March 28, 2012

* * * NO MORE OFFERS PLEASE !!! * * *

120324-sf-sold-redfinHave you heard?  The housing market is hot, hot, hot!  So many finds have that red PENDING banner smacked across the first picture because there’s so little inventory available (see chart).  That means even a Burbed-worthy home may get more love from overbidders than from, well, Burbed.  You would not believe how many homes that belong on the front page are snapped up and have their listings wiped clean off Redfin before we can even get the IP wrapper off our email.

But that’s great news for you, Burbed readers!  If the market is this hot, that means more and more crapboxes will be listed with no attempt to put any lipstick on those pigs.  And that means we are assured there’ll be plenty of prime content!  Like today’s OMG THAT’S PENDING WTF? listing from Burbed reader Petsmart Groomer.  Thanks very much for this listing that left many parts in San Francisco.

1261 Sanchez St
San Francisco, CA 94114
$650,000

120324-sanchez-redfin

BEDS: 2
BATHS: 1
SQ. FT.: 885
$/SQ. FT.: $734
LOT SIZE: 1,999 Sq. Ft.
TYPE: Detached
STYLE: Cottage
STORIES: 1
YEAR BUILT: 1905
COMMUNITY: Noe Valley
COUNTY: San Francisco
MLS#: 40558309
SOURCE: EBRD
STATUS: Pending Court Confirmation
ON REDFIN: 66 days

* * * NO MORE OFFERS PLEASE !!! * * * Cute home with full garage/workshop. Backyard and patio. Loads of potential !!! Fixer, reflected in price. ..

120324-sanchez-porchHere’s a perfect example of a house that doesn’t need any effort by a listing agent.  It’s in Noe Valley, so just let the new buyer deal with any deferred maintenance.  What do you want, this place was standing when The Big One hit in 1906 and it’s still here!

This home requires Court Confirmation to sell, so buying it will require some legal advice as well.  And that’s not the realtard’s problem.  You want this house?  You should have been overbidding in January.

Now, a small amount of cleanup might be required.  Take a good look at these pictures, because the agent couldn’t even be bothered to move the smallest little distractions out of the framing.  What is up with all those bottles in the kitchen?  It doesn’t matter.  This market is HOT!

So, see if you can come up with a good story for each of these items.

120324-sanchez-tub120324-sanchez-kitchen120224-sanchez-sink

The rest of the photos are to assure you of Burbed’s Good Housekeeping “Tag of Approval.”  Some of you Negative Nellies might object that the living room and bedroom do not demonstrate good housekeeping at all.  But, ah, the garage!

image120324-sanchez-shelves120324-sanchez-garage

Comments (28) -- Posted by: madhaus @ 5:01 am






March 25, 2012

UPDATED: Trulia weighs in on Buy vs Rent by putting finger on the scale

120324-trulia-usamapTrulia has a new blog entry on the eternal Buy vs Rent question, and they have lots of meaningless aggregate data to wave around!  Here’s their Winter 2012 Rent vs Buy Index, and and it isn’t restricted to the Real Bay Area. 

Don’t be surprised that Trulia thinks signs point to Buy.  Their being in the listing information and real estate agent referral business shouldn’t have anything to do with their conclusion, right?  After all, Now is Always the Time to Buy!

120324-trulia-prr-graphRemember, the Index is the Price Rent Ratio: sales price divided by annual rent.  So, if a house in the RBA sold for $1.5 million, and rented for $4,500 a month, the rent ratio would be 1500000 / (4500 x 12).  That equation simplifies to 27.8, which sounds about right for the RBA.  Trulia considers 15-20 to be the swing zone between whether buying or renting is a better option; below 15 is buy and above 20 is rent.  We’ve written about the price rent ratio before, and 15 was always the inflection point mentioned in these articles, not 15-20.

Update 10:26 AM: The swing zone was 15-20 from other sources, but the other sites and articles counseled renting over buying unless the home you were considering was an unusually good find.  Trulia considers the rent vs. buy decision as completely balanced when the ratio is between 15-20.  That’s the thumb on the scale.

