July 12, 2011

A Duel of Sparrows

Thanks very much to Burbed reader Michael Boltonestater for this double-your-pleasure set of listings.  Michael says this is a great street name, as it reminds him of one of his favorite film characters.

6 Sparrow Ct, East Palo Alto, CA 94303
$300,000

image

BEDS: 4
BATHS: 3
SQ. FT.: 2,940
$/SQ. FT.: $102
LOT SIZE: 8,190 Sq. Ft.
PROPERTY TYPE: Detached Single Family
STYLE: Traditional
STORIES: 2
YEAR BUILT: 1994
COMMUNITY: East of U.S. 101
COUNTY: San Mateo
MLS#: 81126961
SOURCE: MLSListings
STATUS: Pending With Release
ON REDFIN: 23 days

Want a description?  Too bad.  However, the place next door is for sale, and they can arrange for one!

4 Sparrow Ct, East Palo Alto, CA 94303
$499,900

image

BEDS: 4
BATHS: 3
SQ. FT.: 2,940
$/SQ. FT.: $170
LOT SIZE: 5,600 Sq. Ft.
PROPERTY TYPE: Detached Single Family
STORIES: 2
YEAR BUILT: 1995
COMMUNITY: East of U.S. 101
COUNTY: San Mateo
MLS#: 81123303
SOURCE: MLSListings
STATUS: Active
ON REDFIN: 46 days

Amazing Curb Appeal. Beautiful Home Nestled at the end of a Cul-De-Sac. Enjoy all the features of a newly built home. Vaulted Ceilings, Bright Open Floor Plan and Spacious Design. Great CASH FLOW for Investment. Make offer subject to inspection. TENANT OCCUPIED-RENT CONTROL. DO NOT DISTURB OCCUPANTS.

Your decision to make: Do you want the exact same house on an 8,000 sf lot for $300K, or do you want to pay an extra $200K for the same house on 2,400 fewer square feet… BUT… you get a description!  Also, 4 Sparrow has been foreclosed not once, not twice, but three separate times!

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Take all the time you need to decide.  I think you should go with 4 Sparrow: it sold for $790K in 2006, so it has much more instant equity, and therefore much better stories about the previous owners.  That’s #4 in the red outline, and #6 with the big lot at the end of the block.

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Keep your eye on the sparrow!

Comments (27) -- Posted by: madhaus @ 5:13 am






June 3, 2011

Further proof real estate in the Valley is bouncing back! Check out this appreciation!

$169,900

Beds: 1
Baths: 1
Sq. Ft.: 650
$/Sq. Ft.: $261
Lot Size: 2,500 Sq. Ft.
Property Type: Detached Single Family
Style: Cabin
Stories: 1
Year Built: 1951
Community: East of U.S. 101
County: San Mateo
MLS#: 81103573
Source: MLSListings
Status: Active

On Redfin: 113 days
New tile floor, double-pane windows, new doors, security gate. Home needs to be finished inside with kitchen cabinets, etc. Seller is willing to credit $5000 for finishing projects he started.

Does this look familiar? It should!

August 4, 2008

$130,000 house in Silicon Valley. Not a mistake.

2269 ADDISON Ave East Palo Alto, CA 94303

Check it out! 30% appreciation since 2008! How much has your 401k appreciated since August 2008? How much interest have you earned on all that cash you have sitting in the bank since 2008? That’s right… only enough to buy a forever stamp from the post office.

Sure you could argue that I should deduct the costs of upgrades and taxes – but that’s what an out of touch, ivory tower elitist would say. Common sense says that Profit on a house = Sales Price – Purchase Price. Duh!

Again, clearly it’s a great time to be a real estate speculator in the Valley. Dump your LinkedIn shares and start buying up East Palo Alto properties today!

Comments (10) -- Posted by: burbed @ 5:50 am

June 2, 2011

Five Years of Circling the Drain

Who here doesn’t love overpriced crapboxes?  Anyone?  Of course we all do!  Overpriced crapboxes are what makes Burbed Burbed!  And today’s listing is not just an overpriced crapbox, but an overpriced crapbox with a mystery!  And you will NEVER guess where it is!

