I saw this home in person and spoke with the Listing agent yesterday, she advised/cautioned me about flipping in this market, in her words: “tough market, dont do if you are not experienced”. Boom, next day I see this price drop!
Wonder whats going on. Very nice quality remodel in my opinion.
Man, my big bro bought one of his first homes in Milpitas many moons ago. New development, camped out for a few nights, alternating with wife as he worked during the day, for first dibs on a primo 4 bd detached home for under 200k. Bang, 1M today easily. That’s how you make money in real estate, folks, you suck it up and do the grunt work that others don’t want to do…
Yeah, probably more like 25 yrs ago I believe. Man, we getting old.
In a cul de sac no less. Had to camp out with others to get first crack at these homes. Who would have thunk it back then, cuz Milpitas was not up there like now. Granted, it was close enough already to tech companies so anyone with some foresight would have bought there.
Wow, you’re right I remember the smell coming from the garbage dump. I remember going there often when I was helping my bro work the landscaping of his new home.
One would think at some point the garbage dump would be filled and would have to stop.
Another area back in the day was East Palo Alto, just when it was turning was probably the window of opportunity. Again, you are located with the tech companies so sooner or later it has to turn. If I recall, it wasn’t really a situation where you have housing projects that simply won’t go away. It was more SFHs that had problem occupants and once they eventually left, boom!
I know the price cut was severe in 2008. However, what I have read on the redfin forum & this forum is that in the dot com recession of 2000-2001 there was not much of a price cut. By that criteria even in another normal recession a 20% cut might not happen.
I had to become one of those buyers last year. Bought almost 12% above listing. Basically within the same neighborhoods good houses(well maintained, no termites, reasonably updated, all 3 good schools, away from busy roads/road noise, cul de sac, walking distance to park,commute 20 mins to major work locations in normal traffic & 40 minutes in busy traffic etc etc ) go into a bidding war.
Again, I wasn’t emotional, it’s just I had to compete with other emotional buyers.
I am hearing more inventory now and I think that will put some price pressure. ??
Number of sales are down for sure. Don’t have comparative data on inventory.
There is so much to consider, for example, is this for strictly investment or for personal living? A lot of posters here value strong school districts (granted they have kids) in generally speaking expensive cities. Yes, great, but I would like to have dated Cindy Crawford in my other life too. Realistically, not everyone can afford a $2M home.
In the other thread, I think you hit it right on about Union City as a potential area again if you follow the theory that water levels out eventually. The addage, “buy low, sell high” is always in play. If Union City is a direct shot from PA across a bridge “water” may flow towards that way especially if Uber is planning to expand its PA presence as reported. Hey, people have to live somewhere, it mind as well be Union City. It is not rocket science. Buy in the cheaper areas that truly do have potential though. I mean, if an area has something that is NOT ever going to change in the foreseeable future, like a low income housing project across the street or a freeway behind you, you probably want to avoid it.
There is always the misconception that once you buy something that it is going to be it forever. Of course, not. You could buy a property, fix it up and sell it and trade up to a bigger place. People have been doing this for a long time. I know people with kids who buy, remodel, take their 500k capital gain free profits and throw it into the new place. It is worth repeating: it is not where you start but where you end up. Good luck!!!