February 14, 2007

1.8million: "Easy access to Adult Video Store"

Burbed Reader Nick had this fantastic find recently at 1098 W El Camino Real in Mountain View:

1098elcamino.jpg

Ok… so what’s across the street:

1098elcaminob.jpg

Here’s what Nick had to say:

I thought you might be amused by this house that I pass every day on the way to work. For only $1.8M you can be the proud owner of this very ordinary-looking single-family home at 1098 W El Camino Real in Mountain View. That’s right, it’s directly on the busiest road in the area so you get to listen to traffic and sirens all day and night. But to make up for that minor annoyance, it is very conviently located and close to shopping: you’ve got an “adult” video store directly across the street. (Sorry about the crappy camera phone pictures.) That sign in the video store window says “Help Wanted”, so it should be easy for the buyer to get a part-time job to help pay the mortgage.

http://listings.metrodt.com/agents/r/richards-david/mountainview/

What do you think? Could this be the perfect starter home for my wife and I to raise a family? :-)

Well Nick, I’m not familiar with your family – but perhaps if you and your wife are open minded, this might be a great property for you! Your kids could set up a basketball hoop on El Camino, and when they get older, they can get a job across the street to help you pay your mortgage. Even if you and your wife are prudes, they could work at what appears to be a car repair store next door.

Great find!

BTW, did you remember to buy your wife a Valentine’s Day present? Because if not, I know a place you could go to on El Camino Real…

Click here to post a comment -- Posted by: burbed @ 5:12 am






February 13, 2007

Bubble War! Long Island versus Bay Area!

The other day, LIBubble posted this comment on this blog:

Nice Try Long Island – 2% affordability means nothing! — Burbed.com: Your Silicon Valley Home and Mortgage Insanity Blog
What are we having some kind of a bubble war here? I’m not going to compare LI housing to Cali, they are both overpriced markets. Cali has its super high house prices, but it also has higher incomes; Long Island has the highest taxes and the salaries aren’t that great. Most people that have high income here have to commute to/from the city!

Whoa there! Is the claim that the bubble in Long Island is better/more special than the bubble here?

Let’s do a match up between Money’s data for Mountain View, in super special Silicon Valley, and North Hempstead, in not super special Long Island:

mountainview.png northhempstead.png

So what do we see:

  • Mountain View has a median income that is 16.7% less than North Hempstead
  • But yet house prices are 3.4% more. 

Sorry LIBubble – your theory is wrong. People earn less and pay more here for housing.
Here are some other facts:

  • Mountain View’s schools are slightly better (but that’s unique to Mountain View – look at neighboring Sunnyvale and San Jose)
  • Mountain View does have a shorter commute because that’s where all the jobs are.
  • Wow… look at the delta of Libraries and Museums! Adjusted for population, North Hempstead has 73% more museums (Though that’s due to the Manhattan factor).
  • I was really surprised to see that North Hempstead has 29 ski resources within 100 miles.
  • But the killer is the weather. Look at how awesome the weather is here.

And that’s why housing prices can only go up here in the Bay Area.

Click here to post a comment -- Posted by: burbed @ 5:40 am

Most commented post ever

Wow… if you missed this post yesterday, go click on it to read it.

Grow up in the Bay Area? Do you agree?

Do you agree with this?

Let’s talk about the fantastic geography of the Bay Area that allows you to snowboard in Tahoe one day, sail in the Bay the next, and mountain bike in 65 deg weather the following day.

Do you agree with this?

Still – the way BA people work at these tech companies (public or not), you think they get to screw more virgins in their afterlife if they get another 3 hours a work in… per day. (Or insert afterlife pleasure here.)

Do you agree with this?

Bottom line – the BA is best for single people who don’t have anything better to do than to work their 20-something lives away. Any place worth going to on the weekends is crowded as hell. So what’s the lure of the BA again? Bad drivers? Fry’s? Crappy and overpriced houses? Crappy schools? Cheap food (in certain areas)? Mr. Chau’s? Okay – nix that last one..

(Which reminds me of this Onion piece)

Agree? Don’t agree? Click here to post your thoughts!