Thanks very much to Burbed reader sfbubblebuyer, who has a house to sell you.  Or maybe it’s a house to stay away from.  I just know that buy it or drive 25 miles in the other direction, you will not forget this place.

2504 EMMETT Way, East Palo Alto, CA 94303
$575,000

image

BEDS: 5
BATHS: 4
SQ. FT.: 1,620
$/SQ. FT.: $355
LOT SIZE: 5,060 Sq. Ft.
PROPERTY TYPE: Detached Single Family
STYLE: Ranch
STORIES: 1
VIEW: Neighborhood
YEAR BUILT: 1956
COMMUNITY: East of U.S. 101
COUNTY: San Mateo
MLS#: 81110691
SOURCE: MLSListings
STATUS: Active
ON REDFIN: 84 days

5 BEDROOMS, 4 BATHS, 2 CAR ATTACHED GARAGE, CENTRAL FORCED AIR HEATING, FENCED YARD. UPGRADED WITH DUAL PANE WINDOWS, ETC.

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Here’s what sfbubblebuyer had to say about this house:

I was going to post this to compare its crackerbox joylessness with the current crackerbox from Mountain View, but thought the listing history might deserve a post all of its own. I’m HOPING you know some people with access to the MLS for listing histories, because Redfin only shows it redacted, and Zillow seems to be ignoring the old listings history, but check this bad boy out.

image

image

image

imageOn sale since 2006, and they’re still in denial! It’ll be their 5 year anniversary of chasing the market down on the 26th. Oh man, I want the juicy listing data to see where these geniuses started at and how they overplayed their hand for 5 years. How the hell do you try and sell in 2006 and FAIL? SERIOUSLY? They must have priced this bitch at 1.2 million or something to start!

Okay, sfbb, I feel your pain.  And I found this:

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imageLook!  It’s the same agent as now, all the way back in 2008, and the asking price was only $120K more.  Why, $120K wouldn’t even cover an East Palo Alto down payment in 2006.

Maybe this place was where they put the melamine in the milk products, or where our former Governor met up with bimbettes who weren’t classy enough to merit the Sacramento Hyatt Regency.

Comments (20) -- Posted by: madhaus @ 5:07 am

June 1, 2011

Price cut in East Palo Alto! $383,000 off!

$415,000

Beds: 2
Baths: 1.5
Sq. Ft.: 1,260
$/Sq. Ft.: $329
Lot Size: 9,944 Sq. Ft.
Property Type: Detached Single Family
Style: Cottage/Bungalow
Stories: 1
View: Neighborhood
Year Built: 1949
Community: East of U.S. 101
County: San Mateo
MLS#: 81051940
Source: MLSListings
Status: Active

On Redfin: 204 days
Huge lot almost 10,000 sq ft. Addition of large family room, half bath and laundry room has permits. Property is across from small market. Walk to Home Depot. Best Buy, Mcdonald, Office Depot. Close to Stanford University.

Wow! What a deal! It’s near McDonald – the new less possessive franchise of McDonald’s.

Wait… this seems familiar… where have I seen this before?

July 21, 2010

Price cut in East Palo Alto! $373,000 OFF!

$425,000

1912 PULGAS Ave East Palo Alto, CA 94303

image

Isn’t it straight how this was on the market for 474 days last year, and now it’s only on the market for 204 days?

But wait… this seems familiar again….

August 26, 2009
This house has easy access to gasoline station, home depot, best buy

It’s East Palo Alto week!

1912 PULGAS Ave, East Palo Alto, CA 94303 | MLS# 80913446
1912 PULGAS Ave East Palo Alto, CA 94303
Price: $798,000

1912

So the last few years weren’t all that great for this house – but this year, 2011, this is it! I know it! Go little green house go!

