July 11, 2012

COMPLETELY UPDATED: $4.2 million teardown in Belvedere

Burbed has visited this high-priced peninsula before, but we’ve never reported on a teardown at Hillsborough-with-Baywater.  Thanks very much to Burbed reader Pkamp3 for the find.

A $4.2 Million Tear-Down House in Belvedere, California

By ALAN FARNHAM | ABC News – Fri, Jun 29, 2012

120710-belvedere-abcIn Marin County, California, where people tend to have money, people in Belvedere tend to have more. Even so, a recent decision by Clark and Sharon Winslow of 337 Belvedere Avenue to buy the home next to theirs for $4.2 million — and then tear it down — might seem extraordinary.

It’s not, say locals and real estate professionals.

“There are houses being torn down all the time,” says Bill Smith, realtor and ex-mayor of Belvedere. In neighboring Tiburon, he says, a buyer not long ago paid $20 million for the home of tennis star Andre Agassi and wife Steffi Graf, then announced his plan to raze it.

While the article specifically mentions the house that isn’t being torn down, we’re left to guess which property is getting the extreme makeover.  And we think it’s this one.

Update 9:30 AM: And we are completely wrong.  Burbed reader gallileo provided the evidence that it’s the house on the OTHER side.  Correct info added to end of article, because we hate to waste a good housing rant.

341 Belvedere Ave
Belvedere Tiburon, CA 94920
Sold on 01/14/2000 for $2,100,000

120710-belvedere-redfin

120710-belvedere-satelliteSource: Public Records
BEDS: 3
BATHS: 2.5
FINISHED SQFT: 2,831
UNFINISHED SQFT: –
TOTAL SQFT: 2,831
FLOORS: –
LOT SIZE: 8,400
STYLE: Single Family Residential
YEAR BUILT: 1964
YEAR RENOVATED: 1975
COUNTY: Marin County
APN: 06022128
LAST UPDATED: August 24, 2011

The interesting thing about buying and tearing down a perfectly good house isn’t that someone with way too much cash went ahead and did it.  It’s how much the house was worth in the first place.  Zillow says… ZEstimate of $1,876,100.  Which means the new “owners” spent more than twice what this house may be worth just to make more land.

Yes, the purchasers live in that 9524 square foot housing tumor on the left.  Let’s see what they got for $4.2 million!

120710-belvedere-streetview

Oh yeah.  Perhaps they’ll be tearing down this place next, since it’s blocking their Bay access.  (See #42.  Only 1017 days on Redfin!)

Update: Here is the correct house.  gallileo provides a link to SocketSite with the story, and there’s a further link to a piece in the Marin Independent Journal.  So, without further adieu, the actual house that was purchased for $4.2 million only to be torn down.  That and more, after the break.

(more…)

Comments (10) -- Posted by: madhaus @ 5:15 am






June 7, 2012

Price Reduction in Palo Alto! NOW is the time to BUY!

price-cut[7]Sometimes we try to go an entire week without mentioning the most Special Place in the Whole Real Bay Area.  This week, sorry, no such luck. 

Many thanks to Burbed reader Gallileo for this perfect Palo Alto abode!

2150 Waverley St
Palo Alto, CA 94301
$4,450,000, reduced from $4,975,000

120606-waverley-redfin

BEDS: 4
BATHS: 3
120606-waverley-kitchenSQ. FT.: 3,018
$/SQ. FT.: $1,474
LOT SIZE: 0.26 Acres
PROPERTY TYPE: Detached Single Family
STYLE: Colonial
STORIES: 2
YEAR BUILT: 1928
COMMUNITY: Old Palo Alto
COUNTY: Santa Clara
MLS#: 81218701
SOURCE: MLSListings
STATUS: Active
ON REDFIN: 20 days

ELEGANT COLONIAL IN ONE OF OLD PALO ALTO’S MOST PRESTIGIOUS LOCATIONS – ON AN AMAZING 11,200 SF LOT. SPACIOUS, OVER 3000 SF HOME W/ 4BR AND 3 BATHS. INCLUDES FORMAL ENTRY, FORMAL DINING ROOM, SEPARATE FAMILY ROOM, MASTER BEDROOM SUITE, DEN/STUDY & GROUND FLOOR BEDROOM.

