March 30, 2011

From the archives: UNSTOPPABLE PRICE APPRECIATION: Palo Alto, Sunnyvale, Mountain View, Cupertino

Let’s take a look at the way back machine. Flashback to this day in 2007:

March 30, 2007

UNSTOPPABLE PRICE APPRECIATION: Palo Alto, Sunnyvale, Mountain View, Cupertino

San Jose Mercury News – In Silicon Valley, real estate market has two faces
In the area comprising Cupertino, Mountain View and Sunnyvale, it would take 27 days to sell out the houses on the market this week – a bit less than the 36 days worth of supply from a year earlier, according to data compiled from the local multiple listing service database by Richard Calhoun, owner of Creekside Realty in San Jose.Calhoun collected the data based on groupings of cities or neighborhoods that tend to be priced similarly and “for the most part are geographically contiguous with one another.” His data measures how long it would take to sell all the listed houses given sales pace during the preceding 35 days. Condos and townhouses were not included in the data.

Martine Schepers and her husband, Wim Verhaert, put their four-bedroom Sunnyvale house on the market March 15, priced at $928,000, which they knew was a bit low compared with recent sales. “We hoped we would get $950,000,” Schepers said.

Five days later, their agent, Dave Clark of Coldwell Banker, showed them a stack of 14 offers. A few were for more than $1 million. “We were looking at each other like `this can’t be happening,’” said Schepers, who is hoping to move back to Belgium, where she and her husband were raised. “We kind of heard it was hot, that the market was pretty good,” she said. “We did expect offers to come quickly, just not so many and not this much overbidding.”

Undeterred by national news of turmoil in the subprime mortgage sector or the stock market, buyers are competing for some homes in these communities, especially those in the most sought-after school districts, such as Cupertino, Los Altos and Los Gatos. Job growth is also bolstering the market, and many house-hunters are seeking short commutes to tech company jobs.

Demand for homes in these areas is such that some sellers are specifying the date upon which they’ll review offers – just like during the boom years from 2003 to mid-2005 – and insisting on “as-is” sales.

“I’m sorry for the buyers, to be frank with you,” said Coldwell Banker agent Stacy Chung as she toured a newly listed Cupertino home Thursday. Other agents agreed that the four-bedroom home – perfectly staged, with granite kitchen counters, stainless steel appliances and immaculate wood floors – would sell for more than its $928,000 list price. Chung told of a recent attempt by one of her clients to buy a Saratoga house priced at about $1.4 million. “We put in $120,000 more and didn’t get it.

 

HAH! TAKE THAT EVERYONE!

The Bay Area continues to go strong with multi-million dollar houses!

Palo Alto, Sunnyvale, Mountain View, Cupertino – 1 word: UNSTOPPABLE!

Oh yeah! We rock. We so rock. Better start bidding 35% over if you want to be a player!

You are so priced out forever.

It appear that some things have changed. But as we all know, real estate comes in cycles. Is this the year we reached this peak again? Or will it be next year?

I won’t rest until every house in the Real Bay Area gets 88 offers!

Comments (36) -- Posted by: burbed @ 5:06 am






March 8, 2011

Live in the 408? Maybe Not Anymore

Here is a little news that will have some of you quaking in your boots: You could lose your prestigious 408 area code.  Oh noez!

Santa Clara County’s 408 will spin off a new area code: 669

By Bruce Newman, SJ Mercury News
Posted: 03/07/2011 06:18:25 AM PST ; Updated: 03/07/2011 01:51:36 PM PST

There are 8 million phone numbers in the naked city. And no matter who you were calling in San Jose — or large swaths of the South Bay — for the past half century, you’ve had to dial this: area code 408.

But with the explosive proliferation of cell phones, wireless IP addresses and 4G-enabled baby pacifiers, the area code that has served San Jose since neighbors could listen in on each other’s party line calls is officially "exhausted."

That conclusion — arrived at by the Orwellian-sounding North American Numbering Plan Administration, or NANPA, in December — means some South Bay phone customers will start being assigned area code 669 by the end of next year.

Deciding who gets to hang onto their 408, and who becomes a 669, is the job of the California Public Utilities Commission, which will convene hearings March 16-18 in San Jose, Los Gatos and Morgan Hill to explain the switch.

