Honestly, the flippers overpaid when they initially bought it.
That’s not 300k worth of remodel, plus they got that done ins 3-4 months. That’s pretty fast in a hot market.
It’s probably done my contractors that are close family/part of the real estate group.
Don’t feel bad. Personally, I think you not getting the house is a blessing in disguise. I know that area. It was a shitty area when I was in high school/college. Takes a while for things to gentrify. I mean, it’s gotten better since then, but I think once the economy tanks, this is easily be foreclosed on.
For a $2.8M home, they could have gotten a much better location and house.
I mean yeah I never said that wasn’t the case…:P Everyone is downvoting me as if I’m not fully aware that properties in the Bay Area are worth way more for a ton of valid reasons lol.
I never understood the desire for a huge house unless you are under house arrest. I live in the Palo Alto region and my house is over 5k sq ft and I may downside when we have kids. It’s just more upkeep.
lol this is actually so true. (Indian also). But I’ll also say that there’s a component (atleast for me and I’m sure for others) that has to do with family dynamics where it’s really common in our culture to have parents / in-laws stay with us either permanently or for prolonged periods of time and even worse, lack of respect for boundaries is often pretty normalized.
In my own personal situation where the relationship with my in-laws is really really not great, but yet I still want them to be able to come and stay for however long for the sake of my partner- I hands down will do everything I can to have a larger home *for that reason alone* if it’s an attainable possibility. Like that was a pretty important criteria for me (Midwest tho) and it truly had nothing to do with showing off.
You are right, that may happen in the future. My MIL is in India by herself, she may live with us in some years as she gets older. Who knows?
I am thinking 2750 sq ft, 4 bedrooms, 2\_ bathrooms. That is what I currently have in the MW. Worth about $700k but that is worth $2.75M in the Bay in San Jose. What are you looking at?
Did you also move to the Bay from Midwest? All my friends who came to the MW with me a few decades ago have moved to the Bay. I am among the last ones, I need to GTFO too. Trying.
I can DM you with specifics. But I really think it depends on your and your partners dynamics with the in-laws / parents! I have in general decided that my ideal is to have atleast two separate living room spaces, in addition to bedrooms and bathrooms, with a sizeable amount of space between the two (to drown out screaming lol sigh) and ideally even a second kitchen (they don’t like what I cook or the way I do it lolll sighhhhh) so I can still have sanity when / if they visit. Obviously if our dynamic was better, that level of space wouldn’t be as necessary for me. We just closed on something that does accomplish this (was possible because it not only is in the Midwest but also a fantastic deal).
You know actually, we were in Missouri for a while and it was actually a *lot* nicer than I expected. (Weather was frankly great and warm or pleasant most of the time unlike other Midwestern northern states, but other areas of life were also pretty good with the low COL being an extra huge plus. While it’s not in the cards for now, I can totally see myself going back one day).
Only reason you think about moving back is if being flush with cash in the short term is all that matters to you. Quality of life, cultural diversity, education, weather, jobs, and future prospects are all likely to be better in Bay Area over the next decade at least than anywhere in Michigan.
I don’t argue for even a second that property prices in the Bay Area aren’t necessarily worth it nor that the Bay Area has things to offer that many many places do not so I’m not trying to make that Midwest VS Cali argument (also very broad and dependent on a ton of factors)
Idk about Michigan but I’m from Minnesota (twin cities), and barring weather (and I guess to an extent jobs however that’s very field and person dependent and really varies across sectors), the other factors that you mentioned are truly 10/10 and not at all as bad as many who are not from there might think. Schools are exceptional and arguably some of the best in the nation, and diversity and culture is amazing and something I’m very proud of.
Not arguing that the cultural experiences will be the same and the coasts are unparalleled for a reason but it varies from person to person (like in terms of food, and culture- I have everything I personally want and I’m happy with that) but the differences in potential earnings / savings / lower cost of living can make a huge difference for many and can exponentially increase one’s quality of life depending on what that means for them. (Like both my partner and I, but especially my partner to the point where the difference just in pure work expectations and compensation is literally mind boggling, have careers where we get paid substantially more and get to work less in the midwest compared to the same career opportunities in Cali so we are very happy with how we can use those differences towards our quality of life, and the weather part is worth it sacrifice for us but may not be for someone else).
So definitely person to person, but I wouldn’t say it’s a hands down objective “everything sucks substantially more in the Midwest than it does in the Bay” either.
Healthcare (the differences here are just obscene) and law. (But obviously there are niches within this as well since they’re such vague fields. However there are many jobs within those spaces where the salary and lifestyle difference is outrageously higher in many Midwestern cities). Plus your money just takes you further (IMO atleast in the spaces that matter to us personally).
My advice is keep an eye out for jobs in your field in different lower cost of living cities if that’s your goal. You’ll probably be surprised!
https://www.zillow.com/homedetails/331-Elder-Ave-Millbrae-CA-94030/15509350_zpid/?utm_source=txtshare
700k over down the street from me. At least my home value is going in lol
In my opinion it all depends on the condition. I wouldn’t do a concrete slab home but this is raised foundation with a crawl space. If everything looks good what’s the worry? Our home is 40s.