Here’s why Gallileo sent this listing in:

2150 Waverley in Palo Alto is back on the market!  Originally featured in 2009 for nearly four million dollars, this beautiful home with ocean views didn’t sell.

120606-waverley-burbed-0911

120606-waverley-bedroomThis house has appreciated a cool million–twenty-five percent–in just twenty-eight months. All the way to almost five-million dollars! Surely if it didn’t sell for four-million while it was listed for nearly all of 2009, someone will pay five-million in the summer of 2012. You know, the luxury good effect and all that. It just wasn’t priced high enough to be prestigious before.

Just imagine how much appreciation if it still had ocean views, or if you could still walk to Steve Jobs’ house from here. Hey, his old place is just down the street. It just needs to be more 120606-waverley-kawlumsexpensive so it can be truly prestigious.

So why was the home marked up a million dollars since 2009 when it didn’t sell?  They didn’t spring for new listing copy, or expensive lower-case letters. But this time around, there are actual photos inside the house.  So now we know a secret: There’s a set of MAWBUL KAWLUMS in the john!

But speaking of million dollar markups, whoops!  Would you believe the seller reduced the price the very day we wrote this house up? Sure you would, but what you won’t believe is that a house in Palo Alto could be overpriced in the first place. It must be because the ocean views got misplaced.

You do realize if you don’t put your bid on this property in the next 15 minutes you’re going to be priced out forever.

Comments (76) -- Posted by: madhaus @ 5:06 am

October 5, 2011

It’s baaaaaaaaack. 602 Chimalus makes its return

Today’s house has been brought to you by Burbed reader Gallileo, who is guest blogging a perennial find!  Yes, you’ve seen this house before, and you may be seeing it yet again!  After all, it’s still for sale after 45 days, despite the Palo Alto address.  This is definitely an opportunity for somebody!

Best of all, the Agent has a Financial Interest in this plum.  Mmmmm!


 

602 CHIMALUS Dr, Palo Alto, CA 94306
$1,750,000

image

BEDS: 4
BATHS: 3
SQ. FT.: 2,090
$/SQ. FT.: $837
LOT SIZE: 5,311 Sq. Ft.
PROPERTY TYPE: Detached Single Family
STYLE: Contemporary
STORIES: 2
VIEW: Neighborhood
YEAR BUILT: 2008
COMMUNITY: Barron Park
COUNTY: Santa Clara
MLS#: 81135381
SOURCE: MLSListings
STATUS: Active
ON REDFIN: 12 days

A fusion of great contemporary design, fine craftsmanship and a calming color palette results in a modern home that is a joy to live in. This home is only 3 years old and shines like new. Spaces are flexible to accommodate your lifestyle and allow single level living, if that is what you seek. Fine custom features and workmanship and Palo Alto schools!

Like a realtor’s penchant for bad pictures and poor copy, 602 Chimalus just won’t go away for long. This house has made several appearances on Burbed over the years, and is right back where it started–for sale with only two weeks on the market–really!

image

 

image

Didn’t sell for $1.6 million in 2009. Didn’t sell for $1.69 million in 2010. Surely it will sell for $1.75 million in 2011. We all know there has been much more than 60K of appreciation on every house in the RBA over the past year, so we know that the overbidding on this place will take it right up where it needs to be.

Even the commenters on redfin think the seller is crazy–of course this was back in 2010. Can’t wait to see how long it lasts on the market this time around.

Comments (46) -- Posted by: madhaus @ 5:09 am

April 25, 2011

Stop Me If You’ve Seen this One

It’s been too long since we featured a house in Palo Alto, or heard from Burbed reader Gallileo.  So today we’ve got both!

