February 25, 2014

San Francisco Real Bay Area beats New York for most expensive housing

Hello.

For years, this site and its fine readers have yearned for the day that the San Francisco Real Bay Area would eclipse New York for most expensive housing. It has been a dream that we have all pined for. There were good times, there were bad times, but for better or for worse we stuck together in the hopes of realizing this dream.

I present to you, this:

Here’s How Much Money You Must Earn To Buy A Home In 25 Big US Cities

  1. CLEVELAND: You’d have to earn at least $19,435 to buy an average home. (All they have is the Rock and Roll Hall of Fame. Big whoop.)

  2. CINCINNATI: You’d have to earn at least $22,227 to buy an average home. (Jerry Springer was mayor.)

  3. ST. LOUIS: You’d have to earn at least $22,398 to buy an average home. (Arch this!)

  4. ATLANTA: You’d have to earn at least $24,391 to buy an average home. (Because everyone is a peach picker.)

  5. TAMPA: You’d have to earn at least $24,651 to buy an average home. (It’s not Orlando!)

  6. ORLANDO: You’d have to earn at least $28,298 to buy an average home. (It’s not Miami!)

  7. SAN ANTONIO: You’d have to earn at least $29,305 to buy an average home. (Riverwalk? Really?)

  8. DALLAS: You’d have to earn at least $29,751 to buy an average home. (Meh. Oil.)

  9. HOUSTON: You’d have to earn at least $31,299 to buy an average home. (Galleria is meh.)

  10. CHICAGO: You’d have to earn at least $32,389 to buy an average home. (Too much wind.)

  11. PHOENIX: You’d have to earn at least $32,812 to buy an average home. (Arizona.)

  12. MINNEAPOLIS: You’d have to earn at least $33,800 to buy an average home. (Cold.)

  13. PHILADELPHIA: You’d have to earn at least $36,836 to buy an average home. (Everyone is angry.)

  14. BALTIMORE: You’d have to earn at least $41,155 to buy an average home. (Too many crime shows.)

  15. SACRAMENTO: You’d have to earn at least $42,832 to buy an average home. (Sacramento.)

  16. MIAMI: You’d have to earn at least $43,918 to buy an average home. (Too much cocaine.)

  17. PORTLAND (OR): You’d have to earn at least $45,872 to buy an average home. (Sometimes I just want a twinkie)

  18. DENVER: You’d have to earn at least $48,123 to buy an average home. (Air is too thin.)

  19. SEATTLE: You’d have to earn at least $59,130 to buy an average home. (Too much flannel.)

  20. WASHINGTON, D.C.: You’d have to earn at least $62,810 to buy an average home. (D.C.)

  21. BOSTON: You’d have to earn at least $63,673 to buy an average home. (Not enough smart people compared to the Real Bay Area.)

  22. NEW YORK CITY: You’d have to earn at least $66,167 to buy an average home. (Not Real Bay Area.)

  23. LOS ANGELES: You’d have to earn at least $72,127 to buy an average home. (Too much traffic… until the Bay Area beats LA)

  24. SAN DIEGO: You’d have to earn at least $81,570 to buy an average home. (Too far south.)

  25. SAN FRANCISCO :You’d have to earn at least $115,510 to buy an average home. (The best place in the world.)

That’s right everyone! You need to make 75% more money in San Francisco Real Bay Area, to be able to afford a home compared to New York City.

We.

Have.

Won.

I knew this could happen, and it did. <sheds a tear>

Now that this has happened, what should Burbed’s future direction hold… I mean… how should Burbed pivot?

Comments (25) -- Posted by: burbed @ 5:09 am






February 22, 2014

Low Income Housing… Marin Style

Thanks very much to Burbed reader Barbara for a look at what’s below median income in Mill Valley.

140221-tamalpais-redfin14 Tamalpais Commons Ln
Mill Valley, CA 94941
$328,555

HOA Dues: $308/mo.
0 Beds
1 Baths
400 Sq. Ft.
$821 / Sq. Ft.
Built: 2010
Lot Size: 401 Sq. Ft.
On Redfin: 5 days
Status: Active
HOA Dues: $308/month
Style: Contemporary
Community: Mill Valley
MLS#: 21403124
Property Type: Residential, Attached, Condominium/Coop/Other
Stories: 1
County: Marin

Welcome to Tamalpais Commons, a mixed-use ‘Build It Green’ luxury home development in central Mill Valley. This affordable studio unit is available to low-income buyers who earn $64,890 or less in gross income. The studio features southeast facing windows, maple floors, a full bath, a small balcony, a stacked washer/dryer, a range, dishwasher, and oven. This is an accessible unit and all appliances meet ADA guidelines.

