As we wrote about 801 Teresita Boulevard in July 2007:
The little (and not so little) things that caught our eye at 801 Teresita: heated granite floors, a Duravit sink, Axor fixtures and skylight in the bathroom; Scavolini, Sub-Zero, DCS and (two more) skylights in the kitchen; a landscaped backyard (which the master bedroom overlooks); and a corner lot. And yes, even that nice new garage door.
Listed for $895,000 at the time, the modern single-family Miraloma Park home ended up closing escrow for $950,000 a month later.
Seven months ago the property returned to the market asking $899,000 but was reduced to $849,000 before being withdrawn from the market a month later. Today, it’s back on the market and asking $815,000.
And no, we’re still not granite people (but do remain enamored with radiant heat).
∙ Listing: 801 Teresita Boulevard (2/1) 1,150 sqft – $815,000 [MLS]
∙ You Had Us At Heated Granite Floors (And We’re Not Granite People) [SocketSite]
EXTRAVAGANTLY renov
When I read that I jumped to the pics to see extravagance. Hey, this is SF after all! Extravagance can be seen everywhere starting in the streets.
I browsed through: That one? No. That one? No. That one? No. That one? No. That one? No. That one? No. That one? No.
Sigh. What a let-down.
Extravagant was probably the total bill after the reno. Extravagant as well is doing that kind of work on a 1940s bland box. Extravagant is the fact that a blah neighborhood would fetch almost a Mil for this place at the top of the bubble.
OMG, the two places listed on SS today are absolutely hilarious examples of what happens when people lose their heads. A kitchen that looks like a fast food restaurant for $815K?
Only an idiot would pay more than half their purchase price, and no one should expect to resell for more than about 80% of that. Yet someone paid more than this and then remodeled.
Those of us who kept our heads can only laugh now, and WILL laugh at the buyer when they resell.
Extravagant was probably the total bill after the reno. Extravagant as well is doing that kind of work on a 1940s bland box. Extravagant is the fact that a blah neighborhood would fetch almost a Mil for this place at the top of the bubble.
lol – that’s a great description which applies to 80% plus of SF’s housing.
The overall impression doesn’t bowl me over either, but I still have to respect the kind of renovation that is beyond skin-deep…heated granite floors sounds pretty good to me right now in the middle of winter, and if the pipes, insulation, quality of installation and wood, and all those unseeables are good, then props.
The house seems to be walking distance to Glen Park with its shops and BART…not blah in my book. But then, I work in the Peninsula and have family in the East Bay. I actually like being accessible to the rest of the Bay Area.
But it’s still overpriced for a 1-bath home. If you’re going to do that much reno, you could at least throw in a half-bath.
house is quaint but underwhelming.
the kitchen is a mess. doesn’t meld with the rest of the house at all, and those white lacquer euromodern cabinets clash with the countertops.
same story with the bathroom (euromodern cabinets with busy beige countertop)
I’d recommend just gutting and redoing but that would waste a lot of nearly new materials.
Tipster – I have to hand it to you – you’re consistent.
As I’ve said before, markets will continue to experience bubbles, and some investors in these markets will make huge and fantastic profits, and others will be caught looking for a chair when the music stops and be wiped out largely due to timing.
SOME of us will marvel at how this real estate bubble made it possible for some to change their lives and become financially set for life ….. while OTHERS of us will continue to sit on the sidelines and POUNCE at opportunities to validate their NOT participating.
For every sad story like this there are countless stories of those who made huge, huge profits – and still are as this market transitions.
Sorry to have to throw this into your face and the faces of others who revel in celebrating how this bubble bursting has wrecked a few financially – it’s clear this reveling helps you stomach not having had the nerve to participate and win a couple years ago.
WaMu. Need I say more?
“this bubble bursting has wrecked a few financially”
A few? A lot.
And yes, I’m bitter. My cheeks hurt from smiling so much, because I’m so bitter.
“For every sad story like this there are countless stories of those who made huge, huge profits – and still are as this market transitions.”
Yes, the realtors are still making huge profits unwinding the transactions they cheered on.
bubblesurfer,
Is there any get-rich-quick roadshow you have going on?
I agree somewhat to your comment. I was a bear in 2008 but today I’m cautiously bullish. I bought 3 months ago for something that made sense for me. Still got plenty of dry powder for the upcoming good deals.
