January 7, 2007

McMansion Minis – Home Sweet Home Jr. – WSJ.com

Home Sweet Home Jr. – WSJ.com
When Krystal and Hal Barkate decided to buy a second home last year, they wanted something just like their yellow Colonial. So the couple hired a builder to create an exact replica — right down to the cream trim, covered front porch and pitched roof with gabled dormers. The big difference: The house, which also has a fireplace and an open-plan kitchen, is a 10-foot-tall playhouse for their two kids, ages 5 and 3, and sits in their backyard in Ladera Ranch, Calif.
[Tudor-style playhouse]
A Tudor-style playhouse in Denver

The Barkates paid $15,000 for the pint-size Colonial, and that doesn’t include what they spent on the little garage and roof deck they added this summer. “People think it’s crazy,” Ms. Barkate acknowledges.

House-proud Americans have a new way to show off their trophy homes. Taking the pricey playhouse concept to the next level, some homeowners are building Mini-Me McMansions for their kids. The lavish replicas, which can include such grown-up amenities as hardwood floors and media rooms with satellite TVs, generally cost from $10,000 to $100,000. Some run even higher than that, exceeding the median price of a single-family home ($218,000 in November). In some areas the playhouses are running afoul of local zoning ordinances, building codes and housing-development covenants, annoying neighbors who object to the backyard estates and racking up substantial fines.

minime1.jpg  minime2.jpg

You just know that these houses would sell for $350,000 each in the Bay Area – perfect for first time buyers!

Click here to post a comment -- Posted by: burbed @ 5:46 am






"When a property stops appreciating in value, the buyer no longer has the ability to pay the loan"

Sierra Sun – News
Dave Giacomini, broker and owner of Sierra Mountain Mortgage, said they now have their first foreclosure in four years, but he expects to see an increasing trend.

He said adjustable rate mortgages have allowed people to pay less than the interest the loan is gathering, and said the rates are adjusting higher.

When a property stops appreciating in value, the buyer no longer has the ability to pay the loan, Giacomini said.

And that, my friends, is New Economy 3.0.

Click here to post a comment -- Posted by: burbed @ 5:31 am

January 6, 2007

3 days left! Vote for Burbed!

Wow! I didn’t see this coming – Burbed was nominated for best regional blog!

If you like what you read here, please vote for Burbed.

The prize is $25, so this isn’t exactly about the money – rather, let’s help make Burbed even more well known… so that more people will find out about what makes Silicon Valley so very special!

Please visit http://www.housingwire.com/2007-rebas/ and click on the giant grey “Vote now” link at the top of the page. Burbed.com is in section 5.

Voting ends on 1/10 – so please don’t delay. OR THIS HOUSE IS GOING OFF THE MARKET.

Click here to post a comment -- Posted by: burbed @ 10:51 am

"Math scores… Mountain View Whisman School District have been slipping"

Mountain View Voice: Scores not adding up (December 22, 2006)
Math scores among elementary students in the Mountain View Whisman School District have been slipping over the past five years, and administrators at Mountain View and Los Altos high schools have started to take notice as a segment of students consistently struggle in algebra and geometry.

Officials from the two districts held a joint meeting Monday night to look for ways to fix the problem. The collaboration was the first to take place in six years, and there should be more to come this school year.

This is probably a good thing. If math scores improve, the next generation might just realize that the 40 year ARM/NegAm loans that their parents got might not be a good idea.

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

January 5, 2007

Rent for $2000? Or buy for $699,000?

Does this seem familiar to you?

Craftsman Bungalow
$2000 / 2br – Craftsman Bungalow (san mateo)
Reply to: amber@ellafinancial.com
Date: 2007-01-04, 1:06PM PST

vtlo5f9oaqhpeglxouqvux24pobl.jpg

2 Bedroom
1 Full Bathroom
Gourmet Eat-In-Kitchen with Stainless Steel Appliances
Living Room with Wood Burning Fire Place
Hardwood Floors Through Out
Fresh Paint, Picture Rails, Slip Shade Light Fixtures with Push Button Light Switches
Detached Garage with Workshop
Partial Basement for Extra Storage/ Wine Cellar
5 Min Walk to Downtown San Mateo
Sunnybrae School District
NON-SMOKING!
First and Last Months Rent
Pet Deposit Seperate Contact Amber at 650-269-6984

Well it should! It’s been on Burbed twice now. Like… yesterday!

And November too.
According to this web calculator, using the default settings and assuming you have $140,000 cash on hand, buying this house would require a $4630.23 per month payment. Remember that renting this is only $2000 a month.
That’s fine you say – after all, renting is throwing away money. Home ownership is good because it mean that you’re a real person and not a nobody – just like having a car in high school.

Except for this little statement by the website calculator:

Your home purchase does not breakeven after 30 years.

Oh. Well. In that case. Uh.

They’re not making any more land?