Brie is 415, Velveeta is 408.  Columnist Herb Caen played the Area Code Game in the SF Chronicle, back in the early 1980s.  That was before all those other area codes bloomed in the little family tree above.  Now I guess Brie is 650, Velveeta is 209, Kraft American is 925, Vegan Gourmet Cheese Alternative is 831, and ten pound blocks of government cheese is 510.  Oh, 415 and 408?  415 is Myzithra.  408 is whatever you put in front of them, it’s not like they’re tasting it while they’re writing iOS device drivers.

The new area code will be arriving by October 2012.  So, who’s going to go to the CPUC meetings to complain about losing their Silicon Valley area code?  There are a couple of proposals, one of them where everyone keeps their numbers and new ones are assigned the 669 code (the overlay), and the other where there is an area code split.

Next up for this kind of torture will be area code 510, forecast to run out of available phone number blocks by 2016.  415 should follow a year later.  And bet you didn’t know this: a new area code should have kicked in ten years ago, but by pooling phone number blocks everyone has been able to keep their area code and their seven digit dialing.

Below is the map of the proposed 408-669 split.  It comes from the CPUC, who obviously don’t care much about geographical features such as city borders, streets, freeways, or rivers.  So good luck figuring out whether this map actually affects you.  Also note how they don’t commit to who gets to keep the coveted 408 identity, but I’ll tell you who: it’s the B People.

image

But don’t get too upset, after meeting with the telephone providers,the CPUC is inclined to go with the overlay plan anyway. And that means instead of turning Los Gatos, Campbell, Saratoga, and San Jose West into 69ers, instead the newbies are going to have that 669 area code.  It also means that you’ll have to dial eleven digits when making phone calls, even to next door, or for that matter to the fax machine in the same room.  Have fun reprogramming just about anything you have that calls phone numbers, and hoping that your alarm company and your cable company and anything else doesn’t forget to switch over to 1-408+number dialing.

And what this means for Burbed readers is that Silicon Valley area code jokes are going to get a lot more raunchy.  Have fun figuring out what kind of cheese they are.

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

February 26, 2011

Gasp! Openings in Prestigious High School District!

Here’s an opportunity that doesn’t come along every day!  Wouldn’t you like to enroll your teen in Lynbrook High School, in the “we’re actively throwing nonresidents out of our schools” Fremont Union HSD?

scan0001

Of course, there’s a catch.  To take advantage of this amazing offer, you have to already live in the FUHSD attendance area.  Talk about the rich getting richer!  Here’s the most recent test scores, for those fortunate enough to consider this amazing (and very limited) opportunity.

School City 2010 Growth, 2009 base API
Cupertino HS Cupertino 891 / 879
Fremont HS Sunnyvale 730 / 740
Homestead HS Cupertino* 858 / 852
Lynbrook HS San Jose 939 / 925
Monta Vista HS Cupertino 943 / 935

*Located right at Cupertino/Sunnyvale border and the vast majority of students are from Sunnyvale, with remainder from Cupertino and Los Altos.  Hey Fremont, the “growth” API means it’s supposed to get BIGGER than the “base” score.  That means the growth number is supposed to go UP.  You know.  MORE.

And some other wanna-be high schools are almost as aggressive about removing “illegal students” as FUHSD.  What a sincere form of flattery, hiring a private detective to ferret out people living on the wrong street.

Comments (10) -- Posted by: madhaus @ 5:01 am

October 17, 2010

The Most Expensive Zip Codes: The Also Rans

Any zip that isn’t in the Top 50 shouldn’t qualify for Real Bay Area (RBA) status, right?  Here are the Bay Area zips in Forbes Magazine’s Most Expensive Zip Codes #51 through 100.  Since these aren’t good enough to have made the cut, we can assume any city featured here is no longer fit to inhabit the RBA.  So enjoy reading about these loservilles, that are still more expensive than most anywhere else in the country.