Comments (15) -- Posted by: burbed @ 5:45 am

March 20, 2011

2010 Census Data Displays Diverse Diversity Diversions

Thanks to Burbed reader Real Estater for nominating this article by posting it in the comments on Friday.

image

Image from USA Today

East Bay tops among California’s most diverse places

By Eric Kurhi and Matt O’Brien, Contra Costa Times
Posted: 03/18/2011 03:20:18 PM PDT

HAYWARD — Close to the geographic center of a city known as the “Heart of the Bay,” Luciano Ruiz peered out the pickup window of a burger joint in what is, by one measure, the most racially diverse neighborhood in California.

“There’s been a mix of people here ever since I grew up,” said Ruiz, 18. “It’s always been mainly Latino down here in South Hayward, but now you see more African-Americans, a lot more Asians. I’ve seen a little increase in Middle Eastern people.”

The 2010 census shows a collection of census tracts in the Hayward flatlands as the most diverse in California and a microcosm of the state’s likely future. Latinos are the largest group, but share the space with many other people. Multicultural churches, mosques and businesses are in walking distance.

Thirty-five miles away, in the Walnut Creek retirement community of Rossmoor, a cluster of census tracts reflect an older, less integrated California. About 90 percent of residents are white and less than 1 percent are African-American in the Bay Area’s least-diverse neighborhood.

“It’s probably accurate,” said Rossmoor resident David Smith of the newly released statistics. “Our population is overwhelmingly white.”

imageSince this is from the Contra Costa Times, there’s little about neighborhoods in Santa Clara or San Mateo County, and which would be the most or least diverse. East Palo Alto was specifically called out as one of the 10 most diverse communities in California. The diversity index is the probability that two randomly picked people from the area would be of different race or ethnicity. Maybe you might have an idea which neighborhoods you’d nominate?

imageAnyway, I looked up the data, and East Palo Alto has a DI of 83.4 (the highest was 86.4 and Hayward was 85.1).  Oakland was 81.1. Not mentioned in the article are Sacramento, 79.6, South San Francisco, 79.0, San Jose, 77.1, San Bruno, 76.3, Santa Clara, Cholula Half Gallon - Click Image to Close71.8, and Sunnyvale, 70.7.  On the other end of the scale we find Belvedere, 16.4, Portola Valley, 22.3, Woodside, 25.2, and Boulder Creek at 26.  Don’t assume that a low DI means white-bread; the Central Valley’s Mendota is 96.6% Hispanic and has a DI of 26.0.

In case you’re wondering how some areas end up with lots of diversity, here’s the secret, according to the above article:

It didn’t happen overnight,” Bogue said. “Just like anywhere, somebody puts a house up for sale, somebody looks at it and somebody buys it.”

Yeah, that couldn’t happen in Atherton, where houses are bequeathed.  But while houses are occasionally listed for sale in homogenous census tracts, the diverse ones, such as Richmond, San Pablo, Pittsburg, Hayward, Vallejo, Oakland and San Leandro have another interesting thing in common.

imageLocal historian Frank Goulart said affordability has also long attracted a broad spectrum of people to parts of Hayward.

“If you want an honest answer, it’s the cheap housing,” Goulart said.

He said many of the homes in the city’s most diverse tracts “were built like shacks.”

There you go.  Diversity is code for crapboxes (like this one above, in Hayward, the City of Diversity).  But don’t worry about it.  The majority of California public school students are now Hispanic, so the Diversity Index must be heading down (see Mendota, above).  That means housing quality will go up, so the Real Bay Area will get bigger!

imageThere’s no danger of that in Silicon Valley, though.  Santa Clara County’s index is a kumbayah 74, almost as multicultural as Alameda County’s state-topping 78.  The least diverse Bay Area County?  Marin, at 45. The overall state index is 72.9, second only to Hawaii’s 81.1.

But what’s more important is housing!  And the county with the highest percentage of vacant housing units goes to Alpine, with a whopping 71% of its housing sitting empty.  For the Bay Area, the winner is Sonoma, with 9.2%, imagebut Santa Cruz’s 9.7% would have beaten it had any of the county physically come into contact with the Bay.  Meanwhile San Mateo and Santa Clara county are both in the 4’s, while San Francisco managed double: 8.3% of the housing units sitting empty.

