patrick.net

1500/4500 sqft 3/2 90 years old REO with outdated fixtures.

Dec 29, 2009 Price Changed $374,900 -- MLSListings #80958312
Dec 29, 2009 Listed $164,900 -- MLSListings #80958312
Dec 31, 1990 Sold (Public Records) $234,000 -- Public Records

210K price change in one day. Interesting.
Home value estimate : Zillow 750K, Cyborhome 480K. Interesting.
2009 Taxable value : 690K.

What the hell is going on with this house?

The redfin listing states it needs foundation repairs, so it would depend on how extensive.

2500 a month? Not a chance. 1800 on a good day.

There are nicer rent listings for less than 2k

crazyman I know that market pretty well you can't find a 3br house in that area for less than 2k unless it's on the bad side of town.

and that's in the current market even with rents depressed.

Look around for yourself:

http://sfbay.craigslist.org/search/apa/sby/45?query=&catAbbreviation=apa&minAsk=min&maxAsk=max&bedrooms=3&neighborhood=45&hasPic=1

My listing post is awaiting moderation :(

There's plenty there for 2k or less that are much, much nicer.

from your link just about everything in the 2k range is a townhouse.

There's 2 3/2 homes for 1800 that are much nicer.

The only point I was trying to make is it still might be a decent deal depending on how bad the foundation is (my post waiting for a mod) but even fixed up 2500 is a pipe dream. Not going happen.

less than 2k:

http://sfbay.craigslist.org/sby/apa/1532154974.html
http://sfbay.craigslist.org/sby/apa/1531239441.html

2100 (negotiable of course, rent just reduced)

http://sfbay.craigslist.org/sby/apa/1531504174.html

2200 (negotiable to 2k I'm sure)

http://sfbay.craigslist.org/sby/apa/1532688832.html

All much nicer. The house you listed is a POS.

It might still be a reasonable deal depending on the foundation, but 2500 is a pipe dream.

those are all in a different location. House prices are much lower there to begin with.

The first one is the closest but it's sitting right on top of hwy 85.
The one for 2100 is a townhouse btw.

oh well too late. i just talked to the listing agent and the house sold for 400k all cash.

7.5% inflation-protected cash-on-cash return. Not bad! Such evil, that we allow if not applaud.

toothfairy says

oh well too late. i just talked to the listing agent and the house sold for 400k all cash.

But we have zero proof of that, right?

Trusting realtors is not a good way to get stats.

toothfairy says

oh well too late. i just talked to the listing agent and the house sold for 400k all cash.

But we have zero proof of that, right?
Trusting realtors is not a good way to get stats.

I normally dont trust Realtors but apparently this house is sold end of story. He didn't even try to get me to overbid.

Wow, this made me surprised.

You know, there's no reason not to believe toothfairy though... it is somewhat odd for some reasons.

- When realtor (who hates to tell the weaknesses of what he is selling) reveals the property needs foundation repairs and TLC, that usually means its obvious foundation problem needs little more than TLC.

- The pictures in redfin show that the property demands hefty interior updates and exterior painting in order not to look like a crap.

- It is kind of rare that bank stop accepting higher offer for the REO in mere 4 days.

As a renter, I wouldn't look for a house with foundation problem and outdated interior, if I had known newer townhouses are available nearby at cheaper rent. Thus, it is hard to justify higher rent for the property. I'd say $1800 max. With that and 6% mortgage rate, it's fair value is arround 360K.

As a invester or even as a buyer, a property on weak or demaged foundation is no go, unless the price is low enough to cover fix up cost (sometimes gut job and rebuild cost). So, let's say the value of the property is 600K, minus the costs would be somewhere in 300K~400K depending on the nature of the costs.

There must be lots of people out there that do not think like the way I think. Maybe one of those people snatched up the property thinking it is a real deal.

$400K for this slum house? No way. These crazy CA prices.

E-man says

toothfairy says

oh well too late. i just talked to the listing agent and the house sold for 400k all cash.

I know how you feel toothfairy. How do you convince skeptics? I used to be one, but I am now a believer. I guess I listen too much to Bill Gates, Warren Buffet and other Billionares’ perspectives on life and investment.

Right.

it says on zillow that this house is a FORECLOSURE! and that it's for sale for 374,900... so obviously there was no cash offer of 400- another realtor lie.. check it out http://www.zillow.com/homedetails/1769-Jonathan-Ave-San-Jose-CA-95125/19686359_zpid/

Ok, this house is sold at 390K on Jan 22, 2010.

Can't tell its cash deal or not. It is gone now.
The price is rather close to what I thought, so that does not hurt my feeling.

You know people do all sort of things. :)

Someone did pay $15K over asking price for this slum sack, that needs TLC and foundation repair. Whoever the buyer is, wish him good luck with that.