But buying into a bubble or the early aftermath of such for the sake of getting rich? Do you know thousands are now destitute because they have been convinced they could time it right? Think 2007 Vegas. Sure the 20% discounts you got at foreclosure sales looked good. Think 65%.
Even the smartest people on the planet cannot time the market right all the time. Just have some respect those who do not want to jump in too early. They probably have something better to do with their future income like feed their families.
Um…..yes…… you’re bitter because you had to watch many others make huge profits while you had no nerve…….and yes your smiling because you take pleasure in celebrating the pain of some who had bad timing…….and yes you skipped the part about:
“For every sad story like this there are countless stories of those who made huge, huge profits – and still are as this market transitions.”
Countless? …..ok….”A lot”
Sorry if that stings you and most other posters on this site – I know how jarring it must feel to be distracted from the usual grave dancing that goes on here.
Ok – next comes the part where you say:
“oh come on – move on please”
Yea,kitchen is ugly..and very small. The glossy style does not fit well with the rest of the house.
And just one bath?? bummer for that price point.
Vinyl windows look cheap. Money spent on heated granite floor? waste of money.
Tell me the foundation is upgraded to seismic standards. Any shear walls? Are all walls insulated?
bubblesurfer,
I timed the market right in the previous bubble and I admit it was pure luck.
Don’t be too cocky. Someone with a better understanding of the market will steal your lunch money.
“Just have some respect those who do not want to jump in too early”
I have enormous respect for this group – I’m talking about grave dancers in my earlier post.
So how much did you make, bubblesurfer? Give us some details.
This is way overpriced for one bath and the terrible sense of style, along with the strange choices of style (for example, what noearch said — putting in heated granite flooring, but having vinyl windows). Nothing extravagant about this place, except for the bill on the crappy renovation, as lol said.
lol,
I don’t claim to have a “formula” for timing – I think it’s almost purely luck – that’s why I refer to “nerve” in my above post.
I’ve seen people move here to SF for a job transfer in 03 and then relocate again in 07 – unbelievable windfall for folks like this – I’ve seen similar stories like this play out in Vegas.
Regarding making money on house flips – isn’t it much more about architecture and project management and neighbors…. timing is hard to control, other than just finishing and getting on the market as quickly as possible.
sfrenegade,
I made a lot and lost a lot …. and in the course became and continue to be my own boss – sometimes I’m fortunate enough to learn the easy way….and unfortunately I’ve had to learn the hard way many times.
That’s a non-answer answer if I’ve ever seen one. If you had a sure formula for investment in real estate, you’d be doing that instead of trying to tell some anonymous people on a blog that some people made money bubble-timing. For all you know, some of the bears here did buy and lost and are trying to prevent others from doing the same. Keep fighting the…umm, whatever fight you’re fighting.
Being transferred in and out of a region at the right time would not seem like the best example of “nerve”.
Regarding luck, note that even if you flip a coin for a buy/rent decision you’ll be right some of the time. But this doesn’t indicate that coin flipping is a good general strategy for investment decisions. It would seem like looking at the ex post results of these decisions, including the magnitude of gains and losses, would be a good piece of data to make ex ante decisions about the future.
Regarding flippers, I in general agree that they are a good thing. SF seems to have a great deal of old, sub-par housing stock. And I don’t see large commercial builders having much interest in urban infill projects (At least for 1-2 unit’s). Having people willing and able to modernize SFH’s and small buildings seems like a good thing. However, the bubble seems to have allowed some people without skill to participate in this.
The house seems to be walking distance to Glen Park with its shops and BART…not blah in my book.
It is walking distance. Still a very average area though agents have been selling it as one of the “next Noes” like Bernal or Potrero. Quality still gets decent prices, but sub-par doesn’t sell as well because a lot of the upside is gone.
sfrenegade,
um – who said anything about a sure formula for real estate investing….besides you.
“some of the bears here did buy and lost and are trying to prevent others from doing the same”
oh – right – yes I should have considered that POSTERS on this site are performing a public service to help keep other investors from losing their shirts like THEY did – why didn’t I consider that! ….. ridiculous
What’s your next cheap shot?
bubblesurfer, you came here, threw some mud, and now you can’t put your money where your mouth is. It’s quite obvious that in any bubble there are winners and losers — why do you feel the need to point it out?
