March 21, 2011

Zrent vs. Zbuy

Zillow, the website that brought you the Zestimate, now has a brand-new feature to make fun of.  We’ve all chuckled over how surprisingly off the Zestimate of a home’s value could be.  Well, in the words of Mr. Family Guy, “You think that’s bad?”

Zillow has just introduced the Rent Zestimate.  Yes, now we can compute the Zrent Zratio, using two estimates that may or may not have anything to do with reality!  Let’s try it with a few houses previously featured on Burbed!

image

Here’s Friday’s house, the Tangrams Set with the High-Tech name.  Once more, the Zestimate has no relation to real life, because if it did this place wouldn’t be sitting unclaimed for 113 days at $200K less than Zillow’s amazing valuation model’s prediction.  To compute the Zrent Zratio, divide the Zestimate by the annual Rent Zestimate.  For this house, $762,000 divided by ($3081 * 12) is 20.6, a number that says rent, don’t buy this house.  (A number above 15 says rent, a number below 15 says buy.)

Although I think the answer is really don’t rent or buy this house, so let’s try again with something a little more desirable.  So let’s stop and smell the roses.

image

Well, here’s a Zestimate a little more down to earth, as this Beautiful Specious Home is listed for $239,000.  The Zrent Zratio is $217,500 / (1345 * 12) or 13.5.  Buy!  Buy!  BUY!

And here’s our most recent run-in with MAWBUL CAWLUMS, it’s the Shrek House.

image

Ready?  Oh oh, this place has a Zestimate about 30% of the asking price.  I didn’t say 30% lower, I said it’s 30% of the asking price.  I’m sure the FBs will be happy to set Zillow straight on this.  And the Zrent Zratio is… $1,427,000 / (5587 * 12) = 21.3.  Rent.  Definitely rent.

Okay, now for grins, we’re going to compute the rent ratio using the wishing prices of all three homes, and Zillow’s Rent Zestimate.

  • Poinsettia: $575,000 / (2979 * 12) = 16.1 (weak rent, buy it if you love it)
  • Gibraltar: $217,500 / (1345 * 12) = 14.8 (buy or rent, it’s a wash)
  • Butch: $4,999,000 / (5587 * 12) = 74.6 (rent rent rent rent rent rent are you kidding me?)

So, what do you think of Zillow’s new made up numbers?  Do any of these rents have anything to do with reality?  And if you divide one invented number by another, does the nonsense cancel itself out?

Comments (80) -- Posted by: madhaus @ 5:11 am






March 18, 2011

Dsys1-7 offers will not be reviewed

Today’s listing is thanks to Burbed reader sfbubblebuyer, who sent it in for everyone’s reading pleasure, or financial opportunity.  You just never know!

200 POINSETTIA Ave, San Mateo, CA 94403
$575,000

image

BEDS: 4
BATHS: 2.5
SQ. FT.: 1,950
$/SQ. FT.: $295
LOT SIZE: 9,240 Sq. Ft.
PROPERTY TYPE: Detached Single Family
STYLE: Cape Cod
STORIES: 1
VIEW: Neighborhood
YEAR BUILT: 1948
COMMUNITY: San Mateo Village/Glendale Village
COUNTY: San Mateo
MLS#: 81055396
SOURCE: MLSListings
STATUS: Active
ON REDFIN: 113 days

Dsys1-7 offers will not be reviewed. days 8-12: offers ONLY from NSP buyers, Municipalities, Non -profit organization and Owner-occupants will be reviewed. Days 13+: We will consider offers from all buyers.

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

Check the listing description, then the days on market…

imageWhat’s 113 days?  Don’t you know how long it takes to get a place foreclosed around here?  It’s already bank-owned?  Well, no problem then!  Looks like the bank took it back in October, 2009 and waited until November 2010 to list the place. Since then it’s only been pending twice. 

So clearly this house has seen a lot of action and the bank is ready to respond quickly to your overbid!  You remember Monday’s house where you deserve a Yes?  Just imageimagine what you deserve here!

To find out, head to the front door of today’s featured house. They want you to admire that front door first, since they didn’t bother showing the inside of the house. Now pretend you’re Opportunity Knocking!  You never know who might answer the door.

I mean, this place is great!  It looks like a giant Tangrams set!

Sold to the FB for $830,000 in 2005, the house has a cool $255K in instant equity, just waiting for someone like you to come and get it.  All you have to do is wait until Days 13+, which will come around again in another 100 days.

