patrick.net

$2.8M for this gem. At half that price I would still consider it overpriced. But then I have been told that Palo Alto is different from the rest of the Bay Area. I only go there when I have business at HP or an appointment at the local VA Medical Center.

Check out this grinning Realtard:

http://www.kendeleon.com/Ken-DeLeon

Talk about a waste of education.

What is it? Half bush and half house?

Not sure about 2.8M part, but the owner whoever he/she is, should clean up before it takes the house over.

jvolstad says

[...]
Check out this grinning Realtard:
http://www.kendeleon.com/Ken-DeLeon

"Ken has brought Silicon Valley innovation " - I guess that explains the crappy web site with the bold text run on paragraph. Oh, and the page with the 800 numbers for Pac Bell and PG&E. Wow, how innovative and helpful!

What a douche.

pkowen says

jvolstad says

[…]

Check out this grinning Realtard:

http://www.kendeleon.com/Ken-DeLeon

“Ken has brought Silicon Valley innovation ” - I guess that explains the crappy web site with the bold text run on paragraph. Oh, and the page with the 800 numbers for Pac Bell and PG&E. Wow, how innovative and helpful!
What a douche.

And it looks like his last blog entry was 2009. What an innovator!

Typical Palo Alto mentality..

Lets just market up the Sale prices from 4.5 years ago by 100%

Date Description Price % Chg $/sqft Source

03/01/2006 Sold $1,400,000 -- $395 Public Record

I'm pretty sure they tore down whatever house was there and built a new one. 1.4 million is the cost of a 2006 'teardown', add in 600k to build the new house, and you're only looking at a 500k profit.

Still, way too expensive.

Thomas,

I agree with the assumption that this one is over priced and Ken guy is a real sleeze bag. But let's get the fact straight here. The land was purchased at $1.4 million, and they built the house on 2008 at the square feet of about 3500. 3500X$300/ft^2= $1.05million spent on building this property. I know $300/ft^2 is a little too much on the flat land like this, but I am giving the benefit of doubt. So if this house is new, it could fetch up to $2.4 million. It is not new. The land value is more than likely less than what it was @2006, so it is more like $1million. So adding the value of the building would make this property at around the generous $1.6 to 1.8 million at the most.

Now the reality check. Can you really sell this house near $2million? I doubt it. You can't practically get any type of loan with that kind of balance these days. So you have to have a pretty good chunk of cash. Having said this, I am sure there are a few suckers from overseas assuming every listing is a bargain without the due diligence. I have seen this happen. There are few houses that are sold at more than $4 million around here. Of course, they are valued at 15 to 20% less than the purchase price of less than 1 year.

There are like 4 comps on the market right now in this nabe. One for $8, two in the 4s, one at $3.8. Plus an $800k on Alma but let's ignore that, LOL.

This is prime Fortress. If you are not a doctor/lawyer/accountant with a practice on autopilot, an old-guard Googster, etc. you are not in this market.

This area was $280,000/house in my lifetime and it will be $28,000,000 in my lifetime.

People living here are the ones cashing society's rent checks, not writing them.

Troy says

This area was $280,000/house in my lifetime and it will be $28,000,000 in my lifetime.

Crazy crazy stuff!

thomas.wong1986 says

Crazy crazy stuff!

OMB last week projected the national debt hitting 2X GDP in 10 years.

This is going to require massive monetary expansion to happen.

While I don't think it will help middle America all that much, I do think this money will actually end up in Fortresses like OPA.

Stanford is an elite institution and OPA serves it well. $20 gas will be a centripetal force on housing.

LOL! Stanford is rather dead weight in Silicon Valley. No one really paid any attention to Stanford or Palo Alto. Just a dinky town back in the day. And still is FWIW.

When I first stated in SV there were'nt any with Stanford degrees running around. There were certainly far more in Engineering, Marketing/Sales, Accounting/Finance from San Jose State, Chico, Fresno state, Sac State, and Univ of Santa Clara. Some Berk types with MBA from night courses.

As for east coast elite universities... unheard of!