August 5, 2013

Overbidding in Mountain View. Real Overbidding

We’ve discussed Real Bay Area cred many times here, and one way to tell you’re dealing with the RBA is that of course your property should attract plenty of overbidding.  Burbed reader steve writes in to let us know about a blog post that discussed what the sellers are thinking when getting those bids.

This couple traded up from Mountain View to Palo Alto, rebuilding their house as well.  But it’s this piece on the sale of their Mountain View house that we think Burbed readers would find intriguing.  What kind of bids go straight into the trash, never to be considered? Which bids made it to Round 2 of overbidding?  And do you consider the “winner” of this process to be the Stupidest Person Left Standing, or the Lucky Owner of a home in Mountain View’s finest zip code?

Sold! A behind the scenes look at the selling of our Mountain View home & tips for buying in a crazy market.

130804-overbids-house

Kudos to our real estate agent, Erika Enos! Our house sold fast and for more than we were expecting.

This week we officially handed over the keys to the Cuesta Park Charmer. We are very happy that we found a nice new family to love the home and the process went relatively smoothly. Compared to the angst of being on the bidding side of the table being a seller is this market is a joyride. Here’s how everything played out:

The Stats

List price:  $1,228,000
Sale price: $1,603,500 (~30% over asking), no contingencies, 25-day close
Open House visitors on Sat & Sun: ~150
Views of virtual tour: 8091 (32% of referring web pages came via HomeCrunch! vs. 26% via MLS)
Requests for disclosure package: 35
Offers: 10

You can read all the details over on Kay Luo’s site HomeCrunch, which is mostly about their adventures building their new house there. But what can the Burbed reader take away from this sellers-eye-view of the overbidding process?  Let’s take a look at the house itself.

130804-bond-redfin780 BOND Way
Mountain View, CA 94040
Sold for $1,603,500
Listed for $1,228,000

4 Beds
2.5 Baths
1,983 Sq. Ft.
$809 / Sq. Ft.
Built: 1952
Lot Size: 5,096 Sq. Ft.
Sold On: Jun 10, 2013
Status: Sold
Property Type: Detached Single Family
Stories: 1
Community: Miramonte
MLS#: 81315689
Style: Ranch, Contemporary
View: Neighborhood
County: Santa Clara

Perfect marriage of craftsman and contemporary renovation. Rare 4 bedroom, 2 1/12 bath home with family rm which has access to private patio & rear garden. Hardwd flrs, copious storage in state of the art kitchen, skylights in kit & family rm. Contemporary styled baths, spacious master suite, 4th bedrm perfect for office or nursery, newer roof, close to Cuesta Pk, dwntwn Mtn Vw & all Silicon Valley

130804-bond-livingThis couple did one thing right: they bought in the RBA. We know this house is in the RBA, not only from the 94040 zip code, but the fact that the home sold for more than double in only eight years. QED!  (That stands for Quite Excellent Deal!)  They did this despite not having a picture of the front of the house in the first picture, too.

Now, let’s examine what we can learn from the blog post itself.

First, the list of which offers were considered and which weren’t is useful.  If you’re still house hunting, maybe you’re making one of the mistakes called out there.  That means stop putting in contingencies in your bids during a seller’s market.  Instead, ask the seller what contingencies they would like to place onto the buyer.  How about 90 days’ free rent after the sale for starters?

130804-bond-bedroomNext, while suitcases full of cash may not be King, they’re still pretty Ace.

Third, if you write an entertaining blog, you can send plenty of people to look at your virtual tour.  That is, you can get more referrals from you own blog than the MLS.

Fourth, you know those stupid beg letters we’ve been laughing at? They work.  So if you want to buy someone’s house full of family memories and rip it to pieces, write a tear-jerking letter about how much you love the place and how it’s perfect for your 2.1 children and pooch.  After you buy it, fire up the bulldozer because it’s yours and tough luck if the sellers actually believed your fanfiction.

What do you think of Kay’s look at being an overbid recipient?

