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1282 POPPY WY Cupertino, CA Cupertino California, 95014 Asking Price $1,268,000

By crazydesi   Follow   Tue, 14 Jun 2011, 5:08pm   3,244 views   43 comments
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Is this a good price to consider buying?

http://www.estately.com/listings/info/p1282-poppy-wy

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1. B.A.C.A.H. Follow Befriend (6) 5 threads 2,359 comments

   1   9:40pm Tue 14 Jun 2011   Share   Quote   Permalink   Like (1)   Dislike   Crazy, If you lose your income, betcha won't be worrying about any more 31% income taxes to pay. But you will still have the whopper of a property tax bill due each year for that Fortress Property. If you buy that place to live in then in a sense you are a landlord and a tenant. If you lose your income from job loss or injury or illness or business failure or lawsuit then the landlord part of you will still have the obligation and good luck evicting the tenant and finding someone to give you a good rental stream. (There's a reason the "investors" here like iwog and E-man are not investing in Fortress Properties). Max out your tax shelters IRAs or whatever (I know it's not deductible the year you do it), even buying investment property or something like it with a decent cash flow.

2. corntrollio Follow Befriend (5) 27 threads 2,073 comments

   2   4:46pm Thu 16 Jun 2011   Share   Quote   Permalink   Like (1)   Dislike   Patrick says I agree. The main flaw in our system is that real estate is a completely secret auction, and there are huge incentives to lie. You have no ability to actually know what the other bids are, or even if they exist. Yes, this is a problem. However, the problem is also on the buyer side, where people get too emotionally invested in a particular house and bid irrationally for it. If people were comfortable with the price they bid, they wouldn't fall for situations when the used house salesman is bluffing. There are always more houses, and it's rare that a particular property is truly unique. A Pacific Heights mansion might be unique (or perhaps just rarely on the market), but a random 50s or later tract home in Silicon Valley is almost certainly not. Patrick says One helpful technique: mail a copy of your bid directly to the seller’s house, just so their agent can’t block it. This is a good idea when the used house salesman is being obstructive. Nothing prevents you from knocking on the seller's door. Sometimes, you'll get some BS from the used house salesman that "this bid is so low as to be insulting," and they won't take it to the seller even though it's a fair offer. Sometimes those houses will sit and sit. I've heard stories about people offering $X for a house, and the used house salesman will reject it out of hand for being too low. Then the seller or bankster will chase the market down, and beg the prior bidder to buy it for $X several months later. Rightfully, the bidder should say (and has said), "my offer is less than $X now." What we also need is a system where the used house salesman actually has fiduciary duties. If you're a lawyer, and you get a settlement offer, you have an ethical obligation to take the offer, no matter how crappy it is, to your client.

3. corntrollio Follow Befriend (5) 27 threads 2,073 comments

   3   5:44pm Tue 14 Jun 2011   Share   Quote   Permalink   Like   Dislike   This 5/3 3038 sqft place a couple blocks away sold for $1.35M as a non-short sale: http://www.redfin.com/CA/Cupertino/1328-Rose-Garden-Ln-95014/home/1516421 That is less than its April 2005 sale at $1.368M. 1282 Poppy has a slightly bigger lot and is a 4/3.5, but about the same square footage at 3012 sqft. It looks like the buyers were wannabe flippers. They first listed the place in 2007 for a 24 month sale. Then they listed again in 2008 figuring they could make a deal during the summer selling season, and failed again. Hard to believe they paid $1.631M in 2005, but they got fooled by the new house smell.

4. cloud13 Follow Befriend (1) 22 threads 142 comments

   4   5:48pm Tue 14 Jun 2011   Share   Quote   Permalink   Like   Dislike   Move away from crapertine more than 60 % are chindians )

5. Patrick Follow Befriend (54) 5,185 threads 6,157 comments 46 male Menlo Park, CA Premium

   5   5:57pm Tue 14 Jun 2011   Share   Quote   Permalink   Like   Dislike   Protected   No, $1,268,000 is a HORRIBLE price. It's more than twice the actual value: http://patrick.net/housing/calculator.php?forsale_ID=1623708 Run away!

6. B.A.C.A.H. Follow Befriend (6) 5 threads 2,359 comments

   6   7:06pm Tue 14 Jun 2011   Share   Quote   Permalink   Like   Dislike   Anybody who reads this site who has to ask, cannot afford it. Even if they think they can.

7. B.A.C.A.H. Follow Befriend (6) 5 threads 2,359 comments

   7   7:28pm Tue 14 Jun 2011   Share   Quote   Permalink   Like   Dislike   crazydesi says I’m in the 33% tax bracket, and my taxes are killing me (almost paying 80k$ on taxes) If you can afford to 80K on taxes, I don't think they are killing you. It's a rich person's problem.