Here’s Barbara on this Econobox:

Thought this might be worthy of burbed – $821/sq foot affordable housing

Yes, but it’s $821 a square foot affordable housing with really shiny floors.  And don’t forget the three hundred bucks for HOA fees on top of your $1317 a month mortgage!

Comments (3) -- Posted by: madhaus @ 7:01 am

February 8, 2014

Fixer Upper in Palo Alto – Just $1.85 million!

Oh, frabjous day! Well, what are you waiting for?

140207-oberlin-redfin2114 OBERLIN St
Palo Alto, CA 94306
$1,895,000

2 Beds
2 Baths
896 Sq. Ft.
$2,115 / Sq. Ft.
Built: 1932
Lot Size: 6,250 Sq. Ft.
On Redfin: 12 days
Property Type: Detached Single Family
Stories: 1
County: Santa Clara
Style: Cottage/Bungalow
Community: College
MLS#: 81402493

RARE OPPORTUNITY IN COLLEGE TERRACE! 2 COTTAGES IN ORIGINAL CONDITION ON THE PROPERTY (BUILT IN 1932). Each Cottage has one bedroom and one bathroom. LOT SIZE 6,250 sq ft per City of Palo Alto Parcel Map and RealQuest(Lot Width/Depth: 50 X 125). Two one-car garages.

140207-oberlin-drivewayTwo one-car garages! Now THAT is a rare opportunity.

What’s even rarer is a peek inside either cottage.  No such luck.  The agent figures both of those puppies have a big date with the bulldozer.  It’s enough to make you lament for the poor average millionaires who will have to share the block with another billionaire running roughshod all over them.

Comments (26) -- Posted by: madhaus @ 7:02 am

February 1, 2014

I Can Haz Stock Optionz?

Here’s a piece of investment and career advice: If your job doesn’t give you a piece of equity in the company you’re working for, it’s time to move on.

You Need Equity To Live In Silicon Valley

140131-stanford-memeMay 22, 2013 – Andy Rachleff Wealthfront

The other day we were modeling our typical client’s spending when we realized something disturbing – an average Bay Area-based young couple has to own equity in a business if they hope to send their kids to a good university and be able to retire well.

Investing well alone can’t get you there.

Our analysis found you need to work for at least one company where your equity stake can generate at least a few hundred thousand dollars after tax to make your economics work in the Bay Area.

The problem is the hole that opens up in a typical couple’s budget when they are in their late 30s. Three big pressures converge then: the mortgage on your expensive Bay Area home, and the dueling needs to fund your retirement and your kids’ college early so that you take advantage of compounding.

That’s why we say: You need equity to live in Silicon Valley.

And we say, you need even more equity to live in The Real Silicon Valley.  Then again, you could always rent AND send your kids to Community College and Cal State AND move to Arkansas for your Golden Years.

Basically this is another one of those “We make $250,000 a year and we feel sooooooo poooooor” pieces. Please all join in this First World Problems Pity Party because in lieu of another crap house for your disapproval.

Comments (9) -- Posted by: madhaus @ 7:06 am

January 17, 2014

Selling Shortly in Hayward

Let’s visit the East Bay today, always good for a fresh angle. 

140116-ocie-redfin466 OCIE Way
Hayward, CA 94541
$460,000

3 Beds
1.5 Baths
1,185 Sq. Ft.
$388 / Sq. Ft.
Built: 1958
Lot Size: 5,005 Sq. Ft.
On Redfin: 14 days
Status: Active
Type: Detached
Stories: 1
Community: Alameda
MLS#: 40641549
Style: Ranch
View: Other
County: Alameda

Great Opportunity! Easy access to Hwy 880 and 92. House Needs TLC. 3 bedrooms one and a half bath. As is Sale.

140116-ocie-tiltWe’re going to take this one if this is really As it Is —>

And while some of the interior shots are almost maddeningly normal, fortunately the agent did not disappoint us with this careful study of the dining room.

140116-ocie-dining

One could almost think the Real Estate Professional was so excited about this Great Opportunity that she couldn’t be bothered to focus the iPhone before running to her car to post the shots.

Comments (10) -- Posted by: madhaus @ 7:06 am

January 14, 2014

Rare Find in Palo Alto!

Every area in life has The Three Words.  In relationships, it’s “I love you,” in business, “It’s a deal,” in math, “Quod erat demonstratum,” and in Latin, “Igpay Atlinlay Erehay.”  We’re sure you can also name The Three Words of Real Estate.