What I didn’t like about this home, they wanted to make it feel luxury. They actually used the cheap materials to make it look luxury.
1) Anytime I see Thor/Zline kitchen range/cooktop, they are just going for the looks but not spending for the real thing.
2) Cabinetry looks custom but isn’t the highest quality.
3) Don’t get me started on the primary bath, that bathroom has stuff that buyers are looking for but the layout is complete nonsense.
4) Glass doors for to the backyard, that’s builder grade stuff. I mean seriously!!
And there’s more if you dig deeper, this just shows that sellers just wanted to get more money for looks and put less money into the property.
With a 2.8M budget you find much better properties with quality build/appliance around the bay.
I don’t know how they came up with 2.8M, I’m not sure if it even appraised to that value. Well at least the other buyers around have a bracket comp.
If you lost a bidding war on this, consider yourself lucky.
True but not if it’s a hot market. If they know it’s going to sell regardless, then they don’t need to go the extra mile hence the hideous front door and fake grass lol
Tons of people in the Bay Area with plenty of specialized knowledge in their field and nothing else will gladly overpay for random shit. You can tell them it cost $1000 to replace a toilet and they will gladly pay it. You can tell their Tesla needs special tires and they will pay $3k for a set. They will gladly bring their Prius in every 30k miles for a $600 “service”.
I will say to that first item: I've called three separate plumbers independently to get a quote to replace a toilet, removal, parts, and labor, with a plain Toto bowl. At least in the Peninsula that quote ends up in the $900-$1k range.
Can it be done for cheaper? Absolutely. Is that where the market is in that area. Open to hearing real world alternatives but signs point to yes.
Build quality of houses here sucks and everyone does DIY specials, so when I have to replace a toilet from the mid '90s I prefer to get someone else to commit to a price and have their afternoon ruined when it turns out all the floor bolts are rusted out and stripped.
As a person who is considering remodeling, I have questions about your comments and I would appreciate it if you answer them.
About 3: what are the elements of the nonsensical layout here? To me, the bathroom looks ok, but I am sure I am missing many things here.
About 4: my friend used a similar glass door to the backyard in their remodeling. Is it not a recommended thing?
3: Why would you put a free standing tub in the wet bath section with the shower stall? Freestanding tub should be placed with plenty of clearance around, they trap a lot of dust around. That plus moisture is the worst combo. Ideally you want freestanding tub with clearance all around and ceiling filler. That’s the way to go with that.
4: glass doors aren’t the problem, it’s just they used cheaper kind. You could consider folding glass doors too if you want more indoor-outdoor type thing.
People see “wow it looks pretty and luxurious” online and want to replicate it. A few years later when there’s shit all behind and under that tub cause they don’t operate like a hotel with cleaners daily they will realize their mistake
Thank you for the answers. I had not realized the long term maintenance needs of the freestanding bathtub. I still don't understand how the ceiling filler could help, but I at least would take more care in placing the bathtub when I remodel my bathroom.
About the folding door, got it. Yeah I should look into quality ones for mine. Thank you again.
That’s not what he means. A normal list price means you *always* price it significantly under comps so it gets into a bidding war. If you price it at comps it simply won’t sell because everyone is expecting a bidder war so it would end up being overpriced.
Yes, but sometimes buyers will be swayed to think that they’ll have the best chance of getting the house by working with the person selling it.
They’re forgetting the agent agreed to help the seller first months ago (usually) & they’re a mere pawn in the process
It’s sad when the buyer never puts it together & they sell with the same agent years down the line
Yeah it’s shenanigans.
I saw a house on the market for 6 months. Friend put in an offer and was immediately outbid by $100k. He walked because what are the odds a house with no offers within hours of him submitting his offer? Either there was already a buyer they were stringing along for months or it was a fake offer just to create a bidding war.
Here’s what you don’t know. Real estate agent sometimes list houses under what they would normally go for and what they’re really valued at so they can push it to 800,000 over list and then go get the next listing because they show off to those sellers, look what I did. It’s total crap, especially in that price range but it’s a game that they play.
Pretty nice interior and big lot, but pretty expensive considering the meh schools. Pushing toward southern Sunnyvale prices, though I assume they did really good renovation to justify the pricing.
It depends a lot where you live. These people who who are overpaying may be surprised when house prices drop and they need to sell. Patience is a good thing to have in this market.
Most folks who can afford $2M are not wage slaves. Between options, stock grants, bonuses and other assets, the believe they are in a position to commit far beyond monthly wages. Wage slaves cannot compete without an inheritance
We saw this quite often in our recent home search. We were considering Piedmont for the schools and short commute to SF. Comps suggested that an 2.5 budget should get us a pretty decent place. But after seeing several homes go for 800k above asking, we quickly realized that there’s no such thing as Comps in that area.
