April 28, 2012

BMR Coming to Menlo Park?

Some cities are more compliant than others in providing BMR (Below Market Rate) housing.  Perhaps Menlo Park will be getting off the “But we don’t have any below market residents” excuse pot.

Menlo Park eyes below-market rental housing

HIP Housing proposes deal with Menlo Park

120426-willow-pierceby Sandy Brundage, Almanac Staff

The city of Menlo Park has its eye on a Willow Road apartment complex that might be purchased for use as below-market-rate rental housing — something that currently doesn’t exist in Menlo Park.

The 12-unit complex, located at 1157-1161 Willow Road, comes with a price tag of around $2 million, according to a representative from HIP Housing, a nonprofit organization that specializes in finding below-market-rate housing and hopes to partner with Menlo Park on the deal.HIP currently operates 13 rental properties in San Mateo County.

120426-willow-backThe Willow Road complex would rent nine units to people earning less than 50 percent of the regional median income of $81,300, and three units to those making less than 30 percent. Rent at the complex would fall in the range of $610 to $1,016, according to a staff presentation.

A real estate listing described the property as vacant and partially renovated; it also said the complex had won a renewable energy award for upgrades such as solar panels and efficient lighting. Laundry and parking are available on site.

The apartment buildings are not currently for sale (the first is pending, the second is merely delisted).  They were built in 1958.  If you want to dig deep into the offering memorandum for the two buildings, have a look at this PDF.  And check out the pictures.  Solar panels!  Sweet!

120426-willow-offerpix

Assuming the rental numbers are correct, that would give this complex a rent ratio of 10.26.  BUY!!!!!!!!  Then again, I’m not sure I trust these numbers.  Notice something hinky here?

120426-willow-math

While Burbed has yet to amass a huge portfolio of investment property, even we can tell the difference between a 5 and a 50% vacancy rate.  This is another great reminder of how Real Estate Professionals deserve those hefty commissions, whether commercial or residential.

Discuss this neighborhood, older apartment homes like these, BMR housing, any Open Houses you visited, or anything else you can think of. Yes, this is your weekend open thread.

Comments (9) -- Posted by: madhaus @ 5:08 am






February 1, 2011

Bonus Post: Watch This Place Skyrocket!

If you read the news about possible congestion pricing on the San Mateo and Dumbarton bridges, then you’re an informed, savvy real estate investor!  So why not start picking up some Peninsula properties now, because they’re going to be HAWT, HAWT, HAWT!

1227 Sevier Ave, Menlo Park, CA 94025
$380,000

image

BEDS: 4
BATHS: 2
SQ. FT.: 1,916
$/SQ. FT.: $198
LOT SIZE: 5,750 Sq. Ft.
PROPERTY TYPE: Detached Single Family
STYLE: Traditional
STORIES: 2
VIEW: Neighborhood
YEAR BUILT: 1946
COMMUNITY: East of U.S. 101
COUNTY: San Mateo
MLS#: 81041407
SOURCE: MLSListings
STATUS: Active
ON REDFIN: 165 days

Short sale approved at this price. Large remodeled home with nice touches. Maple cabinets, granite counters, pergo flooring. Great price for this much square footage. Outside needs works in the back. Great Opportunity!!!

See, even the bank knows this one will be selling shortly, so they raised the asking price after the last contract fell through!  I bet those bank vice-presidents know some people on the bridge committee, too!  It really is all about who you know, and this one’s going to be selling for a thousand a square foot real soon now!  Don’t you want to be able to tell your friends that you snagged it at $198 a foot?  Of course you do! Hurry, before something happens in the back, like your worst enemy closing on this place before you can pick up the phone!

This is a no-brainer, everyone!  It’s in Belle Haven, and you know anything French is just tojours l’amour to rich people!  I bet it even includes a free staircase inside!

Comments (13) -- Posted by: madhaus @ 5:39 am

September 29, 2010

MUST SEE TO APPRECIATE! NOT AN REO OR SHORT SALE!!!

Here’s a great find from burbed reader Herve, who says, “Check out that location and tell me if anyone would want to spend $1,250,000 there.”

$1.25M in Menlo Park?  That’s not out of line at all for a larger house.  Menlo Park has some very nice neighborhoods.  Unfortunately, this is not in one of them.

1151 Windermere Ave  Menlo Park, CA 94025
$1,250,000

image

Beds: 5
Baths: 3
Sq. Ft.: 2,330
$/Sq. Ft.: $536
Lot Size: 5,403 Sq. Ft.
Property Type: Detached Single Family
Stories: 2
Year Built: 1947
Community: East of U.S. 101
County: San Mateo
MLS#: 81044545
Source: MLSListings
Status: Active
On Redfin: 14 days

NOT AN REO OR SHORT SALE!!! 5-6 BED, 3 BATH, 2 STORY HOME LOCATED ON A GREAT CORNER LOT WITH RV ACCESS, 2 MASTER SUITE AND CENTRAL HEAT AND AIR. TOTALLY REMODELED IN 2006. MUST SEE TO APPRECIATE!

What is the price point when a listing isn’t in all-caps?  Silly me, I had thought it was in six-digit land.  Guess the rules are different when the listing is NOT AN REO OR SHORT SALE!!!

The first photo above seemed odd, because it looked like it was taken from a street behind another street.  It was:

image

At least Howard street doesn’t go through; there’s a sidewalk cutting it short.  Nothing like living at a five-way intersection for great feng shui.  And nothing like the neighborhood for great property values:

image

Oops.  This place isn’t just on the Wrong Side of of El Camino Real.  It’s in the exciting community of Belle Haven, Wrong Side of 101!  Let’s see how Belle Haven compares with its zip code.

image

Um… wow.  Guess they came up with that $536 a square foot price by averaging the neighborhood cost per foot with the whole zip code.  But look, the house sold for $145,000 in 1989, right as the last bubble was running up, It’s more than doubled in 20 years, so it has to be in the Real Bay Area!  Plus it was TOTALLY REMODELED IN 2006.  This is definitely the neighborhood to do an expensive remodel (did you see that Jacuzzi?), because the price has nowhere to go but up, up, up!

Comments (63) -- Posted by: madhaus @ 5:03 am