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We are reaching another real estate extreme.

By REpro following x   2014 Mar 3, 3:30pm 21,648 views   83 comments   watch   nsfw   quote     share    


House sold in October 2013 for $755,000, now for sale for $1,520,000.
http://www.redfin.com/CA/San-Jose/430-N-2nd-St-95112/home/970098

#housing

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44   rufita11   ignore (0)   2014 Mar 7, 7:06am   ↑ like (0)   ↓ dislike (0)   quote   flag        

My Santa Cruz agent told me I should be able to get a LOT more for my money soon. He said all the houses we looked at were priced at least 100K (or more) too high. While we were waiting in between viewings, I overheard him on the phone lamenting that he had purchased his home in 2007.

45   hrhjuliet   ignore (0)   2014 Mar 7, 7:10am   ↑ like (2)   ↓ dislike (0)   quote   flag        

That's because he is part of the cult of the National Real Estate Association.

46   New Renter   ignore (11)   2014 Mar 7, 7:13am   ↑ like (0)   ↓ dislike (0)   quote   flag        

rufita11 says

My Santa Cruz agent told me I should be able to get a LOT more for my money soon. He said all the houses we looked at were priced at least 100K (or more) too high. While we were waiting in between viewings, I overheard him on the phone lamenting that he had purchased his home in 2007.

And he didn't default?

47   bubblesitter   ignore (0)   2014 Mar 7, 7:16am   ↑ like (2)   ↓ dislike (0)   quote   flag        

hrhjuliet says

People are getting wise.

I don't fully agree here. The inventory here is so super low that a few(top notch condition) listings have sold above asking price. The crappy one like the one listed by OP will languish on the market forever.

48   rufita11   ignore (0)   2014 Mar 7, 7:29am   ↑ like (0)   ↓ dislike (0)   quote   flag        

New Renter says

And he didn't default?

Not yet. But he wasn't wearing a suit like he did the 3 previous times I met him. He also offered to buy me breakfast, but I wouldn't let him--he has young kids and a mortgage :)

49   New Renter   ignore (11)   2014 Mar 7, 9:57am   ↑ like (1)   ↓ dislike (0)   quote   flag        

rufita11 says

New Renter says

And he didn't default?

Not yet. But he wasn't wearing a suit like he did the 3 previous times I met him. He also offered to buy me breakfast, but I wouldn't let him--he has young kids and a mortgage :)

Do him a favor and introduce him to the fine art of squatting.

50   mell   ignore (2)   2014 Mar 10, 1:56am   ↑ like (0)   ↓ dislike (0)   quote   flag        

mell says

P.S. Long 500 sh SRS @17.76 for lack of better options, you gotta be hedged with something during such an epic melt-up ;)

Ah yes indeed it's fun time!

51   corntrollio   ignore (1)   2014 Mar 11, 9:36am   ↑ like (0)   ↓ dislike (0)   quote   flag        

mell says

P.S. Long 500 sh SRS @17.76 for lack of better options

Do you understand how UltraShort funds work? Do you trade frequently?

52   E-man   ignore (0)   2014 Mar 12, 9:26am   ↑ like (0)   ↓ dislike (0)   quote   flag        

bubblesitter says

If this thing sells at the asking price to the penny, I'll quit this forum. LOL.

Unfortunately, it went pending above list price. I'll miss you.

53   bubblesitter   ignore (0)   2014 Mar 12, 3:00pm   ↑ like (1)   ↓ dislike (0)   quote   flag        

E-man says

Unfortunately, it went pending above list price. I'll miss you.

Nice try. Still shows active. :)

54   E-man   ignore (0)   2014 Mar 12, 3:51pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

bubblesitter says

Nice try. Still shows active. :)

The status will be changed in a day or two.

55   bubblesitter   ignore (0)   2014 Mar 13, 4:13am   ↑ like (1)   ↓ dislike (0)   quote   flag        

E-man says

The status will be changed in a day or two.

OK. We shall see if it sells @ the asking price.