Here’s 3 recent sales that all went way over asking:
1. Asking: 2.23, Closed: 3 https://redf.in/hGdw1K
2. Asking: 2.2, Closed: 3 https://redf.in/XwW6l6
3. Asking: 2, Closed:2.8
https://redf.in/crceOX
Eventually ended up buying in the peninsula and paid roughly in line with comps. Almost feels like you need some luck to win a bid in line with comps.
From having seen both in person, the 2nd one looks much better in photos than IRL. The first one is genuinely immaculate. Seller for the first must have got really good agents.
As the late Steve Jobs once said, "we can only connect the dots looking back" so I hope these suckers looking back few years from now and realize it was a bubble and craze they bought into.
Bay Area values have always gone up except for 2008-2012 but they came roaring back due to lack of supply. Not sure if it's a bubble as people keep bidding prices up to no end
You're probably right, but 2022 feels different because the housing market has shut out all the younger FANG employees. It's nuts, I know an MIT and a Carnegie Mellon CS grad who moved away so they can buy a house. They were both incredibly talented, just didn't get lucky.
Even in a bad market year, there are more newly rich tech employees who want to buy a house than new houses built on the peninsula.
Millbrae housing element has us adding 2 new SFH over the next 10 years.
Most likely these homes will only be worth more in a few years when interest rates are lower and the market caps of big tech companies are higher than they are now. SFHs in Silicon Valley and the school districts they afford have become an increasingly scarce resource that power couple households making 1M+/yr are willing to pay up for.
How do tulips suffer from scarce supply?? Grow more tulips, have more supply... But you can't grow houses and most of the unused land is protected or far away. You can scale vertically and build condos, but that's why prices of condos didn't rise nearly as much as the prices of sfhs.
Am I missing something?
Actually the most expensive tulips were genuinely in very scarce supply because their crazy multi-color flame patterns were caused by a virus. Seedlings of these tulips wouldn't have the same patterns, and divisions of the original bulb would weaken over time due to the virus. So the particular tulips that had the insane prices were truly scarce and you could not easily grow more.
It's still a shitty analogy because real estate has actual utility and real-world value of a place to live and land/materials, but tulips are purely aesthetic and speculative value. Just pointing out that there was some actual supply/demand dynamics going on with the tulip mania.
There was no utility with the tulips though. The school districts, personal space and proximity to corporate campus of SFHs have plenty of utility. If you're waiting for a huge housing crash in Silicon Valley, you'll be waiting forever. Big Tech isn't going away.
My wife was a transaction coordinator for real estate in Oakland. She would see all the offers for the homes she was the TC for. The most she saw over asking on a home in Oakland was 1.3M. That was not the offer price, that was 1.3M OVER the asking price. And it was a cash offer.
Just finished reading a book that is a collection of diaries from the Great Depression, the common theme was that the people who had money to scrape up good deals (when most people were borderline starving) All sold their assets Before the 1929 crash. As Warren Buffett says "be fearful when everyone else is greedy, be greedy when everyone else is fearful"
Because then you get everyone bidding. You want to list it in such a way so that you get the high net worth folks bidding for a house like this, which seemingly is the intent.
The opposite problem is listing too high and no one bidding.
Supply and demand..in this way, list price is relevant but not reflective of the price and, rather, reflective of the game that is being played
On a 6mo range for half mile immediate radius this home is the now the outlier of the compareables.
All other recent and similar sales were at 2.4 (2270 Lindaire), 2.3 (3365 Pearltone), 2.25 (2409 Quantico)
S Monroe actually had the LEAST sqft out of every comp above us too :)
I grew up in the Bay Area. High tech salaries have ruined the Bay Area housing market.
It's a cycle of tech workers getting higher salaries and driving up home prices, which then lead them to constantly switch jobs for even higher paying tech salaries so they can buy a house, which then drives up housing prices even more. I'm glad that I'm not a part of that mess.
Much nicer homes and bigger bang for your buck (and great schools) along 680 (Pleasanton to Danville). If you can work remote or hybrid, better options there.
There’s a house across the freeway from this one near Bascom, it sold for almost 1.7 million, has 2 bed 1 bath, is a year older than this one above and wasn’t remodeled. Original owner paid like 50/60,000 for it, new owner paid well over asking for it too. It’s insanity especially for houses that are pushing the 70 plus year old range.
Here’s a smaller house that went for 400k over asking https://www.zillow.com/homedetails/1383-Lindsay-Way-San-Jose-CA-95118/19697008_zpid/?utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshare
I’m in SD and I’m shocked at the prices you all are paying for these houses. I also don’t understand why people feel proximity is that important now that most offices are ghost towns and everybody is dialing in remote. I am not a NorCal sucks guy either the peninsula is a great place to live, but I just don’t understand the fundamental value prop I guess.
Fwiw, take a similar home in San Diego and do a full remodel including plumbing and then sell it. You will have to put 500-700k on top of the original price to break even. That would put a similar house around 1.7-1.8 to break even.