120324-trulia-logoTrulia is pushing their own agenda with this redefinition of terms by asserting a higher ratio for the buy zone.  The lack of yellow on the map above could indicate homes are more affordable, or it could show that the unlabeled color key breakpoints were chosen incorrectly.  Perhaps they simply wanted the map to match their brand color.

Now for some bad news. The Bay Area appears at #2 and #4 on Trulia’s list of least buy-friendly metro areas. It’s always a disappointment to not first on a list.

120324-trulia-most-expensive

At least SF beat NYC this time, but they’re going to gripe that was because New Jersey pulled them into the Hudson like a pair of cement overshoes.  We can counter that SF has the East Bay to contend with, and San Jose has, well, East San Jose. 

Here’s a little bit more breakdown, by county, but this still doesn’t get to the city level, let alone by zip code. 

120324-trulia-bayarea

Look, Pacific Heights is going to have a higher rent ratio than the Outer Sunset.  Palo Alto is going to completely clean Gilroy’s clock.  Foster City will stomp Daly City, Montclair mauls Hayward, and Danville going to defeat Discovery Bay in the “mine’s bigger” sweeps.  Even when outside the RBA, we still have an idea which places would be contenders, and which are permanently assigned to LOLsville.  And it’s the Definitely Not In The RBA places that are going to have the lower ratios.

Here are some other metros that score lower on the Index.

120324-trulia-least-expensive

The same rule applies within the Bay Area as well.  The not-so-Special places that are “slow-growing with high vacancy rates and land to spare” will have the best ratios.  These places also have the most foreclosures, which might explain why so many FBs are turning into renters themselves.  Too many foreclosures thus drive home prices down and rents up, resulting in a lower price rent ratio.  But in the RBA, prices are sticky because more owners can afford to wait out the price lulls.

These ratios are much lower than what we’d been seeing before.  Do you agree that prices are down and/or rents are up where you live?  Here’s what Trulia has to say about how the Index has changed recently: San Jose has been stable but San Francisco is dropping. 

Updated 11:14 AM: Added Oakland, Sacramento and Fresno to the table.  Note how the numbers don’t agree with those in the Bay Area table.  Stockton not called out separately.

Metro Winter 2011 Spring 2011 Summer 2011 Fall 2011 Winter 2012
San Jose 14.8 13.6 14.5 14.3 14.5
San Francisco 19.5 16.9 17.2 17.4 15.5
Oakland 12.8 11.0 11,9 11.7 11.6
Sacramento 11.2 10.4 10.0 11.1 9.9
Fresno 7.5 7.5 7.8 8.1 7.9

San Jose Metro also has the second lowest vacancy rate (3.9%) of the 100 regions surveyed. The “winner” is Long Island, NY, by one tenth of a percentage point. It’s also the third highest in growth in the employment rate, at 3%.  In the first two spots are Louisville, KY and Salt Lake City.  The latter is gearing up for a ginormous government data mining operation, so there may be some tech jobs!

Their  full press release on how they came up with these numbers is here.

Comments (7) -- Posted by: madhaus @ 5:07 am

March 20, 2012

Downtown SF Living for an Amazingly Low Price!

Thanks very much to Burbed reader Petsmart Groomer for finding one of those listings that seems like such a steal, you’ll be grabbing onto your wallet and wondering what the catch is.  Why, the catch is this consummate condo!  Why don’t you grab it before it gets away?