Comments Off on Most commented post ever Posted by: burbed @ 4:55 am

February 12, 2007

PERFECT STARTER HOME FOR YOUNG FAMILIES!

Thanks to Burbed Reader Steve for submitting this:

100glen-a.jpg

100glen-b.jpg

You just know that if a Realtor(R) had submitted this, it would’ve said: PERFECT STARTER HOME FOR YOUNG FAMILIES IN SCOTTS VALLEY!

Here’s what Steve had to say:

I see the electricity is all hooked up-ready to move in!! Great starter home!

Ah… GMTA!

Thanks Steve!

Click here to post a comment -- Posted by: burbed @ 5:22 am

"This is the Bay Area. It will always be a place where people want to live."

Inside Bay Area – Slowdown in Bay Area home sales little threat to most, experts advise
“People like me and my friends, whose property figures into their retirement plans and net worth, don’t care if there is seven months of inventory on the real estate market. We say, ‘Is the value of my property going down?’ And I don’t see that it is,” said Berkeley homeowner Robert Marsh.

“Even if it goes down for several years, it will go up in the long term,” Marsh said.

Janet Fouts bought her house two years ago “and gained enough in the house not to be too worried about the changing market,” the San Jose resident said. “I think it’s just an overall adjustment, not a downhill trend. This is the Bay Area. It will always be a place where people want to live.”

Janet Fouts – you are my hero.

Click here to post a comment -- Posted by: burbed @ 4:44 am

February 11, 2007

Grow up in the Bay Area? Do you agree?

A Burbed reader posted this comment the other day:

$949,000 – mi 1092sqft casa is su casa — Burbed.com: Your Silicon Valley Home and Mortgage Insanity Blog
# Norcalboomer Says:
February 8th, 2007 at 9:51 pm e

I grew up in the Bay Area. It sure WAS special. Now it looks like a third world country, and has the services to boot! Thank god my kids did not attend Bay Area Public Schools. In the 50’s and 60’s they were some of the best in the nation, now they are no better than a glorified baby sitting service. How do I know? ALL of my relatives who live in the Bay Area and care about education send their children to PRIVATE schools. Except for the weather and beautiful scenery the Bay Area is a ” has been” locale.

Youch!

Did you grow up in the Bay Area? Do you agree with this assessment?

Click here to post a comment -- Posted by: burbed @ 5:58 am

February 10, 2007

What's Below Market Rate (BMR)income limit in San Francisco?

MLS SFAR Reports (513)
Junior One BD Below Market Rate subject to income verification by the Mayor’s Office of Housing. This unit is to be sold to a household not earning more than: One Person – $95,775. Two Persons – $109,425. Three Persons – 123,150. Buyer’s must be 1st time homebuyers or have lived in their current home for over 3 years. Deadline for submission is Feb. 15 at 4pm. Lottery will be held on Feb. 16.

Therefore, prices will never drop below $600,000.

If you don’t make more than $95,775 – San Francisco doesn’t need you.

In fact, the Bay Area doesn’t need you.

We only need people like Shannon Hermes – a millionaire receptionist.

Click here to post a comment -- Posted by: burbed @ 5:30 am

February 9, 2007

$1000 per sqft… guess where!

MLSlistings Property Detail for MLS number 621261
124 ROBERTS CT
San Jose, CA 95110
$559,000

124robert.jpg

This Single Family Residence has the following features:
MLS#: 621261 Approx Age: Unavailable Approx Sq Ft: 528
Detached Single Family 1 Story 2 Bedrooms

Did you guess San Jose? No???

Click here to post a comment -- Posted by: burbed @ 9:25 pm

Mountain View City Council to protect homeowners!!!

Mountain View Voice: City may limit housing growth (February 9, 2007)
After years of rapid development in Mountain View, a newly formed City Council may halt housing development until a comprehensive update is made to the city’s 15-year-old general plan.

Finally! The City Council is taking the right action and looking at reducing the growth of housing in Mountain View. Good work! Right now, we really need to do something to make sure property values don’t erode any further. If we don’t have 10-15% annual appreciation, the terrorists have won.

