February 24, 2013

NOW is the time to buy or sell a house!

The National Association of Realtors (NAR) isn’t known for deep thinking.  After all, this is the group that brought you David Lereah, America’s very own Baghdad Bob on the topic of forecasting home values.  But let’s take a closer look at the idea that NOW is always the time to buy. After all, if now is not the time to buy, then now is the time to sell.

Turns out NAR has that one covered.  They’ve got a list of the best places to buy and sell, NOW.  And guess where is the time to sell NOW.

That’s right.  Where it’s Special.

Asheville, NC Tops Best Places To Buy In 2013

Real Estate News   |  Feb 14, 2013   |  By: Lexie Puckett | Realtor.com

130222-nar-ashevilleThe new year started on a positive note in January, with inventories at record lows and list prices holding steady on a year-over-year basis. Whether this shows a continuation of the nascent housing recovery into 2013 will depend on a variety of factors, including the strength of the overall economy, the cost and availability of mortgage credit, consumer expectations regarding future housing prices, and the success of continuing efforts to stem the flow of new foreclosures.

If inventories remain low — and if list prices begin to rise during the next few months, as they did last year — conditions are ripe for additional house price appreciation in 2013. However, such gains are likely to be concentrated in markets already well into their recovery process, such as California, Phoenix, Seattle, Washington, D.C., and many sand states. Markets in the older industrialized parts of the Midwest and the East will likely continue to struggle without a significant turnaround in their local economies. However, if inventories in these areas remain high, it could effectively set the stage for further declines in housing values in these local markets.

2013 Best Places to Buy and Sell

With two months remaining before the home-buying season opens, sellers have a huge advantage. In tight markets, such as the top five “Best Places to Sell,” sellers benefit from better prices than they’ve seen in years. In our five “Best Places to Buy,” buyers will find plentiful inventory and prices that haven’t experienced the increases others have seen during the past year.

So wait, are they saying that there actually exist places where NOW is not the time to buy? Well… no, because they would never want to prevent suckers from giving them money interfere with the free market.  Also commissions.

Here are NAR’s Top 5 Best Markets to Sell a House NOW.  Except they didn’t say NOW, but you KNOW it’s THERE.

130222-nar-sacto1. Sacramento. No, really. Inventory dropped even more than here where it really is Special, leading to price increases of (get ready to scream) 40%.  You forgot to invest in Sacramento last year, didn’t you?

2. San Jose.  Prices are up 25% here and inventory isn’t exactly generous. But unlike Sacramento, San Jose wasn’t rebounding from a complete price collapse.

3. San Francisco. They’re just copying us, and not as well.

4. Phoenix. See Sacramento. Inventory is down 16%, but so what? They simply make more land. What they can’t manage to make more of here is water.

5. Washington, DC. “With a median price of $429,900, D.C. is one of the nation’s priciest markets…”  Right, NAR.  You want to see what you can get here, where it’s actually Special, for $430,000?  This.

130222-nar-sheriann1889 SHERI ANN Cir
San Jose, CA 95131
$429,950

HOA Dues: $202/mo.
2 Beds
2 Baths
1,157 Sq. Ft.
$372 / Sq. Ft.
Built: 1993
Lot Size: 435 Sq. Ft.
On Redfin: 1 day
Status: Active
HOA Dues: $202/month
Style: Contemporary
View: Neighborhood
County: Santa Clara
Property Type: Condominium Stories: 1-3 (Low Rise)
Community: Berryessa
MLS#: 81305233

Upcoming Open Houses

Saturday, Feb 23: 1:30-4:00 pm
Sunday, Feb 24: 1:30-4:00 pm

Dwnstrs condo has bright & open flr plan. Newer carpet, hrdwd flrs in entry & ktchn. Interior has been freshly painted. Spacious patio off of lving rm. Gas stove, dual sinks & recessed lights in Kitchen. Mster bdrm has it’s own patio, walk-in closet, recently updated bthrm, 2 sink vanity. Attchd 1 car garage w/ laundry. Community has large pool, spa, sports court, bbq/picnic area. Great location.

And by “Great location” they don’t really mean “great location.”  Yesterday’s house was “great location.”  This place is “You’re less likely to get shot than on Story Road.”