Maybe you should just stick to providing wrong information about non-recourse loans. I didn’t make any cheap shots until that last sentence. 🙂
it was difficult to be a “winner” in this most recent credit bubble given the huge scope of it.
many people “won” on their home, but then had to sell to realize the gain. they then needed to live somewhere, so ended up buying somewhere else (making them a “loser” there).
a few people bought low and sold high and didn’t buy back somewhere else… but that’s a minority IMO.
the big winners of course were the RE salespeople who didn’t drink the kool aid too much (conducted RE transactions for their clients but didn’t try to “invest” in RE themselves), finance folk who skimmed off the top, and other tradespeople who did well during the boom.
RE has been and continues to be a high risk endeavor IMO, due to the leverage required for the average RE “investor”.
at this point seems to me there are easier ways to make a buck speculating. (commodities and equities). lot easier to buy oil or energy ETFs, or even better a food ETF these days. these trades are perhaps getting long in the teeth but barring a so-called “swan” I’m not sure that I see a reason for a meaningful pullback until this spring when the Fed has to make its next decision.
disclosure (and reminder): please do not try to invest based on my posts. it is probably fairly obvious how I’ve been speculating lately to anybody who has read my ramblings. However, my posts here are incomplete thoughts and usually only RE or SF focused, and my speculating is risky to those who don’t know what they are doing or to those who don’t have the time to watch events very carefully.
riding a momentum based echo bubble based on loose monetary policy is dangerous to one’s financial health.
as far as any of you know I have $0 and I live in a hovel in Sao Paolo.
Gravedancing is a strong word. I consider the commentary here more like an educational reminder.
For years, any conversation involving real estate eventually featured phrases like it only goes up, you never lose money on real estate, prime properties in prime locations will be immune, it’s different here, everybody wants to live here, not making any more land, everyone here is rich, buy now or be priced out forever, bla bla bla.
Turns out, as many people here predicted, those statements were flat-out wrong. Turnabout is fair play. So why aren’t those who correctly predicted the correction allowed their credit?
Besides, gravedancing implies that people are celebrating a sad or unfortunate event. The cost of living is falling, which is a good thing for society in general, and people have become more prudent with their finances. Nothing horrible in that. It’s just a shame that the lesson had to carry such a high price tag for future taxpayers, including those who got no bubble upside.
On the location…this is sort of walking distance to Glen Park. It’s about 12 blocks to BART but not something you would want to do after a long day at work. Miraloma is a fairly isolated neigborhood with a varied housing stock.
On the house…I actually like it; the remodel while not perfect is solid. (People on this sight must live in some pretty impressive designer digs!)
On the price…$815,000 for a 2/1 in MP is going to be a really tough sell. I see this closing for about 100K less.
I’d be interested in seeing the list of bids on this property when it sold for $950,000. I suspect the sellers were the highest bidders buy a large margin.
The cost of living is falling, which is a good thing for society in general
Agreed 100%. Housing is taking waaayyy too much of our money and time. The less we spend in housing, the more we can allocate to protect our families (health care, retirement, education) or invest in forward-looking tech (renewable power, high speed rail). Instead the government cannot get the country moving forward because everyone is tapped out and saddled with idiotic unnecessary debt.
@Willow: We sold our 2/1 (1,000 sq ft) house in MP in spring 2007. Our house was in decent shape structurally but not updated since the mid-90s. It had a stunning city view and a nice backyard, albeit down two flights of steps. It sold for 900K with 6 offers (all 6 between 800 and 900K). All to say that the people who spent $950K were not that far off for this neighborhood at that time, crazy as it seems.
“Turnabout is fair play.”
Yes, check out the cheerleaders on the One Rincon Hill thread from 2006 I quoted the other day for just one example on SocketSite, there are many other “where my bubble people @” examples.
“Besides, gravedancing implies that people are celebrating a sad or unfortunate event.”
Yes, I think it’s unambiguously good for housing prices to be lower. Debt is not wealth, and people are far better off buying houses for less money than they ever were trying to play the bubble lottery.
I actually really liked the house — we considered putting an offer on the place, but not for anywhere near the previous asking price. The main downside to us we the small lot.
We ended up buying a house that was significantly larger, with a large lot and unobstructed, panaramic views for around the new price point.
If we were still looking, it would have been a contender in the under $800K space.
