patrick.net

I agree, prices on the peninsula are still much higher than they will eventually be. A tiny house for that much money is a symptom that the market around here is very dangerous for buyers.

In most of the country, this is a $50k house. Maybe.

This Santa Clara house last sold for $620k in Dec 2006.
http://www.redfin.com/CA/Santa-Clara/2064-Main-St-95050/home/1197562
It's 512 sqft.
That's $1211/sqft for a house by the train tracks.

1223 AlamedaDeLasPulgas is the San Carlos version of an over priced piece of crap.

Up +100% from 1997 to 2003 to mid $500K. Absolute stupidity and way into a bubble...

Inflation calcu...What cost $275,000 in 1997 would cost $366,000 in 2009
Maybe worth around mid $300K at best today.

This one seems even more interesting... purchased in 2010 and now in 2011 going into forclosure for the second time with new buyers. Crazy *hit
Lets see if the third fool will fall into the same trap! fourth and fifth banana will certain be waiting to take the plunge...

Property History for 512 Prospect St
http://www.redfin.com/CA/San-Carlos/512-Prospect-St-94070/home/1897792

Date Event Price Appreciation Source

Feb 09, 2011 Listed (Bank Owned) * -- Foreclosed Homes #6617437
Oct 22, 2010 Sold (Public Records) $565,000
Oct 22, 2010 Sold (MLS) (Sold) $565,000
Sep 20, 2010 Pending (Pending Without Release) -- --
Aug 03, 2010 Listed (Active)
Jul 28, 2010 Sold (Public Records) $666,185 -- Public Records
Jul 11, 2003 Sold (Public Records) $558,000 11.9%/yr Public Records
Mar 27, 1997 Sold (Public Records) $275,000 -- Public Records

Don't forget the triangle lot, making it nearly impossible to get approval to rebuild/expand that house. Whoever paid 750k for that thing in 2005 must be hating life. I bet they got to the 'well, we'll just foreclose' price and this will sit until the bank takes it back.

Its like playing Russian Roulette ..

Buyer in 2008 taking a loss, as did the buyer in 2007, after it was forclosed in 2006.

Looks like 3 former buyers-owners not to happy with this purchase..

What cost $243 in 1988 would cost $435.04 in 2009.
Mid 400K sounds more safe than 800K

Property History for 89 ENSENADA Rd
Date Event Price Appreciation Source

Dec 30, 2010 Sold (Public Records) $800,000 -12.5%/yr Public Records
Dec 30, 2010 Sold (MLS) (Sold) $800,000 -- Inactive MLSListings #81045668
Nov 17, 2010 Price Changed ** -- Inactive MLSListings #81045668
Oct 18, 2010 Price Changed ** -- Inactive MLSListings #81045668
Sep 15, 2010 Listed (Active) ** -- Inactive MLSListings #81045668

Oct 30, 2008 Sold (Public Records) $1,069,000 84.8%/yr Public Records
Jan 18, 2008 Sold (Public Records) $660,000 -32.7%/yr Public Records
Jan 22, 2007 Sold (Public Records) $975,000 7.6%/yr Public Records

Dec 01, 2006 Sold (Public Records)
This home was foreclosedForeclosure is a process that transfers the right of home ownership from the homeowner to the bank or lender. A home goes into foreclosure when the owner stops paying his mortgage loan payments.. $89,764 -- Public Records

Jan 28, 1988 Sold (Public Records) $243,000 -- Public Records

All,

I am currently looking at this house in what seems to be a market flooded with buyers currently. What should I be looking at as an offer price?

Why would you really want that house? It's an awkward lot, 2/1 with no possibility of expansion thanks to setbacks and lot shape, plus it's a flip. A complete inside remodel in 3 months = super-speedy who cares about craftsmanship flip. They tore out any good cabinetry and put in Ikea knock flats, slapped up the cheapest tile they could, and called it beautiful.

Look at how long it languished before selling before. It's a very undesirable lot, and all you get for it is San Carlos schools. If that's what you want, and being stuck with 2 bedrooms max forever is okay, then sure, it's your cheapest option. Very, very meh.

The property overview doesn't look great, but the pictures from the street look pretty nice. Decent sized front yard and back yard for the are. The house is pretty open, not a bunch of closed in mini rooms.

There isn't a lot of property, if you want to live in that area, it's always going to be a sellers market. Good demand, and few properties.

Don't buy this house if you believe in Feng Shui. This house has many bad Feng Shui. No Chinese will buy this house. Bought for $500k, put some lipstick on this pig & try to flip it for $680k. Nice.

Still no buyer. No surprise, the surprise would be if it sold.

Kozumasbullitt says

All,

I am currently looking at this house in what seems to be a market flooded with buyers currently. What should I be looking at as an offer price?

$49,995

Somewhere around $300K - $400K if you must bid on it.