Now, lest you think all those California metros filling in the first 3 on that top 5 list are some big honking coincidence, here’s some data ripped straight out of NAR’s January Trends report.  The blog entry linked above is distilled from this longer report.

130222-nar-inventory

It goes on to confirm what we already knew: It’s Special Here. Then again, it’s even More Special in Sacramento.  Want to know where else it’s surprisingly Special?

130222-nar-dom

Anyone who doesn’t see Bubble written all over these tables simply is not paying attention.

Comments (7) -- Posted by: madhaus @ 5:03 am






May 8, 2012

Check with City to explore other possibility

Areas close to the high-tech jobs are so desirable right now, homes for sale there are snapped up before the seller finishes signing the contract with an agent.  Meanwhile, far-flung exurbs are not doing as well.  Commuting an hour, or even more, is not desirable to most buyers with Silicon Valley jobs.

So what about the places that are still within what we think of as Silicon Valley, but aren’t a relatively easy commute to the job centers?  What if those areas were Foreclosure Central during the credit crunch?  What if some of the residents in those neighborhoods aren’t exactly Junior League material? Let’s take a look at such a big lot Berryessa listing from Burbed reader Tracy Tea House.

1199 PIEDMONT Rd
San Jose, CA 95132
$748,800

120507-piedmont-redfin

BEDS: 3
BATHS: 2
SQ. FT.: 1,448
$/SQ. FT.: $517
LOT SIZE: 0.46 Acres
PROPERTY TYPE: Detached Single Family
STYLE: Ranch
STORIES: 1
VIEW: Neighborhood
YEAR BUILT: 1956
COMMUNITY: Berryessa
COUNTY: Santa Clara
MLS#: 81214183
SOURCE: MLSListings
STATUS: Active
ON REDFIN: 20 days

LARGE LOT, Value in land, city allowed to build 3 houses couple years ago, contact city to verify status of approval. Near Piedmont high, Piedmont Middle, elementary school and library. It is very rare to find large lot like this in North Valley. Check with City to explore other possibility. VERY LARGE DOG, DO NOT DISTURB OCCUPANT, DO NOT ENTER PROPERTY. WRITE OFFER SUBJECT TO INSPECTION

Since you won’t be entering the property (VERY LARGE DOG, DO NOT DISTURB OCCUPANT), good thing this home listing has 24 pictures.  Here a few of our favorites.

120507-piedmont-suv120507-piedmont-neighbor120507-piedmont-dirt120507-piedmont-half-garage120507-piedmont-big-yard-dog120507-piedmont-dog-ho

24 pictures of the same six parts of the outside of the house.  But the good thing about these photos is you can play Where’s Waldo with them, assuming Waldo’s the name of the VERY LARGE DOG.

Comments (8) -- Posted by: madhaus @ 5:06 am

November 25, 2011

BLACK FRIDAY DEALS: Cheapest house in Santa Clara County

imageIt’s time for our post-Thanksgiving Black Friday Deals, Deals, Deals!  This series was a big hit last year, so we’ve brought it back, better than ever.  That’s why we opened an hour early this morning.

Every day we’ll feature the cheapest property we could find in a featured place.  We’re also going to keep bringing you the regular listings, because It’s Still Special Here.

Today, the cheapest house in the entire County of Santa Clara!  How much would you pay for an actual house (NOT A CONDO) on an actual lot (NOT PAVEMENT) in an actual city (NOT IN GILROY)?  And it’s not even one of those micro-cottages.  This is a real 3 bedroom, 2 bath house well over 1,000 square feet in size.

But, it’s BLACK FRIDAY, so you have to HURRY!  This one won’t last long because someone’s going to get it in the shorts.

548 SCOTTSVILLE Ct, San Jose, CA 95133
$150,000

image

BEDS: 3
BATHS: 2
SQ. FT.: 1,101
$/SQ. FT.: $136
LOT SIZE: 3,484 Sq. Ft.
PROPERTY TYPE: Detached Single Family
STORIES: 1
YEAR BUILT: 1979
COMMUNITY: Berryessa
COUNTY: Santa Clara
MLS#: 81129498
SOURCE: MLSListings
STATUS: Active
ON REDFIN: 142 days

Pre-Foreclosure. Must sell 11/27/11. Open House Sunday 11/27/11 2:00-4:00PM. Close to schools, cul-de sac.