Click here to post a comment -- Posted by: burbed @ 5:20 am

"How do I find a good appraiser?"

sacramento forums – craigslist

How do I find a good appraiser  <  - >  12/24 13:29:33

I need to refinance my home, but the appraiser I hired says he can only put that it is worth $525, but I need it to be worth $575 because I have to pay for my daughters wedding this summer and my son starts college next fall.

I am willing to pay and extra amount for the appraisal if you can get the full appraisal amount, it is just for a re-finance

Oh, so that’s how appraisals work!

(Thanks to a commenter on the Housing Bubble Blog)

Click here to post a comment -- Posted by: burbed @ 4:23 am

January 4, 2007

You, Linda, Eboney really don't like 890 S ALMADEN AV

So back on Feb 11, 2006, Burbed featured this house:

Nearly one year later, “you” posted this comment:

Name: you | E-mail: FU@yahoo.com | IP: 75.*.*.185

Hi
Keep your your house for yourself

Friend

Posted Jan 4, 9:24 AM

About 10 minutes later, Linda chimed in:

Name: linda | E-mail: Mityou@yahoo.com | IP: 75.*.*.185

Hi,
Nobody will pay you $540,000 to buy such old & ugly house. Keep it for yourself. otherwise, reducing the price to 0.25 cents.

Your neighbors.

Posted Jan 4, 9:32 AM

And finally, another 10 minutes later, Eboney said:

Name: Eboney | E-mail: likeyou@yahoo.com | IP: 75.*.*.185

How ugly your house is ! I sold my house in fremont and asked for $500, 000 with 3 bed and 2 bath, good location and good schools, and 6500 SF lot. I moved to Arizona two months ago and bought a brand new house in Chandler. the house is 2450 SF with 8000 SF lot and price is $220,000. I still save $250,000 in Bank.
So I suggest you reduce the price and move out of CA.
you will have a better life.

Eboney

Posted Jan 4, 9:42 AM

Ok, obviously they’re the same person. But why this house? And why now?

What’s your theory?

(BTW, it looks like this house never sold.)

Click here to post a comment -- Posted by: burbed @ 10:14 am

OMG! LAST CHANCE. REALLY! Oh, and motivated seller too.

MLSlistings Property Detail for MLS number 637683
702 S DELAWARE ST
San Mateo, CA 94402
702delaware-last.jpg

$699,000
LAST CHANCE TO OWN THIS CHARMING BUNGALOW!
LAST CHANCE TO OWN THIS CHARMING CRAFTSMAN BUNGALOW BEFORE IT GOES OFF THE MARKET AND UP FOR LEASE!LAST OPEN HOUSE SUN. 12/17 1:30-4:30. Charming 2bed/1bath in Sunnybrae School District. Gourmet Eat-in-Kitchen, stainless steel appliances, wood burning fireplace in living room, private backyard, fenced frontyard for added privacy, detached garage with workshop (can be permitted to turn into in-law-unit),partial basement for extra storage or/wine cellar.

This Single Family Residence has the following features:
MLS#: 637683 Approx Age: 82 Years Approx Sq Ft: 820
Detached Single Family 1 Story Cottage/Bungalow
2 Bedrooms Ground Floor Bedroom 1 Bathroom
1 Shower over Tub 1 Tub Eat in Kitchen

Look familiar? It should! It was on Burbed back in November after there was a “$70k price cut”

I don’t get it – how can you be both a motivated seller and threaten that if the house isn’t sold soon it will be come a rental?

BTW, you can rent a nicer 2br/2ba for $2000 just a few blocks away, instead of paying $2620 (with 10% down) for a Interest Only ARM.

Click here to post a comment -- Posted by: burbed @ 5:39 am

January 3, 2007

Please vote for Burbed!

Wow! I didn’t see this coming – Burbed was nominated for best regional blog!

If you like what you read here, please vote for Burbed.

The prize is $25, so this isn’t exactly about the money – rather, let’s help make Burbed even more well known… so that more people will find out about what makes Silicon Valley so very special!

Please visit http://www.housingwire.com/2007-rebas/ and click on the giant grey “Vote now” link at the top of the page. Burbed.com is in section 5.

Voting ends on 1/10 – so please don’t delay. OR THIS HOUSE IS GOING OFF THE MARKET.

Click here to post a comment -- Posted by: burbed @ 1:49 pm

$925,000 for 765 sqft – guess where!

MLSlistings Property Detail for MLS number 667015
3415 WAVERLEY ST
Palo Alto, CA 94306
$925,000

3415waverly.jpg

This Single Family Residence has the following features:
MLS#: 667015 Approx Age: 50 Years Approx Sq Ft: 765
Detached Single Family 1 Story 2 Bedrooms
1 Bathroom 1 Stall Shower 1 Shower over Tub

Aww… that was too easy.

I wonder why there aren’t any internal photos of this 50 year old house…

Click here to post a comment -- Posted by: burbed @ 5:48 am