave. SAN JOSE, CA 95125
Listed at Price: $799,000
Beds: —
Baths: —
1,066 Sq. Ft.   $750 / Sq. Ft.
Redfin Estimate: $1,003,089
On Redfin: 15 days
Status: Pending
Property Type: Single Family Home
Community: SAN JOSE
County: Santa Clara
MLS#: ML81700339
Built: 1976
Lot Size: 5,850 square feet

Barr said she received 6 offers, all of them all-cash. Here she is proudly posing next to her sale on her aptly named Facebook page, Willow Glen Charm.

Realtor Holly Barr with burned down house she sold

Remember one of our Burbed catchphrases, “Value is in the land”? Well the value was also in that lovely house. If it had been scraped off, anyone wanting to get a loan on the property would have to put 50% down. Then again, since all the offers were cash, it didn’t make any difference.

Another view of 1375 Bird Ave

San Jose real estate: hot, hot, HOT!

Comments (5) -- Posted by: madhaus @ 6:18 am

5 Responses to “Speaking of Fire Sales, Here’s One in Willow Glen”

  1. nomadic Says:

    They probably got more for it than if there hadn’t been a fire. What a shit location too.

    Better close by Tuesday if they’re going to make the 10-day claim.

  2. madhaus Says:

    Definitely busy street, what else is bad about the location?

  3. gallileo Says:

    “burned out” is a benefit. It saves you from getting permits and environmental impact statements needed to scrape the old place.

  4. Squanto Says:

    Housing will crash hard in the next year.

  5. calixto Says:

    As I look around me at the stunningly high prices and the now silent bubblesphere, I sometimes stop and wonder how did we get here? In 2008 the world was ours, all we had to do was sit back wait keep our powder dry and wait for the prime moment to buy.

    We were like cattle on these websites as prices came down, staring them in the eye. Now they’re back up to bubble highs as no one here made a move. Your chance is gone. Atherton, MP, PA, its just not going down.

    Admit defeat. Admit you should of bought 2009, 10 or 11. But instead you listened to the masses about hidden bank inventories and the upcoming price crushing Tsunami. What a bunch of BS.

    Other cycles will come and go but we will NEVER see the nominal prices we saw in 2009-2011. The 750K shack in 2011, now 1.4MM will “crash” down to 1MM. We had the opportunity of a lifetime in 09-11 and we took a dump on it. We used to mock the concept of being priced out forever. Now, we live it.


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