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Peninsula House Priced Way Below Market

By BayArea   May 22, 10:42pm   3 links   543 views   10 comments   watch (0)   quote      

@Patrick

Wanna bet the seller wouldn't let it go for asking?

https://www.redfin.com/CA/San-Mateo/133-N-Claremont-St-94401/home/1957730

Comments 1-10 of 10     Last »

1   Patrick   May 23, 7:46am     ↑ like (1)   ↓ dislike   quote    

Exactly.

Fraud is allowed when setting advertised prices for houses, but not when setting advertised prices for toasters.

I have a proposal about this: https://patrick.net/1303455/2017-02-28-require-a-publicly-advertised-price-for-a-house-to-be-a-legally-binding-offer-to-sell-at-that-price

2   SpecialSnowflake   May 23, 10:42am     ↑ like   ↓ dislike   quote    

One bedroom but two kitchens? WTF?

3   BayArea   May 23, 12:09pm     ↑ like   ↓ dislike   quote    

Straw Man says

One bedroom but two kitchens? WTF?

2bd, 2bth

4   SpecialSnowflake   May 23, 12:21pm     ↑ like   ↓ dislike   quote    

BayArea says

Straw Man says

One bedroom but two kitchens? WTF?

2bd, 2bth

"The home is currently a single bedroom with two kitchens but, according to County records shows as a two bedroom. "

5   BayArea   Jul 16, 6:44am     ↑ like (1)   ↓ dislike   quote    

sold for $1,000,888

that's $415,888 above asking.

@Patrick

6   lostand confused   Jul 16, 6:59am     ↑ like (1)   ↓ dislike   quote    

wow, just wow. Now in IL, the property taxes are horrendous, but what you get for the money is simply astounding. WI is much better in term of property taxes. One of colleagues went to look at this for 699k-this is after the run up in prices!. It won't sell for that-but property taxes chased him away though his wifey wanted it. This is close to the border of WI and decent job area. I mean just look at the photos and what you get vs what you are getting for crapshacks in LA and SF. Granted this is north of Chicago, close to the WI border

I am not sure they pay enough in CA to justify those prices-Chinese money laundering folks??
http://www.realtor.com/realestateandhomes-detail/38950-N-Crawford-Rd_Old-Mill-Creek_IL_60083_M73384-75617#photo0

7   Strategist   Jul 16, 7:17am     ↑ like   ↓ dislike   quote    

lostand confused says

I am not sure they pay enough in CA to justify those prices-Chinese money laundering folks??

http://www.realtor.com/realestateandhomes-detail/38950-N-Crawford-Rd_Old-Mill-Creek_IL_60083_M73384-75617#photo0

A million dollar home in BA really does look like a rotted shack for the dirt poor in Illinois.

8   BayArea   Jul 16, 7:19am     ↑ like   ↓ dislike   quote    

Yes, $1M on the Peninsula is often a Halloween ready haunted house.

It's very very depressing what $1M gets you here.

9   Patrick   Jul 16, 8:44am     ↑ like (1)   ↓ dislike   quote    

BayArea says

sold for $1,000,888

that's $415,888 above asking.

This shows that the asking price is fraud.

The seller would never accept the publicly advertised asking price. It's simply a psychological trick to get interest from naive buyers, who will then be disappointed, and told they must bid some unknown but much larger amount than their budget to have any hope of "winning" the house (ie, getting themselves into way more debt than they can afford).

It's illegal to do this with toasters. If a store publicly advertises toasters for $20, but then refuses to sell them to you for less then $40, that's actually a crime called "bait and switch".

But because realtors have corrupted our laws via lobbying money, it's legal to commit that same crime when selling a house.

10   Patrick   Jul 16, 8:46am     ↑ like (1)   ↓ dislike   quote    

Strategist says

A million dollar home in BA really does look like a rotted shack for the dirt poor in Illinois.

Another deceptive point about Bay Area real estate is that you are simpy paying for the land and not the house. The house on the land is pretty much irrelevant because it is worth so much less than the land. In fact, if you scraped the rotted shack off the land, the selling price would go up and not down because it saves the new landowner the cost of scraping it themselves. It's typical to build your own house here.

But again, it's a psychological trick to make people think that the market is hot. "See what this obviously crappy house sold for?"

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