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New Renter
2014 Mar 31, 12:08pm
What is the deal with this place?
It's an ugly, overpriced dump next to one of the busiest freeways in northern California. Bad plumbing, fixer upper. No yard either.
What are you waiting for? Overbid NOW!
RentingForHalfTheCost
2014 Apr 1, 3:03am
$825K is a steal. At that price you will be competing against all the McD and Wendy workers in the SFBA. Good luck and make sure you go in much higher than asking. A good start would be $1m. Even then you might get outbid by a 18yr old who works at the local garage station.
Strategist
2014 Apr 1, 3:11am
It's not that bad. Get some flower pots from Home Depot and it's value goes up $50,000.
It would make a great rental for $3,500 per month. Rent it to 5 students at $850.00 each and you will do even better.
Rent it to a large Asian or Mexican family and you will do really great.
The Chinese buyer that will pay $900,000 for this currently lives in a cardboard box in Shanghai, so faulty plumbing and no furnace would be an improvement. But it's not going to matter, he's going to rent it out for $10,000 per month to some CEO and then sell for $1.5mil in December.
bubblesitter
2014 Apr 1, 3:36am
Rent it to a large Asian or Mexican family and you will do really great.
...or rent it to zombies, even better.
bubblesitter
2014 Apr 1, 3:38am
You two are so bad. ;-) Don't buy that dump for heaven's sake.
See, what I am trying here is to get rid of all the dumps first so whatever left for me is NOT a dump. :)
RentingForHalfTheCost
2014 Apr 1, 4:30am
The Chinese buyer that will pay $900,000 for this currently lives in a cardboard box in Shanghai, so faulty plumbing and no furnace would be an improvement. But it's not going to matter, he's going to rent it out for $10,000 per month to some CEO and then sell for $1.5mil in December.
The faulty plumbing and furnace makes the property value higher. The bank doesn't need to factor in the heat and water bill when considering the loan amount. If you took the house totally off the grid it would shoot up to 1.5m easily. Have it as a epic wilderness vacation rental to foreigners. Hearing the hum of the 101 is also a plus for anyone with a sleeping disorder. The CO2 fumes are great at making you feel more relaxed at night.
Completely agree this place is a piece of shit in a shitty location for a high price. As cute as the knee-jerk responses are, I was asking a more nuanced question, folks.
I am not sure if this is what you are looking for, but it looks like it has to be a mistake. It makes no sense. Totally overpriced for the shape it is in.
Maybe it is a typo. Maybe the price is selected by some banker who only looked at the square footage. Maybe the listing agent has this thing as such a low priority they didn't put any thought into what they put on Redfin.
The thing makes no sense at all.
Maybe it is a typo. Maybe the price is selected by some banker who only looked at the square footage. Maybe the listing agent has this thing as such a low priority they didn't put any thought into what they put on Redfin.
It's possible, but I'm pretty sure this isn't bank-owned. Proportionately, the price increase from the previous listing price is astronomical here. I have seen houses that were listed for $800K in 2011 now listed for $1.1 million, but that's a much smaller percentage increase than this one. (the house in question was quite nice inside, but in a shitty location where the back fence line was a noise wall of a busy highway. It makes sense when good houses in good locations get high prices, but not when shitty ones do -- usually the sign of a bubble forming.
I can't imagine they are going to get that price on a house that is in terrible condition. I agree, I have seen stupid increases, but not by that percentage. It will be interesting to see what, if anything, happens to it.
Strategist
2014 Apr 2, 3:53am
... and SOLD to the buyer on the phone!
The nice man from Shanghai with $10 million in his wallet.
http://www.redfin.com/CA/Sunnyvale/835-San-Pier-Ct-94085/home/661689
What is the deal with this place? It says short-sale. The recorder's office makes it appear that the 2008 sale at $580K was legit, and it's backed up by a real estate listing at $570K, so it appears arms-length. The 2005 sale at $820K similarly appears legit at first glance too. Now it's listed for $825K. Did the owner really cash out that much money from this place such that it's a short-sale in the last 6 years? What bank was allowing that?
What I don't understand is the original listing at $399K before it dropped out of escrow last year. Was it an artificially low listing price to get lots of bidders? Is that closer to the true value of the house because it may be technically uninhabitable per the listing (see below)?
Dec 10, 2013 Price Changed $825,000
Nov 18, 2013 Price Changed (Active) $850,000
Nov 18, 2013 Relisted (Active)
Apr 24, 2013 Pending (Pending With Release)
Apr 24, 2013 Listed (Active) $399,000
May 19, 2008 Sold (Public Records) $580,000
May 19, 2008 $580,000
Mar 27, 2008 $570,000
Jan 15, 2008 $599,000
Oct 12, 2005 Sold (Public Records) $820,000
Jan 19, 2001 Sold (Public Records) $545,000
Feb 03, 1989 Sold (Public Records) $200,181
I also love the description:
By the way, the current owner appears to be an outspoken libertarian who has run for state office at least three times.
#housing