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459 University Ave, Menlo Park CA 94025


By Patrick   Follow   Tue, 24 Apr 2012, 7:45am PDT   5,238 views   23 comments
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Saw this one is now for sale at $1M so I took this photo for you to compare with the marketing photo:

And here's a marketing photo from Redfin:

Hmmm, funny how they don't mention or show just how busy the street and intersection is.

Apr 22, 2012 Listed (Active) $1,000,000 -- MLSListings #81214877
May 19, 2004 Sold (Public Records) $779,000 9.5%/yr Public Records
May 28, 1993 Sold (Public Records) $289,000 -- Public Records

From http://www.redfin.com/CA/Menlo-Park/459-University-Dr-94025/home/1455061

I think it's still worth $289,000.

Comments 1-23 of 23     Last »

rootvg   Tue, 24 Apr 2012, 8:00am PDT   Share   Quote   Permalink   Like   Dislike (2)     Comment 1

Yes, it's really worth what you say.

This isn't Columbus. Get used to it.

thomas.wong1986   Tue, 24 Apr 2012, 1:04pm PDT   Share   Quote   Permalink   Like (1)   Dislike     Comment 2

Patrick says

May 28, 1993 Sold (Public Records) $289,000 -- Public Records
From http://www.redfin.com/CA/Menlo-Park/459-University-Dr-94025/home/1455061
I think it's still worth $289,000.

why is it people still discount past historical prices...

it wasnt a fortress than, it isnt one now!

rootvg   Tue, 24 Apr 2012, 1:59pm PDT   Share   Quote   Permalink   Like (1)   Dislike     Comment 3

OK, you keep waiting for that house or one like it in that area to come down to $289K. You're gonna wait a long time...and life is short and in the meantime you're throwing money away every month. Don't bother with the charts and graphs. You can make those figures say anything you want. I grew up in the business. Renting over the long term is a loser. No one I know or grew up with or went to school with or had as professor or instructor says different.

You're living in an area where the RE market (and frankly, the larger economy) has been hopelessly corrupted and distorted.

You don't need to rent. You need to move.

I'll bet I could find you a nice, well appointed, decently priced 2400-2600 sq ft house in San Ramon tomorrow. Danville? It would be more although you could find another fixer like ours. If there's one, there's more.

You need to get out of there.

SiO2   Wed, 25 Apr 2012, 4:53am PDT   Share   Quote   Permalink   Like   Dislike     Comment 4

Why stop at 1993 prices? In 1893 this property was much cheaper. $289 perhaps, drop the K.

Patrick   Wed, 25 Apr 2012, 5:05am PDT   Share   Quote   Permalink   Like   Dislike     Comment 5

I went by there again today and something about their marketing photo is not right. It's like they used a fish-eye lens to get the front yard to seem huge, when it's actually tiny. Here's a photo I took from my phone so you can compare:

Patrick   Wed, 25 Apr 2012, 5:06am PDT   Share   Quote   Permalink   Like   Dislike     Comment 6

Oops, here it is:

rootvg   Wed, 25 Apr 2012, 5:10am PDT   Share   Quote   Permalink   Like   Dislike     Comment 7

I looked at the listing. An Asian realtor, surprise surprise. He spends his weekends showing houses and pounding out the dents in his wife's minivan.

Do you remember my telling you what Peter Schiff and Judd Gregg said about the US becoming a nation in which today's children could not afford to live? Do you remember what I said about all those Dollars coming back from Asia to be invested in choice real estate?

Guess what? We're there.

Patrick   Wed, 25 Apr 2012, 10:05am PDT   Share   Quote   Permalink   Like   Dislike     Comment 8

rootvg says

OK, you keep waiting for that house or one like it in that area to come down to $289K. You're gonna wait a long time...and life is short and in the meantime you're throwing money away every month.

I don't actually think it's worth $289K. I know from rental equivalence it's probably worth $600K. But they're asking $1M. That's what I'm complaining about.

If I can keep living in the place I'm in for less than half of the ownership cost per month, with no risk of capital loss, I'm quite happy "throwing my money away". The property taxes alone for the place I'm in would be pretty close to my current rent.

rootvg   Wed, 25 Apr 2012, 10:15am PDT   Share   Quote   Permalink   Like   Dislike     Comment 9

Patrick says

rootvg says

OK, you keep waiting for that house or one like it in that area to come down to $289K. You're gonna wait a long time...and life is short and in the meantime you're throwing money away every month.

I don't actually think it's worth $289K. I know from rental equivalence it's probably worth $600K. But they're asking $1M. That's what I'm complaining about.

If I can keep living in the place I'm in for less than half of the ownership cost per month, with no risk of capital loss, I'm quite happy "throwing my money away". The property taxes alone for the place I'm in would be pretty close to my current rent.

Patrick, you're making my point for me.

We work for a living. We don't have corruption money from China or rich parents or a trust fund.

No, it's not worth a million bucks...but (in typical Bay Area fashion) there's some fool down there to whom money means nothing and you're competing with that person.

So? DON'T. Even the dumbest guy knows to come in out of the rain.

Most of the good deals up here never make it into MLS or if they do they don't last. Do you want me to help you find a sweet deal in Danville? Schools are great and the people are great. I'm sure you have good credit and money in the bank and would be fairly easy to work with if the house is a fixer and needs work before you move in. I even know some contractors, some damn good ones in fact.

I'm serious. Send me an email if you're interested.