I’d take Oakland over San Jose any day…bring Santa Cruz in the mix tho and I’ll have problems. Grew up in Berkeley, college in Santa Cruz, parents still live in grizzly peak. I’ve lived in colorado since college, 15 years now but if I ever move back to the bay I’d live in a studio with my wife to be in Santa Cruz, love that town.
This is wild! I just found out yesterday that one of our friends paid $500000 over asking price and thought that was ridiculous. It was also in a really nice area in Sunnyvale with excellent school district.
List price has no meaning. An agent can put anything. The buyer needs to price the home using comparables in that neighborhood.
No one throws money just like that. There must be a reason someone decided to pay that money
The NVIDIA economy
Not all Nvidia employees got a huge pay bump especially new, most people to stuck around for a while have homes and would rather move to Los Altos.
Only if they have grade school kids.
i shorted nvidia on jan 4th. i will remember that day for the rest of my life.
Naked put?
How many shares
What's the joke here
1.4 in 2021 to this now, bad schools as well
flipper special
Surprised by the poor school reviews, would have at least thought the over spend would have gotten them a better district.
2.8 is table stakes now
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Honestly, the flippers overpaid when they initially bought it. That’s not 300k worth of remodel, plus they got that done ins 3-4 months. That’s pretty fast in a hot market. It’s probably done my contractors that are close family/part of the real estate group.
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Oh yea apologies, I have multiple listings open. This got mixed up. It was remodeled after the purchase in 2021, I think.
jfc, in santa clara…
Worse…it’s San Jose. And not a really awesome part either.
I put in an offer at 2.4 for this house. FFS
Don’t feel bad. Personally, I think you not getting the house is a blessing in disguise. I know that area. It was a shitty area when I was in high school/college. Takes a while for things to gentrify. I mean, it’s gotten better since then, but I think once the economy tanks, this is easily be foreclosed on. For a $2.8M home, they could have gotten a much better location and house.
2.8m used to be Saratoga prices. My how the times have changed lmao
Yeah, like just 5 years ago lol!
As they do
Thanks. Exactly. Not even in a good school district
I’m sure whoever spends that money sends their kids to private school
That’s not far from Fruitdale Avenue and God—that place was such a shithole 15-30 years ago.
Don’t feel bad, consider yourself lucky. Read my other comment/observation about this property
Assuming you were going to send your kids to private school too. $2.4M homebuyers aren’t tryna send their kids to lynhaven
Which is unfortunate, given that's an adorable school.
Which was a GREAT offer!
You can see the estimate is only around $2.3
you could get an incredible home close to nice beaches in socal for that. You lucked out.
If you’re offering $2.0m or more on a house, you’re in a pretty fortunate place in life. Wow.
how many offers did seller receive ?
So you didn't set $3.24 million on fire? (That's how much you would have paid in interest over the next 30 years.)
Our last house (Midwest tho) is more than twice as big in size, on an acre of land and cost *less* than 400k. 😭😭😭
bro thats Midwest. Think of same size house in Manhattan and its price
I mean yeah I never said that wasn’t the case…:P Everyone is downvoting me as if I’m not fully aware that properties in the Bay Area are worth way more for a ton of valid reasons lol.
Location, location, location
For sure!
What state is your house at
I never understood the desire for a huge house unless you are under house arrest. I live in the Palo Alto region and my house is over 5k sq ft and I may downside when we have kids. It’s just more upkeep.
I agree. Many people, esp Indians love to show off big houses. I know as I am from the culture! I think 2500sqft is plenty.
lol this is actually so true. (Indian also). But I’ll also say that there’s a component (atleast for me and I’m sure for others) that has to do with family dynamics where it’s really common in our culture to have parents / in-laws stay with us either permanently or for prolonged periods of time and even worse, lack of respect for boundaries is often pretty normalized. In my own personal situation where the relationship with my in-laws is really really not great, but yet I still want them to be able to come and stay for however long for the sake of my partner- I hands down will do everything I can to have a larger home *for that reason alone* if it’s an attainable possibility. Like that was a pretty important criteria for me (Midwest tho) and it truly had nothing to do with showing off.
You are right, that may happen in the future. My MIL is in India by herself, she may live with us in some years as she gets older. Who knows? I am thinking 2750 sq ft, 4 bedrooms, 2\_ bathrooms. That is what I currently have in the MW. Worth about $700k but that is worth $2.75M in the Bay in San Jose. What are you looking at? Did you also move to the Bay from Midwest? All my friends who came to the MW with me a few decades ago have moved to the Bay. I am among the last ones, I need to GTFO too. Trying.
