July 19, 2013

Another atrocious East Bay listing when you should buy in Mountain View

It’s time to point and laugh at the East Bay again, and Burbed reader Bob in Oakland has got just the place. Thanks very much for keeping us apprised of all the wanna-bes who won’t be living in the Real Bay Area no matter how much they try overbidding. After all, anyone can show 365 percent profit when houses like this were selling for way less than Not A Lot Of Money.

130719-yuba-redfin2612 YUBA Ave
El Cerrito, CA 94530
Sold for $903,000

3 Beds
2.5 Baths
2,570 Sq. Ft.
$351 / Sq. Ft.
Built: 1926
Lot Size: 7,000 Sq. Ft.
Sold On: Jun 28, 2013
Status: Sold
Type: Detached
Stories: 2
Community: Mira Vista Estates
MLS#: 40614765
Style: Tudor
View: Bay, City Lights, Downtown, Partial, San Francisco
County: Contra Costa

Gorgeous Tudor/arched entry, Juliet balcony, sunken LR/ exposed beam ceilings. Perfect combination of old & new. Upgraded kit/caesarstone/ tiled backsplash & stainless appliances. Updated baths. Plus rooms. Lovely yard/ brick patio. Super house for entertaining. Close to BART, shop. & restaurants.

130719-yuba-decorOk, Bob, why did you nominate today’s Tudor?

365 percent appreciation in El Cerrito!

Actually that appreciation was just from March to August of last year:  375k to 745k in five months.
It just sold AGAIN – the third time in 16 months.
Listed at 779k, went pending in two weeks, and sold for 903k (16 percent over asking).
Yes, it’s a good-sized house on a good-sized lot. But 240 percent appreciation in 16 months – W…T…F!!

130719-yuba-kitchenWTF, indeed, where do you get 365 percent increase going from 375 to 903? One percent for every day this year. Is that East Bay math?

Maybe the way it works is that this house gets extra price increase boosts, because the value of a typical listing is actually dropping simply by being exposed to other homes located in the East Bay.  Think of it as a belt of lead weights, or a heavy chain connected to a big ol’ Oakland anchor.

130719-yuba-bedroomWhy would anyone buy this house for $903,000, when it’s full of exposed hardwood and the living room is sinking plus it has a frighteningly large kitchen? It makes much more sense to buy a fixer-upper in Mountain View instead. Think of all the time you’ll save when everything is at your fingertips because the rooms are so conveniently close-in. And the Bay views from El Cerrito will lead to woolgathering when you’ll be needing to focus on work. Mountain View Eichloids don’t have those distractions! Besides, it’s not like you’d be leaving Google during daylight hours anyway.

Comments (6) -- Posted by: madhaus @ 7:04 am






June 13, 2013

Bay Area Bubble 4.0: Oakland. Yes, Oakland.

People often ask us, “Why do you keep saying this is another bubble? All the real estate experts out there keep assuring us it isn’t.”

Puh-leeze, people! Do you really expect those so-called experts to understand the difference between national averages and Real Estate Where It’s Special? Of course not! Those silly “experts” think this isn’t a bubble because prices haven’t hit their pre-crash peaks.  Except if you followed real estate in the Real Bay Area you’d know that they have and they do, every day.  So let’s look at yet another “point of light” illuminating the real estate bubble that we damned well know is blowing up a little bigger every day in the RBA, Where It’s Special.

And even where it isn’t. Because today we’re looking at overbidding in Oakland.  Thanks very much to Burbed reader Bob in Oakland for the find.

130612-monterey-redfin3239 MONTEREY Blvd
Oakland, CA 94602
$840,000

5 Beds
3.5 Baths
4,971 Sq. Ft.
$169 / Sq. Ft.
Built: 2002
Lot Size: 8,755 Sq. Ft.
On Redfin: 104 days
Status: Active
Property Type: Detached Single Family
Community: Alameda County
MLS#: 81306257
Stories: 2
County: Alameda

Large beautiful home with a fantastic view!

 

130612-monterey-aerialThis home may be large and beautiful, but the agent thoughtfully kept things simple by not including any photos other than the one you see right here. Now if that isn’t proof of a real estate bubble, we don’t know what to tell you. This house is telling you, you want an almost 5,000 square foot house? Well you can bloody well submit your overbid and hope you get to see the inside, then!

Did we say overbid? More like over-overbid, because last week the price got cranked up from $550k to $840k despite There’s No Bubble Here.

And if you’re wondering how the heck there’s almost 5,000 sf of house in this modest façade, have a look at the satellite photo. Looks like the builder went deep. Real deep. Also there’s another floor under the driveway, which means you’d best check the drainage.

Bunus: That’s a freeway in the bottom right corner: Lucky number 13!

Comments (6) -- Posted by: madhaus @ 5:02 am

June 4, 2013

Bay Area Bubble 4.0: Past Peak in Oakland

We keep hearing from supposed real estate experts who want to assure would-be buyers that This Time It’s Different and There’s No Bubble Here. And we’ll be here to keep reminding everyone that in the Bay Area, Where It’s Special, There Most Certainly Is A Real Estate Bubble.  There’s been one before and there’s one again right now. Today we have yet another in our continuing Exhibitions of Proof Beyond Ultimate Proof.  Thanks very much to Burbed Reader Bob in Oakland for sending in this luscious listing! 

