Another tear down at land value only!

Wonder how much it sells for. Anyone want to do this?!

Some nearby homes:
https://www.zillow.com/homes/for_sale/19578187_zpid/2500-_size/priced_sort/37.327819,-121.884631,37.313263,-121.904115_rect/15_zm/1_rs/
https://www.zillow.com/homes/for_sale/19577878_zpid/2500-_size/priced_sort/37.321582,-121.889143,37.314304,-121.898885_rect/16_zm/1_rs/
https://www.zillow.com/homes/for_sale/19578331_zpid/2500-_size/priced_sort/37.31965,-121.889099,37.312372,-121.898841_rect/16_zm/1_rs/

No idea how much it will go, but nearest sale happened is

This one is 3 miles away, but better location, already hot home

Don’t let the asking price fool you. Sales prices will be in the $800k. Another $350k for a reasonable rehab. Do you have enough cash reserve in the piggy bank? :smile:

1 Like

I had a house in the neighborhood, back in 2010.
Had joined an auction (trustee sale) in progress without knowing what I bid on… paid $204k. I figured it’s probably a condo :-)… hopefully not in Gilroy!
After winning & paying, I drove over there and upon arrival, my heart stopped beating… it seemed to be an empty parcel. (Which I considered worthless in 2010.) Well, it turned out to be a 2/1 similar to the ones listed above. With an unpermitted second unit (1/1) in the back, and a tiny 3rd unit (“studio”).

I cleaned it up and thought I could get $300k… I got offers as high as 330k, but due to the unpermitted units, every owner-occupant backed out. I sold it for $250k to an all-cash investor. Maybe someone from this forum :slight_smile: … my worst deal, but I did not lose money.

Just think how much rent the investor has collected… $50k a year? $400k since 2010 with $3k/yr tax?

So, those are the numbers that I think of when I read this thread and today’s prices.

p.s.:
I never again bid at any auction without thorough research.

1 Like

$ptiemann, This location,where the home is, is changed recently with Google Complex Craziness (or economy). Like WQJ said, the home may go around 800k level.

Finished homes are selling like this

This one is worse quadrant than the ones you just showed. Something about being sandwiched between railroad and 2 interstates has kept this area lower.

This below is more in line.

https://www.zillow.com/homes/for_sale/19578024_zpid/6m_days/globalrelevanceex_sort/37.325413,-121.887635,37.315533,-121.90227_rect/15_zm/1_rs/

If I guessed, it’d be more like 500k.

More similar comps are going to be the Auzerais corridor like this.

https://www.zillow.com/homes/for_sale/19576668_zpid/6m_days/globalrelevanceex_sort/37.328835,-121.887678,37.318955,-121.902312_rect/15_zm/1_rs/

How much would a new construction sell for? an ok quality one, since you don’t want to overbuild there.

If you do a good job but not crazy nice finishings, I think you could get 1.1-1.2. You definitely can’t get 1.7M in this micro area. It’s like the comparison of Burbank and Rose Garden. You go 2-3 streets and the prices drop significantly.

Something like the below.

https://www.zillow.com/homes/for_sale/19576807_zpid/36m_days/priced_sort/37.322017,-121.890377,37.317077,-121.897694_rect/16_zm/1_rs/