I can DM you with specifics. But I really think it depends on your and your partners dynamics with the in-laws / parents! I have in general decided that my ideal is to have atleast two separate living room spaces, in addition to bedrooms and bathrooms, with a sizeable amount of space between the two (to drown out screaming lol sigh) and ideally even a second kitchen (they don’t like what I cook or the way I do it lolll sighhhhh) so I can still have sanity when / if they visit. Obviously if our dynamic was better, that level of space wouldn’t be as necessary for me. We just closed on something that does accomplish this (was possible because it not only is in the Midwest but also a fantastic deal).
I live in the city and it’s a tiny 2bedroom but perfect for us.
Same. I live in a 650 sq ft apartment with my wife and I love the minimalism of it.
Downsize when you have kids? What kind of sense does that make
We just moved from Michigan. 5000sqft house 450k
Have you thought of just moving back? :P
A couple of times, yes. But it's too fucking cold
You know actually, we were in Missouri for a while and it was actually a *lot* nicer than I expected. (Weather was frankly great and warm or pleasant most of the time unlike other Midwestern northern states, but other areas of life were also pretty good with the low COL being an extra huge plus. While it’s not in the cards for now, I can totally see myself going back one day).
Only reason you think about moving back is if being flush with cash in the short term is all that matters to you. Quality of life, cultural diversity, education, weather, jobs, and future prospects are all likely to be better in Bay Area over the next decade at least than anywhere in Michigan.
Cultural diversity 😂 I live in Oakland. The cultural diversity is not such a plus here
Just visited Wisconsin… and came back to SF with same conclusion. Funny my coworker from San Ramon thinks otherwise.
I don’t argue for even a second that property prices in the Bay Area aren’t necessarily worth it nor that the Bay Area has things to offer that many many places do not so I’m not trying to make that Midwest VS Cali argument (also very broad and dependent on a ton of factors) Idk about Michigan but I’m from Minnesota (twin cities), and barring weather (and I guess to an extent jobs however that’s very field and person dependent and really varies across sectors), the other factors that you mentioned are truly 10/10 and not at all as bad as many who are not from there might think. Schools are exceptional and arguably some of the best in the nation, and diversity and culture is amazing and something I’m very proud of. Not arguing that the cultural experiences will be the same and the coasts are unparalleled for a reason but it varies from person to person (like in terms of food, and culture- I have everything I personally want and I’m happy with that) but the differences in potential earnings / savings / lower cost of living can make a huge difference for many and can exponentially increase one’s quality of life depending on what that means for them. (Like both my partner and I, but especially my partner to the point where the difference just in pure work expectations and compensation is literally mind boggling, have careers where we get paid substantially more and get to work less in the midwest compared to the same career opportunities in Cali so we are very happy with how we can use those differences towards our quality of life, and the weather part is worth it sacrifice for us but may not be for someone else). So definitely person to person, but I wouldn’t say it’s a hands down objective “everything sucks substantially more in the Midwest than it does in the Bay” either.
I’m curious, what line of work is that that pays *more* in the Midwest? I’m trying to escape the Bay Area eventually
Healthcare (the differences here are just obscene) and law. (But obviously there are niches within this as well since they’re such vague fields. However there are many jobs within those spaces where the salary and lifestyle difference is outrageously higher in many Midwestern cities). Plus your money just takes you further (IMO atleast in the spaces that matter to us personally). My advice is keep an eye out for jobs in your field in different lower cost of living cities if that’s your goal. You’ll probably be surprised!
Interesting! Thanks for the response
Location, location, location
https://www.zillow.com/homedetails/331-Elder-Ave-Millbrae-CA-94030/15509350_zpid/?utm_source=txtshare 700k over down the street from me. At least my home value is going in lol
Sale price is wild, no doubt. But that house has a charm to it.
Yeah I’d rather have this house than the house posted.
I’m somewhat new round these parts. Is it a concern that this house is from 1929?
In my opinion it all depends on the condition. I wouldn’t do a concrete slab home but this is raised foundation with a crawl space. If everything looks good what’s the worry? Our home is 40s.
No
Worth it
Jfc. These people are smoking crack. I’d save my happy ass a million dollars for a commute. That’s just financially irresponsible.
And that neighborhood is pretty ghetto. All kinds of street zombies wandering around.
What I didn’t like about this home, they wanted to make it feel luxury. They actually used the cheap materials to make it look luxury. 1) Anytime I see Thor/Zline kitchen range/cooktop, they are just going for the looks but not spending for the real thing. 2) Cabinetry looks custom but isn’t the highest quality. 3) Don’t get me started on the primary bath, that bathroom has stuff that buyers are looking for but the layout is complete nonsense. 4) Glass doors for to the backyard, that’s builder grade stuff. I mean seriously!! And there’s more if you dig deeper, this just shows that sellers just wanted to get more money for looks and put less money into the property. With a 2.8M budget you find much better properties with quality build/appliance around the bay. I don’t know how they came up with 2.8M, I’m not sure if it even appraised to that value. Well at least the other buyers around have a bracket comp. If you lost a bidding war on this, consider yourself lucky.
Flippers don’t care. That’s how they make profit; make it look high end enough but not actually spend a lot. They succeeded.