443 Ferne Ave, Palo Alto, CA  94306
$1,598,000

image

 

BEDS: 4
BATHS: 2
SQ. FT.: 1,884
$/SQ. FT.: $848
LOT SIZE: 7,519 Sq. Ft.
PROPERTY TYPE: Detached Single Family
STYLE: Contemporary
STORIES: 1
VIEW: Neighborhood
YEAR BUILT: 1956
COMMUNITY: South Palo Alto
COUNTY: Santa Clara
MLS#: 81113445
SOURCE: MLSListings
STATUS: Active
ON REDFIN: 12 days

Exquisite Eicher Designed & Updated by Award Winning Team * Cherry Cabinets with Stainless Steel Counters & Appliances * Slate Floor in Kitchen/LR/DR * Built-In Shelves in LR * Remodeled Baths w/ Tile Floor, Cherry Cabinets & Custom Lights * Insulated Walls & Roof * Indoor Laundry Room * Mature Landscaping with Beautiful Trees * Convenient Location Near Schools & Shops * Top Palo Alto Schools-Gunn High

Here’s what Gallileo had to say about this listing:

imageLike a moth to the flame, I keep looking at Palo Alto real estate. We now know that south Palo Alto isn’t a part of the RBA:

443 Ferne came back on the market today. Last sold in 2008 for $1.795 million, the current ask is $1.58 million, for a capital only carrying cost of $205,000 over twenty-seven months, or almost $7,600 a month.

And that’s before the owner paid for commissions, property tax and Draino.

It’s a nice house–as insulationless, energy-bleeding, uneven-floored california 50’s tract-Eichlers go anyway. What is the OER for a place like this?

image443 Ferne is back on the market?  Somebody page steve over in Portola Valley.  He was always talking about that house, see here, here, here, here, here, here and here.  It’s amazing that it was never featured on Burbed when it sold in 2008.  For One. Point.  Seven.  Nine.  Five.  Million.  Dollars.

BAM.  And it’s pending without release as of April 13th.  Any guesses as to the selling price?

Comments (56) -- Posted by: madhaus @ 5:05 am

March 9, 2011

Palo Alto house perfect for twitter and facebook employees

$3,288,000

Beds: 9
Baths: 6.5
Sq. Ft.: 4,627
$/Sq. Ft.: $711
Lot Size: 8,070 Sq. Ft.
Property Type: Detached Single Family
Style: Contemporary, French, Mediterranean
Stories: 3
View: Mountains, Neighborhood
Year Built: 2006
Community: Midtown
County: Santa Clara
MLS#: 81105993
Source: MLSListings
Status: ActiveThis listing is for sale and the sellers are accepting offers.
On Redfin: 12 days
VERY NEW/ BEAUTIFUL 9 BD/6.5 BA; GREAT 4 TODAY’s LIFE/ENTERTAINMENT; PRIME LOCATION/QUIET 2Side CueDeSac ST; LOTS NEW HOUSE AROUND; FUNCTIONAL/FLEXIBLE FLR PLAN/RMs; 2 PRKG W 400 SF; GOMT KITCHEN; MASTERBR W SIT RM; TOPLINE MTL/APPLICANCES; THEATRE/DANCNG FLR; SAUNA; BAR; GYM, GAME RM; WINE C; LOTS FEATURES; HG CEILING; 2 GREAT ROOM/2 LAUNDRY; GRAND/BRIGHT/DETAILS; BIG FRONT/BACK YARD W PATIO/TRILLIS

Thanks to Burbed reader M for this find!

Here’s what M had to say:

I know we aren’t supposed to discuss the city which cannot be named, but this house is just so perfect.

http://www.mlslistings.com/2577-RAMONA-ST-Palo-Alto-CA~i19$1013434$RES

Love the agent’s grammar. He will make just $100,000 on this sale, so he clearly can’t afford keyboard that doesn’t produce all caps. Oops, there are a couple of words in there that aren’t, like "QUIET 2Side CueDeSac". What exactly is a CueDeSac? I’m guessing either a place to store your custom-made pool sticks, or a bag that hold
s your signals to go on stage. No matter, this house has LOTS FEATURES and is GREAT 4 TODAY’s LIFE/ENTERTAINMENT. Hey, there is also a "TRILLIS", which must mean something that supports the piano flourishes your little snowflakes can play. With nine bedrooms, everyone in a family of nine can have their own bedroom with one left over for the in-laws.

