patrick.net

http://www.redfin.com/CA/San-Jose/2635-New-Jersey-Ave-95124/home/829806

Will it break below $500,000? Sell in no time? You be the judge.

Property History for 2635 NEW JERSEY Ave

Date Event Price Appreciation Source
Jun 30, 2009 Price Changed $585,888 -- MLSListings #80826230
Jun 30, 2009 Relisted -- -- MLSListings #80826230
Apr 01, 2009 Delisted -- -- MLSListings #80826230
Dec 17, 2008 Price Changed $659,000 -- MLSListings #80826230
Dec 14, 2008 Price Changed $669,888 -- MLSListings #80826230
Dec 09, 2008 Price Changed $679,888 -- MLSListings #80826230
Nov 09, 2008 Price Changed $699,888 -- MLSListings #80826230
Sep 25, 2008 Price Changed $799,888 -- MLSListings #80826230
Sep 10, 2008 Price Changed $819,888 -- MLSListings #80826230
Aug 05, 2008 Listed $829,888 -- MLSListings #80826230
Apr 13, 2006 Sold $729,500 6.3%/yr Public Records
Oct 31, 2002 Sold $590,000 11.4%/yr Public Records
Jun 26, 2001 Sold $510,000 -- Public Records

Great research! I'm really surprised you got the asking price changes. MLS doesn't let you know what previous asking prices were, do they?

Did you write down all those prices during 2008? If so, I admire your dedication. More people like you and we could catch the realtors in their lies every time.

Realtors can see the previous pricing. The MLS has rules against showing previous listing prices on public sites for sure. They are still trying to control the info as much as possible.

I can't take credit for too much research - it's just REDFIN.

A couple of # down the street it did sell for $500K

1963 Josephine Ave San Jose CA 95124

04/08/2009: $500,000

I live about 5 miles away frm the area.
Take a look at the zillow 10 year trend ...
what do you see ?
homes like this were selling for 300-350K prior to the bubble.
fact is that would be an example of a median priced home in SCC.

So 500K would be too high. see the 10 year trend.

http://www.zillow.com/homedetails/charts/19671547_zpid,10years_chartDuration/

zetabeos says

A couple of # down the street it did sell for $500K
1963 Josephine Ave San Jose CA 95124
04/08/2009: $500,000
I live about 5 miles away frm the area.
Take a look at the zillow 10 year trend …
what do you see ?
homes like this were selling for 300-350K prior to the bubble.
fact is that would be an example of a median priced home in SCC.
So 500K would be too high. see the 10 year trend.
http://www.zillow.com/homedetails/charts/19671547_zpid,10years_chartDuration/

Yeah, I think prices are still coming down in much of the bay area. I don't know what this one should ultimately be, but I'd never give it a look unless it were solidly below $450,000. I think the truth about real estate is this: it will be a long, slow fade to a new normal, that returns to common sense - houses are to live your life in, and maybe build some modest equity over many years. They are not an effective 'get rich quick' scheme. They were for a few for a while, but the game is over. Half a million for a whole lot of nothin' little house will be seen for what it has always been - ridiculous and wrong. Parts of the bay area will always be extremely expensive due to desireability of location, but the ENTIRE bay area is not desireable.

" Parts of the bay area will always be extremely expensive due to desireability "

After a while as you get older that so called "desirability" fades away. Where I am at isnt as
"fun" as it was once. LOL! I expect as much the same to happen.

Yes, they will wake up one day and ask "what the hell did I pay that much for anyway?".

Well, ok, I agree with the sentiment but I do admit to finding a few areas still 'desireable'. People with means and seeking a top education will probably always be attracted to Stanford, so Palo Alto will be more expensive than say, Day City. Portola Valley is isolated from the drek, has a great micro-climate and beautiful natural surroundings. This makes it 'desireable'. Perhaps it is still overpriced but I am confident I will not find a deal there any time soon. That said, I find almost as much to dislike about the 'broader' bay area as there is to like. Just watch the news.

"People with means and seeking a top education will probably always be attracted to Stanford, so Palo Alto will be more expensive than say, Day City"

My major at SJSU was in Accounting. Fact is even back in the 80s majority of accountants came from SJSU, Santa Clara U, Fresno State, Cal State Hayward, Sac and some from Chico (after they sobered up!). They were the only ones who had accredited accounting programs. UCB, UCLA, UCSB, other others didnt have one. That was true for many decades not only in my field but also in Production, Engineering, Sales and Marketing. SCU and SJSU were the ones cranking out professionals for well over 3 decades that did the most to make Silicon Valley the success it is. This changed back in late 90s with an influx with more tech workers from out of states. SCU is still the prefered for their MBA program.
If you use LinkedIn, you will find the majority of Tech workers, as listed on each company profile are still from SJSU and SCU. Back in the day, not that many people from Stanford, UCB or UCLA worked here. Its a shame that the contribution from SJSU and Santa Clara U has not been recognized.