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






September 20, 2013

Cheapest House in San Jose: Just add imagination & love

Tired of seeing three million dollars for a cracker box in Palo Alto?  Us, too.  Here’s how far you can S-T-R-E-T-C-H your dollar if you’re willing to look in San Jose. Well, the Special parts, anyway.

130919-drake-redfin602 DRAKE St
San Jose, CA 95125
$319,000

2 Beds
1 Baths
966 Sq. Ft.
$330 / Sq. Ft.
Built: 1948
Lot Size: 4,840 Sq. Ft.
On Redfin: 8 days
Status: Active
Property Type: Detached Single Family
Community: Willow Glen
MLS#: 81333635
Stories: 1
County: Santa Clara

Diamond in the rough, Corner lot with potential, with some imagination and love you can turn it into your dream home. Large backyard with room for RV or boat parking. Detached garage, perfect for an at home workshop. ALL CASH ONLY. Property condition restricts financing options.

Didn’t we already have a diamond in the rough this week? This one appears to be a little rougher. At least it won’t set you back too much scratch. And here’s why.

130919-drake-patio130919-drake-rear

Not only do you get these lovely pavers, the shadowing on the house makes it look jauntily nautical. Um, that is if “tugboat” can go in that nautical category.

130919-drake-room130919-drake-bedroom

And don’t worry about the low price meaning you’ll do without amenities! As you can clearly observe, the house does have rooms in it!

130919-drake-rous

There’s more! Looks like we found another R.O.U.S, stronghold as well!  That’s two this week!

And here’s really why this place is such a bargain: Location, location, location! Although this location sure ain’t Willow Glen.

130919-drake-satellite

Bunus: Dorky datestamps on photos are from July!

Click here to post a comment -- Posted by: madhaus @ 7:03 am

September 5, 2013

Redwood City pink house in Shire, Buyer to varify

Our site founder has this thing for pink houses, so we’re really delighted to find this gem.  There’s so much to love about it, we’d consider this house for the front page even without the awesome paint job.  Best of all, you could buy this one for cash.  In fact, you may well have to.

130904-devonshire-redfin2841 DEVONSHIRE Ave
Redwood City, CA 94063
$275,000

2 Beds
1 Baths
900 Sq. Ft.
$306 / Sq. Ft.
Built: 1948
Lot Size: 3,990 Sq. Ft.
On Redfin: 57 days
Property Type: Detached Single Family
Stories: 1
County: San Mateo
Style: Cottage/Bungalow
Community: Dumbarton
MLS#: 81324754

Fixer upper. Buyer to varify with Redwood City Planning dept. due to lot size. No contingency. 10% cashier check payable to ‘San Mateo County Public Guardian’. The condition of this property may require an all cash buyer or a rehab loan, ask your lender. Court confirmation on 9/10/2013 at 9 AM at Dept. 28, 400 County Center, RWC CA 94063.

If a picture is worth a thousand words, this house is a New Yorker essay.  Ask your lender.

130904-devonshire-living130904-devonshire-windowsimage130904-devonshire-door

Comments (2) -- Posted by: madhaus @ 7:03 am

February 17, 2013

How do you tell the difference between the RBA and Not the RBA?

Answer: The RBA is being bought up by foreigners with suitcases full of cash going to individual sellers.  Not the Real Bay Area is being bought up by investors with envelopes full of cashiers checks going to banks.

Report: Investors buy nearly half of Oakland’s foreclosed homes

Real estate firms turning properties into rentals, becoming "massive landlords" in some neighborhoods, critics say

130216-investors-suitcaseby Aaron Glantz, Bay Citizen — June 28, 2012, 11:01 a.m.

The rental listing advertises a “gorgeous remodeled craftsman-style house” with three bedrooms, two bathrooms, a converted basement, a large deck and a backyard for $2,595 a month.

Eight months ago, this West Oakland home was owned and occupied by Theodros Shawl, a local chiropractor. Shawl bought the house in 2004, his first since emigrating from Ethiopia in 1990. Over the years, Shawl said, he rebuilt the home’s foundation and replaced its aging plumbing and electrical systems.

“I liked the fact that it was an older home, that I could repair and paint and fix there on the weekends. I was always at Home Depot,” said Shawl, 40. “I was living the American Dream.”

Last October, after being sidelined with a wrist injury, Shawl lost his home to foreclosure; in May, Bank of America sold it to a real estate investment firm, REO Homes 2 LLC, a company founded in 2010 by Bay Area businessman Neill Sullivan.

130216-investors-cashiersLest you think this is a trend only in the depressed parts of the Bay Area, we assure you that it isn’t.  Real Estate Investment Trusts are back, mostly because there doesn’t seem to be a lot of places to get reasonable returns these days.  A recent article in The New Republic covers the growing national trend of paying cash for foreclosures and turning them into rentals.  Needless to say, actual would-be buyers are finding themselves aced out of the bottom-feeding.