In case you missed the previous entries in this series, the Top 25 appear here, and #26-50 can be found here.  I encourage you to check them out, as obviously they are better places to live than what you’ll find in this article.

image #53 – 94920 Tiburon

Median Home Price: $2,046,939
Median Price Change: -22%
Average Days On Market: 126
Inventory: 116 properties
Median Household Income:$106,492

Yeesh, down 22%.  No RBA for you, Tiburon.  Wait, we already saw this zip.  It’s also #8.  So, um, they split Belvedere from Tiburon?

Well, well, well, there are 39 properties for sale in Belvedere (median home price, $3.28 million), and 116 here.  And yet both places have (what a surprise) the exact same median household income.

You blew it again, Forbes.  Am I going to have to rewrite that entire article for you?

image #59 – 94588 Danville

Median Home Price: $1,922,523
Median Price Change: NA
Average Days On Market: 276
Inventory: 4 properties
Median Household Income: $92,644

Be sure to check out this East Bay interloper: the idiots at Forbes got the wrong map.  They can’t tell Danville from Dublin. And with only 4 properties on the market, they have no idea if it’s up or down.

Maybe those East Coast provincials ought to be told they’ve managed the equivalent of confusing Westhampton Beach with Levittown.

 

image#62 – 94904 Kentfield

Median Home Price: $1,911,822
Median Price Change: 6%
Average Days On Market: 99
Inventory: 40 properties
Median Household Income: $82,528

This Marin County city is right next to Ross and may even manage to get more precipitation.  Why people would want to live here when they could buy a palace in San Jose is beyond me.  Plus San Jose only gets 11 inches of rain a year.

And San Jose is so much closer to Google!  Priorities, people!

 

image #69 – 94970 Stinson Beach

Median Home Price: $1,790,196
Median Price Change: -7%
Average Days On Market: 232
Inventory: 27 properties
Median Household Income: $88,184

Stinson Beach can’t be in the RBA, it’s down 7%, and next to Bolinas, home of the high-priced water meter.

First one to make a joke about this zip code’s ranking and “Sex on the Beach” is going to be asked to leave the room.

No, I do not want to hear about what that peninsula with Seadrift Road looks like.  You all have filthy minds.  Yes, especially you.

image #71 – 94024 Los Altos

Median Home Price: $1,746,928
Median Price Change: -6%
Average Days On Market: 91
Inventory: 67 properties
Median Household Income: NA

Down 6%, and another zip-splitter.

Seriously, is there anything funny to say about Los Altos?  Other than the featured listing that’s running tomorrow, that is?

Well, that and the dude with the cellular antenna farm.

And the fact that this same zip in Los Altos Hills is ranked so much higher at #18.  And that Forbes couldn’t tell the difference between the two and showed houses from Los Altos when featuring The Hills Hills.  And yet, 67 properties here, 15 properties there. Household income, not available here, not available there. Oh, oh. They match.

image #73 – 94301 Palo Alto

Median Home Price: $1,730,889
Median Price Change: -6%
Average Days On Market: 128
Inventory: 58 properties
Median Household Income: $97,758

We already knew this zip code wasn’t in the RBA anymore.  Its low ranking merely proves it.  As does this listing which hasn’t sold in more than 2 years.

Didn’t we all agree not to talk about Palo Alto anymore?  Anyone?  Bueller?

Oh yeah, Steve Jobs lives here!

 

image #74 – 94611 Piedmont

Median Home Price: $1,709,577
Median Price Change: -3%
Average Days On Market: 96
Inventory: 23 properties
Median Household Income: $68,853

Down 3%, and suspiciously Bradburylike.  Oakland, I tell you, it’s surrounded by Oakland!

And a freeway runs through it!  Just like Oakland!

And this place hasn’t sold yet. And neither has this one.  This city is FAIL: 100% of its listings on burbed unsold!

 

image #83 – 95070 Saratoga

Median Home Price: $1,652,013
Median Price Change: -1%
Average Days On Market: 124
Inventory: 177 properties
Median Household Income: $138,206

Down 1%.  That’s borderline for remaining in the RBA, but coming in at #83 just cannot be allowed.

Can anyone remember why Saratoga used to be in the RBA?  What exactly did it do to get there in the first place?  Why should a city with seven different school districts thinks it’s real anything?

