Fremont <1.5M still very hot


#183

Ok, @RealEstatebull, does this look familiar? My exact home practically but flip flopped with the living space on the left and garage on the right. Not bad, reaching 706K…


#184

@sfdragonboy I would prefer to buy around this price.


#185

I was wondering why the house on Eugene St is cheaper even accounting for lesser sq ft. Then I see this house has it’s backyard bordering a commercial area( gun store ). Still this area of Fremont is not bad at 725$/ft. However there is a lot of rental competition - many townhomes/ homes available for about 2600 to 2800$ for 1100 sq ft.


#186

May be the agent or how it was priced etc not sure. But you see properties all the timethat don’t get the right value.

If loan breaks even, this area is the cheapest in Fremont and will continue to push higher.

I am seeing some properties in mission going at a discount where as north Fremont/american high is on fire


#187

Fixer for 625k in Fremont!!!


#188

readily rentable actually, nothing much to fix. good price though. will rent 3k easily


#189

Nope, you are right. It looked dingy from the first pic but yeah other than the backyard can rent out now. So you thinkin’ 3k easy? I need to raise my rent…


#190

$625k… $36k a year minus 25% for expenses is a 4.3 cap…Not great for a house that needs some updating


#191

Hey @RealEstatebull,

On my day off yesterday, I went to my Fremont home to meet up with my contractor who did a little bit of work for me there. Down the block is a major rebuild, well 2 really, where the contractor president happened to be there and was happy to walk me through the framing stage rebuild. I was surprised at the pricing. They may have kept a portion of the garage technically but essentially this is a brand new house rebuilt from scratch. Anyway, does 240K for adding a brand new 2k sq ft house essentially sound cheap in today’s world? That is finished walls done with roofing. I was surprised. Anyway, here is the dude’s website:

http://primebuilders.us/

Dude is very impressive and you can tell he enjoys design. I am anxious to see the finished product but from his website it sounds like he can do as much as your wallet allows him to do. He apparently has too many projects going on or in line to come. He felt that South Sundale area is about to blow up. He said once this fairly nice 1M+ dollar valued home, with the remodel done across the street are done, he expects developers and contractor types to be coming in and buying right and left there. He was looking to buy too.


#192

Are you just talking framing, siding, widows and roofing? Or are you talking a finished turnkey house


#193

Hey @sfdragonboy, Not sure about blowing up, the elementary here is the least rated in fremont and people come to fremont for schools. But yea, sundale is changing quickly pushing 900k for a remodeled house. This is the best comp in your area, saw this one during OH, raised the roof added sft etc.

That 240k/2k for a finished product does seem very very attractive. i think I saw the new construction you are referring to, when I went to check some open house in that area


#194

You actually have a live case study, 2k sft (exactly) remodeled home sitting in the market for 44 days :slight_smile:


#195

Ok, I may be a tad too optimistic on the neighborhood but the signs are there and Daniel, the developer, who of course is a realtor too said as much. There just aren’t too many places left locally that are affordable with good sized lots. My understanding is that the owners of this redo are not flipping and selling but actually moving back in. That says something.


#196

Hey its definitely safer and you can still get a sfh for under 700 only in this area of fremont.


#197

So, what do you think is the problem with this one? Just too high of a list price? Should have gone with the $999K?


#198

too high for the area, if you are shelling 1Mil you have much better areas in fremont.


#199

Yea, price is too high for the area / schools. If people are paying 1M, they want good schools, all 3 schools on that house are almost in the lowest tier for Fremont. There are quite a few choices 1M price houses in Irvington / American high area, maybe not as grand as this remodel, but good enough.


#200

Hopefully a typo. Dont get that 300k-500k overbid game to fremont please!


#201

240k for 2k sq ft seems very good. In Cupertino/Sunnyvale the lowest I’ve heard would be around 300k.


#202

1.1M sold. Pretty dumb buyer