December 2, 2011

Millbrae Condo Dreamin’

Let’s visit Millbrae again, because it needs some Burbed love.  Simply mentioning it in passing because its zip code was the 366th most expensive in the county will not do for keeping Millbrae in our sights.

Fortunately, Burbed Reader Paul has found us a wonderful wishing price washout, showing what happens when sellers expect a particular price and the market fails to comply.  Thanks very much, Paul!

1388 BROADWAY #186, Millbrae, CA 94030
$599,000

image

BEDS: 2
BATHS: 2
SQ. FT.: 1,147
$/SQ. FT.: $522
LOT SIZE: –
PROPERTY TYPE: Condominium
STYLE: Contemporary
STORIES: 1-3 (Low Rise)
VIEW: Neighborhood
YEAR BUILT: 2009
COMMUNITY: Millwood
COUNTY: San Mateo
MLS#: 81141887
SOURCE: MLSListings
STATUS: Active
ON REDFIN: 61 days

Sophisticated living in the heart of Millbrae. Built in 2009, this Garden Level 2br/2ba condo offers approx 1147 sqft of living space. The gourmet kitchen is decked out with beautiful granite counter tops and backsplashes and a myriad of energy-efficient features. The interior is spacious and full of light. Common areas include multiple landscaped courtyards, a spa, barbeque area, & gym.

imageWhen Paul first sent this listing in, the asking price was $628,000, so after a month, with great trepidation, the sellers decided to cut the price all the way to… $615,000.  This did not lead to a packed Open House, flyers going through windows, and overbidding bringing offering prices right where they need to be.  So our dauntless sellers, guided by their brilliant and knowledgeable agent, took another deep (2.5%) price cut to the bone!  $599K!

Here’s how Paul described it:

Hey, the folks just down the street at 151 El Camino are selling new units in the $600s—we should get AT LEAST as much! Just because we bought near the market peak doesn’t mean we can’t walk with $100k of profit today! And besides, we have 2 parking spaces to their 1 (which you’ll need because it’s too far to walk to BART).

imageI chatted with the agent and he confirmed that the sellers were pretty clear on the price they wanted to list at… best of luck to them. Maybe they find a willing victim in the low $500s?

Paul should have mentioned that the $525,000 sale was in 2009.  Everyone knows that was a market low, and it’s completely reasonable to expect a $100K $74K profit from the year the credit dried up.

Also I really like this picture of the kitchen, with the mid-oughties trifecta of granite, stainless, and hardwood (or at least Pergo).

Comments (7) -- Posted by: madhaus @ 5:09 am






November 25, 2009

Great opportunity to build in Old Palo Alto

144 TENNYSON Ave, Palo Alto, CA 94301 | MLS# 80952608

144 TENNYSON Ave Palo Alto, CA 94301

$1,450,000

144
Beds: 4
Baths: 2.5
Sq. Ft.: 2,400
$/Sq. Ft.: $604
Lot Size: 7,500 Sq. Ft.
Property Type: Detached Single Family
Style: Colonial
Stories: 2
Year Built: 1961
Community: Old Palo Alto
County: Santa Clara
MLS#: 80952608
Source: MLSListings
Status: Active This listing is for sale and the sellers are accepting offers.
On Redfin: 9 days
Great opportunity to build in Old Palo Alto! Approved building plans to build 2 single family homes with shared driveway. Each home is approx. 1875 sq ft with 4 bedrooms, 2.5 baths 1 car garage and 1 uncovered car space each. Each home will have a nice size backyard and side yard. Designed by award winning architect Stephen Pogue.

Thanks to Burbed reader Paul for this find.

Everyone’s looking for a great investment these days, and there’s no better one than Palo Alto of course.

So let’s see… if you scoop up this ginormous 7,500 sqft lot, you could build two 1875 sqft homes! At $300 per square foot (only the best granite please!), that would be an additional $1,125,000. So that’s a $2,575,000 investment.

But in the end, each of these houses with their shared driveway and nice sized backyard will undoubtedly sell for at least $1000 per square foot – netting you a total of $3,750,000. Hey hey hey! That’s a return of 45% on your investment. CHA CHING!

Let’s take a look at the present street view to see how this will pan out:

tenny

Oh yeah. That’s totally going to look like the listing pic when you build two houses there. And I”m sure your neighbors are going to love it!

What are you waiting for? Even Bernie Madoff couldn’t promise an investment return like this. Go for it today!

(BTW, this house was last sold in 2008 for $1,510,000, so there’s an instant equity angle to this as well!)

Comments (70) -- Posted by: burbed @ 5:41 am