I say no, not until they manage to sell this house.

image #84 – 95030 Monte Sereno

Median Home Price: $1,647,239
Median Price Change: -34%
Average Days On Market: 142
Inventory: 84 properties
Median Household Income: $117,564

Stop me if you’ve seen this zip code before.

Down 34%. Wait, it’s right next to Saratoga.  Plus borrowing Los Gatos’ zip code.  84 properties?  WTF?  In a town of 3,483?  And only 53 properties listed in Los Gatos (#38), population 28,592?  That’s a real knee-slapper!  Now can you tell me the one about the Santa Claran, the San Joseite, and the Saratoger?

 

image #92 – 94123 San Francisco

Median Home Price: $1,609,753
Median Price Change: 9%
Average Days On Market: 58
Inventory: 63 properties
Median Household Income: $84,710

burbed, voted best real estate blog in San Francisco, would like to welcome 94123 to the list of Most Expensive Zip Codes!  This is the first zip in San Francisco to make the cut.  And that is really awful, because several New York City and Los Angeles zips have already shown up.  Congrats, you losers.

Up 9%.  This is the Marina District and includes some of Billionaire’s Row.  Yes, including the place selling for $45 million.

image #93 – 94506 Blackhawk

Median Home Price: $1,604,976
Median Price Change: 19%
Average Days On Market: 143
Inventory: 51 properties
Median Household Income: $142,459

Up 19%.  Wait, this is the East Bay.  Prices don’t go up in the East Bay.  The proper expression is “Blackhawk down.”

Seriously, this is a developer-designed golf-course community that didn’t even exist before 1980.  Having this zip appear right after one full of history, architecture, design, and taste is just wrong.

 

image #94 – 94022 Los Altos

Median Home Price: $1,600,139
Median Price Change: -28%
Average Days On Market: 87
Inventory: 53 properties
Median Household Income: NA

Wait, is today Groundhog Day?  Didn’t I just say something about Los Altos Hills, and that we already saw this zip, and that… someone must have hit me over the head, because I’m seeing double.  Los Altos Hills in this same zip is #15 on this list, with a median home price of $3.04 million.  And (what a coincidence), 58 properties.  Sloppy work, Forbes, very sloppy.

This place doesn’t even have the cell phone antenna farm!

And that’s it for the Also Rans of the Most Expensive Zip Codes in the Whole Fracking Country.  Except… the list goes to 500 zips.  If you don’t want to see anymore of these Bing Maps, commence whining.

Next installment in this thrilling series: The Most Expensive Zip Codes, Volume 714,

Comments (59) -- Posted by: madhaus @ 5:01 am

July 11, 2010

County Grand Jury Recommends School District Consolidation. Expect Massive Migration to Palo Alto.

What puts a house in rather than out of the Real Bay Area (RBA)?  A damned good school district.  Now watch some meddlesome busybodies try and ruin everything!

Consolidate Santa Clara County school districts to save millions, grand jury recommends

 

By Sharon Noguchi

Posted: 07/04/2010 07:15:28 PM PDT
Updated: 07/04/2010 10:24:07 PM PDT

When budgets are tight, businesses often consolidate — so why not school districts?

After all, Santa Clara County school districts are a hodgepodge of large and tiny agencies, each with its own administration, and with century-old boundaries that randomly join disparate regions while dividing other communities. Some superintendents oversee 25,000 students, while others supervise only a few hundred.

So the Santa Clara County civil grand jury has recommended unifying and consolidating the county’s 31 school districts, which it projects could save $51 million annually.

District officials dispute the estimated savings, and question the benefits. In past decades, similar suggestion have been shunned as politically implausible. Why should this time be any different? For one, schools are facing unprecedented cuts to their budgets now.

The grand jury released two reports on June 24th: “Achieving School District Efficiency through Consolidation” and “Looking at Policies Our Schools Use to Find and Place Employees.”  These thrilling potboilers describe that “while the school districts in Santa Clara County are doing well in all areas, there are redundant administrative functions that can be made more cost effective through school district  consolidation.”  I tell you, I couldn’t put it down!