690 Market St #303
San Francisco, CA 94104
$105,000

120319-market-redfin

BEDS: 1
BATHS: 1.5
SQ. FT.: 1,275
$/SQ. FT.: $82
LOT SIZE: –
PROPERTY TYPE: Luxury, Tenancy In Common
STYLE: Contemporary, Modern/High Tech
VIEW: City Lights, San Francisco, Downtown
YEAR BUILT: 2007
COMMUNITY: Financial District
COUNTY: San Francisco
MLS#: 393305
SOURCE: San Francisco MLS
STATUS: Active
ON REDFIN: 47 days

Live without limits in one of the world’s most romantic cities. Located in the celebrated Chronicle Building, The Ritz-Carlton Club San Francisco offers one, two and three-bedroom fractional ownership residences coupled with casually elegant service and amenities including valet parking, personal concierge, private fitness and member storage, daily housekeeping, residents’ lounge and more. This luxurious residence is 1,275 square feet with one bedroom and one and one-half bathrooms. Fine finishings such as a fully equipped chef’s kitchen, complete entertainment center, Italian marble bathrooms and wine storage come standard. The Ritz-Carlton Club San Francisco enjoys a pristine location in Union Square and is one hour from Napa Valley.

120319-market-streetsceneWhatever could possibly go wrong here?  Sure, Market Street is busy 24 hours a day and this unit is on the third floor, but the City sounds (as well as the smells) are what you’re signing up for when you buy a place in Baghdad by the Bay, right?  And the $1,398 monthly homeowner fees might come as a surprise after you slapped down the purchase price in cash, expecting to move in and only pay a pittance in property taxes.

But note that phrase “fractional ownership residences.”  That means this isn’t your condo.  Or rather, it isn’t just your condo.  You’ll be sharing it with some other people, and the listing doesn’t bother specifying how many.  For all you know, you get to use this condo from 4 to 6 am on alternate Thursdays in months without an R during Leap Years.

And it gets even better.  This yours-some-of-the-time pied-a-terre, located close to Nordstrom and lots of homeless people, is bank-owned!

But the good news is the whatever-it-is-they’re-selling comes with a parking space, so you ought to overbid twice asking.  Have you ever tried parking around here?

120319-market-ladderHere’s unit #301 in the same building, with an asking price half of this one, for three weeks a year.  It’s been sitting all by its lonesome for almost a year (maybe the three weeks are already up).  However, #301 is in an alternate 690 Market Street, which only has 49 units in the building, while #303 has 101 units.  Good thing this 690 Market will give you so many more fractional neighbors!

Can anyone find out how much you get to “use” #303, as opposed to merely “owning” it?  Can anyone figure out how many laws of physics were violated by these two condos (with the same photos) appearing on the same website?

Comments (14) -- Posted by: madhaus @ 5:14 am

February 28, 2012

Feel the WOW!

Silicon Valley may seem like the the only economic engine driving California in 2012, but let’s not forget there’s other places to live in the Bay Area.  Many of the high-paying jobs in San Francisco are in the same industry as those 50 miles south, which means many of you could consider living in a real city. 

Yet downtown SF and environs is everything that Santa Clara County is not: hip, cool, exciting and not a front lawn to be seen for miles.  Thanks very much to Burbed reader Petsmart Groomer for this eye-popping penthouse in SoMa.

1160 Mission St #2313
San Francisco, CA 94103
$1,998,000

120226-mission-redfin

BEDS: 2
BATHS: 2
SQ. FT.: –
LOT SIZE: –
PROPERTY TYPE: Luxury, Condominium, Penthouse
STYLE: Contemporary
VIEW: Panoramic, City Lights, Water, Bay, Golden Gate Bridge, Downtown, Hills
YEAR BUILT: 2008
COMMUNITY: South of Market
COUNTY: San Francisco
MLS#: 392733
SOURCE: San Francisco MLS
STATUS: Active
ON REDFIN: 45 days

Feel the WOW! factor as you step into this dazzling Philippe Starck-style top floor corner penthouse with super-luxury finishes throughout and sensational views from City Hall to the Downtown Skyline and Bay!Fantastic location close to Twitter, Zynga, Google and other red-hot technology companies in SOMA’s booming, world-famous technology center- AND close to Opera House and Davies Symphony Hall. 2 parking/ EXTRA high ceilings/$800K+ (per owner) custom designer finishes/high-end built-in audio-visual systems/motorized shades/stainless VIKING gas stove, refrigerator and wine fridge/Bosch dishwasher/Studio Becker kitchen and MORE!Full service building with fabulous Club Room, outdoor plaza with firepit, gym, 24-hr security & concierge-a MUST SEE!