@ Ex-MPer: I’m a little surprised but then again 2007 was still very much a sellers market…congratulations on the sale!
🙂
“It’s about 12 blocks to BART but not something you would want to do after a long day at work.”
Yes, and up a very steep hill, even by SF standards.
I used to live off Teresita. It is a very busy street, and this house (if I remember correctly) is near a curve. I would be very worried moving young children in and out from the front of the house. And I agree that there is no way that Glen Park can be considered “walking distance.” Miraloma can be very nice once you get off Teresita, and it also has convenient access to 101 and 280.
not everyone has been hurt by this housing downturn.
if you bought your house in a good location before 2003-2004 and did NOT use up your equity you are in a position to refinance at lower interest.it’s been great for me and some other people i know.
of course you need a job and not have purchased a home you could really not afford.
Yes, it has been great for some people, myself included.
Buying a fixer in Noe Valley in 1984 in a good location has only meant one thing:
A steady and solid increase over 27 years has been a good thing.
Not ALL housing prices go down.
sfrenegade,
“bubblesurfer, you came here, threw some mud, and now you can’t put your money where your mouth is”
I’m only pointing out the trashing of those who are “throwing mud” at those who are getting crushed financially – Money where my mouth is? WTF are you talking about?
“It’s quite obvious that in any bubble there are winners and losers — why do you feel the need to point it out?”
Are you dense? How much more clear can I make it – THE EDITOR AND ALMOST EVERY POSTER ON THIS SITE IS OBSESSED WITH THOSE WHO’VE FLOUNDERED DURING THE BUBBLE BURST – SCORES OF PEOPLE MADE OUT LIKE BANDITS! (exsfer’s above post about the winners is the rare exception – and rare for him/her I think)
“Maybe you should just stick to providing wrong information about non-recourse loans.”
I don’t find anything cheap about that – good one
^^^ I don’t think that even the hairiest bears have suggested that a 27 year hold on a property bought just before a boom wouldn’t have net appreciation.
Most buyers don’t hold that long and the current era is unlike anything else most of us have experienced in our lifetimes.
rather,
‘I’m only pointing out those who are “throwing mud” at those who are getting crushed financially’
Yea, but the buyers and owners who do hold that long, and enjoy their home for what it really is: a place to live:
Are able to just sit back and:
Watch the numbers rise.
(and, of course, doing a little, well a lot of remodeling in the interim.)
This is clearly the sentiment of a happy person:
“Those of us who kept our heads can only laugh now, and WILL laugh at the buyer when they resell.”
bubblesurfer, the crux of your argument is that SocketSiters who point out bubble losses are lame because in your opinion they don’t participate in the market (“while OTHERS of us will continue to sit on the sidelines and POUNCE at opportunities to validate their NOT participating.”), even though that’s not actually true.
Why are you so afraid to tell us about your own participation in the market? (“put your money where your mouth is”) Please give us the details of your participation. Did you make tons of money during this bubble? Detail your bounty, please. Then talk.
Milkshake said:
“Most buyers don’t hold that long and the current era is unlike anything else most of us have experienced in our lifetimes.”
Also in 1984, interest rates were still 12-13%, I think. A $400K house at 12% has the same payment as $812K at 4.5%. $400K at 13% is the same as $873K at 4.5%.
In 1984, many houses in Noe were in the $95k-135k range.
Hard to believe I know, but it’s true.
I could believe that, noearch, but I was just giving an example of how interest rates affect pricing. Inflation has been about 110% since 1984. So you’ve gotten more than quadruple just by circumstance. We won’t know what the real return is without knowing your maintenance, remodeling, tax, etc. costs.
I’d guess the biggest benefit you’ve gotten is from buying in Noe when it wasn’t as premium a neighborhood.
@noearch — “Yea, but the buyers and owners who do hold that long, and enjoy their home for what it really is: a place to live:”
For some there may be an intangible benefit to owning their own home, and this may not be quantifiable. But from a tangible point of view, people may find a place to live in rental accommodations so from an economic point of view the enjoyment of ones home may be thought of as a stream of rental payments.
When looking at buy vs rent ex post, the monthly cost vs an equivalent rental is a very important factor. The present value of money, i.e. money now is worth more then money later, can have a significant impact over long holds if there is a significant ownership premium or discount. Given what I have seen for price vs rent, I would be dubious that many 2003-2004 buyers had a positive economic result over renting even if they can still show a small capital gain at this point. For SF 1984, this is a whole other ball game.