202 EMERSON St140113-pa-location-redfin.jpg
Palo Alto, CA 94301
$1,000,000

2 Beds
2 Baths
1,154 Sq. Ft.
$867 / Sq. Ft.
Built: 1910
Lot Size: 2,775 Sq. Ft.
On Redfin: 36 days
Status: Active
Property Type: Detached Single Family
Stories: 1
County: Santa Clara
Style: Cabin
Community: Downtown
MLS#: 81342791

Location, Location, Location! Charming home downtown Palo Alto near Stanford University. This is a rare find in this area. Home is in need of some repairs and it is being sold "AS-IS" Perfect for an Investor looking to remodel or a builder . Seller has also listed adjacent home at 170 Hawthorne.

Yes, The Three Words of Real Estate are “Sold AS-IS.”  Unless it’s “Palo Alto million.”  Perfect for investor.

Comments (22) -- Posted by: madhaus @ 7:08 am

January 11, 2014

Online Realty Pricing Sites: Do They Work?

Yes, they work. But are the prices valid? That’s another story. Let’s listen in as the San Jose Mercury News (motto: We’re a newspaper just like Burbed is a real estate blog, haha!) explains why the valuation models don’t agree with each other.

Online sites can help tell you what your home is worth

141010-avm-unioncityBy Pete Carey, San Jose Mercury News
POSTED:   12/27/2013 05:00:00 PM PST; UPDATED: 12/28/2013 06:17:12 AM PST

You’re likely to get a warm fuzzy feeling if you look at what your home is worth on Zillow, Trulia or any of the other real estate sites that provide values for millions of houses. Home prices have risen rapidly, and the value these sites assign to your home is sure to reflect that.

But don’t carried away by a single Zestimate, SmartZip quote or Trulia estimate. While they are fine for spotting trends, these home valuation services come with a caveat: they offer rough approximations by computer programs. If you want a more precise estimate, hire an appraiser, talk to a real estate agent or check around your neighborhood and see what homes are selling for.

The sites all use what’s called "automated valuation models," or AVMs, to make sense of mountains of data, typically drawn from recent sales, property history, size and number of rooms, market trends and other factors that influence price.

We can’t believe they spent all that trouble writing an article that says, “If you want to really know what your house is worth, hire an appraiser.” There are multiple models out there, but this piece won’t tell you how they differ, or why. We did learn that Santa Clara County prices are more likely to be correct than Alameda County, but again, no explanation why.

We know why!  It’s because the Real Bay Area’s prices only go up, and all the models built that in.  Feel free to speculate on what’s going on with the AVM of your choice and why your house is So Special that the price estimates are Way Too Low.  Unless you’re buying, in which case they are Way Too High.

Comments (5) -- Posted by: madhaus @ 7:11 am

December 23, 2013

Possible Crime Scene in Pacifica

Today’s featured property is no longer available either in this condition or at this price. Yes, you are now priced out forever! But let’s enjoy what you could have had in 2009, if only you had acted! Thanks very much to Redfin Collections member Quinn, who showcased this place in the awesome gallery Possible Crime Scene.  Some Burbed properties are featured there, which is how we found this one and are now returning the favor!

131213-francisco-redfin2222 FRANCISCO Blvd
Pacifica, CA 94044
Sold for $179,000

1 Beds
1 Baths
— Sq. Ft.
Built: 1948
Lot Size: —
Sold On: Feb 27, 2009
Status: Sold
Property Type: Detached Single Family
Community: West Sharp Park
MLS#: 80821476
Stories: 1
County: San Mateo

Complete fixer!!! Everything needs replacing. Do not enter. Property is sold "As Is". Trash and garbage have not been removed. Public records do not state Sq Ft of lot nor building. Age is an estimate. Bulldoze and start from scratch.

Source: MLSListings
Listing provided courtesy of: Galina Plizga, New Light Realty, DRE #01372469
Buyer’s Agent: NON MULTIPLE LISTING OFFICE

Is a non-Multiple Listing Service the same thing as a Single Listing Service?  While you’re pondering that, enjoy the Possible Crime Scene photos from this Non Multiple Listing.

131213-francisco-crib131213-francisco-kitchen131213-francisco-stuff131213-francisco-basket131213-francisco-wtf 131213-francisco-yard131213-francisco-meth

Maybe this is just us, but we’re sure getting a Was This House A Meth Lab vibe from these photos.

