November 21, 2007

Conjuring Up Warm Thoughts Of A Traditional Thanksgiving Dinner

1671 Bush Street

It wasn’t the quick $130,000 price reduction (after less than a week on the market), or even the Los Gatos broker’s pre-reduction note (“fixup cost $250,000.00 Possible resale value would be $1,700,000.00”) which caught our attention.

No, it was simply the vintage Wedgewood stove which conjured up warm thoughts of a traditional Thanksgiving dinner. And of which we can't stop thinking (and counting down).

UPDATE: And yes, since publishing this morning (and after two weeks on the market) the broker's statements about "fixup cost" and "possible resale value" have been removed from the online property description.

∙ Listing: 1671 Bush Street (4/2) - $995,000 [MLS] [Alain Pinel]

First Published: November 21, 2007 10:47 AM

Comments from "Plugged In" Readers

Gotta love the broker math!! Especially from someone in Los Gatos. I'm going to run out and snatch a subprime loan to cash in on that upside...yeah.

Posted by: gh at November 21, 2007 11:48 AM

writing from Kansas City. this place looks like a bargain, compared to places i'm seeing on sites like Pacific Union, Hill, etc. what's the problem?

Posted by: scorpio at November 21, 2007 3:39 PM

If that isn't a prime RESPA violation I don't know what is....

“fixup cost $250,000.00 Possible resale value would be $1,700,000.00”


Posted by: Michael L. at November 21, 2007 3:46 PM

Must be a Peid A Tiere

Posted by: Michael L. at November 21, 2007 3:48 PM

Hello Kansas, This is a very busy street.

Posted by: kathleen at November 21, 2007 5:18 PM

I love the decor on this place! You could turn it into a gold-rush era themed whorehouse. Imagine the possibilities!

Posted by: Jimmy (Bitter Renter) at November 21, 2007 5:52 PM

thnx. busy is good compared to KC. somebody's going to make a nice place out of it. i imagine it's hard to find 15 ft ceilings, even in SF.

Posted by: scorpio at November 21, 2007 7:10 PM

Not just one busy street, but on the smack dab in the middle of two of the busiest streets in the city, Bush and Gough streets. Though, personally, I prefer living on a busy street, it is the city after all, people who like quiet have the burbs to live in.

Posted by: bushstreet at November 21, 2007 8:29 PM

Maybe the upside is having a nice place to live in a great city? Maybe the mortgage structure makes sense vis a vis money down, deductibles, etc. Why does the upside have to be 10 percent appreciation? All you armchair economists miss the boat on that, every time.

Posted by: fluj at November 25, 2007 5:52 PM

"Maybe the upside is having a nice place to live in a great city? Maybe the mortgage structure makes sense vis a vis money down, deductibles, etc. Why does the upside have to be 10 percent appreciation? All you armchair economists miss the boat on that, every time."

I do have a great place in a great city, I just chose to rent it, invest in assets that do appreciate at 8-10% and let my landlord spend his free time dealing with maintenance while I take advantage of living in the city and travel. I don't think I'm missing a thing.

Posted by: Anna at November 25, 2007 6:18 PM

There's nothing wrong with that. I don't begrudge renters. What would any city be without renters ? It's just that buying makes sense to some people, and 10 percent annual appreciation expectation is only a new phenomenon.

Posted by: fluj at November 25, 2007 7:48 PM

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