130603-mandana-redfin719 MANDANA Blvd
Oakland, CA 94610
Sold for $720,000

2 Beds
1 Baths
1,155 Sq. Ft.
$623 / Sq. Ft.
Built: 1920
Lot Size: 5,750 Sq. Ft.
Sold On: May 24, 2013
HOA Dues: $13/month
Style: Craftsman
View: Greenbelt
County: Alameda
Type: Detached
Stories: Other
Community: Crocker Hghlands
MLS#: 40611221

Very charming craftsman bungalow with abundant period details. Just blocks from Peet’s, Trader Joes, Farmers Market, Arizmendi and the Transbay bus. Large terraced back yard ready for your creative touches.

130602-mandana-kitchenLet’s listen in as Bob talks to himself, because nobody in their right mind would leave the Real Bay Area to visit Oakland.

This one just sold for more than at the peak of the last bubble: $720,000 this year, vs $677,000 in 2006.

The underwater seller sold it last year (3/23/12) for $465k.

Without any work having been done (at least, there was none mentioned in the listing), it listed on April 18 this year for $569k.

130603-mandana-kitchen2Redfin associate says ‘interior shows well, but could use some updates, especially the kitchen. Floors are a bit wonk.’

Went pending 11 days later, and sold for $720k.  Whoever sold it last year got taken, big time.

No bubble here folks. Just move along. Nothing to see.

130603-mandana-mapIt’s a decent part of Oakland, but a reasonably busy street…

Although at these prices it looks like the Real Bay Area is visiting after all.  And why not? This house is much closer to the Trestle Glen and Lakeshore neighborhoods than Crocker Highlands, but if it can go for 27% above asking in 11 days, why not choose a community 27% more impressive as well?

They’re on their way with the 27% busier street, now with more yellow on the map! Let’s see what your creative touches can do with that.

Comments (9) -- Posted by: madhaus @ 5:01 am

May 27, 2013

Overbids, in Berkeley? Mu.

Since we had a Sunday think piece (a really nice way to say TL;DR) yesterday on the supposed strength of schools in the East Bay (short answer: not even), let’s look at another property there. Today’s featured home for your holiday is brought to you from Berkeley by Burbed reader Bob in Oakland.  Thanks very much, and remember, if you have a listing that looks like it could use a little Burbed loving, please send it in!

130526-lincoln-redfin1411 LINCOLN St
Berkeley, CA 94702
Sold for $805,000

2 Beds
2 Baths
1,083 Sq. Ft.
$743 / Sq. Ft.
Built: 1938
Lot Size: 3,570 Sq. Ft.
Sold On: Apr 10, 2013
Type: Detached
Stories: 2
Community: N Berkeley
MLS#: 40605874
Style: Bungalow
View: Other
County: Alameda

Charming N. Berkeley/ Northbrae Bungalow on charming Lincoln St. Updated baths, large front & rear yards, spacious laundry room plus bonus room perfect for office or guest suite. And, just 1 block to N. Berk BART, Ohlone pathway and bike routes.

130526-lincoln-kitchenNow let’s check in with Bob:

For your consideration:

This little shack sold for $805k, and went pending two weeks after listing for $599k.  Per a postcard sent out by the selling agent (and received by a friend who lives nearby), it received 16 offers.

Note the Redfin ‘tour insights’ (gotta love ’em using the word ‘insights’ – it takes the deep intuitive gifts of a realtard to come up with gems like ‘nice house’):

  • 130526-lincoln-yard‘Not a fan of the kitchen’
  • ‘Kitchen is small and could use some updating.’
  • ‘There isn’t a great indoor outdoor flow. You need to go downstairs and out a side door to get to the backyard.’
  • ‘Upstairs bath a little funky….’
  • ‘Upstairs bath could use a remodel.’

130526-lincoln-faucetAlso:

There’s no garage – it was converted into a ‘guest room’ with sliding glass doors which provide a lovely view of the parking pad. 

The description says ‘large front and rear yards’, but the lot size is only 3,570 square feet.

The pix make it look decent sized, but ‘objects in wide-angle lens are smaller than they appear.’

130526-lincoln-fishmktNote the sideways-pointing faucet in the bathroom sink – never seen that before.

Yes, the neighborhood’s pretty nice, but $805k?  Maybe the buyer works in the financial district of SF, and decided that instead of a crappy condo for $1.5 million, they’d snap up this house which is a short, pleasant walk to North Berkeley BART.

I love ‘burbed’ – an island of sanity in a region gone batshit insane for real estate. Keep up the good work.

Not much we can add to that other than we’re talking a 34% overbid.  And how many times can one agent use the word “nice”?

130526-lincoln-nice

Comments (8) -- Posted by: madhaus @ 5:04 am