56   SFace   ignore (0)   2014 Mar 13, 4:37am   ↑ like (0)   ↓ dislike (0)   quote   flag        

E-man says

bubblesitter says



Nice try. Still shows active. :)


The status will be changed in a day or two.

wow, that is incredible for a frat house near SJSU.

57   E-man   ignore (0)   2014 Mar 13, 3:05pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

SFace says

E-man says

bubblesitter says

Nice try. Still shows active. :)

The status will be changed in a day or two.

wow, that is incredible for a frat house near SJSU.

Not sure it would be a frat house. Too far from SJSU.

I was yanking bubblesitter's chains. I have been inside that building. The seller did a crappy job of rehabbing the building. Shoddy workmanship. Other than the travertine tile floor and some cheap stainless steel appliances, they used low grade materials almost everywhere inside the building. They did a horrific job of painting the inside as well as the outside of the building.

One unit has been vacant, and I know why. It will be a challenge renting out this unit. It appears that whoever is buying this building will have to drop another $200k to rehab this place and make it right. The foundation/basement appeared to be not seismically reinforced/upgraded. Therefore, there's a high probability that banks will not lend on this building.

With that said, they're looking for a sucker paying all cash for this building. I was sad after seeing the house. This gorgeous, 10-foot high ceiling on each floor, Victorian building was ruined by a tasteless woman flipper. Fortunately, money can fix its cosmetic, but it won't be cheap fixing it. This building will sit on the market for a while at that price.

58   bubblesitter   ignore (0)   2014 Mar 14, 3:05am   ↑ like (2)   ↓ dislike (0)   quote   flag        

E-man says

This building will sit on the market for a while at that price.

I knew it. I don't have to quit this forum. :)

59   corntrollio   ignore (1)   2014 Mar 14, 10:53am   ↑ like (0)   ↓ dislike (0)   quote   flag        

E-man says

The foundation/basement appeared to be not seismically reinforced/upgraded. Therefore, there's a high probability that banks will not lend on this building.

That's what I was saying -- they didn't pull the permits or spend the time or money to do this job right.

E-man says

The seller did a crappy job of rehabbing the building. Shoddy workmanship.

For what they were quoting, of course they did a crappy job.

E-man says

This gorgeous, 10-foot high ceiling on each floor, Vitorian building was ruined by a tasteless woman flipper. Fortunately, money can fix its cosmetic, but it won't be cheap fixing it.

If you look at the sales record, it looks like she has owned it since the 90s, so not sure if she's just a flipper. As EBGuy and I discussed, the sales record is odd, but it seems like she's been using LLCs and straw men to hold it for that long, hoping that it'd eventually be a good investment after buying it cheap. She appears to spend at least a good percentage of her time in another state and is above retirement age, from a quick search.

60   REpro   ignore (0)   2014 Mar 15, 4:38am   ↑ like (1)   ↓ dislike (0)   quote   flag        

If seller won’t sell it this spring to some foreign investor with money to burn - be stuck with it for another 5-10 years.

61   E-man   ignore (0)   2014 Mar 27, 2:35am   ↑ like (0)   ↓ dislike (0)   quote   flag        

@controllio,

You're right. Looks like the owner has owned it for quite sometimes. It appeared that there were more than one owner initially. Maybe she bought others out. Who knows. I don't have time to go through all the Grant Deed to find out what's what.

@bubblesitter, it's pending. Maybe the listing agent wasn't bluffing with me and had it sold for over list price. Will find out when it closes. I know they would have buyers at $1.3M - $1.35M. It was so unfortunate that the rehabbing work was so shoddy on such a beautiful building.

62   donjumpsuit   ignore (0)   2014 Mar 27, 4:06am   ↑ like (1)   ↓ dislike (0)   quote   flag        

"The subject property has had over $200,000 in recent upgrades. The renovation includes over $25,000 in full electrical upgrades, $10,000 for brand new refrigerators, microwaves and appropriate appliances for each unit, and over $165,000 in cabinetry, travertine flooring and granite counter-tops. The pitched composition shingle roof was re-done along with new landscaping and fresh exterior paint."