Comments (21) -- Posted by: madhaus @ 7:09 am






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

July 9, 2013

Updated: Bay Area Real Estate Bubble 4.0: Not Over. Nuh Uh Uh.

130708-28th-priceisrightThis weekend we featured a Murky News article claiming that frenzied overbidding on Real Bay Area homes was done. It wasn’t the only such piece claiming that RBA overbids out of suitcases full of cash were coming to a halt.  To which we say: Sure it is. Redfin is tracking the bidding wars, and they say it’s cooling off… outside the RBA.  Specifically, there are fewer multiple bid situations outside California, and in the Golden State, things have eased up a bit in the Southland.  But don’t worry.  It’s Still Special Here.

Let’s find out just how special with this home sent in by Burbed reader mtv-renter.

130708-28th-redfin440 28th St
San Francisco, CA 94131
Sold for $1,756,000

2 Beds
2 Baths
1,057 Sq. Ft.
$1,661 / Sq. Ft.
Built: 1910
Lot Size: —
Sold On: Jul 2, 2013
Status: Sold
Property Type: Attached, Full, Single-Family Home
View: Panoramic, Bay, Hills
County: San Francisco
Style: Victorian
Community: Noe Valley
MLS#: 408763

Much sought after charming single family home with spectacular southern views. Very bright and light. Main level features lovely dining area, spacious living room, office area, stunning remodeled granite kitchen and marble bathroom. Opening to a secluded charming backyard, perfect for entertaining. Second level features two bedrooms with original built-in dresser drawers. Fabulous, new bath with marble walk-in shower. One of the bedrooms overlooks the enchanting garden and the other captures the southern view. There is a lower level just waiting to be finished with great expansion potential!

130708-28th-bedroomTake it away, mtv-renter!

Oh holy hell, the good times are back!

I visited this place myself, but given the line out the door for the open house, didn’t even consider placing a bid. Good thing!

Asking price: $989k, sold for $1,756,000, that rounds up to 78%. This is an astounding $1,661/sqft.

It gets better,

last sold for $749,000 on Sept 24, 2010. That’s $1,007,000 in appreciation over 1012 days, or $995/day.

130708-28th-yellowEveryone should buy in San Francisco. Riches await!

But wait, there’s more!

It gets better, check out the buyer’s agent’s name:

Trim Wellbeloved, 
Pacific Union International
DRE #01209860

You know, we prefer to point ‘n laff at realtard behavior rather than their names, but in this case… well, there it is.  Meanwhile Burbed reader Petsmart Groomer notes that this house has come to the attention of SF Curbed.  Where, asks PG, is the million dollar upgrade?  After all, in 2010 it took 3 price cuts to finally change hands at… $749K despite appearing on television!

130708-28th-redfin2010440 28th St
San Francisco, CA 94131
Sold for $748,000

2 Beds
1 Baths
— Sq. Ft.
Built: 1910
Lot Size: —
Sold On: Sep 27, 2010
Status: Sold
Property Type: Attached, Full, Single-Family Home
View: Panoramic, Hills
County: San Francisco
Style: Victorian
Community: Noe Valley
MLS#: 370108

Big reduction. Please come see this Victorian Noe Valley Home as featured on the TV Show Sell This House. It has amzing Southern Hills Views. Two bedrooms and One Bath. Period detailing throughout the house. Near shops and restaurants.

Why that million dollars is clearly in the kitchen. The stainless steel fridge must be worth $400,000 all by itself.

130708-28th-kitchen-2010130708-28th-kitchen

130708-28th-redfin-restatedBunus: extra bathroom! That’s got to be the other $600,000!

Update 7/10/13: Seems the realtard made a little mistake with that sale price. It’s actually only $1,150,000. However, realtards typing in completely WTF numbers into listings is simply a different kind of Burbed win. So it’s all good, as long as you aren’t the realtard.

See the comments for more details. You should be reading comments on all our articles, anyway. You should be posting in comments, too. Don’t agree? Explain why! In our comments!

Comments (26) -- Posted by: madhaus @ 7:03 am