There’s stats, stats, stats to play with, so have fun courtesy of USA Today.  Data is available by city as well, so go wild and wonder why the city (town?) of Almanor has 100% of their 75 housing units empty.

Photo above: foreclosed home in Hayward, showcasing diversity.

Comments (8) -- Posted by: madhaus @ 5:04 am

February 1, 2011

The Vast Conspiracy to Raise Peninsula Real Estate Prices

And, lower East Bay prices too!  Win-win-win!

Officials push for higher tolls during rush hours on San Mateo, Dumbarton bridges

By Mike Rosenberg, The Oakland Tribune

Posted: 01/31/2011 07:23:07 AM PST, Updated: 01/31/2011 09:26:52 AM PST

imageDrivers crossing the San Mateo and Dumbarton bridges would pay higher tolls during rush hours under a plan Peninsula officials are urging Bay Area leaders to adopt.

A group of city, county and transportation officials this week released the new San Mateo Countywide Transportation Plan, which includes support for congestion pricing on the two bridges that connect the Peninsula and East Bay.

"I think it’s a shame they haven’t done congestion pricing," said Rich Napier, executive director of the county’s congestion management agency, which is overseeing the transportation plan. "It does work."

(Photo, above right: Drivers crossing the San Mateo and Dumbarton bridges would pay higher tolls during rush hours under a plan Peninsula officials are urging Bay Area leaders to adopt. File photo, The Oakland Tribune.)

Now, some readers of this site are really clever people, and will simply glance at the headline above and figure it out immediately.  Others of you need to be taken by the hand and have a few things spelled out really slowly and carefully.

Congestion pricing, in case you haven’t tried driving across the Bay Bridge during commute hours, means that the toll is higher during rush hour when everyone else is going to work.  At present, Bay Bridge congestion pricing is $6 during peak commute hours and $4 other times.  The San Mateo and Dumbarton bridges have a $5 toll at all times, rush hour or not.

Now, here’s the part you should have already worked out:

Drivers at the San Mateo and Dumbarton bridges typically wait less than two minutes to get through the toll booth, according to the Bay Area Toll Authority.

Still, officials said traffic data shows many of the logjams on Highway 101 are caused by commuters who take advantage of cheaper housing in the East Bay and cross the bridges for their jobs in the Peninsula. Slowing traffic on the bridges during the commute could have a ripple effect on Highway 101, where officials have struggled for years to ease bottlenecks, they said.

Ooooh, ripple effect!  Double rainbow all the way!  Across the sky!  By making commuting more expensive or more inconvenient, homes on the Peninsula close to jobs will become even more valuable.  Meanwhile, “cheaper housing in the East Bay” won’t be such a bargain once the commute costs more time and money.  Expect that desirability deficit to work itself into pricing homes in the East Bay if congestion pricing moves to Peninsula bridges.

In related bridge toll news, the Golden Gate bridge authority is getting rid of all their human toll-takers and switching to an all-electronic system.

Comments (15) -- Posted by: madhaus @ 5:08 am

January 28, 2011

Amazing income opportunity in East Palo Alto

Beds: 3
Baths: 1
Sq. Ft.: 940
$/Sq. Ft.: $266
Lot Size: 5,000 Sq. Ft.
Property Type: Detached Single Family
Style: Ranch
Stories: 1
View: Neighborhood
Year Built: 1927
Community: East of U.S. 101
County: San Mateo
MLS#: 81057944
Source: MLSListings
Status: ActiveThis listing is for sale and the sellers are accepting offers.
On Redfin: 23 days
PRICE TO SELL FAST!!!  Start building equity right now with this great home in up and coming area of East Palo Alto. This home is well maintained and would be a wonderful starter home or a fantastic income property. New roof!! This property was rented out for $2,000/month. Recently got new carpet, paint and appliances. Priced to sell!!!

Thanks to Burbed reader A.L. for this find!

