June 11, 2013

Attention all first-time buyers!

Let’s find out what affordable housing looks like Close to Facebook!  Here’s a honey of a house from Burbed reader Petsmart Groomer. Thanks very much… we think.

130611-wisteria-redfin143 WISTERIA Dr
East Palo Alto, CA 94303
$375,000

3 Beds
1 Baths
1,060 Sq. Ft.
$354 / Sq. Ft.
Built: 1952
Lot Size: 5,000 Sq. Ft.
On Redfin: 6 days
Property Type: Detached Single Family
Stories: 1
Community: East of U.S. 101
MLS#: 81319639
Style: Traditional
View": Neighborhood
County: San Mateo

Attention all first time buyers!!! Diamond in the rough!! "The Gardens Home" Hardwood floors throughout, 3 bedrooms, 1 bath, 1060 square feet on a 5000 square foot lot. Minutes from highway 101, Dumbarton and IKEA. This is a great started home in a well maintained neighborhood!!!

Check it out!

130611-wisteria-side130611-wisteria-floor130611-wisteria-back

Great started home indeed!  Plus, we got 3/4 of a Dude Hanging Out in that… um…guest house.  Which we are absolutely sure has all required permits.  Uh huh.

Comments (7) -- Posted by: madhaus @ 5:09 am






June 10, 2013

in-ground pool, custom tile entry way

It’s time for another week of Burbed win! You know what that means, right? Sure you do! Today’s fine featured fortress is brought to you by Burbed reader J from Alameda.  Yes, another bit of East Bay win today, in Walnut Creek!

And you know that by “win” we still mean the exact opposite of “win.”

130609-newell-redfin1764 NEWELL Ave
Walnut Creek, CA 94595
$734,900

3 Beds
2 Baths
1,977 Sq. Ft.
$372 / Sq. Ft.
Built: 1948
Lot Size: 9,504 Sq. Ft.
On Redfin: 172 days
Status: Pend-REO
Type: Detached
Stories: 1
County: Contra Costa
Style: Ranch
Community: Parkmead
MLS#: 40598733

This custom home has over 2000 sq ft of living space located in the heart of Parkmead. Home features an open floorplan, custom tile entry way, hardwood floors, sunroom (permits unknown) and updated master bath. The backyard has a in-ground pool. Call today for more information on this great home!!

130609-newell-open-planLet’s have J check in on why another East Bay property when there are so many deserving listings much closer to Google:

How about a nomination for most trips down Pending Lane? And a few price reductions thrown in for good measure.

Theories? Is it the pool? The unknown sunroom permits? Can’t be the freeway noise since it’s at least a block away. The house is on a busy 130609-newell-poolstreet but just doesn’t look so terrible. What am I missing?

Oh, sure, anyone can take a trip down Pending Lane if all you have to do is lounge around on the bank’s inventory.  And anyone can take multiple trips if the house isn’t in the Real Bay Area. RBA houses are in such demand that pushy buyers are known to force their way into bank VPs’ offices at gunpoint and demand they sell them the house at 10% over asking.

What, you think real bank robbers would hit a place like Cupertino?  And if they did, they sure as heck wouldn’t dare try Los Altos.

As to the house: 8 days too soon to call this an Old LIsting. Lot’s 496 feet too small to be “big.”  But, ah, the photos.  We’re talking win.

130609-newell-open-plan130609-newell-corner130609-newell-bedroom130609-newell-doorway130609-newell-kitchen

Comments (2) -- Posted by: madhaus @ 5:01 am

June 9, 2013

We’re Number 8! We’re Number 8!

130608-trulia-sanjoseYes, another danged list! This time San Jose is #8 on the Least Affordable Housing Market list created by Trulia. Not only that, Oakland and San Francisco are ranked even better!  Let’s have a look, and also at this article that referenced the Trulia list.

Thanks very much to Burbed reader Petsmart Groomer for sending in the second article.

 

Rank US Metro % of monthly avg wage to pay mortgage YOY % change in prices
1 Honolulu, HI 74% 12.8%
2 San Francisco, CA 55% 19.6%
3 Orange County, CA 44% 21.2%
4 Ventura County, CA 41% 15.4%
5 Los Angeles, CA 41% 17.4%
6 (tie) San Diego, CA 37% 16.8%
6 (tie) Oakland, CA 37% 31.2%
7 (tie) Long Island, NY 35% 1.1%
7 (tie) New York, NY-NJ 35% 4.6%
8 San Jose, CA 33% 23.2%

Affordability is measured as a mortgage payment at 3.8%, 30 year fixed, on an 1800 sf home at median price per sf divided by local average monthly wage for a worker.