Comments (23) -- Posted by: madhaus @ 5:08 am

March 2, 2011

Free teddy bear with purchase of house

$499,000

 

Beds: 3
Baths: 1
Sq. Ft.: 1,030
$/Sq. Ft.: $484
Lot Size: 5,200 Sq. Ft.
Property Type: Detached Single Family
Style: Contemporary
Stories: 1
View: Neighborhood
Year Built: 1954
Community: Parkside
County: San Mateo
MLS#: 81017612
Source: MLSListings
Status: ActiveThis listing is for sale and the sellers are accepting offers.
On Redfin: 293 days
Lovely home in excellent conditions!!! It has lots of upgrades, Updated kitchen with granite counters, elegant hardwood floors, Renovated Bathroom with marble walls, Lovely backyard with plenty fruit trees, Fresh paint in and out. Double paned windows. . It is in move in conditions. .

Lots of upgrades indeed! Although one upgrade you may want to do is to enlarge the garage since it looks like that SUV will cause it to burst.

Let’s take a look at those upgrades. Like the kitchen!

13011548

I really like the hose back there! It really adds a gritty SoMA feel to this house!

I’m surprised though they didn’t call out the free teddy bear:

13011547

Now that’s a real value add!

Comments (18) -- Posted by: burbed @ 5:45 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

December 18, 2010

They’re Baaaaaaaaack!

The Cheapest House In… series is so popular, what could be more appropriate than bringing back another one? That other perennial Burbed series, Most Expensive Zip Codes: RBA Edition!  Well, what indeed, other than some of the commenters saying they hated it?  But that’s okay.  That was just one or two hot-heads.  We know all the rest of you can’t wait to find out when San Jose makes an appearance on that list!

If you missed the previous entries in the ZIP code series, feel free to check them out.  The 500 most expensive zips were chosen by Forbes magazine, working with Altos Research’s data.  All the mistakes were entirely Forbes’, of course.  We just take credit for finding them.

And now, Burbed proudly presents (okay, not so proudly, we did get some Debbie Downers who moaned about this) The Most Expensive Zip Codes in the RBA: The Six Digit Edition.

#201 – 94506 Danville

Median Home Price: $1,072,360
Median Price Change: NA
Average Days On Market: 96
Inventory: 84 properties
Median Household Income: $142,459
Ignored Because: In East Bay, plus Forbes can’t figure out where Danville actually is.  Remember that expensive Danville zip here at #59?  That was actually Pleasanton.

#202 – 93924 Carmel Valley

Median Home Price: $1,064,710
Median Price Change: 9%
Average Days On Market: 206
Inventory: 101 properties
Median Household Income: $71,053
Ignored Because: Another gazillion square mile zip full of nothing.

image#211 – 95014 Cupertino

Median Home Price: $1,042,581
Median Price Change: -4%
Average Days On Market: 69
Inventory: 155 properties
Median Household Income: $100,020
 
Finally,, a place we can call home; home to Apple, home to Hewlett-Packard – oops, not any more! But it is home to the world-famous Cupertino Union School District, where parents raised two million dollars to keep teachers from losing their jobs another year.  So if you move in, you know you’ll be hit up for even more next year!

The median price is still over a million, but not for long!  At least it has an eight in it.

image #212 – 94010 Burlingame

Median Home Price: $1,035,952
Median Price Change: -25%
Average Days On Market: 88
Inventory: 122 properties
Median Household Income: $82,188

Conveniently located at the nexus of US 101 and SFO, Burlingame has many advantages which I’ll leave to the imagination.  Just as Los Altos Hills has Los Altos pulling down the averages, Hillsborough will always have Burlingame.  And why not, when they share the same ZIP code?  And in an amazing coincidence, they also share the same median income.

Anyone who thinks the typical Hillsborough household income is $82K when the houses sell for $2.9 million, raise your polo mallet.

image #220 – 94115 San Francisco

Median Home Price: $1,018,459
Median Price Change: -21%
Average Days On Market: 93
Inventory: 99 properties
Median Household Income: $54,879

You ever see that movie, Pacific Heights, where the psycho tenant tries to drive the yuppie landlords out of their house?  This is where it supposedly took place.  (It actually took place at Texas and 19th Street, in Potrero Hill, but then the house wouldn’t have sold for $750,000 in the late eighties.) 

Pacific Heights: median home price, a million.  Median income, fifty thou.  Why was anyone surprised when an angry renter happened?  Disclaimer: I have actually lived in this zip code.  As a renter.

#227 – 94939 Larkspur

Median Home Price: $1,004,396
Median Price Change: -26%
Average Days On Market: 95
Inventory: 36 properties
Median Household Income: $75,747
Ignored Because: Location, location, location! Right next to San Quentin.

image #236 – 94402 San Mateo

Median Home Price: $982,903
Median Price Change: -10%
Average Days On Market: 103
Inventory: 103 properties
Median Household Income: $82,796

Whoa, look at that map!  This zip is cut into three different pieces!  Well seriously, if San Mateo gets to pick and choose separate parts that go to one zip, of course they can optimize it to get a couple of their zips onto the Top 500.  Place your bets which one we’ll see next, and when!

