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Only asking $1029 sq/ft #5323310 01/15/20 10:08 AM
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SLO_Town Offline OP
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But they say it’s a nice Victorian “gem”....

https://www.redfin.com/CA/Oakland/1...mp;utm_nooverride=1&utm_content=link

Scott


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Re: Only asking $1029 sq/ft [Re: SLO_Town] #5323315 01/15/20 10:15 AM
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JustN89 Offline
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An instance where you're paying for the land that the dilapidated building sits on. Looks like they have drawings of what could be built, which looks pretty nice.

Re: Only asking $1029 sq/ft [Re: SLO_Town] #5323331 01/15/20 10:26 AM
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BMWTurboDzl Offline
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No doubt 90% of that sales price is in the land. A dwelling over 4 units would qualify as multi-family (Apartment/Condo) and consequently it would become a commercial project. Of course I'm sure there's some wacked out zoning restriction with regards to building height which is why the listing specifically mentions 5-unit.


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Re: Only asking $1029 sq/ft [Re: SLO_Town] #5323337 01/15/20 10:30 AM
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dareo Offline
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what a crazy price. last year i paid less than 1/10th per square foot and got 3.3x the land.


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Re: Only asking $1029 sq/ft [Re: dareo] #5323345 01/15/20 10:36 AM
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CT8 Online Content
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Originally Posted by dareo
what a crazy price. last year i paid less than 1/10th per square foot and got 3.3x the land.

Utah VS the Bay area . Sold the House in Millbrae California , It was built in 1957 and while maintained it was original, sold instantly in 2015 for 1.5 million cash deal.


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Re: Only asking $1029 sq/ft [Re: SLO_Town] #5323377 01/15/20 11:24 AM
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Wonder why they want to sell?

https://www.bestplaces.net/crime/zip-code/california/oakland/94607


Not exactly Mayberry, not even close.


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Re: Only asking $1029 sq/ft [Re: dareo] #5323386 01/15/20 11:38 AM
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Wolf359 Offline
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Originally Posted by dareo
what a crazy price. last year i paid less than 1/10th per square foot and got 3.3x the land.


Seems ok to me depending on what you're building. Construction costs are probably in the $250-$300 range per square foot. Probably worth at least 600+ per square foot for new construction. If you can get 5 units with about 5000 square feet or more, at $600 a square feet, you're looking at 3 million total. Construction costs of 1.5 million and about 1 million for the property. So just half a million minus carrying costs and other costs. Probably worth it if you can get a few thousand extra square feet over 5000. Don't know what kind of field area ratio would be needed in that area.

Re: Only asking $1029 sq/ft [Re: SLO_Town] #5323424 01/15/20 12:14 PM
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Is the graffiti included? Insane!


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Re: Only asking $1029 sq/ft [Re: SLO_Town] #5323454 01/15/20 12:43 PM
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Farnsworth Offline
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It's on a small lot. There are expensive areas of Oakland but that's not it. There are always people reaching for the stars. Singling out one doesn't prove too much.

Here is one I am familiar with, very nice couple owned it, both teachers who raised their kids in this little house. They paid 8k in 1957. Still has the 1952 wall heater. Extremely cheap construction. Sold 3,175,000 in 2018.

Who would have guessed all this internet/electronic tech would remain in the area and kids working for google etc could fork down over 3 million for a tear down. Freeway noise, loud, and in a flood zone are all nice extras.

https://www.redfin.com/CA/Palo-Alto/3360-Vernon-Ter-94303/home/1762070

Re: Only asking $1029 sq/ft [Re: Farnsworth] #5323484 01/15/20 01:09 PM
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SLO_Town Offline OP
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Originally Posted by Farnsworth
It's on a small lot. There are expensive areas of Oakland but that's not it. There are always people reaching for the stars. Singling out one doesn't prove too much.

Here is one I am familiar with, very nice couple owned it, both teachers who raised their kids in this little house. They paid 8k in 1957. Still has the 1952 wall heater. Extremely cheap construction. Sold 3,175,000 in 2018.

Who would have guessed all this internet/electronic tech would remain in the area and kids working for google etc could fork down over 3 million for a tear down. Freeway noise, loud, and in a flood zone are all nice extras.

https://www.redfin.com/CA/Palo-Alto/3360-Vernon-Ter-94303/home/1762070


And if you were to buy this little house, property taxes would be close to $40k per year.

Scott


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Re: Only asking $1029 sq/ft [Re: SLO_Town] #5323496 01/15/20 01:24 PM
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Farnsworth Offline
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Originally Posted by SLO_Town
Originally Posted by Farnsworth
It's on a small lot. There are expensive areas of Oakland but that's not it. There are always people reaching for the stars. Singling out one doesn't prove too much.

Here is one I am familiar with, very nice couple owned it, both teachers who raised their kids in this little house. They paid 8k in 1957. Still has the 1952 wall heater. Extremely cheap construction. Sold 3,175,000 in 2018.

Who would have guessed all this internet/electronic tech would remain in the area and kids working for google etc could fork down over 3 million for a tear down. Freeway noise, loud, and in a flood zone are all nice extras.

https://www.redfin.com/CA/Palo-Alto/3360-Vernon-Ter-94303/home/1762070


And if you were to buy this little house, property taxes would be close to $40k per year.

Scott


Yes, and I don't know how people, kids many of them, make that much money. I knew the owners of this and they were paying around 260 per year some years ago. Maybe 600 recently? Now that is like three days of tax.

Re: Only asking $1029 sq/ft [Re: SLO_Town] #5323507 01/15/20 01:35 PM
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Palo Alto is not the most expensive, but is the most expensive per square foot in Silicon Valley. At least that's my understanding...
Maybe 15 years ago, a close friend went through a divorce and bought a 2/1 fixer upper, less than 1000 sq ft, for like $700K. I thought she was crazy.
This was in a sought after Palo Alto area. Tanya's neighbors were Steve Young and Steve Jobs.
I have no idea what it is worth now.


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Re: Only asking $1029 sq/ft [Re: SLO_Town] #5323512 01/15/20 01:38 PM
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nthach Online Content
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Originally Posted by SLO_Town
But they say it’s a nice Victorian “gem”....

https://www.redfin.com/CA/Oakland/1...mp;utm_nooverride=1&utm_content=link

Scott

Jeez.

That part of Oakland is a hot spot with the tech crowd - it's next to BART and Apple/Google/Facebook buses stop nearby on Adeline.

A long time ago, if you made that much money, you'd move to Walnut Creek/Danville/Pleasanton but not anymore. Realtors are marketing the commute in Oakland(being close to BART or the Transbay/tech buses and ferry) as a major selling point. Oakland schools suck, but if you work in tech you have money to send them to private school.

Not to mention that future development is rent control exempt once done.

Re: Only asking $1029 sq/ft [Re: JeffKeryk] #5323514 01/15/20 01:39 PM
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nthach Online Content
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Originally Posted by JeffKeryk
Palo Alto is not the most expensive, but is the most expensive per square foot in Silicon Valley.

East Palo Alto is hot now, and Atherton/Woodside is as expensive as ever.

Re: Only asking $1029 sq/ft [Re: SLO_Town] #5323516 01/15/20 01:42 PM
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What you’re paying for is that rare beautiful artwork that comes with it haha!


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