Your New Landlord Works on Wall Street

130216-investors-hedgeHedge funds are snatching up rental homes at an alarming rate

BY DAVID DAYEN, The New Republic, February 16, 2013

Housing analysts have been giddy for the past year about the comeback of their industry, whose collapse led to the Great Recession. Sure, 2012 was actually the third-worst year for housing ever—but it still beat 2010 and 2011. New and existing home sales, housing starts, and prices jumped in 2012, and experts expect an even stronger recovery for 2013.

It’s clear why people are so excited: Housing typically leads economic recoveries. As more people build equity in their homes, they feel more free to spend disposable income and increase economic activity, a phenomenon known as the “wealth effect.”  So a bullish outlook for housing would seemingly augur a long-awaited recovery to Main Street. But the more you look into it, the clearer it becomes that it’s not being driven by the typical American families who lost their homes in the economic crash. In fact, it’s being fueled by the banks and hedge funds whose speculation caused that crash in the first place.

If you’ve signed a lease in the past year, there’s a good chance your landlord wears a tailored suit and works on Wall Street. One of the hottest trends in the financial sector is known as “REO-to-rental.” Over the past couple years, hedge funds, private equity firms and the biggest banks have raised massive amounts of capital to buy distressed or foreclosed single-family homes, often in bulk, at bargain prices. Their strategy is to convert them to rental units for a while before reselling them when prices appreciate. The Wall Street firms are scooping up properties in the hardest-hit areas, promising high returns for the rental revenue streams—up to 10 percent annually —and starting bidding wars that have driven up some prices well above national averages. It’s the next Wall Street gold rush, with all the warning signs of a renewed speculative bubble.

Enjoy the Open Houses you’ll be making offers on but not buying because some sovereign wealth fund is outbidding you.

Comments (7) -- Posted by: madhaus @ 5:18 am

November 15, 2012

Serious defects include well contamination

We’ve been spending too much time in Santa Clara County, which means we’re forgetting about the other eight counties in the Bay Area.  So let’s head north for today’s front-page feature.  Thanks very much to Burbed reader Tom Paine for this deep subject.

121114-gravenstein-sawbuck4291 Gravenstein Highway S
Sebastopol, CA 95472

Listed for $535,800 on 2/1/12
Several price cuts, to $315K on 10/19
Sold for $310,000 on 11/8/12

BANK OWNED
1 Story Detached
3 bedrooms
2 bathrooms
2,535 sq ft
3.45 acres
13 years old
15 Photos
Style: Ranch
Lot Size: 3.45 ac
Mortgage Payment: $1,114/mo
Taxes —
Year Built: 1999
Subdivision: Sebastopol
Stories: 1
MLS #21202510
WalkScore™:18

Nice piece of property on 3.4 acres. Cash only buyers. No financing. Serious defects include well contamination, rotted foundation and extensive wood rot.

121114-gravenstein-fireplaceHere’s why Tom thought this nowhere-near-the-Real Bay Area estate deserved to be all tarted up on Burbed:

Think of enjoying the beautiful views in the morning, sipping that cup of extra flavorful coffee and smelling the sweet scent of rot. And you get that special REO deed that doesn’t guarantee title as a bonus!

Can’t imagine why this didn’t sell faster.  Nothing is more authentically Marin than extensive wood rot.  But you get all this prestige at a Sonoma County price (complete with a Sonoma County address)!

This is also one of those listings we had to play Where’s Waldo with, because it didn’t show up on Redfin or several others.  Plus it had different listing copy with fewer but blurrier photos on Zillow:

121114-gravenstein-zillow4291 Gravenstein Hwy S
Sebastopol, CA 95472
Not for Sale

Zestimate $392,863
Rent Zestimate $2,458/mo
Est. Mortgage $1,371/mo

Beds: 3
Baths: 2
Sqft: 2,535
Lot: 150,282 sq ft / 3.45 acres
Type: Single Family
Year built: 1999
Fireplace: Yes
County: Sonoma
Legal description: MAP D5 151
Parcel #: 062240030
Per floor sqft: 2,535
Total rooms: 7
121114-gravenstein-bathroom# Stories: 1.0
Unit cnt: 1
Zillow Home ID: 15806148

Excellent country estate on over 3.4 acres. Home features tile entry, large living area with fireplace & fish tank, granite counter tops & island in kitchen, oversized master bedroom w/sitting area. Outside kitchen with built-in BBQ. Fantastic views of pastures, hills and seasonal creek. Pre qual with BOFA required on all offers. Cash buyers are subject to Deed restriction.

Bunus: Check out the listing history!

121114-gravenstein-listing-history

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