I’m sure many people want to cook in a GOMT KITCHEN, no matter if it actually contains TOPLINE MTL or APPLIANCES.

Never had a sale since it was new in 2006. I guess it isn’t one of the LOTS NEW HOUSE AROUND. At this rate, it’s going to be Old Palo Alto without ever being lived in. Buy it now or be priced out forever!

Dude this house is totally aimed at all the Facebookers and Twitterers who are about to become rich! Know your customer! Speak their language! Shrt is betr. Drp lttrs to sv spce. TL;DR.

Comments (43) -- Posted by: burbed @ 5:00 am

August 5, 2010

Old Palo Alto Exits the RBA

Today’s listing and comments are thanks to burbed reader Gallileo.  Many thanks!  Remember, if you see an interesting property for sale and would like to see it featured here, please email us a link to the listing and anything you have to say.  Alright, give it up for Gallileo!

Old Palo Alto, feeling ashamed at being only the third leading income city in the nation, has decided to leave the RBA (Real Bay Area).

1227 Fulton Street, Palo Alto, CA  94301
$1,350,000

1227 fulton

BEDS: 4
BATHS: 2
SQ. FT.: 2,114
$/SQ. FT.: $639
LOT SIZE: 5,625 Sq. Ft.
PROPERTY TYPE: Detached Single Family
STORIES: 2
YEAR BUILT: 1924
COMMUNITY: Community Center
COUNTY: Santa Clara
MLS#: 81036220
SOURCE: MLSListings
STATUS: Pending Without Release
ON REDFIN: 14 days

Cozy 2-story home in highly desirable Palo Alto Community Center; 4b2bth, spacious LV & Dining rm; Private master bdrm upstairs; Quiet bckyrd w/ mature trees along property perimeter; Tree lined street, quiet neighborhood, surrounded by houses of stylish architectural details; Walking distance to libraries, community center, parks, schools; Short Distance to downtown shopping and restaurants

A nice old house on a nice old Palo Alto street, on the right side of Middlefield Road.  You can walk to Steve Jobs’ house, the children’s library, downtown and Rinconada park.

This area has just left the RBA because this house sold for $1.7 million in 2007 and is now on the market as a foreclosure at $1.35 million.  It was on and off the market all of 2009 at a wide variety of prices (always less than the 2007 price) but it didn’t sell.  A sad day for Old Palo Alto, but we’ll always have 94306!

Comments (30) -- Posted by: madhaus @ 5:05 am

July 7, 2010

Let’s revisit 602 CHIMALUS Dr

$1,689,000

602 CHIMALUS Dr Palo Alto, CA 94306

image

Beds: 4
Baths: 3
Sq. Ft.: 2,090
$/Sq. Ft.: $808
Lot Size: 5,311 Sq. Ft.
Property Type: Detached Single Family
Style: Contemporary
Stories: 2
View: Neighborhood
Year Built: 2009
Community: Barron Park
County: Santa Clara
MLS#: 81011503
Source: MLSListings
Status: Active This listing is for sale and the sellers are accepting offers.
On Redfin: 115 days
Custom contemporary home on a Palo Alto cul-de-sac. Custom bamboo cabinetry in the kitchen and baths w/ soapstone and slate counter tops. Soaring ceilings. Heated bath floors. White oak floors throughout. Green features include LED lights, tankless hot water, ceiling fans, attic fans, 2 zones HVAC, and more! Palo Alto schools including Gunn High. ALso available for rent at $6250/month.

Now this house was mentioned before – let’s take a look at the way back machine…

July 24 2009

Pralay Says:
July 27th, 2009 at 10:52 pm

One more Palo Alto property that has neither buyer nor renter – 602 CHIMALUS Dr. The flipper bought the lot for $1.1M in 2007. In market from December (price reduced from $1.9M to $1.6M).

Now the flipper put it up as rental in craiglist – for $6995 per month.