120226-mission-chandelier

Here’s what motivated Petsmart Groomer to share this place with the greater Burbed community:

What cracked me up… "$800K+ (per owner) custom designer finishes"
Bought 2 years ago for $1,145,000, on the market now for $2M.

Plus a firepit.  I’m feeling that WOW! factor already.  I thought you had to buy in Sunnyvale to get one of those.

120226-mission-tiesAnd, you also get 2 parking with EXTRA high ceilings.  That’s for buyers who absolutely must garage their London double-decker busses.

But those $800K+ (per owner) customer designer finishes mean this 1,613 sf condo (per county records) should be worth at least $8K more than as originally furnished.  Good luck with that wishing price.

The best example of the WOW! factor? $851.38 monthly homeowners dues.  You’ll feel the WOW! every time you write that check along with the mortgage.  Buy with Redfin and save $22,478.

Comments (11) -- Posted by: madhaus @ 5:29 am

February 19, 2012

SF Foreclosures: They’re Doing it Wrong

Here’s some cheery news for your Sunday open house visiting!  This might make you think twice about offering anything on a short sale, REO, or previous foreclosure.

Audit Uncovers Extensive Flaws in Foreclosures

By GRETCHEN MORGENSON, Published: February 15, 2012

An audit by San Francisco county officials of about 400 recent foreclosures there determined that almost all involved either legal violations or suspicious documentation, according to a report released Wednesday.

120216-ting

Photo, right: Phil Ting, Phil Ting, the San Francisco assessor-recorder, found widespread violations or irregularities in files of properties subject to foreclosure sales.  Annie Tritt for The New York Times

Phil Ting, the San Francisco assessor-recorder, found widespread violations or irregularities in files of properties subject to foreclosure sales.

Anecdotal evidence indicating foreclosure abuse has been plentiful since the mortgage boom turned to bust in 2008. But the detailed and comprehensive nature of the San Francisco findings suggest how pervasive foreclosure irregularities may be across the nation.

The improprieties range from the basic — a failure to warn borrowers that they were in default on their loans as required by law — to the arcane. For example, transfers of many loans in the foreclosure files were made by entities that had no right to assign them and institutions took back properties in auctions even though they had not proved ownership.

120216-fraudWell, that’s San Francisco for you.  That doesn’t mean foreclosures in the nation’s other 3140 counties and county-equivalents should have any problems at all.  You see, bankers in San Francisco were so terrified of the terrible impact Prop 8 had on gay marriage and real estate values, they didn’t want to look at what they were signing.  For three whole years!

Good thing the $26 billion foreclosure settlement between five huge banks and 49 state attorneys general is already signed!  Who knows what kind of trouble there would be if this sort of report had been released beforehand.  Why, San Francisco homeowners wouldn’t be getting their share of the $147 million (provided they managed to hold onto the house while the banks were doing everything possible to claw it away, in which case $2,000 each ought to cover it).

This is an Open Thread.  Are you more or less likely to buy in San Francisco after reading this story?

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

February 13, 2012

Unfinished century old cottage: It does not get better than this in our opinion!

Thanks very much to Burbed reader Petsmart Groomer for this, um, property with views, views, views.

115 Telegraph Hill Blvd
San Francisco, CA 94133
$3,000,000

120208-telegraph-redfin

BEDS: 0
BATHS: –
SQ. FT.: –
LOT SIZE: –
PROPERTY TYPE: Single-Family Home
VIEW: Panoramic, City Lights, Water, Bay, Bay Bridge, Golden Gate Bridge, San Francisco, Downtown, Park, Garden/Greenbelt, Woods, Hills, Mountains
YEAR BUILT: 1906
COMMUNITY: Telegraph Hill
COUNTY: San Francisco
MLS#: 373325
SOURCE: San Francisco MLS
STATUS: Contingent – Show
ON REDFIN: 572 days