By merging elementary and high school districts that share attendance areas, the county’s 31 distinct school districts could be reduced to 16, unless the county actually has 34 districts (per 2008-09 Grand Jury report “Who Really Benefits from Education Dollars? (Hint: It’s Not the Students)“).  That’s the fun of an official report; you just never know what alternate facts could emerge!  Last year’s report had six findings and suggested actions, and it’s number 6 that must have led to this year’s threat to school administrators:

Finding 6

The operation of 34 K–12 school districts and four (4) community college districts
creates excessively high management and administrative costs. Five K-12 school
districts have excessively high Superintendent costs per student which is reflective of
the district’s having only one or two schools.

Recommendation 6

A consolidation of districts should be considered to reduce the numbers and costs of
Superintendents/Chancellors, Boards of Trustees, administrative staff and overhead.

One piece of good news for administrators and board members is the grand jury didn’t recommend all 31 school districts be rolled up into one countywide nightmare like Los Angeles Unified.  Instead, they selected feeder elementary districts that could be merged with high school districts, creating “Unified School Districts” that serve the same boundaries.  These are the four “lucky” high school districts and corresponding K-8 districts singled out:

  • Campbell Union HSD with Burbank SD, Cambrian SD, Campbell USD, Moreland USD and Union ESD
  • Fremont Union HSD with Cupertino USD and Sunnyvale SD
  • Los Gatos-Saratoga HSD with Lakeside JSD, Loma Prieta JSD, Los Gatos USD and Saratoga USD
  • Mountain View-Los Altos HSD with Los Altos SD and Mountain View-Whisman SD

imageThe civil grand jury’s reasoning is that unified school districts save money and can operate more efficiently than smaller districts with just a few schools.  The grand jury holds up these unified districts in Santa Clara County to support the concept: Gilroy, Morgan Hill, Milpitas, Palo Alto, San Jose, and Santa Clara.  And their gold standard of the benefits of school district unification is last year’s formation of Twin Rivers Unified.  In Sacramento.  Puh-leeeeeze!

Are they seriously suggesting that RBA cities such as Saratoga, Cupertino and Los Altos should emulate mediocrities such as Milpitas and Morgan Hill?  Seriously?  The only RBA city on the Unified list is Palo Alto, and they’re so Special none of the regular rules apply anyway.

Can you see parents who paid the RBA premium to live in Los Gatos wanting to share a school district with the hillbillies of Lakeside?  Or the families who paid the big bucks to live south of Fremont Avenue now finding themselves sharing a school district with North Sunnyvalers?  Wouldn’t every Los Altan sooner pull their kids out of public school than consort with those troublemakers from Latham Street?

image Obviously I’m not going to comment about the proposed Campbell Unified District, because they aren’t in the RBA so nobody much cares.  The Grand Jury also wants to merge four East San Jose school districts into two union districts, and even fewer burbed readers would ask. (Berryessa + Orchard, Alum Rock + Mt. Pleasant, if you insist.  You’re welcome.)  All 21 school districts suggested for consolidation have 90 days to respond to the civil grand jury, and expect the replies to be even more thrilling reading.

Now, some of these recommendations make sense.  There is only one school in Lakeside, Luther Burbank and Orchard School Districts.  One-school districts are clearly wasteful, and the Grand Jury has already noted criminal behavior in Burbank SD.  But some of the proposed unified districts will be much, much larger than others.  The proposed Mountain View-Los Altos Unified would have 21 schools, and the proposed Los Gatos-Saratoga Unified, 14.  But both proposed Campbell and Fremont Unifieds would have 41 schools each, which isn’t much smaller than San Jose Unified’s 43.  All the other current Unified Districts (which the Grand Jury report specifies as an ideal model) have between 14-24 schools.

41 schools?  Are they serious?  Does this fit the reasoning behind “Five K-12 school districts have excessively high Superintendent costs per student which is reflective of the district’s having only one or two schools”?  Cupertino USD, a K-8 district, already has 25 schools, which is more than all but one existing SC County unified district.  This is not a school district with excessively high costs, the complaint of the 2009 report.  This is a district that manages to produce perfect API test scores despite below-average funding.  But someone took the idea of merging feeder schools into high school districts and ran all the way to Twin Rivers Unified with it.

image At a certain point, large school districts lose the ability to respond to parental concerns, and nobody could call a 41 school unified district anything but large.  Effective and responsive school districts are exactly what parents expect when they spend the big bucks to buy in the RBA.  So recognize this plan for what it is: a recipe to remove Cupertino from the RBA forever. 

