October 2, 2013

Investment opportunity! Tenants willing to rent back.

10200 TORRANCE Ave
San Jose, CA 95127
$399,000

20130930a

It’s Silicon Valley! Who doesn’t like an investment opportunity!

So, if this has been renting for $1,800 per month for more than 4 years, doesn’t that mean that this is underpriced? As the new landlord, would you immediately double the rent to the market value of $3,600? After all, the rent was based on the price before the remodel! That seems awfully low.

What’s your pricing strategy for this?

And let’s not forget this large lot in the back!

image

It’s so… triangular! That just means you can build an incredibly unique, and therefore, incredibly expensive (because it’s rare!) house in the back as well! You could market this as the Triangle House – TriHo for short!

Comments (2) -- Posted by: burbed @ 5:48 am






July 8, 2013

Not just a house, an adventure in Lafayette!

We hope you enjoyed your four day weekend. Of course, Burbed went to work every day, and you can read the last few days’ articles while you’re avoiding yours.  For today, we’ve got another example of East Bay Real Estate Win courtesy of Burbed reader J from Alameda.

130708-hillview-redfin3256 HILLVIEW Ln
Lafayette, CA 94549
$849,000

3 Beds
2 Baths
1,427 Sq. Ft.
$595 / Sq. Ft.
Built: 1959
Lot Size: 9,963 Sq. Ft.
On Redfin: 21 days
Type: Detached
Stories: 1
County: Contra Costa
Style: Ranch
Community: Lafayette
MLS#: 40619252

Fixer upper on private lane. Uncooperative tenant, eviction in process, no show at this time. Write offer subject to viewing.

Here’s why J ventured Off the Island to send this one in:

It’s all about the listing copy on this one. It’s simple. Just write an offer. No worries about the uncooperative tenant.

We like this listing. None of this namby-pamby open house, offers will be presented at 3 am a week from Tuesday nonsense. You want to see this house? Tough. The realtard couldn’t get inside and neither can you. If you dare to buy it, you get to find out what “uncooperative” means.

Comments (2) -- Posted by: madhaus @ 7:02 am

July 5, 2013

Be a Micro-Slumlord in SF

Here’s an interesting property for sale: a brand new building full of micro-apartments in SF. 23 studios are leased and await your bloodsucking.  Thanks much to Burbed reader Michael Boltonestater for sending this in.

130704-harriet-redfin38 Harriet St
San Francisco, CA 94103
$7,395,000

— Beds
— Baths
11,775 Sq. Ft.
$628 / Sq. Ft.
Built: 2013
Lot Size: —
On Redfin: 27 days
Status: Active
Property Type: Apartments, 16-30 Units
Stories: 4
Building Name: SoMa Studios
County: San Francisco
Style: Contemporary, Modern/High Tech
View: City Lights, Bay Bridge, San Francisco, Downtown
Community: South of Market
MLS#: 409189

130704-harriet-studioThe SoMa Studios are the first new micro-apartments in the booming SoMa neighborhood, home to Twitter, Square, and hundreds of other tech companies, cafes, restaurants and clubs. The building represents the culmination of four years of research in hyper efficient and super green development. It reflects fastidious attention to detail and the highest quality construction. Fully leased. State-of-the-art seismic and fire safety. In-house 100 mbs internet connection. Extra-heavy solid core doors. Enhanced, engineered soundproofing. Built-in window seats and tables. Wood and porcelain tile floors. Elfa shelving and storage systems. GE Profile Dishwashers. LG all-in-one Washer/Dryer in each unit. LEED Platinum (pending certification).

100 megabits per second? No wonder they’re fully leased. And they’re featured on national television! Our only question is why the owner would want to give up a sweet hyper efficient and super green development deal like this.

Comments (3) -- Posted by: madhaus @ 12:38 am

June 27, 2013

Marvelous Mountain View Mansion

Let’s check in with Burbed reader dollarbin again, because Mountain View is awesome. Too bad you can’t have this house.  It went pending, oh phooey, another one that got away! But, you can join in the fun guessing how high the overbids will reach!

130626-sanluppe-redfin837 SAN LUPPE Dr
Mountain View, CA 94043
$700,000

4 Beds
2 Baths
1,576 Sq. Ft.
$444 / Sq. Ft.
Built: 1962
Lot Size: 0.27 Acres
On Redfin: 52 days
Property Type: Detached Single Family
Stories: 1
Community: North Shoreline
MLS#: 81315358
Style: Traditional
View: Neighborhood
County: Santa Clara

THIS PROPERTY HAS A HUGE LOT * HOUSE IS OCCUPIED * LOCATED IN DESIRABLE NEIGHBORHOOD!

130626-sanluppe-otherpicDESIRABLE NEIGHBORHOOD, eh? What does dollarbin have to say about this listing?