And be sure to check out what happened when someone bought the house, bulldozed, tore down, built up, and sold it for a lot mo’ money in 2012.

Comments (3) -- Posted by: madhaus @ 7:06 am

December 20, 2013

Irreplaceable at this price in Monte Sereno!!

Let’s have a look at a property that isn’t jumping into somebody’s lap and getting overbids out the wazoo. Your job is to figure out what is preventing this normal Real Bay Area behavior from taking place.  Thanks very much to Burbed reader nomadic for this find.  Bunus: no longer available on Redfin!

131213-lexington-trulia18331 Lexington Dr
Monte Sereno, CA 95030
$3,624,000 Trulia Estimate

  • 3 bed,
  • 4 full bath
  • 8,710 sqft
  • Single-Family Home

Property Details for 18331 Lexington Dr

18331 Lexington Dr This Single-Family Home located at 18331 Lexington Drive, Monte Sereno CA. 18331 Lexington Dr has 3 beds, 4 baths, and approximately 8,710 square feet. The property has a lot size of 1.25 acres and was built in 1992. The average listing price for similar homes for sale is $2,684,230 and the average sales price for similar recently sold homes is $2,526,783. 18331 Lexington Dr is in the 95030 ZIP code in Monte Sereno, CA. The average price per square foot for homes for sale in 95030 is $788.

Public Records for 18331 Lexington Dr

Official property, sales, and tax information from county (public) records as of 09/2012:

  • 131213-lexington-entrySingle Family Residential
  • 8,710 sqft
  • Stories: 3 story
  • Parking: Garage
  • 1 Building
  • Tax Rate Code Area: 16-010
  • 3 Bedrooms
  • Lot Size: 1.25 acres
  • A/C
  • Parking Spaces: 5
  • Pool: Pool (yes)
  • 4 Bathrooms
  • Built In 1992
  • Heating
  • 9 Rooms
  • County: Santa Clara

131213-lexington-wineWell, that’s fairly boring. Fortunately, Movoto still has the actual listing copy:

Neoclassical Estate–one of a kind–irreplaceable at this price!! Main home has 3 bedroom suites, library, plus full guest quarters with kitchen, bedroom & bath. Separate pool cabana with full bedroom, bath, & kitchen (square footage includes cabana and guest quarters). City lights, mountain views, gated, beautiful pool, minutes to Los Gatos plus fabulus Los Gatos Schools. Five Car Garage!!!

131213-lexington-studyNow let’s check in with nomadic:

Look what I found at Mausoleums R Us.  It isn’t exactly a Black Friday special, given that it’s been on the market nearly five months without a price reduction.

Looks like it went pending after nomadic sent it on, on December 9th, and the agent promptly yanked it with the useful Pending/Do Not Show designation.  And while Redfin doesn’t have a thing for us to see, both Trulia and Zillow have plenty of pictures, and Zillow also has the listing history.  Check this out!

131213-lexington-price-history

Any predictions on what the selling price will end up being? We’re throwing in for fifteen million!

Comments (2) -- Posted by: madhaus @ 7:05 am

December 18, 2013

Wow! AS-IS Cash Only

Today’s prestigious property was brought to you by Burbed reader shannon. Enjoy!

131210-rutledge-redfin37 Rutledge St
San Francisco, CA 94110
$749,999

2 Beds
1 Baths
900 Sq. Ft.
$833 / Sq. Ft.
Built: 1906
Lot Size: 1,750 Sq. Ft.
On Redfin: 98 days
Status: Pending
Property Type: Single-Family Home
Community: Bernal Heights
MLS#: 412399
View: Panoramic, City Lights, San Francisco
County: San Francisco

WOW 2 Continguous Properties in One (must purchase together) For S131210-rutledge-toilet-peekale AS-IS and must be Cash-only. At end of Mullen and part of the Bernal Steps with views/street access for parking and TONS of potential for the right buyer. Lot 21 is a 2 bedroom house-non-habitable. Lot 22 a Vacant Lot with Carport on it for parking for both lots. Both properties are 1750 sq. ft. as typical for Bernal Hts. for a total of 3500sq. ft! Lots are stepped down from street but are level lots. Brand new construction on three sides make this a prime site.

Shannon remarks:

Grandma’s house of horrors can be yours for $749,000

Wait! There’s a vacant lot next door, a whopping 1750 square feet!  And just look at all you get!

131210-rutledge-ugh131210-rutledge-arty131210-rutledge-tile131210-rutledge-comingsoon

Comments (3) -- Posted by: madhaus @ 7:06 am