It’s clearly a plot by Palo Alto real estate agents.

Comments (99) -- Posted by: madhaus @ 5:01 am

July 6, 2010

Gracious Home with Classic Architecture

19730 Glen Una Dr, Saratoga CA
$7,800,000

GlenUna

(He) Honey, I think I found the perfect estate for us
(She) Do tell, pumpkin pie!
(He) Well first, it is fabulous, and it has gorgeous, breathtaking vistas
(She) Hmmm, sounds rather moisturizing!
(He) But wait, we can invite our car lover friends to enjoy the garage with us! The setting is private and gated.
(She) Say, this is a wet dream!
(He) A dream you can build! And once in the garage, we have license to divide and reproduce. Well worth the $1,656/sqf, if you ask me! But you don’t know the best part…
(She) Do tell, I am breathless
(He) Wait until you see the gracious existing home with classic architecture!
(She) … Pumpkin pie, is that a manger?

Comments (6) -- Posted by: DreamT @ 5:02 am

April 16, 2010

Saratoga house waiting for IPOs to flow

Who says the market isn’t hot? Just check out this sales pending courtesy of Burbed reader nomadic:

Listed at: $2,995,000

image

Beds: 4
Baths: 3
Sq. Ft.: 3,850
$/Sq. Ft.: $778
Lot Size: 1.96 Acres
Property Type: Detached Single Family
Style: Ranch
Stories: 1
View: Mountains
Year Built: 1949
Community: Saratoga
County: Santa Clara
MLS#: 80938564
Source: MLSListings
Status: Pending Without Release This listing is in escrow, past inspections and waiting for loan funding. “Without Release” indicates that the current buyer doesn’t need to sell a home to buy the new home.
On Redfin: 237 days
TRULY ONE-OF-A-KIND PROPERTY! FABULOUS PARK-LIKE GROUNDS WITH KOI POND, WATERFALL, CREEK, MULTIPLE DECKS, LAWN AREA & WALKING TRAILS. TOTALLY PRIVATE 1.96 ACRES IN ONE OF SARATOGA’S MOST DESIRABLE NEIGHBORHOODS. HIGH-END FEATURES THROUGHOUT THE HOME.
Here’s what nomadic had to say:

This house apparently really lost its specialness.  Some might say the price suffered a haircut, but my friends and I call it the “decapitation house.”  It was purchased in 2000 at the bubblicious price of $6.5M.  One might think the property was subdivided or underwent some other transformation to end up at $3M today.  When the agent was asked during an open house, she said “they bought at the peak.”  I’d nominate her for the understatement of the year award.

The house is pending now – not surprising given that it was quite nice inside and had a beautiful lot.  Another interesting aspect to note – in spite of the huge loss, it wasn’t listed as a short sale or REO.

I think this house is just waiting for the IPO market to gush again.

Comments (31) -- Posted by: burbed @ 5:23 am

April 8, 2010

will california house prices drop

It’s search engine result Thursday!

Recently someone found this site by searching for: will saratoga california house prices drop

But really, let’s broaden this out to be: will california house prices drop

The answer? Maybe.

Gasp! Shock! OMG! WTF!

It’s true! If you live anywhere but Saratoga, Palo Alto, Atherton, and a few other select cities, house prices may drop. Just look at Stockton.

Now… on the other hand, when house prices go up, being in California gives you a leg up because everyone wants to move here (except for all the people moving out.)

So… in summary… the answer is: maybe, for California and certainly not for Saratoga.

Real estate in California will always be a great proposition (like Proposition 13), but do be careful where you buy. Generally speaking, if you’re not paying at least $600 per square foot, you’re putting yourself at risk.