Yes, this house must be sold by SUNDAY!  Wow, it isn’t even 80 years old.  An actual house for $150K.  That means if you earn $50K a year, like if you were a really lazy engineer and only worked 20 hours a week while whining at Occupy San Jose the other 148 hours a week, YOU COULD STILL QUALIFY TO BUY THIS HOUSE (provided you haven’t completely messed up your credit by, say, buying a house in the last 10 years.)

No more excuses.  NOW IS THE TIME TO BUY.

Comments (10) -- Posted by: madhaus @ 4:00 am

October 26, 2011

Now THIS is an Undisclosed Location, Location, Location!

A while back we featured a trailer park house mobile home that a reader sent in.  Then the owner of said home appeared in comments and after a nasty free-for-all lively discussion, either the Owner or the Sender asked that the writeup be removed

Well guess what? We’ve got another place from the Exact Same Trailer Mobile Home Park, and it’s even more Burbed-worthy!  Thanks very much for Burbed reader SEA for alerting us to this opportunity.

 

2151 Oakland Rd #301, San Jose, CA 95131
$109,900

image

BEDS:3
BATHS: 2
SQ. FT.: 1,440
$/SQ. FT.: $76
LOT SIZE: –
PROPERTY TYPE: Mobile Home (Double Wide)
YEAR BUILT: 2008
COMMUNITY: Berryessa
COUNTY: Santa Clara
MLS#: 81134644
SOURCE: MLSListings
STATUS: Active
ON REDFIN: 63 days

Beautiful 3bed/2ba 2008 Champion Model. Living room has pergo & towner dormer with skylight. Family room has wire for phone and cable. .Eat-In kitchen has a refrigerator, dishwasher & skylight. Guest bed has ceiling fan with light and carpet. Guest bath has tub & shower & linoleum. Master bed has walk in closet and wire for cable. Master bath has separate tub & shower. Space rent $825.01.

imageWe’re still disappointed that the other doublewide got taken down, but this one is so much better, and only a few thousand more!  It’s much newer, built in 2008.  But the awesomeness is just beginning! 

Buy this container house and nobody will have any idea where you live.  Yeah, the original Casa del Lago doublewide was purported as “Live at an Undisclosed Address,” but there were directions to find the place in the MLS detail.

imageNot here!  Not only do we have no idea what street this is on, the agent won’t even show us what the outside looks like!  There’s no way you’re going to find this place short of taking a tour of every single metal box luxurious manufactured home in the park until you find this interior paint job!  With every single room painted a different color so you’ll never get lost, it’s all ready for you to start a preschool in here! Ka-ching!

Plus all the delights of Casa del Lago, including rapacious, bloodsucking landlords enthusiastic on-site management ready to assist your move in with a sixty-page rental agreement you won’t be able to take off the premises after you close on the place.

image image

imageimage

imageimage

What are you waiting for?  This one won’t last long!

Comments (10) -- Posted by: madhaus @ 5:09 am

August 18, 2011

Detached converted garage makes this the perfect home for your large family and toys

Here’s another listing from the wilds of San Jose hillbilly country, from intrepid Burbed reader Tracy!

 

3535 SIERRA ROAD, San Jose – North Valley, CA 95132
$699,000

image

BEDS: 4
BATHS: 3
SQ. FT.: 2,977
$/SQ. FT.: $235
LOT SIZE: 2.67 Acres
PROPERTY TYPE: Detached Single Family
STYLE: Ranch
STORIES: 1
VIEW: Neighborhood
YEAR BUILT: 1970
COMMUNITY: Berryessa
COUNTY: Santa Clara
MLS#: 81133736
SOURCE: MLSListings
STATUS: Active
ON REDFIN: 12 days

Large 4 bedroom 3 bathroom home located on large 116,000 SF lot. Room for off street parking and detached converted garage makes this the perfect home for your large family and toys. Nice patio deck with some views of the surrounding area. Tenant in property, please make appointment to see and do not disturb occupants.

