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We are reaching another real estate extreme.


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2014 Mar 3, 3:30pm   24,246 views  79 comments

by REpro   ➕follow (0)   💰tip ($0.10 in tips)  

House sold in October 2013 for $755,000, now for sale for $1,520,000.
http://www.redfin.com/CA/San-Jose/430-N-2nd-St-95112/home/970098

#housing

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59   REpro   2014 Mar 15, 4:38am  

If seller won’t sell it this spring to some foreign investor with money to burn - be stuck with it for another 5-10 years.

60   Eman   2014 Mar 27, 2:35am  

@controllio,

You're right. Looks like the owner has owned it for quite sometimes. It appeared that there were more than one owner initially. Maybe she bought others out. Who knows. I don't have time to go through all the Grant Deed to find out what's what.

@bubblesitter, it's pending. Maybe the listing agent wasn't bluffing with me and had it sold for over list price. Will find out when it closes. I know they would have buyers at $1.3M - $1.35M. It was so unfortunate that the rehabbing work was so shoddy on such a beautiful building.

61   donjumpsuit   2014 Mar 27, 4:06am  

"The subject property has had over $200,000 in recent upgrades. The renovation includes over $25,000 in full electrical upgrades, $10,000 for brand new refrigerators, microwaves and appropriate appliances for each unit, and over $165,000 in cabinetry, travertine flooring and granite counter-tops. The pitched composition shingle roof was re-done along with new landscaping and fresh exterior paint."

Lord have mercy. I just looked at the "165k" of cabinetry, flooring and granite upgrades.

I am not a flooring expert, but the granite is the literally the cheapest selection you can buy. Also the cabinets don't really match the rest of the house, which means they were also one of the cheapest offerings.

"Travertine" is the most catchiest of catch phrases available for flooring, and is literally a pain in the ass to take care of. However, it looks like mostly the type of "Travertine" that was used in this remodel is "Mock Travertine".

So, when you look at the "165k in cabinetry, travertine flooring and granite counter-tops". What it means is the "Flipper" was paid $125k in design and consultation fees, and the ohter $35k was spend on cheap materials and mexican labor.

62   bubblesitter   2014 Mar 27, 6:21am  

E-man says

@bubblesitter, it's pending. Maybe the listing agent wasn't bluffing with me and had it sold for over list price. Will find out when it closes. I know they would have buyers at $1.3M - $1.35M. It was so unfortunate that the rehabbing work was so shoddy on such a beautiful building.

Oh great. Well, it"ll be interesting to see what it sells for. You have seen the place. Is it even worth it to get a meager cash flow?

63   REpro   2014 Mar 27, 8:23am  

This one was priced too cheap for some.
The another one (comparable) got price increased for cool $1,000,000.
Hey, Why not?

http://www.redfin.com/CA/San-Jose/402-N-3rd-St-95112/home/1084920

64   Eman   2014 Mar 27, 4:44pm  

bubblesitter says

Oh great. Well, it"ll be interesting to see what it sells for. You have seen the place. Is it even worth it to get a meager cash flow?

It's considered a trophy property. It's for an individual who needs a tax write-off with an appreciation/inflation hedge play more than a cashflow investment.

With money being so cheap right now, the investor can wait and have the tenants paying-off the building for him/her. If you're a high networth individual, you can borrow a 5/1 commercial loan at 2.875% interest rate right now.

65   Facebooksux   2014 Mar 28, 12:27am  

I was going to post this earlier, but I forgot.

We should all get a pool going and buy this POS. We'd all move in and film our own reality show. Bears vs bulls. It would pay itself off in about 2 months.

66   bubblesitter   2014 Mar 28, 12:45am  

REpro says

This one was priced too cheap for some.

The another one (comparable) got price increased for cool $1,000,000.

Hey, Why not?

http://www.redfin.com/CA/San-Jose/402-N-3rd-St-95112/home/1084920

Why only a $1 million increase? I'd let AF chime in. :)

67   Analyzer   2014 Mar 28, 2:58am  

It's a bit unfortunate that we have to spend so much time and energy concerned with when is the right time to buy, sell, priced out for ever, generational lows, blah blah blah.........do you think this is time well spent?

68   bubblesitter   2014 Mar 28, 3:01am  

Analyzer says

do you think this is time well spent?

Well, time spent is money spent or saved, whichever way you look at it. Imagine if I wasn't spending that time here I'd have bought in 2006.

69   Analyzer   2014 Mar 28, 3:03am  

bubblesitter says

Analyzer says



do you think this is time well spent?


Well, time spent is money spent or saved, whichever way you look at it. Imagine if I wasn't spending that time here I'd have bought in 2006.

The point is we all need a place to live in and it should not be this difficult.

70   REpro   2014 Mar 28, 3:50am  

E-man says

who needs a tax write-off

How much write-off?
House is no more than $400K; rest is land value. Land does not depreciate for tax purposes.

71   Facebooksux   2014 Mar 28, 4:17am  

Call it Crazy says

Facebooksux says

I was going to post this earlier, but I forgot.

We should all get a pool going and buy this POS. We'd all move in and film our own reality show. Bears vs bulls. It would pay itself off in about 2 months.

Is there space for a wrestling ring???

Of course. As well as a yam patch out back, firearms storage lockers, generators and a sound-proof basement with individual cells for imprisoning and torturing realtors.

72   edvard2   2014 Mar 28, 4:22am  

Out of curiosity I looked around the east bay city I live in at home prices and sales. Its crazy that as of now, apartments are now in many cases going for more than what we paid for our 4 br house 2 years ago. Houses like ours are now 400k more than when we bought. Just absolutely crazy and nonsensical.

73   REpro   2014 Mar 28, 4:26am  

Facebooksux says

Call it Crazy says

Facebooksux says

I was going to post this earlier, but I forgot.

We should all get a pool going and buy this POS. We'd all move in and film our own reality show. Bears vs bulls. It would pay itself off in about 2 months.

Is there space for a wrestling ring???

Of course. As well as a yam patch out back, firearms storage lockers, generators and a sound-proof basement with individual cells for imprisoning and torturing realtors.

Not bad idea. Actually, good film producer can buy this POS and after realty show ends, can flip it over for $3M as a double historical house.

74   REpro   2014 Apr 11, 3:50pm  

House got a fresh new listing. Slightly reduced.

75   Eman   2014 Jun 14, 3:48pm  

REpro says

House got a fresh new listing. Slightly reduced.

Well, looks like they will drop it another $100k next week to $1.3M. At what price do you think this property will sell for? I have my number, but want to see some prelim number from patneters first.

76   REpro   2014 Jun 14, 5:12pm  

Well, based on lot value plus residual value plus improvement $650-$700K.
Based on gross income and expected maintenance costs $1,050K-$1,150K

77   donjumpsuit   2014 Jun 15, 1:16am  

I would still need to rip out all the cheap home depot improvements and put something nice in it's place.

78   mell   2014 Jun 15, 1:35am  

corntrollio says

mell says

P.S. Long 500 sh SRS @17.76 for lack of better options

Do you understand how UltraShort funds work? Do you trade frequently?

Not another boring lecture about the decay in the ultra shorts. They are meant to be short term trading vehicles, so just trade them frequently. Still better shorting a sector than shorting any of the "new-tech" trannies that should trade at zero but are levitated in a rotating fashion by a stampede of "hedge-fund managers" chasing that yield.

79   mell   2014 Jun 15, 1:41am  

REpro says

Well, based on lot value plus residual value plus improvement $650-$700K.

Based on gross income and expected maintenance costs $1,050K-$1,150K

The October 2013 selling price is prob. closer to fair value.

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