8. crazydesi Follow Befriend (2) 44 threads 66 comments San Jose, CA crazydesi's website

   8   7:32pm Tue 14 Jun 2011   Share   Quote   Permalink   Like   Dislike   As per the calculator I use, I can save 30k$ per year on taxes, If I buy this house. So in 10 years I can save 300K$ on taxes alone. If the price is stable as long as it does not fall, I should be fine? Is it not? My lease is ending soon and my owner is giving away this home to his kids, and I hate moving from place to place every year.

9. crazydesi Follow Befriend (2) 44 threads 66 comments San Jose, CA crazydesi's website

   9   7:36pm Tue 14 Jun 2011   Share   Quote   Permalink   Like   Dislike   sybrib: I'm in worst case of paying taxes. I dont have kids and I rent a house, and we are just two people in the house, so no extra deductions. Its only the 401k which I'm having for tax savings. I lost money in stock market, so dont trust it anymore. my bank does not pay good interest, so it is waste to put money in bank. what do I do? Any suggestions?

10. crazydesi Follow Befriend (2) 44 threads 66 comments San Jose, CA crazydesi's website

    10   8:07pm Tue 14 Jun 2011   Share   Quote   Permalink   Like   Dislike   Im already giving away 80k$ for the society, If I give more, then defiantly I will be on streets.

11. corntrollio Follow Befriend (5) 27 threads 2,073 comments

    11   8:56pm Tue 14 Jun 2011   Share   Quote   Permalink   Like   Dislike   crazydesi says As per the calculator I use, I can save 30k$ per year on taxes, If I buy this house. So in 10 years I can save 300K$ on taxes alone. The mortgage interest deduction is a discount on the interest rate you pay -- it is not a net tax benefit, because you have to pay 5% interest, for example, in order to save 1.5% of the rate via taxation. You need to compare it to renting in order to determine whether you have a net monetary benefit. In addition, the mortgage interest deduction is incorporated into the price of houses -- if the deduction did not exist, then housing prices would be higher. The mortgage interest deduction will also decrease over time. It may be $30K in one year, but it won't be $30K 9 years later.

12. bubblesitter Follow Befriend (5) 10 threads 2,329 comments

    12   9:46pm Tue 14 Jun 2011   Share   Quote   Permalink   Like   Dislike   crazydesi says Any suggestions? Buy properties in Mumbai for a quick 12 times money making. :)

13. Nomograph Follow Befriend (1) 104 threads 2,851 comments

    13   10:30pm Tue 14 Jun 2011   Share   Quote   Permalink   Like   Dislike   Patrick says No, $1,268,000 is a HORRIBLE price. It’s more than twice the actual value: http://patrick.net/housing/calculator.php?forsale_ID=1623708 The actual value is what it sold for on the free market, not a made-up number on a calculator. That's how markets work.

14. B.A.C.A.H. Follow Befriend (6) 5 threads 2,359 comments

    14   10:44pm Tue 14 Jun 2011   Share   Quote   Permalink   Like   Dislike   Nomo, that's also how markets don't work, like in many places in 2006.

15. corntrollio Follow Befriend (5) 27 threads 2,073 comments

    15   10:47pm Tue 14 Jun 2011   Share   Quote   Permalink   Like   Dislike   Nomograph says That’s how markets work. Ever heard of market failure? It happens sometimes. Think banksters.

16. Patrick Follow Befriend (54) 5,185 threads 6,157 comments 46 male Menlo Park, CA Premium

    16   12:42pm Wed 15 Jun 2011   Share   Quote   Permalink   Like   Dislike   Protected   Nomograph says The actual value is what it sold for on the free market, not a made-up number on a calculator. No, the asking price is the made-up number. The calculator just uses math to find the break-even point between owning and renting the exact same thing. Owner loses in this case, showing the price is far greater than the actual value.

17. Schizlor Follow Befriend (2) 176 comments Virginia Beach, VA

    17   1:50pm Wed 15 Jun 2011   Share   Quote   Permalink   Like   Dislike   Patrick says Run away!

18. EBGuy Follow Befriend 4 threads 2,095 comments

    18   3:02pm Wed 15 Jun 2011   Share   Quote   Permalink   Like (1)   Dislike (1)   The NOTS was filed on 2/9/11. RealtyTrac also showed an earlier auction date, so perhaps that bank is looking for the "highest bidder" with bank financing versus the guy with a suitcase full of cash on the courthouse steps. Will be interesting to see if this property goes the distance.

19. corntrollio Follow Befriend (5) 27 threads 2,073 comments

    19   1:33pm Thu 16 Jun 2011   Share   Quote   Permalink   Like   Dislike   bubblesitter says Some one rich with recent IPO offerings is all set. Better wait for the 180 day lockup period to end, first. Also, isn't P at par now?

20. bubblesitter Follow Befriend (5) 10 threads 2,329 comments

    20   2:12pm Thu 16 Jun 2011   Share   Quote   Permalink   Like   Dislike   corntrollio says bubblesitter says Some one rich with recent IPO offerings is all set. Better wait for the 180 day lockup period to end, first. Also, isn’t P at par now? I was referring to the Palo Alto story. Can't find the link.