Lord have mercy. I just looked at the "165k" of cabinetry, flooring and granite upgrades.

I am not a flooring expert, but the granite is the literally the cheapest selection you can buy. Also the cabinets don't really match the rest of the house, which means they were also one of the cheapest offerings.

"Travertine" is the most catchiest of catch phrases available for flooring, and is literally a pain in the ass to take care of. However, it looks like mostly the type of "Travertine" that was used in this remodel is "Mock Travertine".

So, when you look at the "165k in cabinetry, travertine flooring and granite counter-tops". What it means is the "Flipper" was paid $125k in design and consultation fees, and the ohter $35k was spend on cheap materials and mexican labor.

63   bubblesitter   ignore (0)   2014 Mar 27, 6:21am   ↑ like (0)   ↓ dislike (0)   quote   flag        

E-man says

@bubblesitter, it's pending. Maybe the listing agent wasn't bluffing with me and had it sold for over list price. Will find out when it closes. I know they would have buyers at $1.3M - $1.35M. It was so unfortunate that the rehabbing work was so shoddy on such a beautiful building.

Oh great. Well, it"ll be interesting to see what it sells for. You have seen the place. Is it even worth it to get a meager cash flow?

64   REpro   ignore (0)   2014 Mar 27, 8:23am   ↑ like (0)   ↓ dislike (0)   quote   flag        

This one was priced too cheap for some.
The another one (comparable) got price increased for cool $1,000,000.
Hey, Why not?

http://www.redfin.com/CA/San-Jose/402-N-3rd-St-95112/home/1084920

65   E-man   ignore (0)   2014 Mar 27, 4:44pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

bubblesitter says

Oh great. Well, it"ll be interesting to see what it sells for. You have seen the place. Is it even worth it to get a meager cash flow?

It's considered a trophy property. It's for an individual who needs a tax write-off with an appreciation/inflation hedge play more than a cashflow investment.

With money being so cheap right now, the investor can wait and have the tenants paying-off the building for him/her. If you're a high networth individual, you can borrow a 5/1 commercial loan at 2.875% interest rate right now.

66   Facebooksux   ignore (0)   2014 Mar 28, 12:27am   ↑ like (0)   ↓ dislike (0)   quote   flag        

I was going to post this earlier, but I forgot.

We should all get a pool going and buy this POS. We'd all move in and film our own reality show. Bears vs bulls. It would pay itself off in about 2 months.

67   bubblesitter   ignore (0)   2014 Mar 28, 12:45am   ↑ like (0)   ↓ dislike (0)   quote   flag        

REpro says

This one was priced too cheap for some.

The another one (comparable) got price increased for cool $1,000,000.

Hey, Why not?

http://www.redfin.com/CA/San-Jose/402-N-3rd-St-95112/home/1084920

Why only a $1 million increase? I'd let AF chime in. :)

68   Analyzer   ignore (0)   2014 Mar 28, 2:58am   ↑ like (0)   ↓ dislike (0)   quote   flag        

It's a bit unfortunate that we have to spend so much time and energy concerned with when is the right time to buy, sell, priced out for ever, generational lows, blah blah blah.........do you think this is time well spent?

69   bubblesitter   ignore (0)   2014 Mar 28, 3:01am   ↑ like (0)   ↓ dislike (0)   quote   flag        

Analyzer says

do you think this is time well spent?

Well, time spent is money spent or saved, whichever way you look at it. Imagine if I wasn't spending that time here I'd have bought in 2006.

70   Analyzer   ignore (0)   2014 Mar 28, 3:03am   ↑ like (0)   ↓ dislike (0)   quote   flag        

bubblesitter says

Analyzer says



do you think this is time well spent?


Well, time spent is money spent or saved, whichever way you look at it. Imagine if I wasn't spending that time here I'd have bought in 2006.