130608-trulia-oaklandNot only that, Oakland and San Jose metros are the 1-2 punch of year over year housing price increases, greater than every other Top 100 metro that Trulia examined.  San Francisco is also showing frightening gains at 19.6%, right behind Orange County.

But remember, 8s are very, very lucky.  Tell us how you feel about so many California cities on the Least Affordable List?  Are you going to keep renting or are you determined to get out there and overbid?

130608-trulia-pineappleThe Wall Street Cheat Sheet piece conveniently left our old nemesis Manhattan and environs off its list by completely ignoring it. After all, if you can’t increase housing prices by double digits, what the heck are you doing calling yourself unaffordable?

Now, what are we going to do about Honolulu? We’d better get those median housing prices up past a million in at least 15 more cities by next week!

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

June 8, 2013

Deserted… We mean Desert Home

It’s the weekend! That means Open House Time! It also means we need to come up with some filler article, because everyone’s too busy planning on visiting Open Houses to spend all day commenting on Burbed.

While you visit homes and plan by how much you’ll overbid, here’s a honey for you to handle. It’s just a short drive out of the Bay Area… and out of Northern California… and out of the LA Basin… and out of the Southland. On the other hand, you literally could pay for this house with money you find under your couch cushions with the E-Z Seller Financing!

Thanks very much to Christin whose Redfin Collection “Just Wow” featured this… um… property.

130607-lorilisa-redfin1 LORI LISA Rd
29 Palms, CA 92277
$9,000

0 Beds
— Baths
400 Sq. Ft.
$23 / Sq. Ft.
Built: 1957
Lot Size: 5 Acres
On Redfin: 141 days
Property Type: Residential, Single Family
View: Desert
County: San Bernardino
Style: One Level, Cabin
Community: Wonder Valley
MLS#: DC13006684

Want a secluded cabin on 5 acres next to open desert? This is the one! Has electric in street. The old cabin needs some work but hey it has got 4 walls up, just missing the room. Also on land is out house in pretty good condition. Old stove/bbq thing that is cool and looks like it could be used, inside cabin are old antique stove and sink. Seller will finance this jewel with 20% down @ 7 % interest all due 5 years. From Amboy Road go north on Meriwether Road all the way to the end then take a left on Lori Lisa Road and there is the cabin on the right side.

Jewel indeed, and all you need is $1,800! Look at all you get, in addition to this awesome listing copy!

130607-lorilisa-just-add-room130607-lorilisa-wood-wood-wood130607-lorilisa-cabin130607-lorilisa-cabin2130607-lorilisa-cabin3130607-lorilisa-eddie-albert

But wait! There’s more!

130607-lorilisa-what130607-lorilisa-outhouse130607-lorilisa-stove

Operators – we mean the seller – is, um, are standing by!  As is today’s Weekend Open Thread! Let us know how deserted the Open Houses were you saw today!

Comments (9) -- Posted by: madhaus @ 5:02 am

June 7, 2013

Vacay of the Day

While we concentrate on housing insanity in the Bay Area, Burbed is a Northern California real estate blog.  So we’re happy to feature this find from Burbed reader Cindy in a likely little holiday spot for you. Remember, great real estate photography can be found everywhere, such as this stunning South Lake Tahoe Spectacular. Head on up and overbid on this one quick!

130606-paloma-trulia830 Paloma Ave
South Lake Tahoe, CA 96150
$349,000

4 bed / 2 full bath
1,606 sqft
Single-Family Home
$1,563 / mo
6 Days on Trulia
205 views
Vaulted Ceiling
Deck
Status: For Sale
Parking: Garage
Parking Spaces: 1
Floors: Carpet, Tile, Vinyl
Exterior: Wood Siding
Roof: Composition Shingle
Heating: Space Heater
Heating Fuel: Natural Gas
Lot Size: 6,011 sqft
Built in 1962
MLS/Source ID: 120915
Zip: 96150

Lots of room in a sought-after neighborhood yet affordable. Just a couple of blocks from the meadow and a short walk to the shores of Lake Tahoe and Regan Beach, this four bedroom home offers the opportunity to own a spacious home ideal for large families or gatherings and at the same time, the potential for quick DIY equity. Downstairs living includes the main living area, an open fireplace, two bedrooms, guest bath and a bonus room which would serve well as a hobby room or home office. Upstairs are two more bedrooms and the second guest bath. All of the rooms are quite spacious. The backyard is sunny and fenced with… a large deck and storage shed.

130606-paloma-frontYes, that really is a giant-ass wooden bear statue.  Can’t believe Cindy forgot to mention it:

Location location location (1/2 mile from lake) In South lake Tahoe

Click on ‘enlarged photos’ for some of the worst photos of the day.

And by “worst” you mean “best,” don’t you?

