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






May 2, 2012

Prime Palo Alto House for under $850K

Thanks very much to Burbed reader steve for calling this house out in comments.  Yes, an actual house (not a condo!  not a townhouse!) in 94301 in a nice area (not near train tracks!  not on or near El Camino or any other busy street!)  This was a fine find requiring an official site visit with some custom photos you won’t see on the listing.  Plus, it’s about time we featured another pink house.

And since it’s in Palo Alto (hot! hot! hot!), it’s probably pending already, despite this article being written up the night of the Open House (4/29).

746 HOMER Ave
Palo Alto, CA 94301
$838,000

120429-homer-redfin

BEDS: 2
BATHS: 1
SQ. FT.: 660
$/SQ. FT.: $1,270
LOT SIZE: 1,960 Sq. Ft.
PROPERTY TYPE: Detached Single Family
STYLE: Cottage/Bungalow
STORIES: 1
VIEW: Neighborhood
YEAR BUILT: 1926
COMMUNITY: Community Center
COUNTY: Santa Clara
MLS#: 81215282
SOURCE: MLSListings
STATUS: Active
ON REDFIN: 4 days

Tucked away in Community Center end of cul de sac, Palo Alto. A charming 1926 remodeled bungalow Fondly referred to as the "Pink Bungalow" it has 660 interior sq ft, 1,960 ext sq ft, 2 br & 1 ba. fully remodeled, hardwood floors! Tranquil and peaceful yet blocks to Downtown Palo Alto. Addison, Jordan and Paly

Look at those incredible schools.  Whoever buys this house can fill it to the brim with kids to take advantage of Addison, Jordan, and Paly.

There is actually a driveway for this house, which I had seriously doubted after seeing how small the lot is (1,960 ext sq ft).  However, that picture above doesn’t really do justice to how useful that “garage” is.  Have a look with an actual non-1926 vehicle parked in front to get a sense of scale.

IMG_1898IMG_1899

Much more photos after the break!

(more…)

Comments (35) -- Posted by: madhaus @ 5:09 am

April 25, 2011

Stop Me If You’ve Seen this One

It’s been too long since we featured a house in Palo Alto, or heard from Burbed reader Gallileo.  So today we’ve got both!

443 Ferne Ave, Palo Alto, CA  94306
$1,598,000

image

 

BEDS: 4
BATHS: 2
SQ. FT.: 1,884
$/SQ. FT.: $848
LOT SIZE: 7,519 Sq. Ft.
PROPERTY TYPE: Detached Single Family
STYLE: Contemporary
STORIES: 1
VIEW: Neighborhood
YEAR BUILT: 1956
COMMUNITY: South Palo Alto
COUNTY: Santa Clara
MLS#: 81113445
SOURCE: MLSListings
STATUS: Active
ON REDFIN: 12 days

Exquisite Eicher Designed & Updated by Award Winning Team * Cherry Cabinets with Stainless Steel Counters & Appliances * Slate Floor in Kitchen/LR/DR * Built-In Shelves in LR * Remodeled Baths w/ Tile Floor, Cherry Cabinets & Custom Lights * Insulated Walls & Roof * Indoor Laundry Room * Mature Landscaping with Beautiful Trees * Convenient Location Near Schools & Shops * Top Palo Alto Schools-Gunn High

Here’s what Gallileo had to say about this listing:

imageLike a moth to the flame, I keep looking at Palo Alto real estate. We now know that south Palo Alto isn’t a part of the RBA:

443 Ferne came back on the market today. Last sold in 2008 for $1.795 million, the current ask is $1.58 million, for a capital only carrying cost of $205,000 over twenty-seven months, or almost $7,600 a month.

And that’s before the owner paid for commissions, property tax and Draino.

It’s a nice house–as insulationless, energy-bleeding, uneven-floored california 50′s tract-Eichlers go anyway. What is the OER for a place like this?

image443 Ferne is back on the market?  Somebody page steve over in Portola Valley.  He was always talking about that house, see here, here, here, here, here, here and here.  It’s amazing that it was never featured on Burbed when it sold in 2008.  For One. Point.  Seven.  Nine.  Five.  Million.  Dollars.

BAM.  And it’s pending without release as of April 13th.  Any guesses as to the selling price?

Comments (56) -- Posted by: madhaus @ 5:05 am

January 27, 2009

23% Price Cut in Menlo Park – Investment opportunities now very affordable!

163 WILLOW Rd, Menlo Park, CA 94025 | MLS# 80850784
163 WILLOW Rd Menlo Park, CA 94025
Price: $1,695,000

262401233_163
Beds: 3
Baths: 2
Sq. Ft.: -
Lot Size: 0.46 Acres
Property Type: Detached Single Family
Style: Traditional
Year Built: 1951
Stories: 2
View: Neighborhood
Neighborhood: Menlo Oaks Area
County: San Mateo
Dont miss this opportunity for multiple uses. Two charming homes on large lot. Almost 20,000 sq. ft. Perfect for two families, Live in one and rent the other, Rent out both homes for investment or build your dream home. Possible lot split. Contact city to verify. Close to Sunset Magazine, Downtown Palo Alto, and Stanford University. Excellent Menlo Park Schools,

Burbed reader Steve sent this in and thanks to his sharp eye, it turns out that this was previously seen on Burbed. Let’s take a look:

September 1, 2008

Labor Day Sales in Menlo Park – buy a house, get one free!

Ouchers! A 23% price cut! Still, it’s in the million+ range. Phew. That was a close call. Menlo Park, you’re still in the Real Bay Area, but please be more careful in the future.

That said, this is still an enormous lot and a great opportunity for potential landlords. Cha ching!

Comments (191) -- Posted by: burbed @ 5:03 am

August 31, 2006

"It’s not like it’s San Quentin" – And still not affordable

Thanks to Steve for sending this…

MercuryNews.com | 08/28/2006 | Sales of homes brisk despite jail
When construction is done on the new Terra Serena development in Milpitas, the gated community will boast almost 700 housing units surrounded by parks, swimming pools and tennis courts.

It will sit next to another gated community: the Elmwood Correctional Facility, a Santa Clara County jail.

Nonetheless, buyers are flocking to the $700,000-plus homes, $500,000-plus townhomes and $400,000-plus condos at Terra Serena — even though their neighbors down the street aren’t exactly the Joneses.

236054430864.jpg

“It’s not like it’s San Quentin,” townhome owner Joaquin Ramirez said.

Ah… nothing like the revised expectations of living in the Bay Area.

Click here to post a comment -- Posted by: burbed @ 6:04 am