Recently, burbed reader Gallileo saw that it continues to be listed, and had this additional commentary:

A house no one is worth of in Barron Park

Flipped not once but twice from 2006 to 2007, then undergoing an extensive remodel, this house first listed in 2008 in its new incarnation. All the resales and repricings–“Up! No down! no up!”–show the true desirability of this house–its so hot that no one feels worthy of it for more than a year. Even the former renters moved out. And how can you ever find the right price on a house that sells and rerents so often?

Now it sits there, stately and sideways on its half-sized lot, backed up against Palo Alto’s only light-manufacturing industrial plant, just waiting for a renter or buyer who feels worthy of it. The recent price increase shows just how desirable it is.

Alright all you creative minds out there… what’s it going to take to get this house sold? I’m thinking… increase the price even more! Let’s make it even more valuable by making it even more precious!

Anyone know what the fair market rent value of this house would be? Any good comparables?

Comments (60) -- Posted by: burbed @ 5:05 am

June 23, 2010

The Real Bay Area is back, and with a vengeance

36 LYELL St Los Altos, CA 94022

$1,099,500

image

Beds: 4
Baths: 3
Sq. Ft.: 1,466
$/Sq. Ft.: $750
Lot Size: 6,969 Sq. Ft.
Property Type: Detached Single Family
Style: Traditional
Stories: 1
View: Mountains, Neighborhood
Year Built: 1946
Community: North Los Altos
County: Santa Clara
MLS#: 81020948
Source: MLSListings
Status: Active This listing is for sale and the sellers are accepting offers.
On Redfin: 53 days
Location Opportunity! Downtown Village charm, private fenced back yard, majestic oak tree. Room for garden. Bonus room. Nice house, 4 bedrooms, 3 updated baths. 4th bedroom suite off garage. So dont miss bonus room off the garage!

Thanks to Burbed Gallileo for this find. Here’s what G had to say:

Sold in February 2010 for $975,000, now on the market for $1,099,500. With no improvements over the past four months listed in the description, that is a work and investment free annualized appreciation of 43%! Now that is what I call the real bay area!

You heard it here folks… Real Bay Area real estate is about to resume its place as the world’s best and safest investment.

Bernie Madoff eat your heart out!

Comments (6) -- Posted by: burbed @ 5:01 am

April 30, 2010

Excellent Investment Opportunity: Corner Lot Residence in Palo Alto’s Best Neighborhood!

Thanks to Burbed reader Gallileo for this find!

Excellent Investment Opportunity: Corner Lot Residence in Palo Alto’s Best Neighborhood!
Location: Old Palo Alto 8249611_max
This 3br/1.5ba single-family residence is an owner-occupied, ranch style one-level home (1328 sq. ft.) with a two-car attached garage. The house was built in 1950 and is on a corner lot (5625 sq. ft., Zoned R1) surrounded by multi-million dollar estates in the most prestigious neighborhood of Old Palo Alto located just ten minutes walking distance to University Ave. in downtown Palo Alto.
The owners have lived on the property since 1977 and prefer to continue residing in the home for the next ten years as opposed to accepting a traditional outright sale. Based on a 2007 appraisal, the property was valued at $1.2m. The property’s current fair market value now is estimated to be at least $1.0 million. *According to the City of Palo Alto Development Center, a new house may be constructed up to 2,438 sq. ft. (not including basement area which may also be built up to the same square footage area as the main level.)
The owners are open to all serious offers. However – as a reference point, they have considered the summarized scenarios below which will enable them to continue living in the property.
SCENARIO A
The owner-occupant will accept a $600,000 loan secured by a new first deed of trust at 6% compounded monthly. The owner will continue to live on the property with no loan payments and move out in 10 years with an end payoff to the lender of $1,091k in ten years. An alternative option is the owner would agree to pay a lender 60% of the purchase price in 10 years – allowing the buyer to be paid whichever payoff is higher depending on how inflation affects the property’s value at the end of ten years. *An investor in this scenario would need to consider their imputed interest because an investor making a loan with no payments (such as buying a zero-coupon bond) may still need to pay tax each year on the interest that accrues during the year. In this instance, a retirement account or non-profit entity may be a suitable investor.
SCENARIO B
The owner will accept $900,000 for the property as-is, through an outright sale now. The seller will continue to live in the property for the next ten years. Rather than paying rent to the new buyer (on which, an investor would be required to pay income tax), the seller will instead continue to pay 100% of the ongoing costs of property owner­ship such as insurance, property taxes, and maintenance during the ten years at which time, the buyer can take possession and/or sell.
SCENARIO C
Buyer to purchase a 67% undivided interest in the property for $600,000 cash. At the end of ten years, the current owner will sell their remaining 33% with a first right of refusal to the buyer for its fair market value.
*Buyers are required to consult with their own attorney and tax consultant, and are urged to conduct their own due diligence with the City of Palo Alto Planning Department regarding usage, building restrictions, and zoning laws. Any contracts and/or deed of trust will be recorded with both buyer/seller parties providing their own attorney representation and contract review at their own expense.