Patrick   Wed, 25 Apr 2012, 10:27am PDT   Share   Quote   Permalink   Like   Dislike     Comment 10

I'm not even considering buying anything. My rental deal is just too good compared to owning. Not that it's cheap, but it's cheaper than any alternative that keeps me in the area. And I like the area.

rootvg   Wed, 25 Apr 2012, 10:52am PDT   Share   Quote   Permalink   Like   Dislike     Comment 11

Patrick says

I'm not even considering buying anything. My rental deal is just too good compared to owning. Not that it's cheap, but it's cheaper than any alternative that keeps me in the area. And I like the area.

That's what I figured but understand that you're paying for it.

thomas.wong1986   Wed, 25 Apr 2012, 11:35am PDT   Share   Quote   Permalink   Like   Dislike     Comment 12

rootvg says

Do you remember what I said about all those Dollars coming back from Asia to be invested in choice real estate?
Guess what? We're there.

Tell that to the Japanese after they started to buy up US RE and later to take big losses. It happened before and can (will) happen again.

rootvg   Wed, 25 Apr 2012, 1:17pm PDT   Share   Quote   Permalink   Like   Dislike     Comment 13

thomas.wong1986 says

rootvg says

Do you remember what I said about all those Dollars coming back from Asia to be invested in choice real estate?

Guess what? We're there.

Tell that to the Japanese after they started to buy up US RE and later to take big losses. It happened before and can (will) happen again.

Yes, but Japan is a free society where China is not and the real fear remains that China will use the military to clamp down on its people if and when the bust comes.

Patrick   Sun, 20 May 2012, 6:26am PDT   Share   Quote   Permalink   Like   Dislike     Comment 14

Hmmm, it's getting close to a month later and the sign doesn't say "pending" or anything.

It's obviously not true that everything is getting snapped up over asking.

Patrick   Sun, 20 May 2012, 10:57am PDT   Share   Quote   Permalink   Like   Dislike     Comment 15

Yes, I do expect them to hang a "pending" sign on the property.

Why wouldn't they, when so many other houses do?

pdh   Fri, 25 May 2012, 1:57pm PDT   Share   Quote   Permalink   Like   Dislike     Comment 16

I would think these days more realtors would be interested in publicizing the fact that they can actually sell a house.

as you may know, there are quite a few short sales and REO sales that have no sign whatsoever on the property, for their own shady reasons.

I just this week had a property manager tell me that in some areas they discourage posting "For Sale" and "For Rent" signs because it attracts copper vandalism.

KILLERJANE   Sun, 3 Jun 2012, 3:54am PDT   Share   Quote   Permalink   Like   Dislike     Comment 17

Old ugly and expensive. The taxes will kill you, probably about 10,000 to 13,000 annually.

The commute would hurt but this will help ease your eyes after that ugly thing above.
http://www.redfin.com/CA/Los-Angeles/5038-MOSAIC-Ct-90041/home/40399018

And the area is trendy!

Patrick   Sun, 3 Jun 2012, 3:56am PDT   Share   Quote   Permalink   Like   Dislike     Comment 18

ptiemann says

But those multiple offers are always a lie, sure.

To convict someone of a crime, you just need to prove they had the means, motive, and opportunity. Let's see:

* Means -- you have no way of verifying any other bid.
* Motive -- the agent makes more and sells the house faster if he convinces you there are other bids.
* Opportunity -- every single time they sell a house.

The only rational thing to do is assume the realtor is lying. They have zero motive not to lie, because the system is set up to reward and protect lying.

The solution is public bidding, with each bid verified by a neutral bank (one not party to the transaction at all). Would be very easy to do. So why don't you want an open and honest system instead?

Bigsby   Sun, 3 Jun 2012, 3:57am PDT   Share   Quote   Permalink   Like   Dislike     Comment 19

@killer - not going to be so nice when the neighbours are right on top of you.

KILLERJANE   Sun, 3 Jun 2012, 3:59am PDT   Share   Quote   Permalink   Like   Dislike     Comment 20

Hey, don't fret, the new owners of that menlo park beauty can't rent it for 1%.

Rent it for 11,000 month, enjoy the rot.

jvolstad   Sun, 3 Jun 2012, 3:32pm PDT   Share   Quote   Permalink   Like   Dislike     Comment 21

This dog sold for over $907 a sq ft. What a joke.

Regarding housing crashes, I see the Chicago area is melting down. I did some Y2K work for the CME many years ago.

Patrick   Mon, 4 Jun 2012, 2:57am PDT   Share   Quote   Permalink   Like   Dislike     Comment 22

ptiemann says

In competitive situations as this one, this 'open bidding system' would lead to even higher sale prices, believe me.

I don't think open and honest bidding could possibly lead to higher prices than the current secret and dishonest bidding.

mell   Sat, 11 Aug 2012, 12:54pm PDT   Share   Quote   Permalink   Like   Dislike     Comment 23

Remembering the tech bubble party hey days sleeping in my car (often close to the area where this house is), the medical room, the lab or at friends (for a little extra $$ as the additional roommate) if needed, I can see clearly now that this is the way to go. Now, if I hadn't a family (so I rent on the cheaper side), I would go back to living in the car, maybe upgrade to a livable van. This is lunacy, this shack is not even worth half of what they were asking. Just pocket your nice salary, live in your car and within 10-15 years you have enough money to quit and kiss the rat race goodbye. Rent a small place if you must, forget the rest..

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