Having a large “ownership premium” also increases the change of gambler’s ruin, i.e. that you lose the property before an eventual upturn. Since you are unable to rent out the property at a gain were you to need to relocate or downsize.
I hear ya, sfren and I agree. Funny to say it now but back then Noe was what we could afford, coming from Pacific Heights. All I would have gotten then or same price was a nice 1-2 bed condo.
We wanted a house, so I think much more value and long term appreciation has happened since then.
Noe was not really “trendy” then. To me it seemed “really far out” compared to my old neighborhood.
Wow…I’m just trying to get my head around being in the same exact place for 30 years. Who does that anymore?
not 30. 27. lots of people do.
smart people.
now don’t everybody start hating on me, just cause I said that. it’s just my choice.
noearch makes a good point about people enjoing a home ” for what it really is: a place to live:”
these are the people who don’t speculate and buy more home than they can truly aford with funky loan products or use up all their homes equity because “prices will keep going up”
if these people bought in a location that has generally seen mild corrections as oppodse to antioch or brentwood they should be ok
You all have way too much time on your hands
That house is beautiful
It may not be your style
Maybe you love cherubs adorning yourwalls
Go look at other homes in the area and tell me how amazing they are
You area bunch of bitter idiots who have no sense
sounds like someone is off their meds..:)
SF Realistic wrote:
> That house is beautiful
> You area bunch of bitter
> idiots who have no sense
I wonder if SF Realistic is the Homeowner or the listing agent?
@tc_sf: “iven what I have seen for price vs rent, I would be dubious that many 2003-2004 buyers had a positive economic result over renting even if they can still show a small capital gain at this point”
I don’t see that. I bought in 2002 in a not-fashionable part of town, and at that time my $450K house was the same per month as renting an equivalent sized apartment, and cheaper than renting an equivalent quality SFR. Between refis and renovations, my monthly costs are still equal to or less than monthly rents for equivalent places. Pricewise I’m about breaking even if I had to sell today (including cost of renovations), but I’ve enjoyed the space, and moreover the ability to make it my own in many different ways. I will likely stay here another 5-10 years, since I have kids in school and the cost of buying “up” is still too high. So you don’t have to go back to 1984 to see value in buying – I never expected to get rich from my house, but get great satisfaction out of using the money I spend on “housing” to create a home that I enjoy. I think most people strive to strike the proper balance between “head” and “heart” when buying RE, which is as it should be.
The sad stories (no grave dancing here) are those who bought the hype and reached too far. The far SADDER stories are the old folks and families who got talked into cashing out the equity in their homes without the means to pay it back, and are now getting kicked to the curb. I know there isn’t much sympathy for those who leveraged their way to a fortune (with no intention of paying it back) but there are also true victims of fraud and mismanagement.
And I agree that there is no way that Glen Park can be considered “walking distance.” Miraloma can be very nice once you get off Teresita, and it also has convenient access to 101 and 280.
———————————————
I sometimes do the walk between Glen Park and my home “off Tersita” as part of my commute and it’s about 20 minutes or so. Yeah, there’s a hill, but it’s not so bad – gets the blood pumping. If it’s raining, I’ll take the 36 instead, which gets me home from GP in 10 minutes. My commute isn’t instantaneous, but very manageable. My wife also works in South SF, so that aforementioned 101/280 access comes in handy.
All told, Miraloma was very appealing to us in that it’s nice and quiet, has good views, but isn’t completely isolated from the “livelier” parts of SF. I can get to my friend’s place in the Mission via public transit in 20 minutes, and can get to 9th/Irving via the Bus in 10-15 minutes.
When we were looking in 08, there were lots of multi-bid scenarios where the “winner” went well over asking, and 1000 sq ft 2/1 houses would go for $800k+. I follow the listings in Miraloma pretty closely to this day and still see some where the pricing is set ’08 style – i.e. 3/2 1500 sq ft at $900k. Not shocking when those don’t move. You also sometimes see bedrooms/bathrooms that show up in listings (i.e. the 6’x’4 corner of the garage that’s supposedly BR #3.) so take those with a grain of salt.