Comments (2) -- Posted by: burbed @ 5:02 am

August 5, 2009

House Red Tagged by Santa Clara in Saratoga – great deal

19420 BAINTER Ave, Saratoga, CA 95030 | MLS# 80845205
19420 BAINTER Ave
Saratoga, CA 95030
Price: $2,500,000

19420
BEDS: 4
BATHS: 3.5
SQ. FT.: 5,000
$/SQ. FT.: $500
LOT SIZE: 1 Acres
PROPERTY TYPE: Detached Single Family
STORIES: 2
YEAR BUILT: 1999
COMMUNITY: Saratoga
COUNTY: Santa Clara
MLS#: 80845205
SOURCE: MLSListings
STATUS: Active
ON REDFIN: 262 days
BUILDERS, DEVELOPERS!!! A GREAT OPPORTUNITY TO FINISH THIS 5000SF HOME UNDER CONSTRUCTION IN A PRIME AREA. THE SITE HAS BEEN RED TAGGED BY THE COUNTY OF SANTA CLARA. SELLER HIGHLY MOTIVATED.

Thanks to Burbed reader Nomadic for this find.

Ok, I’m perplexed. This house was built in 1999? Really? I guess this house entered some sort of time space anomaly and came out at the end in 2009 half finished. It’s like the Series Finale of Star Trek: TNG where Picard keeps jumping through time to figure out why things are going wrong.

But that’s just my theory. This is what Nomadic had to say:

Here’s a real gem in Saratoga.  To put it in context a little bit, inventory is up 9% (month over month) and sales $/sf is currently $582 per Redfin.  This unfinished nightmare has a big lot but it’s a 5,000 sf shell that doesn’t have the basics like windows, a roof, etc. and they still hope to get $500/sf for it.  And I really hope the year built isn’t really 1999…  It’s also an odd flag lot that looks completely inaccessible to a road on the map.

Let’s take a look:

19420a

Huh. Well look at that. Good thing you have a teleporter.

So now you know what red tagged means in Santa Clara – it’s red tagged because of unusual phenomenon.

Maybe you can mine for dilthium crystals underneath!

Thanks Nomadic!

Comments (18) -- Posted by: burbed @ 5:38 am

May 18, 2009

A nice tear down home in Saratoga

As mentioned on Sunday, we’re going to have a shoot out between two tony areas: Saratoga, CA and Port Washington, NY. Let’s start with Saratoga:

13456 HARPER Dr, Saratoga, CA 95070 | MLS# 80920698
13456 HARPER Dr Saratoga, CA 95070
Price: $1,098,000

926118576-13456
Beds: 3
Baths: 2
Sq. Ft.: 1,100
$/Sq. Ft.: $998
Lot Size: 7,866 Sq. Ft.
Property Type: Detached Single Family
Stories: 1
Year Built: 1954
Community: Saratoga
County: Santa Clara
MLS#: 80920698
Source: MLSListings
Status: Active
On Redfin: 13 days
ABSOLUTELY THE BEST VALUE IN SARATOGA WITH AWARD WINNING SARATOGA SCHOOLS! LOCATED WITH MULTI-MILLION DOLLAR HOMES NEARBY! CUL-DE-SAC LOCATION! LARGE LOT! DUAL PANE WINDOWS! HIGH CEILINGS! UPDATED KITCHEN & BATHROOMS! HURRY! THIS WON’T LAST!

Alright… not too shabby! We’ve got a nice 3/2 1100 sqft house on a 8k sqft lot. It’s been somewhat updated since it was built, and is surrounded by multi-million dollar homes nearby.

You know what this means of course…

It’s a scraper!

Bring your contractor – let’s tear this sucker down and build a $2 million dollar house. It’s a sure bet! Just look at the income figures:

According to a 2007 estimate, the median income for a household in the city was $137,270, and the median income for a family was $159,765.

Now we all know those numbers are skewed by Pre-Prop 13′ers who help keep the community strong by paying $1000 a year in property tax. So, let’s just double stats to be on the safe side: the median income: median income is $319,530. Using a safe rule like “buy a house that’s 3x of your income” this tear down is definitely affordable. Using a California rule like “buy a house that’s 6x of your income because you’ll grow into it” the $2 million house you’re going to build will be easily affordable!

As we all know, if you build it, they will come. So buy it, build it, and profit!

Ok… tomorrow let’s look at this shady Port Washington place…

Comments (71) -- Posted by: burbed @ 5:21 am