A couple of weeks ago we featured this, um, charming house in Palo Alto. Within 7 days, the price went up $150k, because if house was featured here, it was obviously worth far more than that lazy realtard had suggested! Obviously he/she just wanted a quick commission and didn’t care how little money the bank netted after eating the first mortgage, the second mortgage, the HELOC, the hazardous cleaning team, and the poo guy.
But after making the front page of Burbed, the Beautiful Eichler with Pool got a more upscale description: “Live down the street from $7,495,000 home.”
So without any further ado, here is the $7.5M house! Thanks very much to Burbed reader Petsmart Groomer for mentioning this house in comments.
SQ. FT.: 7,743
$/SQ. FT.: $968
LOT SIZE: 0.43 Acres
PROPERTY TYPE: Detached Single Family
YEAR BUILT: 2002
COMMUNITY: Green Gables
COUNTY: Santa Clara
ON REDFIN: 4 days
Incredible Hampton Style home with all the bells and whistles. Great North Palo Alto location, large lot and terrific Palo Alto schools. A rare opportunity to get a move-in home of first class quality and design. Designed and built for family living, you won’t find anything like this available for sale within 20 miles, let alone in Palo Alto.
We’ve already discussed that a homedebtor can list a house for whatever s/he wants, but it’s what a buyer will pay for it that determines the “value.” Back in the heady days of Pay Option ARMs and OPM and PPM (whoops, that refers to how much poo per million in the swimming area), a buyer would look at the asking price and offer 15% above that. Then they’d hope the homemade cookies, the family photo, and the offer to hand-wax the seller’s Porsche for the next five years would lead to an offer being accepted. Now, with the housing market in freefall, anything goes, which unfortunately includes agents too lazy to include the full nine pictures on Redfin when six will do. Just six pictures, for a house with an asking price of $7.5 million.
So, is this house actually worth $7.5M? Don’t forget that it’s “down the street” from the Beautiful Eichler, let alone in Palo Alto. 0.7 miles “down the street.”
The good news is that for an extra $6.5 million, you aren’t next to a freeway exit ramp, so you have a better chance of pretending you’re in the Hamptons. The bad news is you’re next to East Palo Alto instead.
I mean next to EPA, not “down the street” from it. Right behind the back yard on the other side of the creek is Collective Roots, a nonprofit that teaches sustainable gardening and food system change (I think that’s PC for eating stuff that was actually alive). It’s educational, which means lots of East Palo Alto kids visit their site, which is behind this house.
Let’s take a good look at what kind of neighborhood you get for $7.5 million.
Yeah, you won’t find another $7.5 million place next to this much high-density housing within 20 miles!