I thought this is an attractive price for PA for the age of the home. But current owner is only 2 years old. Any theory?
https://www.redfin.com/CA/Palo-Alto/3396-Park-Blvd-94306/home/17294285
Geez, what happened end of 2006??? OMG, did a PA house actually go down in value??? Unbelievable…
This will be a good test for the PA market… Yes, price is very attractive. But the layout gives me the wrong vibe. Can’t quite put my finger on it.
It’s almost on the train tracks… That’s a good $400K off right there no doubt.
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Are investors starting to dump properties? Here are two more properties for sale which were bought 1-2 years ago. I went to the open house for both. The owners didn’t do any flipping or re-modeling, and I don’t think anyone ever lived there in the interim. Anyone know what is going on? Something doesn’t smell right…
https://www.redfin.com/CA/Menlo-Park/15-Siesta-Ct-94028/home/1214384
https://www.redfin.com/CA/Menlo-Park/23-Linaria-Way-94028/home/2051586
How do you know no one lived there?
Like Terri said train tracks. It is also Barron Park Elementary, which I have heard is a good school but tends to rate lower because of lower income housing in the area.
Personally, I’m not a fan of the Ventura neighborhood in PA. A lot of apartments and hoarder homes. I tried to take my son to the park there a few weeks back and we left because were lots of homeless sleeping and hanging out in the park.
Inventory for both sales and rentals seems up quite a bit from last year in PA. I wouldn’t be surprised if some investors are dumping properties.
I went to the open house today. A few families there. Realtor said the owner is upgrading to a bigger place. The layout was alright. Very small backyard, but not much wasted space. However, neighborhood seems to be a mixed. A few rental / low-income houses very close by and it is less than a block away from a power substation. I think it is all the combination that probably put that house what it is. I am curious to see how much it will go for.
We lost money on a spec house in PA…it is possible
What year did you build/sell it?
Yes caltrain ran right through the backyard, earliest train is 5am and last train is 11pm. No sane person should put 2M down without trying living there for a week.
If only there is airbnb rental in similar location (or the seller will allow such a contingency?).
I also see quite a few investors trying to unload inventory with major flaw, for instance this one is similar - right on a very noisy/busy road.
https://www.redfin.com/CA/Menlo-Park/161-Willow-Rd-94025/home/101820403
It might sell at 2.5 but then it’s a break even for a rebuild.
Pending!
Finally, I must say. Although I am starting to see all the houses that are sitting on the market long has started to get pending. I think July & August generally are bad months to list in Bay Area? People who didn’t get a house during spring & summer decided to take some break?
August is slow. July less so. School starts in August and many families are busy vacationing.
Two years is perfect for capital gains tax exclusoon