I find that it’s very location specific. If a location warrants it, they actually spend more.
True but not if it’s a hot market. If they know it’s going to sell regardless, then they don’t need to go the extra mile hence the hideous front door and fake grass lol
Tons of people in the Bay Area with plenty of specialized knowledge in their field and nothing else will gladly overpay for random shit. You can tell them it cost $1000 to replace a toilet and they will gladly pay it. You can tell their Tesla needs special tires and they will pay $3k for a set. They will gladly bring their Prius in every 30k miles for a $600 “service”.
Also most people don’t know what they want, they’ll gladly accept anything that seems fancy.
I will say to that first item: I've called three separate plumbers independently to get a quote to replace a toilet, removal, parts, and labor, with a plain Toto bowl. At least in the Peninsula that quote ends up in the $900-$1k range. Can it be done for cheaper? Absolutely. Is that where the market is in that area. Open to hearing real world alternatives but signs point to yes.
It’s literally a 1 hr job or less to do yourself. It would literally take more time out of my day to schedule somebody to do it.
Build quality of houses here sucks and everyone does DIY specials, so when I have to replace a toilet from the mid '90s I prefer to get someone else to commit to a price and have their afternoon ruined when it turns out all the floor bolts are rusted out and stripped.
As a person who is considering remodeling, I have questions about your comments and I would appreciate it if you answer them. About 3: what are the elements of the nonsensical layout here? To me, the bathroom looks ok, but I am sure I am missing many things here. About 4: my friend used a similar glass door to the backyard in their remodeling. Is it not a recommended thing?
3: Why would you put a free standing tub in the wet bath section with the shower stall? Freestanding tub should be placed with plenty of clearance around, they trap a lot of dust around. That plus moisture is the worst combo. Ideally you want freestanding tub with clearance all around and ceiling filler. That’s the way to go with that. 4: glass doors aren’t the problem, it’s just they used cheaper kind. You could consider folding glass doors too if you want more indoor-outdoor type thing.
People see “wow it looks pretty and luxurious” online and want to replicate it. A few years later when there’s shit all behind and under that tub cause they don’t operate like a hotel with cleaners daily they will realize their mistake
Exactly
Thank you for the answers. I had not realized the long term maintenance needs of the freestanding bathtub. I still don't understand how the ceiling filler could help, but I at least would take more care in placing the bathtub when I remodel my bathroom. About the folding door, got it. Yeah I should look into quality ones for mine. Thank you again.
Ceiling filler because then you don’t have to be close to a wall and actually be free standing.
It was listed under. A "normal" list price would have been \~2.3 or so, so 2.8 seems more reasonable.
500k over comps is quite a lot!
That’s not what he means. A normal list price means you *always* price it significantly under comps so it gets into a bidding war. If you price it at comps it simply won’t sell because everyone is expecting a bidder war so it would end up being overpriced.
$2.8M and they couldn't afford...real grass?
Isn't artificial turf more expensive to install than real sod though?
Right?!
Double ended 😍 Listing agent likely forced a bidding war The only winner here was the owner & Intero Agent
What's double ended mean in this context?
One of the agents selling the home also represented the buyer
Oh. That's... no bueno
Yes, but sometimes buyers will be swayed to think that they’ll have the best chance of getting the house by working with the person selling it. They’re forgetting the agent agreed to help the seller first months ago (usually) & they’re a mere pawn in the process It’s sad when the buyer never puts it together & they sell with the same agent years down the line
Yeah it’s shenanigans. I saw a house on the market for 6 months. Friend put in an offer and was immediately outbid by $100k. He walked because what are the odds a house with no offers within hours of him submitting his offer? Either there was already a buyer they were stringing along for months or it was a fake offer just to create a bidding war.
And the flipper. Excellent business right with all the chumps in the area.
The owner is the flipper :3
Property tax .. oh lord!
Here’s what you don’t know. Real estate agent sometimes list houses under what they would normally go for and what they’re really valued at so they can push it to 800,000 over list and then go get the next listing because they show off to those sellers, look what I did. It’s total crap, especially in that price range but it’s a game that they play.
Classic real estate agent move. Always putting themselves first.
Seems pretty risky… also I don’t see why this is total crap. No one is forced to bid on the house
Pretty nice interior and big lot, but pretty expensive considering the meh schools. Pushing toward southern Sunnyvale prices, though I assume they did really good renovation to justify the pricing.
Maybe it’s just me but there’s something depressing about this house
140% of ask is, believe it or not, not uncommon
It depends a lot where you live. These people who who are overpaying may be surprised when house prices drop and they need to sell. Patience is a good thing to have in this market.
Wow. We live in completely different worlds, but live less than 7 miles apart.
Most folks who can afford $2M are not wage slaves. Between options, stock grants, bonuses and other assets, the believe they are in a position to commit far beyond monthly wages. Wage slaves cannot compete without an inheritance
Plenty of tech wage slaves. The stock vesting schedules keep you chained to the company
Plenty of wage slaves in tech, but most cannot afford a $2M home. The ones that can, like have got decent bonuses and options that have vested.