REDUCED ON 9/2/2011 BY $500K!!! Rare Opportunity to purchase a large RH-3 Panoramic View Parcel at the Crest of Famed Telegraph Hill. Panoramic Vistas, including the Golden Gate Bridge, SF Bay & Bay Bridge, Dramatic City Skyline, Coit Tower and Historic Pioneer Park. The cottage on the parcel is unfinished. THE OWNER IS MOTIVATED TO SELL QUICKLY! Nearby Homes are valued at over $10MM and are architecturally significant. BUILD YOUR DREAM HOME OR HOMES/MULTI-CONDOMINIUMS! Walk Score of 95! A Short Distance to The Financial District, North Beach, The North Waterfront, Bay Club and Key Transportation Corridors. Just steps away from the Renowned Grace Marchant Gardens and World Famous Coit Tower! It does not get better than this in our opinion!

120208-telegraph-coitHere’s why PG sent this one in:

555 days on the market. If only the buyers were as motivated…

Somebody was motivated.  It’s pending.  Took them long enough (and a 14% price reduction).  But why would they sell a “view parcel” and not mention how big it is?  Makes it a little difficult to build an “architecturally significant” place to fit in with the neighborhood if you don’t know whether the lot is 4000 feet or 40.

However, looking at the lot, perhaps we can infer the size by getting information from another home on the same block.  The map of the immediate neighborhood is below.

Unfortunately, this may not be the lot we are looking for.  The outlined parcel below is on Genoa Place, not Telegraph Hill.  Even more bizarre, the Redfin link to this property is:

http://www.redfin.com/CA/San-Francisco/363V-Filbert-St-94133/home/1973351

No wonder nobody knows how big it is, nobody knows WHERE it is.

120208-telegraph-neighborhood

Here’s where Zillow says we should look:

201208-telegraph-zillow

I can’t find the cottage, though.  Maybe it’s cowering under the trees for fear someone will BUILD THEIR DREAM HOME OR HOMES/MULTI-CONDOMINIUMS!

Comments (8) -- Posted by: madhaus @ 5:08 am

January 29, 2012

Oakland Tribune: SJ, SF are Special, East Bay Ain’t

This article won’t tell you anything you didn’t already know, but it’s interesting to see them admit it.  At least as far as the local economies go, things are much worse in the East Bay than in the SF or SJ Zones of Awesomeness.

South Bay expected to recover lost jobs by 2014; recovery slower in East Bay

By George Avalos, Oakland Tribune
Posted: 01/25/2012 05:48:06 PM PST, Updated: 01/25/2012 09:09:30 PM PST

The current economic boom will be robust enough for the South Bay to recover the jobs it lost during the recession by 2014 — but the East Bay and the San Francisco metro regions might need until at least 2015, the chief economist with the Bay Area Council Economic Institute said Wednesday.

“Every industry in the South Bay is growing except for construction and retail,” said Jon Haveman. “The East Bay is very much hurting, and it may continue to do so for a while.”

Haveman gave his divergent outlooks at a downtown Oakland conference sponsored by Torrey Pines Bank.

One big reason for the differing paces of recovery is that the East Bay tumbled into a much deeper economic abyss, an analysis of state Employment Development Department figures shows.

120126-oakland-fail

The article goes on to say that East Bay job growth during the oughties was fueled by the real estate boom: construction and the mortgage industry.  Alameda and Contra Costa Counties lost 105,000 jobs from peak employment in August, 2007.  Both San Francisco (defined as the City by the Bay plus Marin and San Mateo Counties) and the South Bay (undefined, but including at least Santa Clara County) lost much fewer jobs, which were each in turn a much smaller percentage of jobs lost.

And the conclusion of the article shows that the East Bay will be getting the trickle-down until they reinvent themselves as something other than manufacturing (gone), real estate (gone), or back-office space (still an option).

The best hope for an East Bay economic upswing may be to capture overflow tenants from its neighbors.

“Tech companies are filling spaces in the South Bay and rents are rising,” [director of a realty brokerage Edward] Del Beccaro said. “As office rents rise in San Francisco and Santa Clara County, you will see some companies migrate to the East Bay.”