130606-paloma-living130606-paloma-kitchen130606-paloma-bedroom130606-paloma-bedroom2130606-paloma-umwtf130606-paloma-decals

Worst, Best, they are definitely in a class by themselves, which is why it’s good these are far from the Real Bay Area.

Just imagine the chaos if any place could have overbidding.  For one, these weird-ass curtain designs would force their way in here and then where would we be? We’d have houses looking like day care centers, that’s what.

Bunus: Note the skateboard, showing the excitement you’ll have if you live here. Or showing the realtard was too fracking lazy to move it for the photo shoot.

Now that’s the potential for quick DIY equity.  That and using a large storage shed as fencing.

Comments (2) -- Posted by: madhaus @ 5:09 am

June 6, 2013

Live in a million dollar city… for under a mil

We just noted that the cost of a median single family house in San Francisco is now a million dollars. So we really appreciate this contribution from Burbed reader sonarrat, who found us a bargain in Baghdad by the Bay. (Warning: Old Herb Caen references indicate blogger is older than the dirt you won’t get with this property.)  Let’s see what’s selling in San Francisco!

130605-octavia-redfin51 Octavia St
San Francisco, CA 94102
$849,000

HOA Dues: $372/mo.
3 Beds
2 Baths
1,620 Sq. Ft.
$524 / Sq. Ft.
Built: —
Lot Size: —
On Redfin: 7 day
HOA Dues: $372/month
Community: Hayes Valley
MLS#: 408755
Property Type: Tenancy In Common
County: San Francisco

Elegant, remodeled 3 bedroom, 2 bathroom TIC on a tree-lined block in Hayes Valley. This is 130605-octavia-buildingan exceptional value for its size & scale. Living room with a decorative fireplace & pocket doors. Formal dining room with a built-in hutch. Large kitchen with stainless steel appliances & an exposed brick wall. Bathrooms with Carrera marble counters & a clawfoot tub. Private laundry room off the kitchen. A small office completes this home’s desirable floor plan. Gorgeous period details include softwood floors, high coved ceilings, & moldings. Lovely, bay windows with views of trees & the city. The unit has abundant natural light, good closet space & additional storage. A short walk to the Valencia St. Corridor, the Castro, Mid-Market, MUNI & BART.

Upcoming Open Houses

Sunday, Jun 9: 1:00-4:00 pm     Tuesday, Jun 11: 11:30-1:00 pm

130605-octavia-distressedNo land, and it’s a Tenancy In Common? What could possibly go wrong? Let’s ask sonarrat.

Burbed doesn’t visit the City by the Bay all that often, but it’s worth a visit now and again. And if you play your cards right, then you, too, might be able to enjoy the round-the-clock traffic jams, endemic vagrancy, picayune city ordinances, and high prices that make San Francisco so great. Because what says you’ve arrived better than living in a city that hardly anyone can afford to tolerate?

Aw, you say that like it’s a bad thing! Look at how this living opportunity is close to everything!

130605-octavia-aerial

If you’re providing services to mobile temps working from their cars (and seriously, who among us isn’t?), you can’t beat the location! You’re the first stop off the freeway!

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

June 5, 2013

[PSA] Beware of residential burglaries

Dear Real Bay Area citizens,

Yes things are going well: the median house price in San Francisco is $1M; the median list price in Mountain View is $998,000 and $639 per square foot.

But not all things are well in our lands…

Residential burglaries up this year
Number of home break-ins higher than in past five years, police say

by Nick Veronin
Mountain View Voice Staff

Local residential burglaries are up, according to officials with the Mountain View Police Department.

MVPD spokesman Sgt. Dan Vicencio said 50 houses and apartments were broken into between January and April. There were only 31 residential burglaries over the same four-month period last year.

"That’s a 61-percent increase," Vicencio said, adding that the increase in break-ins is "significant." Over the past five years, on average, there have only been 35 burglaries between January and April.

The department only had official numbers through April of this year. But looking at data from CrimeReports.com, which tracks police activity in cities all over the country, it appears that the trend will continue through May.

According to the crime-tracking website, from January to April there were approximately 14 home break-ins reported per month. This month, as of May 24, the website shows there have been 21 reported burglaries and attempted burglaries of local houses and apartments.

Vicencio said there is no clear reason for the increase in home burglaries. However, he said, whenever there is an increase in home break-ins, the department’s detectives pay attention. "When we have a jump this significant, we take a look at it."

In fact, thanks to the intrepid reporters at the paper of our land, we know about the many latest incursions into our castles:

Wow.

Personally, I’m shocked. Don’t higher housing prices translate to higher commissions for realtors which translates to more salon visits, headshots, SUV sales, and more of all things that stimulate the economy? Shouldn’t higher housing prices defeat and end crime?