First, let’s look a the history of this fine, affordable, property.

image

Wow, just look at the equity possibilities here. Here is $315k of instant equity just sitting around waiting for you to tap.

But what A.L. really wanted to point out was the fact that this place currently rents out for $2000 a month! Can you believe that? $2000 a month in East Palo Alto. Talk about an amazing revenue stream. I wonder who is paying that rate – what are your thoughts?

Comments (24) -- Posted by: burbed @ 5:36 am

January 17, 2011

Completely remodeled, very affordable house!

$219,000

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Beds: 2
Baths: 1
Sq. Ft.: 760
$/Sq. Ft.: $288
Lot Size: 3,225 Sq. Ft.
Property Type: Detached Single Family
Style: Ranch
Stories: 1
View: Neighborhood
Year Built: 1962
Community: East of U.S. 101
County: San Mateo
MLS#: 81055538
Source: MLSListings
Status: Active
On Redfin: 47 days
COMPLETELY REMODELED WITHIN THE LAST 8 MONTHS. BEAUTIFUL NEW KITCHEN CABINETS W/ GRANITE COUNTER TOP AND BACKSPLASH. HW FLOORS IN LIVING ROOM AND HALLWAY. NEW CARPET IN 2 BEDROOMS. REMODELED BATHROOM. ALL DOUBLE PANE WINDOWS. NEW GARAGE DOOR WITH REMOTE CONTROL. ALL WORK DONE WITH PERMITS. EXCELLENT CONDITION. LIGHT AND BRIGHT. WAITING FOR YOUR CLIENTS. PROFESSIONAL LANDSCAPING.

With prices like this, can anyone still say that houses in the Bay Area are unaffordable? Look at this beauty! It’s completely remodeled! And, with permits – something that’s pretty rare in the Valley apparently!

And just for $288 per square foot! In a safe neighborhood! (There haven’t been any shootings this year so far!)

Most importantly, look at all the instant equity waiting for you:

image

Cha-ching! Buy it today and watch as it soars back up to $420k! That’d be like doubling your money instantly!

A great price, for a great Bay Area sized house, in a great (so far this year) neighborhood, with… uh… schools. WHAT A DEAL!

Comments (13) -- Posted by: burbed @ 5:06 am

December 13, 2010

Cheapest House in East Palo Alto

Black Friday’s been over for weeks, but the DEALS continue!  And today’s house has something for everyone.

939 E Bayshore Rd, East Palo Alto, CA 94303
$180,000

image BEDS: 4
BATHS: 2
SQ. FT.: 1,510
$/SQ. FT.: $119
LOT SIZE: 4,500 Sq. Ft.
PROPERTY TYPE: Detached Single Family
STORIES: 1
YEAR BUILT: 1966
COMMUNITY: East of U.S. 101
COUNTY: San Mateo
MLS#: 81057092
SOURCE: MLSListings
STATUS: Active
ON REDFIN: 1 day
NEW LISTING (24 HOURS)

This is an actual HOUSE with four bedrooms and two baths, and it costs so little Redfin won’t represent you in the transaction.  Plus you’re only a couple miles from Facebook HQ, at an asking price more suited to Wal-Mart Greeter wages.  (With a $36,000 down payment, a 30 year fixed at four and a half percent will run $730 a month.)  What’s not to like?

Let’s see why the agent didn’t take the time to drive by and snap a photo for us.  First: location, location, location means E-Z Freeway Access!

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That big 4500 foot lot needn’t suffer when you build your own freeway onramp across the street.  Now, let’s admire the house you can pick up for less than the cost of a Virgin Galactic ticket or a Prive mobile phone.

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Perfect!  And Patriot Properties is the “Number One REO Broker in the Bay Area!”  We must be at the right place, because I bet there’s a 1906 REO in that garage.  So I wouldn’t worry that Google disavows any connection with this property (see upper right).

Here are a couple more views.  This one is a little further north up Saratoga (which is a much classier street name than Bayshore, and you get this upgraded street name included in the low, low price).