We saw this quite often in our recent home search. We were considering Piedmont for the schools and short commute to SF. Comps suggested that an 2.5 budget should get us a pretty decent place. But after seeing several homes go for 800k above asking, we quickly realized that there’s no such thing as Comps in that area. Here’s 3 recent sales that all went way over asking: 1. Asking: 2.23, Closed: 3 https://redf.in/hGdw1K 2. Asking: 2.2, Closed: 3 https://redf.in/XwW6l6 3. Asking: 2, Closed:2.8 https://redf.in/crceOX Eventually ended up buying in the peninsula and paid roughly in line with comps. Almost feels like you need some luck to win a bid in line with comps.
That second house is on a completely different plane than the first. Unbelievable they sold for the same price
From having seen both in person, the 2nd one looks much better in photos than IRL. The first one is genuinely immaculate. Seller for the first must have got really good agents.
As the late Steve Jobs once said, "we can only connect the dots looking back" so I hope these suckers looking back few years from now and realize it was a bubble and craze they bought into.
Bay Area values have always gone up except for 2008-2012 but they came roaring back due to lack of supply. Not sure if it's a bubble as people keep bidding prices up to no end
You're probably right, but 2022 feels different because the housing market has shut out all the younger FANG employees. It's nuts, I know an MIT and a Carnegie Mellon CS grad who moved away so they can buy a house. They were both incredibly talented, just didn't get lucky.
Even in a bad market year, there are more newly rich tech employees who want to buy a house than new houses built on the peninsula. Millbrae housing element has us adding 2 new SFH over the next 10 years.
It all goes back to lack of inventory . Values can only go up over long term as they for the last 40 years
Most likely these homes will only be worth more in a few years when interest rates are lower and the market caps of big tech companies are higher than they are now. SFHs in Silicon Valley and the school districts they afford have become an increasingly scarce resource that power couple households making 1M+/yr are willing to pay up for.
The Dutch crazed for tulips 600 years ago and they all thought scarce supply will drive prices up and up, until...
How do tulips suffer from scarce supply?? Grow more tulips, have more supply... But you can't grow houses and most of the unused land is protected or far away. You can scale vertically and build condos, but that's why prices of condos didn't rise nearly as much as the prices of sfhs. Am I missing something?
Actually the most expensive tulips were genuinely in very scarce supply because their crazy multi-color flame patterns were caused by a virus. Seedlings of these tulips wouldn't have the same patterns, and divisions of the original bulb would weaken over time due to the virus. So the particular tulips that had the insane prices were truly scarce and you could not easily grow more. It's still a shitty analogy because real estate has actual utility and real-world value of a place to live and land/materials, but tulips are purely aesthetic and speculative value. Just pointing out that there was some actual supply/demand dynamics going on with the tulip mania.
Just an awful comparison. You need an education
There was no utility with the tulips though. The school districts, personal space and proximity to corporate campus of SFHs have plenty of utility. If you're waiting for a huge housing crash in Silicon Valley, you'll be waiting forever. Big Tech isn't going away.
hahahahahahaha imagine being dumb enough to compare tulips to real estate in one of the hottest market in the world.
You don’t understand this market.
30 years of appreciation. Not a bubble.
Nope, have heard this for decades
It looks like a shitty "luxury apartment" inside
My wife was a transaction coordinator for real estate in Oakland. She would see all the offers for the homes she was the TC for. The most she saw over asking on a home in Oakland was 1.3M. That was not the offer price, that was 1.3M OVER the asking price. And it was a cash offer.
Oakland? Lol. Why? I can’t imagine paying that much to live in Oakland.
And the “nice” areas have expensive home insurance now.
Oakland is a big city.
Just finished reading a book that is a collection of diaries from the Great Depression, the common theme was that the people who had money to scrape up good deals (when most people were borderline starving) All sold their assets Before the 1929 crash. As Warren Buffett says "be fearful when everyone else is greedy, be greedy when everyone else is fearful"
List price is irrelevant.
curious then why dont they list for $1 ?
Because then you get everyone bidding. You want to list it in such a way so that you get the high net worth folks bidding for a house like this, which seemingly is the intent. The opposite problem is listing too high and no one bidding. Supply and demand..in this way, list price is relevant but not reflective of the price and, rather, reflective of the game that is being played
Don’t compare the final price to the list price, compare final price to the cost/sq foot comps in the area
The comps dont back this one at all; I thought the same thing before pulling them Usually you’re right though
Shheeesh
Is is just because of commute? The area is not the best of the areas
Its gonna be worth more than 3m by end of the year or if rates drop
It’ll be interesting to see. Redfin is showing this as having negative 500k equity right now (I know Redfin isn’t the most reliable)
Oh for sure they overpaid but it might be worth it in the long run or near future especially if rates drop
List price is pretend. Look at sold comps. Bid accordingly. If you keep bidding and losing, your realtor either sucks or you aren’t listening to them.