Speaking of bubbles:

After a week on the market, this Stierlin Estates home got a $100K bump. Let your imagination run wild because apparently the tenants can’t be dislodged long enough to take interior shots. The massive sound wall from the Norman Y Mineta Highway wraps the whole lot in its cozy shadow.

The two pictures above are all the agent bothered to share. We can also confirm the 16.67% price increase.

130626-sanluppe-history

And the soundwall. Click for a larger version.

130626-sanluppe-streetview

Wow, we’d hate to see this agent’s idea of an UNDESIRABLE NEIGHBORHOOD.

Comments (8) -- Posted by: madhaus @ 5:09 am

June 23, 2013

Landlords from Hell settle for jail instead

Here’s a cheery story for you if you don’t like your landlord, as it will set things into a much better perspective.  Thanks very much to Burbed reader nomadic for alerting us to this development.

‘Landlords from hell’ accept prison terms for terrorizing tenants

130619-macys-mugshotsBy Lee Romney, Los Angeles Times, June 19, 2013, 2:45 p.m.

SAN FRANCISCO — A software engineer and his real estate agent wife who terrorized their tenants in a twisted attempt to force them to move are back after fleeing to Italy, and each has accepted a four-year prison sentence and two strikes rather than face trial, Dist. Atty. George Gascon announced Wednesday.

Nicknamed the "landlords from hell," Kip and Nicole Macy employed tactics "so outlandish and brazen" in attempting to clear their building of renters that "it sounds like the plot of a horror movie," Gascon said.

They each pleaded guilty to two felony counts of residential burglary, one felony count of stalking and one felony count of attempted grand theft. In custody on $2-million bail apiece, they are scheduled to be sentenced Aug. 22.

Kip Macy’s attorney, Lisa DewBerry, said the couple could have faced a maximum of 16 years in prison if tried on all charges.

130619-macys-sawBe sure to read the whole article, cataloging not only what the Macys were accused of doing to their tenants and their apartments, but also the part where they paid bail and fled the country for Milan and spent a year fighting extradition.

Don’t forget the power saw that popped up into one of the tenant’s floor without warning (the photo at left shows what happened when he whacked the blade with a nearby hammer).  There’s even accusations of email spoofing.  And here’s an older piece from Palo Alto Online when they were first hit with the charges; what’s interesting are the comments defending the Macys from the evil San Francisco tenants. Why, some of them read as if they were written from the perps themselves!  Why Palo Alto Online for a San Francisco story?  This caring couple lived in Palo Alto when they were accused of all these shenanigans. Kip was a software engineer and Nicole was… a realtard.

130619-macys-clementinaHere’s the building where all the fun took place. Don’t you want to go out and buy an apartment building in SF right now?

This is also your weekend open thread! How’s the renter life treating you? Is it awful enough to make you want to look at a bunch of Open Houses and overbid up the wazoo?  How about chatting up the other people at the Open House so you can spoof email saying they don’t want the property you’re trying to score? Hey, in a competitive market Insane Real Estate Bubble, the only way to win is to prevent everyone else from playing.

Comments (15) -- Posted by: madhaus @ 5:03 am

April 20, 2013

Real Realty in Redwood City! Really!

BlogAtoZ-RWe Resume our Regularly scheduled Blogging from A to Z Challenge today, which is Retailed to you by the letter R.  Really. Read on and Reason why Redwood City (climate best by government test) should be Respected. While this Redoubt may not be Real Bay Area, Recent Realty values have Reformed. 

And that’s a fancy of way of saying, “Buy now or be priced out forever.”  Yeah, we Repeat that one.

130419-cleveland-redfin874 CLEVELAND St
Redwood City, CA 94061
$499,000

3 Beds
2 Baths
1,469 Sq. Ft.
$340 / Sq. Ft.
Built: 1920
Lot Size: 3,570 Sq. Ft.
On Redfin: 32 days
Property Type: Detached Single Family
Stories: 1
County: San Mateo
Style: Cottage/Bungalow
Community: Central Park
MLS#: 81308678

Two homes on one lot. First house is 2 bedrooms and back house is 1 bedroom. Fixer opportunity. Tenant 1 is paying 900 a month and tenant 2 is 750. Both month to month. Purchase subject to inspection.

130419-cleveland-askew130419-cleveland-more
130419-cleveland-aerialLook at that. A two for one special! And even better, this Real estate is Redolent with Renters! Buy now and you’ll be Realty Royalty! 

Also, you maybe be getting “bunus” buildings with this one, because the lot looks like there’s more than two buildings Residing.

Our Response? Refi. Rinse. Repeat.

Comments (5) -- Posted by: madhaus @ 5:02 am

December 20, 2012

OMG We Forgot About Mountain View!