Here’s what Tracy has to say about this property:

imageWow, I feel for the “tenants” AKA owners who are being foreclosed on. However, maybe they have less worries since the photography of the listing is so bad! Could the lighting be any dingier? When the main selling point is “room for off street parking,” and there are only pictures of the lot, temporary buildings and cars, I wonder how they got the kitchen shot.

On the plus side, I think the picture of the four Cypress trees is very artistic. I guess the agent imagines that a detached garage makes a house perfect for a large family… but I wonder what lurks behind those bushes!

image

Artistic?  I guess it takes a certain kind of talent to use a modern camera and manage to overexpose the yard but leave the flash off inside.  At least the date is still readable in both shots.

And props to the agent for having the date set correctly.  Remember that listing where all the pictures were from 2003?  I think it cost a few thousand more than this place, too.

Okay, do any Burbed readers know what this is all about:

Listing Information
  • Bank-Owned/REO
  • Tenant Rights

What tenant rights are involved in San Jose house rentals?  Is this like Berkeley where you’re obligated to let the tenant stay 40 years or until they die in your house, whichever comes last?  Is that why the price went down 90% in six months back in 2003?

image

Tenant in property.  Sounds like removal is going to be painful.

Comments (7) -- Posted by: madhaus @ 5:06 am

August 25, 2010

If you want to live in a green-ish house in San Jose…

$699,000

1578 MISSION SPRINGS Cir San Jose, CA 95131

image

Beds: 3
Baths: 2.5
Sq. Ft.: 1,630
$/Sq. Ft.: $429
Lot Size: 3,500 Sq. Ft.
Property Type: Detached Single Family
Style: Spanish
Stories: 2
Year Built: 1989
Community: Berryessa
County: Santa Clara
MLS#: 81035786
Source: MLSListings
Status: ActiveThis listing is for sale and the sellers are accepting offers.
On Redfin: 27 days
Gorgeous NSJ 2-story house w/ Lots Upgrades, 3Bed 2.5Ba, Open Floor Plan w/ High Ceil. Upgrade Kitch. , New Top Quality Berber Carpet upstairs & New High-end Laminate Floor Downstairs, European Style Curtains in All Rooms, Beautiful Landscaped Backyard w/ Professional Pergola on Desired Corner Lot. Relaxing & Convenient Living to Golf Course, Supermarket, Costco and Park. A must see.
Thanks to Burbed reader sonarrat for this find!
Now, I’m not a professional architect, nor do I play one on TV, but yeah I’d have to agree with sonarrat that something looks a bit off in this house. Is it the charming green piping (which curiously is not mentioned in the listing? I mean, I’d expect a realtor to absolutely rave about something like that!)? Is it that funny window above the garage?
Any architects out there? What do you think makes this house look funny, aside from the fact that one of the biggest selling points is that it is near a Costco, and yet it is a mere $429 per square foot?
Comments (17) -- Posted by: burbed @ 5:38 am

April 21, 2009

New staging techniques being used by Realtors in San Jose

3036 BETSY Way, San Jose, CA 95133 | MLS# 80903658
3036 BETSY Way San Jose, CA 95133
Price: $289,000

1356265336-3036b
Beds: 3
Baths: 1
Sq. Ft.: 1,165
$/Sq. Ft.: $248
Lot Size: 5,280 Sq. Ft.
Property Type: Detached Single Family
Style: Traditional
Year Built: 1940
Stories: 1
View: Neighborhood
Neighborhood: Berryessa
County: Santa Clara
MLS#: 80903658
Source: MLSListings
Status: Active
On Redfin: 74 days
This is a nicely kept home in North Valley Area, 3 Bedroom, 1 Bath, Hardwood Flooring Throughout, Detached 2 Car Garage, Close to shopping and other facilities, Great Price for Starter Home.

I don’t know about you, but I’m bored of the cliche staging that seems to be all the rage these days. I prefer more deconstructionist staging that reflects the mood of the times.

Burbed reader sonarrat was impressed by the multi-tone station wagon in the driveway.

Me? I’m all about this:

1341877088-3036a

Booyah. The half open gate. The laundry appliance. The dining room chairs on a dining room table. The shanty wood structure.