For this, 94402 is nominated for the Jerry Mander Prize for noncontiguousity.  But it’s still San Mateo so nobody is impressed.  Just the fact that we’re now under a million for the median home price tells us we’re not in Atherton anymore.

image #238 – 94118 San Francisco

Median Home Price: $976,434
Median Price Change: -8%
Average Days On Market: 71
Inventory: 86 properties
Median Household Income: $61,609

This zip contains Inner Richmond and Laurel Village, along with the nice places along the Presidio near Lake Street.  What’s surprising is how close the numbers are to Pacific Heights’ zip code.  Then again, zip codes were designed for postal workers, not real estate agents.

Then again, it includes 19th Avenue, and any house near there could be described as A Thoroughfare Runs Through It.

image #241 – 94127 San Francisco

Median Home Price: $969,776
Median Price Change: -8%
Average Days On Market: 103
Inventory: 50 properties
Median Household Income: $95,313

Remember what I was saying earlier about Portrero Hill?  Well, this isn’t it.  This is Mount Davidson, highest point in San Francisco (928 feet).  The neighborhood southwest of Mount Davidson is called Sherwood Forest.  Now all we need is a Robin Hood to steal from the people who live here (check out the median income).

This is also the site of the park scene with the cross in Dirty Harry, where Harry confronts serial killer Scorpio.

image #245 – 95120 San Jose

Median Home Price: $965,271
Median Price Change: -2%
Average Days On Market: 86
Inventory: 176 properties
Median Household Income: $120,117

San Jose?  No way.

Way, even San Jose finally cracks the list of Most Expensive Zip Codes, although #245 doesn’t exactly serve up bragging rights.  This part of town is on a hill like San Francisco above, but if you can name a movie shot at Calero Reservoir as notable as Dirty Harry (heck, our Governator said that movie influenced his acting career), go for it in the comments.

image #250 – 95033 Los Gatos

Median Home Price: $940,654
Median Price Change: 7%
Average Days On Market: 172
Inventory: 98 properties
Median Household Income: $106,675

Los Gatos’ third zip code squeaks under the wire at number 250, joining more chichi 95030 (#38) and 95032 (#199) in the list of Most Expensive Zip Codes in the United States.

This from the zip that provided the Cheapest House in Los Gatos earlier this week.  But it’s also got its tail cut off!  Did Mean old 95030 bite it when they were duking it out over Monte Sereno?

Next Installment: You’ll be on the edge of your seat wondering if Sunnyvale makes the next cut!  Only on Burbed!!!!

Comments (14) -- Posted by: madhaus @ 5:05 am

September 20, 2010

A perfect house for Asians who luv 2 txt

114 HOBART Ave San Mateo, CA 94402

$649,888

image

Beds: 2
Baths: 1.5
Sq. Ft.: 1,330
$/Sq. Ft.: $489
Lot Size: -
Property Type: Townhouse
Style: Contemporary
Stories: 1-3 (Low Rise)
View: Neighborhood
Year Built: 1977
Community: Aragon
County: San Mateo
MLS#: 81043938
Source: MLSListings
Status: ActiveThis listing is for sale and the sellers are accepting offers.
On Redfin: 1 day
New Listing (24 hours)

STUNNIG!Totally remodeled w/ nothing but the very best. U have 2 c it 2 believe it. Rare TOWN HOUSE In Baywood Scools. Fabulous Hom w/ designer touches. Custom H/WFLOORS downstairs & Custom carpeting upstairs. Remodeled Kitchen w/ Nu Cabinetry, Granite C. Tops, S/Steel Appliances. 2 many upgrades to list. U will be PROUD 2 show. Laundry Area inside, 2 Car parking, 6 units only. Escrow:1st. American, Burlingame

Thanks to Burbed reader Jeff for this find!

This is a perfect house for Asians who luv 2 txt. Look, it ends with 888! That means it is Asian friendly. Look, it uses phrases like “u have 2 c it 2 believe it”! That means it is friendly for texters.

Look, the community is called Aragon – LOTR fans where are  you?

Without a doubt, this is the very best you can get for $489 per square foot. Just look at the pictures… err… picture.

I’m not sure what you’re waiting for… oh, you’re not a txting 8zn that luvs lotr? uh… well… how about your co-workers then?