We’ve just been alerted that we’ve been neglecting Mountain View property, which we are contractually required to discuss every ten minutes.  And it’s been ten whole days! Fortunately, Burbed reader Michael Boltonestater sent us this beaut, which we promptly misplaced during the Black Friday Sales.  Consider this a “we found it in the back of the storeroom” slightly mussed listing. It’s both pending… and selling shortly!    

121219-whisman-redfin492 N WHISMAN Rd
Mountain View, CA 94043
$750,000

4 Beds 
2 Baths 
1,748 Sq. Ft.
$429 / Sq. Ft.
Built: 1965 
Lot Size: 0.25 Acres 
On Redfin: 33 days
Status: Pending With Release
Stories: 1
Community: Whisman
MLS#: 81241148
View: Neighborhood
County: Santa Clara

Short Sale! Charming two unit property located in Whisman Area of Mountain View. Huff Elementary, Crittenden Middle and Mt View High. Live in one, rent the other or great investment opportunity! HUGE 10,890 sf corner Lot. R-2 zoning provides multiple use scenarios. Both units are 2 bed /1 bath w/ laundry, garage AND carport. Please DO NOT Disturb Occupants!

121219-whisman-kitchenIt’s a great investment opportunity!  That’s because the current owners are passing the savings along to you rather than the bank.  Yes, savings.  If you had bought this property in 2006, like these investors did, the RBA would have done its magic and increased it by more than half its value in just six years.  And if you were smart and leveraged yourself with a 20% down, 10% down, 5% down, or even ZERO DOWN, then your investment returns would be much, much higher! 

Let’s calculate them, shall we?

121219-whisman-history

So a little over a million dollars, put down 20%, looks like that investment… is now going to be someone else’s instant equity. So, bets on the over/under compared to 2003′s sale price?  Now that provides multiple use scenarios.

Comments (4) -- Posted by: madhaus @ 5:09 am

November 23, 2012

Day After Thanksgiving? Time for Black Friday Sales!

121122-blackfridayIf you haven’t already gotten up at 5 a.m. to start shopping for holiday bargains, you’ve still come to the right place!  Thanksgiving is over, so get on your steel-toed cyber boots, the better to kick your fellow shoppers out of your way!  Yes, it’s time for Burbed‘s Black Friday Sales, where we find the absolute rock-bottom in housing prices all around the Bay!  And we’re opening an hour early just for you!

Here’s how Black Friday Sales will work this year. We’ll again feature the cheapest properties in each county all around the Bay Area, plus some of our favorite cities.  But we won’t forget that our readers are sending in listings as well, so you just never know if each day will be a Sale Property or something else entirely.  You’ll just have to tune in every day to find out.

Let’s begin our sales in Silicon Valley, because even Googlers like to bargain-hunt.  Here we go, the absolutely cheapest house in all of Santa Clara County!  Ready?

121122-murray-redfin8282 Murray Ave #97
Gilroy, CA 95020
$18,000

1 Beds 
1 Baths 
542 Sq. Ft.
$33 / Sq. Ft.
Built: 1966 
Lot Size: — 
On Redfin: 38 days
Status: Active
Property Type: Mobile Home (Single Wide), Mobile Home (Expando)
County: Santa Clara
Community: Morgan Hill/Gilroy/San Martin
MLS#: 81237950

Pre-owned, 1966 Kit, 1 bedroom/ 1 bath Single-wide mobile home in a senior park (one owner must be at least 55 years of age). Includes refrigerator, washer & dryer and window air conditioner. Low space rent!

Oh, not what you had in mind?  Even with a low space rent of $560 (which will probably double as soon as you finish signing those papers at the title company)?  Even with 15 pictures?

If you insist, there’s this.

121122-carryback-redfin5591 CARRYBACK Ave
San Jose, CA 95111
$245,000

2 Beds
2 Baths
1,121 Sq. Ft.
$219 / Sq. Ft.
Built: 1989
Lot Size: 2,184 Sq. Ft.
On Redfin: 265 days
Status: Active
Property Type: Attached Single Family
Community South San Jose
MLS# 81208122
Stories: 2
County Santa Clara

Good home conveniently located. This is a short sale. Please do not disturb occupants.

Whatever developer named this street sure has a twisted sense of humor, because it’s a short sale.  There ought to be a Piggyback Lane here too.  Be sure to check out the listing history, because this place has gone pending four different times in the last three years, plus it sold in 2000, yes, twelve years ago, for $247K.

What? You want a detached house?  Okay, but this is your very last chance.