THIS IS REAL EVERYONE. THIS IS REAL.

It’s gritty. It helps you feel like you’re living. You see the chaos and your mind races. And it races to buying this $248 per square foot house because you know it’s only going to go up once you make it de-real. But will you? Isn’t this what those hipsters living in the tenderloin or billyburg would want?

It’s your choice, but you’d better act fast!

Comments (35) -- Posted by: burbed @ 5:48 am

May 13, 2008

Additional dirty kitchen included in this Berryessa house!

301 Educational Park Dr, San Jose 95133
(Berryessa)


$628,000

* Status: Active
* Bedroom: 4
* Bathroom: 2&1/2
* Year Built: 1980
* Lot Size: 3480
* Square Footage: 1681
* List Date: 4/1/2008
* Garage Spaces: 2
* MLS#: 788811
Close to school,grocery,shopping ctr.and hospital.Public trans. EZ to access to 680/101. Crn lot.newly renovated kitchen area.updated floor tile. Addtnl dirty kitchen(not recrded),Motivated seller. Offer subj to lender approval.

Let’s look at the key selling points of this house:

1. Amazing security system. You will not feel safer in any house. With bars on the windows and doors, you can be sure that your family will be safe at night – unlike those losers in neighborhoods that don’t have bars. Remember, it’s like the Bear theory – you only need to outrun your friend, not the bear. This tactic is guaranteed to send the criminals to Los Altos instead.

2. Check out the green-ness of this house. That’s right – no yard means no grass means no evil pesticides, wasting water, etc. Think globally, act locally by buying this house.

3. Stop sign. Everyone is going to have to stop at your house and look. Look at your house. PRIDE OF OWNERSHIP BABY!

4. This house comes with an additional dirty kitchen that’s not recorded. Everyone knows that real chefs have real dirty kitchens. Finally, you can explore your culinary skills and produce authentic food.

And for just $628,000! What are you waiting for!

Comments (23) -- Posted by: burbed @ 5:46 am

March 15, 2007

How to lose $272 dollars a day on a San Jose Townhouse

MLSlistings Property Detail for MLS number 704775
1822 GLACIER BAY TE
San Jose, CA 95131
$565,000

1822glacier.jpg

This Townhouse has the following features:
MLS#: 704775 Approx Age: 10 Years Approx Sq Ft: 1407
Townhouse 2 Levels 3 Bedrooms
1 Master Bedroom Suite 2&1/2 Bathrooms 2 or More Stall Showers

So… it’s just another $565k 2 bedroom townhouse. A staple of Silicon Valley. Why do I post this?

Let’s just say Burbed Reader Anthony inspired me to:

Hi,

I love the work you have been putting on this site.  Great job.
Here’s a deal my fellow bubbleheads will enjoy:

1822 Glacier Bay Ter, San Jose, CA 95131 3 beds, 2.5 baths, 1,407 sq ft

MLS#: 704775
Original list price was $648,000, Current listing price is $565,000
Sale History
03/20/2006:     $625,000

The property is in fact quite alright and that’s how I found it for renting on Craigslist for $2,095.  Unfortunately, as I write this, the ad just expired on CL but it will mostly re-list.  I will let you know if I see it again.

So beside the $60K + commission loss, the PITI on this property is $3,680 based on a 10% down and 6.25% 30-yr mortgage, giving the FB a negative cashflow of roughly $1,600.  :)
In fact, the only way the FB could be cashflow even is to have put down $300K and the rest with an ARM or IO.  Great investment!!

My calculations show that this person will lose about $94k in less than one year -which is about $272 dollars a day – or about $8k a month.

Now,  as I noted in yesterday’s How to lose $282 dollars a day piece, the Bay Area is special and prices only go up. So what explains this phenomenon?

The answer is easy – Spring Bounce. See… this person got confused – it’s only March which is still kind of winterish. Just wait until Spring Bounce gets well underway in May – then, watch out! This will rocket $1 million dollars, after all the hot IPOs slated for this year go live!

Then watch as rent soars to $7000 a month, making you wish you had bought instead of being priced out and forced to live in a van down by the (Guadalupe) river!

Click here to post a comment -- Posted by: burbed @ 5:52 am