120127-santana-row-win

Where do you see the job growth in the next few years?  Is President Gingrich going to have us all working on a Moon Colony Program?

 

Comments (3) -- Posted by: madhaus @ 5:13 am

January 15, 2012

Fun with Case and Shiller

imageYesterday, we had a guest post from Greg Fielding on Bay Area Case-Shiller tiered data.  In case you haven’t been reading any real estate sites ever, a Case-Shiller index tracks home values by comparing sales of the same homes over time.  The index is arbitrarily set at 100 at the first quarter of the year 2000, so watch out if you ever see a two-digit C-S index for this or any region.  There is also a national C-S index.  Monthly updates represent sales from two months previous.

The counties included in the “San Francisco” regional index are the aforementioned City and County of San Francisco, as well as Alameda, Contra Costa, Marin, and San Mateo.  That’s right, it’s not a full Bay Area index and note the absence of Santa Clara County, that engine of high-paying job creation.

Today, we take a look at the magical cut-off point to qualify for the top tier.  According to Fielding, any house selling for more than $579,803 is in the top tier (there are three of them).  Let’s see what kind of palatial abodes you could have for this kind of money.  All homes shown today are at selling prices rather than the wishing ones.

image

2916 SOMBRERO Cir
San Ramon, CA 94583
$585,000, sold on 12/8/2011

If you’re looking in San Ramon, here’s a 3 bedroom, two and a half place for you. It’s not a new house, though, this was built in 1980.

The development it’s in sits hard against the freeway (and there’s only one in San Ramon, I-680), but the property itself does not. Instead it backs onto what is now open space.  Given how many new homes went up in San Ramon, the new owner will have some quiet over the back fence until the next bubble starts boiling up.

image

5205 MANILA Ave
Oakland, CA 94618
$580,000, sold on 12/24/2011

This cute little bungalow is in the Rockridge district, desired by hipsters and yuppies alike.  It’s a 2/1, but at over 1200 square feet it doesn’t qualify for the Burbed “cozy” tag.

There’s absolutely no information about previous sales on Redfin, but with a $43,000 assessment, this obviously wasn’t a flip.  The sellers went all-out with the staging and photography, so enjoy.

image

122 Crescent Rd
Corte Madera, CA 94925
$594,000, sold on 12/22/2011

Wow, what a home, complete with extra rooms the county obviously didn’t know about.  Listed as a 3/2.5, but recorded as a 2/1.  This place hiding in the woods of Marin County against a hill is going to be a contractor’s retirement fund.

Be sure to check out the sales history on this former REO puppy, it’s crap-tastic.

image

2051 SULLIVAN St
San Mateo, CA 94403
$585,000, sold on 11/30/2011

Everything in this price range in San Mateo is on the east side.  “Bunus:” This 3/2’s near the 101/92 cloverleaf, which is why it needs the doublepane windows.

This house sold for $795K in 2006, but at least it went for above asking this time around.

image

328 Monticello St
San Francisco, CA 94132
$583,000, sold on 10/19/2011

Amazingly, this Merced Heights house doesn’t directly touch walls with its neighbors.  And if you decide it isn’t for you, there are plenty of SF State students to rent it to.  Anyway, you or your tenants are going to have loads of fun with the tandem parking garage.

The house last changed hands in 1989, for $271K.  Quite the investment that doubles its value in 22 years.

We won’t bother with Santa Clara County, as it’s not in the Case-Shiller SF Index anyway.  If it were, that top tier would be a bit higher and way more Special.

Comments (13) -- Posted by: madhaus @ 5:09 am

December 4, 2011

OMFG is this THE END of those %$#@ Zip Codes? Rly?

What with all the excitement from our Black Friday and Beyond DEALS, you may not have noticed that our last zip code installment finished out the 301-400 level of Forbes’ Most Expensive Zip codes.  You know what that means!