121122-huran-redfin2138 HURAN Dr
San Jose, CA 95122
$248,000

3 Beds
1 Baths
912 Sq. Ft.
$272 / Sq. Ft.
Built: 1960
Lot Size: 5,150 Sq. Ft.
On Redfin: 16 days
Status: Active
Property Type: Detached Single Family
View: Neighborhood
County Santa Clara
Stories: 1
Community Alum Rock
MLS# 81240311

Another opportunity to own this 3 bedroom 1 bathroom single Family home located in San Jose. Very close to shopping centers, mall, and schools. Easy access to freeway 101. Sell is an “AS IS “ condition. Some dual Pane windows. Garage converted but permits unknown.

Oh, we’ve got a winner here! This one has everything! It’s also selling shortly, plus questionable permits and for sale as-is.  The listing copy mentioned the “easy access” to 101, but they didn’t mention the just as easy access to Reid-Hillview Airport. Hope you like the sound of takeoffs and landings!

And remember, more Black Friday Sales to come!

Comments (7) -- Posted by: madhaus @ 4:01 am

November 13, 2012

DO NOT DISTURBE THE OCCUPANT(S) *** Only drive by

Can you judge a book by its cover?  You’re going to have to if you’re interested in this beauty in Belmont!  Thanks very much to Burbed reader alyson for sending this foreclosed fortress in.

121112-hiller-movoto612 Hiller St
Belmont, CA 94002 
Price:  $624,900

Loan Payment:  $2,094/mo
Bedrooms:  3
Bathrooms:  2
Size:  1,970 sqft
$/Sqft:  $317/sqft
Type:  Single Family House
Year Built:  1953
Lot Size:  7,072
Days on Movoto:  15 days
MLS#:  81239349
Status:  Pending – Do Not Show
Go See This Home Make an Offer

Great opportunity to own a home in Belmont! Walking distance to schools, shopping and easy freeway access. This is great for 1st time buyers or investors. Only cash buyers for this property, the buyer(s) are to take possession with the occupant(s) in possession. There will be NO interior inspections for this property, only drive by.*** DO NOT DISTURBE THE OCCUPANT(S) *** Thank You.

Here’s why alyson sent us this listing:

“great for 1st time buyers” but you can only drive by before buying!

121112-hiller-streetview

121112-hiller-mission-impWho says you can only drive by?  You have many other options!  You could also walk by, jog by, bike by, skateboard by, rollerblade by, or wait for the next snowstorm and cross-country ski by.

Also, if you’re really feeling adventurous, you could descend down the chimney wearing a cable harness like in Mission: Impossible, to avoid the laser-activated alarms this house is obviously secured by.  That’s why there’s no photos inside.

121112-hiller-satellite

We do like how Movoto encourages us to Go See This Home when the listing copy tells us we can’t.

Bunus: Home sold for $640K in… 2004!

Comments (11) -- Posted by: madhaus @ 5:04 am

June 5, 2012

TWO OF THE HOMES ARE LEGAL

Special Reminder: Today is California’s Primary Election. If you haven’t already voted please refer to the Official Burbed Ballot Guide!

Let’s spend another day seeing what kind of house you can get if you’re willing to drive a little, save a lot.  Thanks very much to Burbed reader Tracy Tea House for this magnificent Morgan Hill megaproject!

545 LIVE OAK Ave
Morgan Hill, CA 95037
$899,950

120604-liveoak-redfin

120604-liveoak-exteriorBEDS: 2
BATHS: 2
SQ. FT.: 2,006
$/SQ. FT.: $449
LOT SIZE: 3.28 Acres
PROPERTY TYPE: Detached Single Family
STYLE: Country English
STORIES: 1
VIEW: Mountains
YEAR BUILT: 1946
COMMUNITY: Morgan Hill/Gilroy/San Martin
COUNTY: Santa Clara
MLS#: 81206317
120604-liveoak-groundsSOURCE: MLSListings
STATUS: Active
ON REDFIN: 107 days

THIS PROPERTY IS LOCATED IN COYOITE VALLEY. THE LOT SIZE IS 3.28 ACRES. THERE ARE FIVE HOMES ON THE PROPERTY. TWO OF THE HOMES ARE LEGAL, THE OTHER THREE ARE LEGAL NON-COMFORMING. ALL OF THE HOMES HAVE SOME UPGRADES. OWNER LIVES IN THE FRONT HOME. TOTAL RENT COLLECTED ON THE OTHER FOUR HOMES IS $5,200.TWO OF THE HOMES ARE RENTED TO FAMILY MEMBERS AT BELOW MARKET RENTAL RATE.

What an opportunity!  There shouldn’t be any downside in buying five houses with permit issues and tenants related to the seller who expect subsidized rent forever!

120604-liveoak-satellite

“Bunus”: Large vehicle collection; negotiate possession.

Comments (20) -- Posted by: madhaus @ 5:03 am