Until that day, be careful people. Be careful! Guard your castles! Keep driving those housing prices up so that we can help improve the economy and reduce burglaries!

Comments (5) -- Posted by: burbed @ 5:48 am

June 4, 2013

Bay Area Bubble 4.0: Past Peak in Oakland

We keep hearing from supposed real estate experts who want to assure would-be buyers that This Time It’s Different and There’s No Bubble Here. And we’ll be here to keep reminding everyone that in the Bay Area, Where It’s Special, There Most Certainly Is A Real Estate Bubble.  There’s been one before and there’s one again right now. Today we have yet another in our continuing Exhibitions of Proof Beyond Ultimate Proof.  Thanks very much to Burbed Reader Bob in Oakland for sending in this luscious listing! 

130603-mandana-redfin719 MANDANA Blvd
Oakland, CA 94610
Sold for $720,000

2 Beds
1 Baths
1,155 Sq. Ft.
$623 / Sq. Ft.
Built: 1920
Lot Size: 5,750 Sq. Ft.
Sold On: May 24, 2013
HOA Dues: $13/month
Style: Craftsman
View: Greenbelt
County: Alameda
Type: Detached
Stories: Other
Community: Crocker Hghlands
MLS#: 40611221

Very charming craftsman bungalow with abundant period details. Just blocks from Peet’s, Trader Joes, Farmers Market, Arizmendi and the Transbay bus. Large terraced back yard ready for your creative touches.

130602-mandana-kitchenLet’s listen in as Bob talks to himself, because nobody in their right mind would leave the Real Bay Area to visit Oakland.

This one just sold for more than at the peak of the last bubble: $720,000 this year, vs $677,000 in 2006.

The underwater seller sold it last year (3/23/12) for $465k.

Without any work having been done (at least, there was none mentioned in the listing), it listed on April 18 this year for $569k.

130603-mandana-kitchen2Redfin associate says ‘interior shows well, but could use some updates, especially the kitchen. Floors are a bit wonk.’

Went pending 11 days later, and sold for $720k.  Whoever sold it last year got taken, big time.

No bubble here folks. Just move along. Nothing to see.

130603-mandana-mapIt’s a decent part of Oakland, but a reasonably busy street…

Although at these prices it looks like the Real Bay Area is visiting after all.  And why not? This house is much closer to the Trestle Glen and Lakeshore neighborhoods than Crocker Highlands, but if it can go for 27% above asking in 11 days, why not choose a community 27% more impressive as well?

They’re on their way with the 27% busier street, now with more yellow on the map! Let’s see what your creative touches can do with that.

Comments (9) -- Posted by: madhaus @ 5:01 am

June 3, 2013

San Francisco median home hits $1 million

San Francisco median home hits $1 million

The median price for a single family home in San Francisco hit $1 million in April — the highest level since 2007.

The new median price is a 32 percent jump from $760,000 last year.

Told you so. <mic drop>

If anything, I’m surprised it’s only 32%. If my math is correct, this really should’ve been 200%.

Let’s face it – have you seen how much money is out there right now? Just look around – everyone has a brand new Tesla. Everyone just got back from an amazing trip. Geeks no longer wear free t-shirts… it’s all about $400 selvedge jeans. The premium bikes. Paying top dollar for a PBR.

Madhaus calls this Bay Area Bubble 4.0. I disagree. I call this “FINALLY!!!!!”

My only hope is that we can undo some of these onerous government regulations, and bring back innovation into the lending space. It’s been too long since we saw the introduction (and squashing) of disruptive things like NINJA loans and neg-am loans. It’s time to bring these back.

With additional lending innovation, I think we can easily see a 200% increase in the median price in SF by next year. $2M is a much more reasonable price for such an amazing, disruptive area. Just wait until Box and Evernote IPO for $1.4T each. That’s right. You heard it here first.

2020

$6M median home price in SF.

I see it. Can you?

Comments (7) -- Posted by: burbed @ 5:02 am

June 2, 2013

The Village

Sent in by a Mountain View resident:

20130601-village-q

Friends of The Village. That just rolls off the tongue so nicely.  Would you like to be added to their email-list for updates?

130601-village-pennyfarthing20130601-village-movieBe sure to Check-off any or all that you like. Although last time we saw something by Check-off, everyone was pretty sad at the end.  (Spoiler: The cherry orchard gets cut down, which means it was actually about Sunnyvale.)

You are Number Six. And since this is your Weekend Open Thread, tell us about any Open Houses you found in The Village of Your Choice. Or which of these would you like in The Village Phase II, near Caltrain.

Also tell us about any Open Houses near Caltrain.

Comments (3) -- Posted by: madhaus @ 5:02 am