Let me propose a plan: Levy a tax on all renters. As we all know, renters are selfish – they don’t buy real estate, and therefore they are bad.

This will help close the gap 2x price gap between renting and buying – so that people who don’t want to commute 2 hours a day will have no choice but to buy. And that’s good because it helps Mountain View residents retire.

Finally, where would the Selfish Renters Tax go? Well, it would go to people who have owned property for more than 5 years. After all, they deserve it – they lived here and by doing so, contributed to the vibrancy and specialness of Mountain View. It would also go to local employers to help them move out of the city. Like this resident said in August: Mountain View has too many jobs.

What do you think?

Click here to post a comment -- Posted by: burbed @ 10:54 am

February 8, 2007

$700k for a moldy house – why the Bay Area is special

From time to time, no one asks me “Burbed, real estate is so expensive here in the Bay Area. I know it’s special, and they’re not making any more land – but maybe I should just move somewhere else and get a bigger house that won’t require a complete teardown.”

To those non-existent people, I say “I pity the fool who leaves the Bay Area.” Now, obviously you’re not going to leave California  – because California is special – so let’s look at what happens when you buy outside of the Bay Area:

cbs13.com – Call Kurtis: High-Cost Homes Blown Apart
The Yeadon family moved out of their million-dollar home in the Serrano Country Club area on the advice of their doctors. [Ed note: Near Folsom]

“I think we had 23 doctor visits between the kids and my wife that month, in May of 2005,” said Yeadon.

This, after months of symptoms that seemed like an endless series of colds and flu, under laid with constant exhaustion.

“I never put together it was the house,” said Yeadon.

The Yeadon’s finally brought in someone to sample the air in their home. The tests found so much moisture, an attorney suggested they look for mold, and they found it.

“I came back after a weekend of taking my kids’, all of our clothes, and all of our belongings, and throwing them into a dumpster. I said, I can’t see straight. I got blood in one eye and tears in another,” expressed Yeadon.

When the family bought this home, brand new three and a half years ago, they paid just more than $800,000, and then put in $100,000 more in upgrades like this pool. They just sold this house. The highest bid they could get–$425,000.

So what does wind have to do with mold? Bill Thomas explains it like this: high winds can rock the house from its roof to its foundation. But as the building sways, individual parts, like doors and windows move at a different frequency, and even different directions.

Thomas says that can break the seals, loosens the caulking, fractures the stucco and water gets into the walls.

“You feel that house kind of move in the wind,” said Thomas.

Bill Thomas says separating windows, and cracked walls with dark water spots like these at the Yeadon’s house are signs a building is moving.

Rusting nails and staples in what are supposed to be dry spots are another sign. El Dorado Hills and much of the county below Lake Tahoe are zoned for what’s called “Wind Exposure B”.

Thomas says exposure “C” should be the standard here, but that would require stiffer materials and stronger design and drive up the cost of homes.

“If it costs you $10,000 less to build it and you just built 400 homes in the subdivision, then now, you’re talking about real money,” said Thomas.

California’s uniform building code says a home built with more than a half-mile of open space with gentle hills around it is technically wind exposure “C”. In much of El Dorado Hills, the exposure appears endless.

“You can see all of the homes, along this ridge, in both directions, all have the same wind exposure,” said Thomas.

Its not just the top of the hill either.

“The house, in my opinion, and in our expert’s opinion, is under-engineered for the wind exposure,” said Dave Crozier.

Stonebriar, a development of nearly 200-homes at the bottom of the hill, and south of highway 50 from Serrano. People here say scaffolding and mold remediation equipment are depressingly common throughout the neighborhood.

Dave and Vickie Crozier paid more than $700,000 for their home on the edge of Stonebriar. They’re now living with their two-kids in an apartment paid for by the builder.

So remember folks, if you care about the health of your family – think of the children – you know what to do: buy in the Bay Area.

$700,000 to gamble your health on a new built house in a gated community non-special part of special California… or $700,000 to buy a house that you know already in the beautiful Bay Area? Like this one:

It’s your decision. I think the choice is obvious.

Click here to post a comment -- Posted by: burbed @ 5:25 am