Yes, this article, the Bottom 100 of the 500 Most Expensive, is The End of the Delivery Route.  Really.  Well, until 2012, when Forbes puts out a brand-new list, but there’s a good chance the world will end before then.  There’s an even better chance that Forbes will only have 5 places on that list instead of 500, with all the mistakes they made this year.  So you’re going to want to pay attention to every single zippy digit in this last entry for 2011!  But first… here’s your chance to catch up if you missed the earlier entries in this exciting, edge-of-your-seat-on-the-mail-truck, most beloved Burbed series of all time!  (Or was that most belittled?)

Previous Entries in the Most Expensive Zip Code Series:

Hold onto your mailbags, folks!  We’re entering an area with all the median prices under $750,000!  Watch out, there may not be any sushi available.

#406: San Anselmo 94960

  • Median Home Price: $749,000
  • Median Price Change: -17.4%
  • Average Days On Market: 200 129
  • Inventory: 129 52
  • 2010 Rank: 267 (-139 spots )
  • Most Expensive Home: $20.5 Million

imageA $20.5 million dollar house in Marin makes sense, but in San Anselmo?  I can’t find anything for eight digits anywhere near San Pablo Bay, and this zip’s most expensive place at 178 W Oak Knoll Drive comes in at only $3.4 million.  That’s very different. This 6000 square foot hotel-like structure on almost 10 acres has been on the market for just about half a year, so you’d better hurry!

Now, we know plenty of high-end places get yanked at the end of warm weather season.  But I find the idea of a $20 million ask going without comment pretty unlikely.  This Marin real estate blog didn’t note it under San Anselmo.  Or anywhere else.  The most expensive sale logged in MLS this year was only $8.75 million, in nearby Ross (#30 last year and mysteriously absent this one).

Zowie!! More zip code inZanity after ze break!

(more…)

Comments (7) -- Posted by: madhaus @ 5:15 am

November 27, 2011

Our Biggest Fan of This Series is Thrilled There’s Another Installment!

imagePoor Mr. Zip.  The United States Postal Service put him out to pasture in 1986, when they introduced the ZIP+4 postal codes.  But he was a familiar sight in the 1960s, urging everyone to include the new ZIP (Zone Improvement Plan) postal codes when sending mail.

Mr. Zip might not be around to nag you on addressing envelopes, because he’s in retirement.  Mr. Z writes to say he hopes this series will go on forever, because he can’t play Name That Code all the time.

imageToday we bring you yet another installment of all the Northern California cities on Forbes’ Most Expensive Zip Code list.  It features data crunched by local favorite Altos Research (and mangled by Forbes; you’d think after I’ve linked to them four different times and noted in each article that their data has a systematic error in every single entry, maybe somebody there would fix it, but NOOOOOOOO).  Anyway, here’s what you may have missed while writing code or hanging out on a sunny sidewalk waiting to collect a faceful of pepper spray.

imagePrevious Entries in the Most Expensive Zip Code Series:

imageNow, we’ll take the Fifth!  Fifth Tier, that is; the Top Half of the Bottom 200!

Let’s see which cities can still scrape together a property median wishing price just under $850K.  Remember, we correct the mistakes as we find them, and we added the comparison to last year’s list.  That’s the kind of original work you’ll only find done by obsessive-compulsive bloggers who think zip codes are fascinating.  Well, Mr. Zip certainly agrees!

image#304: San Mateo 94402

  • Median Home Price: $849,292
  • Median Price Change: NA
  • Average Days On Market: 200 114
  • Inventory: 114 81
  • Rank in 2010: 236 (-68 spots )
  • Most Expensive Home: $13 Million

Now I am beginning to think that the people at Forbes were just making stuff up for that “Most Expensive Home” field.  $13 million.  In San Mateo.  The most expensive place I could find sold for $3.3 mil in June, including the gated entryway.  It’s just like what you get in mid-level condoplexes, including calling itself an ESTATE (complete with the CAPITAL LETTERS).

Ah, but that living room does look spacious enough to hold a very small charity ball.  More goodness from Mr. Zip after the break!

(more…)

Comments (37) -- Posted by: madhaus @ 5:03 am