Comments (68) -- Posted by: burbed @ 5:09 am

April 21, 2010

Lava field or yard in San Mateo

Beds: 3
Baths: 2
Sq. Ft.: 920
$/Sq. Ft.: $847
Lot Size: 5,740 Sq. Ft.
Property Type: Detached Single Family
Style: Spanish
Stories: 2
View: Neighborhood
Year Built: 1927
Community: Beresford Manor
County: San Mateo
MLS#: 81016043
Source: MLSListings
Status: Active This listing is for sale and the sellers are accepting offers.
On Redfin: 5 days
Fantastic Opportunitty for a Big Family , 2 extras Bonus Room, and very nice Garden.
Thanks to Burbed reader Jeff for this find. Here’s what Jeff had to say:

From the description, “Fantastic Opportunitty for a Big Family , 2 extras Bonus Room, and very nice Garden.”

So I guess that would be 3 bedrooms and two bonus rooms in the 920sq ft house?

Pic 5 is either a garden or a lava field.

Let’s take a look at that pic:
image
Oh my. Oh my indeed.
That said, check it out! There’s faux-columns in the front! That’s got to count for something!
Comments (103) -- Posted by: burbed @ 5:18 am

March 30, 2010

Short sale in San Mateo, with great opportunity

Beds: 2
Baths: 1
Sq. Ft.: 720
$/Sq. Ft.: $542
Lot Size: 4,365 Sq. Ft.
Property Type: Detached Single Family
Style: Ranch
Stories: 1
View: Neighborhood
Year Built: 1940
Community: Bowie Estate
County: San Mateo
MLS#: 81001423
Source: MLSListings
Status: Active This listing is for sale and the sellers are accepting offers.
On Redfin: 62 days
Short Sale (subject to lenders approval) 2bd 1ba 1 car garage, spacious back yard . .. Plenty of potential

Short sales can sometimes be amazing opportunities to get amazing value. I mean, heck, this house even has two fine german cars parked in front of it. That’s a sure sign of potential success that you may achieve if you purchase this house!

So, let’s take a look at this spacious back yard! Uh… oh… what’s going on here?

image

What? No mention of “great for first time buyers/handyman’s delight”? I feel so misled by this listing!

Comments (219) -- Posted by: burbed @ 5:38 am

March 29, 2010

A green house for green living in San Mateo

Beds: 3
Baths: 1
Sq. Ft.: 1,060
$/Sq. Ft.: $630
Lot Size: 5,115 Sq. Ft.
Property Type: Detached Single Family
Style: Ranch
Stories: 1
View: Neighborhood
Year Built: 1951
Community: Beresford Manor
County: San Mateo
MLS#: 81006549
Source: MLSListings
Status: Active This listing is for sale and the sellers are accepting offers.
On Redfin: 31 days
OPPORTUNITY AWAITS IN THIS HIGHLY DESIRABLE NEIGHBORHOOD-FRESHLY PAINTED INTERIOR, EAT-IN KITCHEN, NICE LEVEL YARD-MAKE THIS A JEWEL OF A HOME-CLOSE-IN LOCATION, NEAR SCHOOLS, SHOPS & MAJOR THOROUGHFARES-1ST TIME BUYERS/INVESTORS DELIGHT.

Being green is all the rage these days, and this house will really allow you to tell the world just how green you are. At just 1060 square feet, this house will ensure that your footprint, carbon or otherwise, remains small.

And just look at the dedication to being green you will be able to impart on your friends when you invite them over:

image

Green enough for ya? Personally I’m really digging the flooring. Now that is definitely unique!

Yep… this is something that 1st time buyers and investors will clearly appreciate.

How would you make this house even more green?

Comments (14) -- Posted by: burbed @ 5:05 am

March 15, 2010

If you like sewage, you’ll like this San Mateo house

Beds: 4
Baths: 2.5
Sq. Ft.: 2,480
$/Sq. Ft.: $363
Lot Size: 8,362 Sq. Ft.
Property Type: Detached Single Family
Stories: 1
Year Built: 1971
Community: Laurelwood
County: San Mateo
MLS#: 81011291
Source: MLSListings
Status: Active This listing is for sale and the sellers are accepting offers.
On Redfin: 5 days
Enter at your own risk. 1st floor is flooded with sewage. recommend wearing a mask before entering.

Thanks to Burbed reader Wendy for this find!

Wow what a great way to start the week! No wonder this is such an amazing deal… at just $363 per square foot, this would’ve been a mistake. But this is simply because of a bum pipe. How much could that possible cost to replace? And… then… just a little cleanup. I’m sure “flooded” is an exaggeration. I mean, how could that have possibly happened in a house this nice?

There’s a whole lot of instant equity waiting for you in this house. Just bring a mop and some bleach – boom! Watch that $ per square foot soar!

Comments (26) -- Posted by: burbed @ 5:02 am