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This view is slightly south of the first photo, as you approach Bay Road.  It’s great that the seller has helpfully included a high-quality fence with this aggressive pricing.  And given the dynamics of this exciting neighborhood, you’re going to be glad it’s there!

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I hope you like having neighbors close by, because in this case, it’s going to be unavoidable.  But you’ll be just steps away when you need to borrow a few ammunition clips.

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I know these pictures are getting you very interested in buying this property now now NOW, but you’re probably scoffing that this is yet another unloved patch of dirt that nobody wants and the bank can’t wait to get rid of.  Not true!  Just look at the sales history!

Property History for 939 E BAYSHORE Rd

Date Event Price Appreciation Source
Dec 09, 2010 Listed $180,000 MLSListings #81057092
Jan 14, 2010 Sold (Public Records)
Possible abnormal transaction
$185,000 -51.4%/yr Public Records
Jun 22, 2009 Sold (Public Records) $278,000 73.9%/yr Public Records
Apr 20, 2009 Sold (Public Records) $253,000 -11.3%/yr Public Records
Apr 20, 2009 Sold (MLS) $252,900 Inactive MLSListings #80902075
Apr 15, 2009 Delisted Inactive MLSListings #80902075
Jan 14, 2009 Listed $259,900 Inactive MLSListings #80902075
Oct 08, 2008 Delisted Inactive MLSListings #1
Oct 08, 2008 Sold (Public Records)
This home was
foreclosed
$340,000 Public Records
Oct 01, 2008 Relisted

Inactive MLSListings #1
Oct 01, 2008 Delisted

Inactive MLSListings #1
Sep 03, 2008 Price Changed $499,000

Inactive MLSListings #1
Aug 28, 2008 Price Changed *

Inactive MLSListings #1
Aug 26, 2008 Relisted

Inactive MLSListings #1
Aug 26, 2008 Delisted

Inactive MLSListings #1
Aug 20, 2008 Price Changed *

Inactive MLSListings #1
Apr 25, 2008 Price Changed *

Inactive MLSListings #1
Apr 09, 2008 Price Changed $609,000

Inactive MLSListings #1
Feb 22, 2008 Listed

Inactive MLSListings #1
Feb 26, 2004 Sold (Public Records) $470,000 33.3%/yr Public Records
Jun 06, 1997 Sold (Public Records) $68,181 -3.2%/yr Public Records
Mar 25, 1988 Sold (Public Records) $92,000

Public Records

Almost half a million in 2004?  That’s practically three hundred thousand of instant equity waiting for you to unlock, provided someone hasn’t already stolen it.  Now aren’t you glad there’s a chain-link fence already installed?

Comments (60) -- Posted by: madhaus @ 5:05 am

November 12, 2010

INVESTOR/BUILDERS DREAM in East Palo Alto

$645,000

Beds: 3
Baths: 1
Sq. Ft.: 1,090
$/Sq. Ft.: $592
Lot Size: 0.92 Acres
Property Type: Detached Single Family
Stories: 1
Year Built: 1917
Community: East of U.S. 101
County: San Mateo
MLS#: 81004962
Source: MLSListings
Status: ActiveThis listing is for sale and the sellers are accepting offers.
On Redfin: 277 days
.9 ACRE LOT WITH 3 BED 1 BATH HOME. MAJOR REHAB WORK NEEDED, GREAT PROPERTY FOR DEVELOPING, INVESTOR/BUILDERS DREAM

It’d be too easy (and misleading) to call out the fact that this is $592 per square foot. Rather, let’s look at the fact that this is just $645 for nearly an acre of land. East Palo Alto or not, that’s a wowser!

Just look at what others have done in this neighborhood!

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Check out that subdivision on the right… or the two lots on the left.

Any real estate developers hanging out here? What do you think can happen with this lot? I’m thinking you can easily make $5 mil from a project here. Heck, it’s even blessed being right next to a church!

As a bonus, you also get a bunch of free, antique, collectible cars!

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Now that’s a win!

Comments (10) -- Posted by: burbed @ 5:16 am
 
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