Time for a friday shocker!

MLSlistings Property Detail for MLS number 620906
696 2ND AV
Redwood City, CA 94063

$618,000
Priced Reduced for Sale
Delightful and charming two bedroom, one bath home is ready for its new owners. The owner has updated the home with new carpets, a new kitchen floor and fresh paint throughout. The large back yard has room for a BBQ and the lawn area is accented with flower plants. The large fenced-in front yard is perfect for entertaining or as a play area. It is located close to shopping, public transportation and freeway access. For a private showing, please contact me directly via my website or cellular phone number.

This Single Family Residence has the following features:
MLS#: 620906 Approx Age: 50 Years Approx Sq Ft: 850
Attached Single Family 1 Story Ranch

Wow… if only i had found this on 6/6/06 instead! A price reduction! That’s impossible! This must be a fluke!

Hopefully a good ol’ 2005 style bidding war will happen to prevent the apocalypse from happening!

MLSlistings Property Detail for MLS number 633689
10450 FLORA VISTA AV
Cupertino, CA 95014

$949,000
Open House Showing
Saturday, June 10, 2006 1:00 PM – 2:00 PM

This Single Family Residence has the following features:
MLS#: 633689 Approx Age: Unavailable Approx Sq Ft: 891
Detached Single Family 1 Story 2 Bedrooms

I mean really – what’s the point of going to this open house? You’re going to tear it down anyway!

I love reading Guy Kawasaki… so needless to say I was rather amused when I saw this particular quote in his piece on how to create a place that beats Silicon Valley:

\Signum sine tinnitu–by Guy Kawasaki: How to Kick Silicon Valley’s Butt
High housing prices. If houses are cheap, it means that young people can buy housing sooner and have kids. When they have kids, they can’t take as much risk and don’t have as much energy to start companies. (I have four kids—I barely have the time and energy to blog, much less start a company.) Also, if houses are cheap, it’s easier to “make it big,” and you want it to be hard to make it big.

It always amuses me when people say that the Bay Area is great for raising families. (It certainly ain’t the public schools!) Silicon Valley was based entirely around not having families. Look at successful firms like the early Apple, or the current Google.

Maybe I’m wrong. Do you think the Bay Area is great for families?

Washington area richest, most educated in US: report – Yahoo! News
The Washington area has the wealthiest households and most educated work force of any metropolitan area in the United States, according to a report released on Thursday by a local business group.

The greater Washington area, including the District of Columbia, and neighboring areas of Maryland and Virginia, had the highest U.S. median household income, at nearly $72,800, ahead of the San Francisco area at $71,201 and Boston at $63,958, according to the report from the Greater Washington Initiative, which cites data from the U.S.
Census Bureau, the Bureau of Labor Statistics, market data firm Claritas Inc and other sources.

The report also found the Washington area, which has seen a major increase in defense-related technology employment in recent years, to have the largest science and engineering work force of any U.S. metropolitan area, at 324,530, ahead of the combined San Francisco and San Jose, California, work force of 214,500 and Chicago at 203,090.

The report said 42.5 percent of Washington-area residents have a bachelor’s degree and 19 percent have a graduate degree, greater than San Francisco’s bachelor’s degree rate of 37.3 percent and graduate degree rate of 14.1 percent. Washington also claims the highest percentage of PhDs, at 2.5 percent of the population.

Housing costs in greater Washington were ranked 4th, with a 2005 median price of $424,700. San Francisco was highest at $715,700, followed by Los Angeles at $529,000 and New York at
$446,000.

That’s impossible! Everyone knows that the Bay Area is the best-est place in the world! With the smartest and richest people in the world! It’s the only place where you can have nerds! That’s why we have the highest housing prices! And if you don’t believe it, you don’t need to get a 40 year mortgage and live here!
What heresy!

Let’s start the week off with a reader submission:

Action Properties: Palo Alto
Remodeled Home near University Avenue!!
321 Kipling Street

Is this modern art?

Matthew the submitter notes:

The house it like 12 feet wide from the front, with a property about 4 feet wider than the house.

Oddly Zillow lists it as 1 br/1 baths …

Have a good one!

I’m having a good one already. Thanks Matthew!

You may have heard that the bubble is collapsing in Sacramento, San Diego, and other boring parts of California. That’s definitely not the case here in the Penninsula/South Bay Area.
About a 1.5 months ago, I posted this house:

This Palo Alto house won’t last long! $749,000 — Burbed.com: Your Silicon Valley Home and Mortgage Insanity Blog

Well, a reader named Scott noticed that this house was just sold…

For $790,000.

Yes. Over the originally listed price.

It’s been a great 10 years for this house:

Like I always say… better than stock options.

Friday! Reader Submission time!

MLSlistings Property Detail for MLS number 613808
20988 SIOUX TL
Los Gatos, CA 95033

$476,000
FIXER UPPER WITH POTENTIAL
Upstairs is about 750 SF with 2 bedrooms and 2 baths, downstairs is an unpermitted 350 SF studio apartment with a building code violation. Located in a quiet, established mountain community (Chemeketa Park) just 7 minutes to downtown Los Gatos. Beautiful setting in the redwoods. Los Gatos schools. Home is old and needs work. Home has propane heat, water, electricity, and has been inhabited up to the present time. Roof does not leak but needs replacing. Property inspection is available showing many recommended repairs and upgrades. Sellers rock bottom price, sold as is. Buyer may be able to do a wrap-around by paying closing costs and paying on sellers $423K 1st loan for a few month while rehabilitating the property. Fixed up value would be in the $600K range. Then buyer could resell or obtain conventional mortgage. This would be perfect for a contractor or investor. Buyer would need to pay some closing costs to transfer title. Listing agent may invest with buyer. Call for details

So let me get this straight – after you spend $476k, on this, and then another huge pile of money to fix it up, it might be worth $600k?

Steve, the submitter, also notes this:

7 minutes to downtown Los Gatos- right, if you’re insane and on a motorcycle (I’ve been on those mountain roads before)

Insanity is part of the deal! SOLD!

MLSlistings Property Detail for MLS number 605242
809 PAUL ROBESON CT
East Palo Alto, CA 94303

$719,000

This Single Family Residence has the following features:
MLS#: 605242 Approx Age: 18 Years Approx Sq Ft: 1690
Attached Single Family 2 Stories 3 Bedrooms
2&1/2 Bathrooms 2 or More Stall Showers 1 Tub
Dining Area in Family Room Separate Dining Room Central Forced Air Heat
City/Public Water 2 Car Garage Lot: 1 to 4,500 Sq Ft
Built-In Oven/Range Combo 1 Dishwasher 1 Refrigerator

If you like you houses green, and next to tall buildings, this one is for you!

MLSlistings Property Detail for MLS number 630676
MARIA ST
Santa Clara, CA 95050

$618,950

This Single Family Residence has the following features:
MLS#: 630676 Approx Age: 55 Years Approx Sq Ft: 827
Detached Single Family 1 Story Ranch

I guess one positive of owning this house is that you could say “Stop at the yellow house” and no one would miss it. But on the other hand, what’s up with this backyard?

Work in progress? Or SuperFund site?

MLSlistings Property Detail for MLS number 629337
1122 SCOTLAND DR
Cupertino, CA 95014

$949,000

This Single Family Residence has the following features:
MLS#: 629337 Approx Age: 39 Years Approx Sq Ft: 1190
Detached Single Family 1 Story Contemporary

For that price, you’d really think they would include a free teardown!