Condemned Fremont home sells for $1.2 million – KGO

New statistics from the housing website Zillow show last year American homes sold faster than ever before, with the fastest sales of all in the Bay Area.

RELATED: Empty lot listed for nearly $5.4 million in Palo Alto

Residents here often do not even need a low price or nice home to close a deal fast. A good example is a condemned house in Fremont’s Mission-San Jose neighborhood that just sold for $1.2 million dollars. It was an all-cash offer that came in a quarter million dollars over the asking price.

Yvonne Yen has lived in the neighborhood for 12 years and could not believe the high price. You might think she would be happy about it — but no.

Yen is concerned many young people cannot afford a home in the Bay Area. She wants to move because her property tax is so high, but she says everything in the Bay Area is so expensive, there are no good alternatives.

RELATED: Berkeley family wins bidding war over home with a song

A sky high price for a tear down is the new normal, according to Fremont realtor Madeline Dutra. “People who want to build nice new homes are buying these older homes, condemned homes, homes that are in need of a lot of work to build their dream home.”

Zillow reports last year the San Jose metropolitan area was the fastest selling market in the country, with homes selling on average in just 41 days. In the San Francisco metropolitan area, it was 43 days.

RELATED: SF homeowner offers property for $13 million or Bitcoin

Zillow economist Aaron Terrazas thinks the “little bit of that easier market condition in San Francisco” is due to all the new buildings going up, including many condos that are adding to housing stock.

According to Zillow, the number of homes on the market throughout the Bay Area has been going down for the past three years.

David Stark, with the Bay East Association of Realtors, believes that trend is what probably turned the Fremont fixer upper into a real find. It may need work, but the lot has a great location. “It’s close to jobs. There’s all kinds of life style amenities here in Fremont. The schools are fantastic,” said Stark.

RELATED: DRONEVIEW7 gets sneak peek at pricey Bay Area mansion

Zillow says the number of homes for sale in the San Jose metropolitan area was down almost 27 percent last year from the year before.

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Written and produced by Jennifer Olney

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Condemned home in Fremont fetches $1230000

It’s hard to feign surprise when a teardown home in the Bay Area sells for well over the asking price. This real estate narrative is no longer an anomaly. It’s de rigueur. It is, by design, the norm.

Politicians and longtime homeowners continue to collude to keep zoning exclusionary, which results in astronomical housing costs that price out low- to mid-income residents desperate for habitat.

On that note, let’s take a look at yet another house that fetched above and beyond its initial asking: a condemned property in Fremont’s Mission neighborhood that nabbed $1,230,000.

To state the obvious, the money for this uninhabitable home is for the 9,408-square-foot lot upon which the teardown sits.

Realtor Larry Gallegos listed the home in January for $1 million. In one week, he received five offers before closing the sale—all of them cash.

Gallegos cites the job market and the good schools as the primary reasons people are flocking to the area as the dearth of affordable housing in Bay Area cities—see: Cupertino, Palo Alto— has pushed interest to outlying cities. It’s also near a BART station, making it even more desirable to those with jobs in San Francisco.

“It’s typically an expensive area, but I’ve seen houses almost double in price within the last two years,” Gallegos tells Curbed SF. “This is happening all over the East Bay.”

Most recently, a charred San Jose teardown landed on the market for $799,000. According to NBC Bay Area, the realtor of that pile of rubble “has six offers in hand, all well over asking price.”

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A Charred House In The SF Bay Area Is Actually Selling For $800000


South Carolina is currently experiencing what is said to be the worst rainfall in a thousand years.





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People are freaking out about a burned house in the SF Bay Area that’s selling for $800,000. 

The dilapidated old place, surrounded by chain-link fence and looking like an abandoned meth lab, is located in San Jose’s posh Willow Glen community. 

Like most housing, the bulk of the price tag arises not because of the property’s intrinsic value, the beauty of its design, or the quality of materials used, but rather its location. The house is smack in the center of Silicon Valley’s ever expanding mega-district of tech behemoths and self-driving urban sprawl. 

The smoldering abode is perhaps emblematic of the Bay Area’s housing crisis: Thousands of low-income and working class families have been displaced in recent decades. In two years, the homelessness rate in San Jose jumped 13 percent

Michael Rawson, director of the Public Interest Law Project, spoke to Newsweek recently and told them that the Willow Glen house is “symptomatic of the whole problem in the Bay Area.”

“We need to look at it like we’re looking at climate change,” Rawson continued. “We’re at a tipping point. We need to recognize that things are way out of control, or we’re going to lose—or maybe we’ve already lost and will continue to lose—an entire generation of people. “ 

People on Twitter were both amused and exasperated at the image of the house and its six-figure price tag. 

The Bay Area finds itself in this housing predicament at the tail end of a long chain of events: unchecked growth in the tech industry, local residents who don’t want new housing, city governments that are slow to approve new development, and a lack of monetary incentives for developers. This creates a perfect collision of forces that push housing prices up and low-income people out. 

The housing crisis in the Bay Area and beyond have certainly reached a tipping point. Only when human beings can outgrow their primal NIMBYism and developers can be given better options can we stem the now worldwide rising tide of housing costs. 

32e83 203642 264x162 A Charred House In The SF Bay Area Is Actually Selling For $800000

Banner image credit: Pixabay, paulbr75



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Wiener’s real-estate bill gets first Senate hearing

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SF homes ‘earn money’ seven times faster than average US workers

The typical San Francisco or San Jose home earns more money per hour than actual human beings working average jobs in most of the country, according to real estate site Zillow.

In a report published last week, Zillow considers how the value of a median U.S. home changed year over year:

The typical U.S. home appreciated 7.6 percent over the past year, from a median value of $195,400 in February 2017 to $210,200 at the end of February 2018. That $14,800 bump in value translates to a gain in home equity of $7.09 for every hour the typical U.S. homeowner was at the office last year (assuming a standard 40-hour work week), a shade less than the federal minimum wage of $7.25 per hour.

Of course, homes have the advantage that they’re earning (i.e., accruing value) essentially all the time when markets are in an upswing.

If we assume a 24-hour workday for a home, the annual $14,800 bump is more like $1.68/hour, closer to the federal minimum wage of $1.60 that was in place from 1968 to 1974 (not adjusted for inflation)—which is still a bit unsettling.

Zillow also considered the case of some of the country’s most expensive markets:

The median U.S. household earned roughly $60,000 in 2017 ($58,978 to be exact), or a little more than $28 per hour. But in six U.S. cities—New York, San Diego, San Jose, San Francisco, Seattle and Oakland—owners of the median-valued local home gained more than that in home equity alone.

As Zillow crunches the numbers, earnings for Bay Area cities are rather startling. A typical San Jose home appreciated at $99.81 per hour, again assuming that the per day appreciation is condensed into the period of an eight-hour workday. For a San Francisco home, it gained $60.13/hour. And in Oakland, it earned $38.57/hour.

f4380 mandri SF homes earn money seven times faster than average US workers

         By mandritoiu

Note that Zillow relies on estimations of home values, which are not necessarily equivalent to home prices. However, actual price data is likely to send some workers into an existential crisis.

According to the California Association of Realtors, the median sale price of a San Francisco home increased by $454,000 between February 2017 and February 2018.

That’s more than 30 times what a worker at the federal minimum wage of $7.25/hour earns in 52 working weeks at 40 hours per week. ($15,080 before taxes.)

It’s also nearly 7.7 times the median U.S. per hour income of $28. And it’s more than four times San Francisco’s estimated median income of $103,801 in 2016, which is among the highest in the country.

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