The point is we all need a place to live in and it should not be this difficult.

71   REpro   ignore (0)   2014 Mar 28, 3:50am   ↑ like (0)   ↓ dislike (0)   quote   flag        

E-man says

who needs a tax write-off

How much write-off?
House is no more than $400K; rest is land value. Land does not depreciate for tax purposes.

72   Facebooksux   ignore (0)   2014 Mar 28, 4:17am   ↑ like (0)   ↓ dislike (0)   quote   flag        

Call it Crazy says

Facebooksux says

I was going to post this earlier, but I forgot.

We should all get a pool going and buy this POS. We'd all move in and film our own reality show. Bears vs bulls. It would pay itself off in about 2 months.

Is there space for a wrestling ring???

Of course. As well as a yam patch out back, firearms storage lockers, generators and a sound-proof basement with individual cells for imprisoning and torturing realtors.

73   edvard2   ignore (1)   2014 Mar 28, 4:22am   ↑ like (0)   ↓ dislike (0)   quote   flag        

Out of curiosity I looked around the east bay city I live in at home prices and sales. Its crazy that as of now, apartments are now in many cases going for more than what we paid for our 4 br house 2 years ago. Houses like ours are now 400k more than when we bought. Just absolutely crazy and nonsensical.

74   REpro   ignore (0)   2014 Mar 28, 4:26am   ↑ like (0)   ↓ dislike (0)   quote   flag        

Facebooksux says

Call it Crazy says

Facebooksux says

I was going to post this earlier, but I forgot.

We should all get a pool going and buy this POS. We'd all move in and film our own reality show. Bears vs bulls. It would pay itself off in about 2 months.

Is there space for a wrestling ring???

Of course. As well as a yam patch out back, firearms storage lockers, generators and a sound-proof basement with individual cells for imprisoning and torturing realtors.

Not bad idea. Actually, good film producer can buy this POS and after realty show ends, can flip it over for $3M as a double historical house.

75   REpro   ignore (0)   2014 Apr 11, 3:50pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

House got a fresh new listing. Slightly reduced.

76   E-man   ignore (0)   2014 Jun 14, 3:48pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

REpro says

House got a fresh new listing. Slightly reduced.

Well, looks like they will drop it another $100k next week to $1.3M. At what price do you think this property will sell for? I have my number, but want to see some prelim number from patneters first.

77   REpro   ignore (0)   2014 Jun 14, 5:12pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Well, based on lot value plus residual value plus improvement $650-$700K.
Based on gross income and expected maintenance costs $1,050K-$1,150K

78   APOCALYPSEFUCKisShostikovitch   ignore (41)   2014 Jun 14, 6:51pm   ↑ like (2)   ↓ dislike (0)   quote   flag        

I remember this when it was posted. Still looks like a halfway house for methadone treatment patients.

79   donjumpsuit   ignore (0)   2014 Jun 15, 1:16am   ↑ like (0)   ↓ dislike (0)   quote   flag        

I would still need to rip out all the cheap home depot improvements and put something nice in it's place.

80   mell   ignore (2)   2014 Jun 15, 1:35am   ↑ like (0)   ↓ dislike (0)   quote   flag        

corntrollio says

mell says

P.S. Long 500 sh SRS @17.76 for lack of better options

Do you understand how UltraShort funds work? Do you trade frequently?

Not another boring lecture about the decay in the ultra shorts. They are meant to be short term trading vehicles, so just trade them frequently. Still better shorting a sector than shorting any of the "new-tech" trannies that should trade at zero but are levitated in a rotating fashion by a stampede of "hedge-fund managers" chasing that yield.

81   mell   ignore (2)   2014 Jun 15, 1:41am   ↑ like (0)   ↓ dislike (0)   quote   flag        

REpro says

Well, based on lot value plus residual value plus improvement $650-$700K.

Based on gross income and expected maintenance costs $1,050K-$1,150K

The October 2013 selling price is prob. closer to fair value.

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