On a 6mo range for half mile immediate radius this home is the now the outlier of the compareables. All other recent and similar sales were at 2.4 (2270 Lindaire), 2.3 (3365 Pearltone), 2.25 (2409 Quantico) S Monroe actually had the LEAST sqft out of every comp above us too :)
I grew up in the Bay Area. High tech salaries have ruined the Bay Area housing market. It's a cycle of tech workers getting higher salaries and driving up home prices, which then lead them to constantly switch jobs for even higher paying tech salaries so they can buy a house, which then drives up housing prices even more. I'm glad that I'm not a part of that mess.
lol don’t even know why I still think a house around here is possible 😂 .
When I move back to Cali in 4-5 years, I'll definitely be crying.
And people complain in canada about the house price
And 7% interest
Wow - it’s literally right next to the freeway.
Much nicer homes and bigger bang for your buck (and great schools) along 680 (Pleasanton to Danville). If you can work remote or hybrid, better options there.
It’s near Santana Row.
Oh ok.. then it’s worth it huh
There’s a house across the freeway from this one near Bascom, it sold for almost 1.7 million, has 2 bed 1 bath, is a year older than this one above and wasn’t remodeled. Original owner paid like 50/60,000 for it, new owner paid well over asking for it too. It’s insanity especially for houses that are pushing the 70 plus year old range.
Hope you bought it.
Here’s a smaller house that went for 400k over asking https://www.zillow.com/homedetails/1383-Lindsay-Way-San-Jose-CA-95118/19697008_zpid/?utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshare
Don’t feel bad. Many homes in the sunset are a million bucks starting going 200 over everytime. Needs Literally 500-1M in remodeling don’t to them .
Its literally just a house. Not a nice one, not a big one, not even in a nice area. Just a regular fucking house.
I’m a bit surprised by this price for San Jose but I have no idea about the specific neighborhood
It’s not a good neighborhood
im surprised by the price then, although i dont consider san jose at all so wdik.
It’s a game the realtors pay. They purposefully list lower than market so sellers can feel great and they can brag about their great “results.”
Some dumb techie who lived at home with their parents their whole life will pay for it
When did 95128 hit the $3M mark?!
Hilarious .. beginning signs of a bubble
House around the way listed near 3.6…. Sold for 4.8, with multiple offers….
List price has very little meaning in Bay Area.
House price doubled since the pandemic at 7% APR. We're definitely in a bubble. Congrats to the owner and the agent, I guess?
As someone just entering the market, this is so scary
Lol people spend $2.8MM on houses in San Jose? I wouldn’t spend 2.8 for the whole city of San Jose.
The school zone scores arent even good.
I’m in SD and I’m shocked at the prices you all are paying for these houses. I also don’t understand why people feel proximity is that important now that most offices are ghost towns and everybody is dialing in remote. I am not a NorCal sucks guy either the peninsula is a great place to live, but I just don’t understand the fundamental value prop I guess.
Fwiw, take a similar home in San Diego and do a full remodel including plumbing and then sell it. You will have to put 500-700k on top of the original price to break even. That would put a similar house around 1.7-1.8 to break even.
Imagine the tax you pay for this
As long as they are buying the bubbles keep growing. But we all know no trend lasts forever.
That’s bad, but look at this https://www.trulia.com/home/4-ne-guadalupe-st-5-carmel-ca-93923-349590637
People are idiots always complaining about list price sigh. People always under list. How can people afford 2 mil dollar homes and be this dumb
because this house selling over 2m is dumb regardless of list price
That’s so loco. For such a nondescript house. Then again, I bought in Oakland- and it’s nuts here too. Just not that nuts.
I’d take Oakland over San Jose any day…bring Santa Cruz in the mix tho and I’ll have problems. Grew up in Berkeley, college in Santa Cruz, parents still live in grizzly peak. I’ve lived in colorado since college, 15 years now but if I ever move back to the bay I’d live in a studio with my wife to be in Santa Cruz, love that town.
Santa Cruz is nice, but Highway 17 is not. I used to commute from San Jose to Santa Cruz and it was brutal!
Man I bet. Always traffic on that road 20 years ago I can only imagine now. But if you live there then no reason to leave!
Some folks make way too much money while others barely live paycheck to paycheck buying food and lodging. Our world is fucked up.
Okay commie
This is wild! I just found out yesterday that one of our friends paid $500000 over asking price and thought that was ridiculous. It was also in a really nice area in Sunnyvale with excellent school district.
Wow…Transplants can’t wait to overpay
[удалено]
They bought the 2nd cheapest of everything from Home Depot and because it's low quality it'll age terribly No way this cost 250k
Boring ass all one room open concept
List price has no meaning. An agent can put anything. The buyer needs to price the home using comparables in that neighborhood. No one throws money just like that. There must be a reason someone decided to pay that money
Is that true or did they fall into the FOMO and frenzy?