Property Location
740 Addison Ave.
Palo Alto, CA 94301
View Map
Features
Bedrooms: 3     Bathrooms: 1.5
Parking Spaces: 2       Year Built: 1950
Lot Size: 5625  Garage Size: 2
School District: Palo Alto      Square Footage: 1328

Here is another one for you. My guess is that someone has had a little too many cash-out refi’s and is looking for a way to stay in their home, but it’s really the bank’s at this point. Just look at the artistic color–easter egg blue is all the rage these days. Plus it is located on the corner of Fulton Street, which is Palo Alto’s “Christmas Tree Lane”–just on the part of it that isn’t part of the show. You get the Fulton street connection with none of the pesky tourists!

And such a realistic price–Just mention the 2007 price and you know you get 200K of instant equity just out of the gate. Now there is an investment worth pursuing.

Comments (116) -- Posted by: burbed @ 5:13 am

October 28, 2009

This Palo Alto house has great neighbors

788 Clara Dr, Palo Alto, CA 94303 | MLS# 80927131
788 Clara Dr Palo Alto, CA 94303
Price: $1,550,000

788
Beds: 5
Baths: 3.5
Sq. Ft.: 2,915
$/Sq. Ft.: $532
Lot Size: 5,663 Sq. Ft.
Property Type: Detached Single Family
Style: Traditional
Stories: 2
Year Built: 1954
Community: Midtown
County: Santa Clara
MLS#: 80927131
Source: MLSListings
Status: Pending With Release
On Redfin: 138 days
BEST $$$$ PER SQ. FT VALUE FOR THIS SIZE HOME IN MIDTOWN! NOT REPRODUCABLE! EXPANDED AND REMODELED. RECENT UPDATES. FLOWING FLRPLN W/ ABUNDANT NTRL LT. DRAMATIC 17 FT FRML ENTRY. GLEAMING HW FLRS, CUSTM MLDGS, RECSD LTNG ABOUND! LRG FDR W/ CSTM BLT-INS. HUGE LR, KIT, SEP FR FLOW TO LRG PRVT YARD W/ FLGSTONE PATIO, LAWN, & SUNDECK! WALKING DISTANCE TO TOP RATED P. A. SCHLS, PRKS, SPNG, TRNS. EZ COMMUTE TO 101 OR 280!

Thanks to Burbed reader Galileo for this find!

This house is not reproducable – or reproducible! The fact that it is built with such loving care in Palo Alto prevents that from happening.

Frankly, I think this is significantly underpriced, which probably explains why it’s pending already! It’s got so much going for it. Heck, even the house number is lucky! I bet there 32109 bids, and still growing. $532 per square foot? What a tease!

However, what really makes this house not reproducable, is the neighbors! Let’s take a quick walk down the street to meet one!

788b

788a

Oh excellent! There’s an antique car collector down the street! In fact, it’s right next door!

This will provide for a fantastic learning experience for your children. In between MyTwitFace, they can learn how to change a carburetor air filter, and find empties for recycling! Now that’s diversity!

They’ll also learn about fairness – for example, how your children’s parents will be paying $15,000 a year in property tax while their neighbor pays one order of magnitude less – $1,370. Hey, after all, 780 Clara Street helped build this community. They’ve earned it.

Comments (28) -- Posted by: burbed @ 5:04 am