All told, Miraloma works perfectly for the wife and I. It’s not for everyone, and you’re better off with a car, but it’s great for us.
meant to say that you often see unwarranted BR/BAs in listings.
@katdip — Regarding the intangible benefits, I agree with that there can be intangible benefits one way or the other and people should attempt to balance those with the tangible economic reality.
Regarding price/rent in 2002, my anecdotal experience was that effective rents were down sharply after the 2000 bust and lower then buying costs for equivilent places. Asking rents may still have been high, especially as commercial landlords can be loth to publicize rent decreases.
The SFGate article captures the Zeitgeist of the time: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2002/05/13/MN243503.DTL
randomly searching for Miraloma to see whether socketSite had a history of places defying gravity like this one.
And I found some comments about a MiraLoma flip from fluj in 2008 or 2009? In retrospect this looks like great timing. Congrats to fluj for a very smart bubble-top move.
I looked back at an old thread to see what lol was talking about, and 219 Los Palmos did do really well. Satchel/LMRiM appeared to have predicted $900K for it and Dude (now Legacy Dude?) said under $1M, but it went for $1.13M. Good work!
Of course, I’d wonder if it’s “one of the three highest price houses in Miraloma” or whatever metric fluj often uses to say someone overpaid. Also, a quick search suggests he did spend some amount of time talking up Miraloma in the months before the sale, but that’s to be expected.
What happened to this jorge person who used to antagonize fluj?
I’ve got to agree with fluj on this one. The 801 Teresita buyer way overpaid back in 2007. Knowing that should make it easier for the now-would-be-seller to swallow the $200k+ loss that this is shaping up to be. Or maybe not.
I’ve got to agree with fluj on this one. The 801 Teresita buyer way overpaid back in 2007. Knowing that should make it easier for the now-would-be-seller to swallow the $200k+ loss that this is shaping up to be. Or maybe not.
Well, agents should have a no-loss policy in their contracts. If the buying client loses money on the sell side, they would come up with the difference. Of course you’d offset the risk by imposing the seller to pick the same realtor/firm on the sell side otherwise the warranty is void.
That rule would ensure there’s no reckless pumping like we’ve seen between 2002 and 2008. On the other hand, being an agent would be really boring but they’d get repeat clients.
wow, i just found out where the name LMRiM came from and who fluj is, all from references in this one post. I know satchel was LMRiM but I didn’t know what/why the name change…. well, guess I still don’t know why the name change. Or where he went? Or why he left. But I think I’ve thought of a new website idea…. a blog about the blog 🙂
Speaking of name changes, who the hell is “bubblesurfer”? I don’t get a chance to check in on SS and someone is using my……? Doesn’t he feel like fluj trying a different persona on?
As for the continued nonsense where you blame the agents…. keep in mind, the SELLER’s AGENT is getting paid to SELL and “pump the listing”. Should we not??????
Shame on you for not hiring hiring a buyers agent you can actually trust (if you’re not sure if you can trust them – then you can’t – find someone you can), or listening to ANYTHING the Sellers agent says.
Know the players, know the game. So much hating, more of the same…… socketsite that is.
hangemhi,
When I was talking about “pumping the listing”, I was talking about the buyer’s agent. The industry has 2 goals: 1 – Sell as much as possible and 2 – Sell for as much as possible.
Therefore a buyer agent is not always 100% on the buyer side. He has a vested interest in a high price. He should be fighting to deflate a seller’s expectation as much as the seller agent is fighting for a high figure. But more often than not, they don’t. The industry is structured to get a price as high as possible which means everyone ultimately mortgaged to their limits and more.
Only the buyer can fight for a low price. That’s 3 people vs 1, a very imbalanced process. A buyer agent liable for future depreciation would really fight to get the lowest price possible.
But I am just rambling. I have made the biggest check of my life a few months ago and all I can say is that my agent is a great guy, and he fought for me, really selling the quality of my offers.
LOL @ LMRIM getting something “in his own backyard” so incredibly wrong. typical. bubblesurfer as fluj? No way.
Well, 2008 was pretty irrational, don’t you agree? Absolutely awesome outcome in retrospect. Did you double-up in another venture?
Thinking something irrational is one thing. Calling something “ugly,” not understanding the local market when you say you do, and going into a series of personal disses is another. It’s still “irrational” to that guy today, surely. It will be “irrational” to that guy moving forward, most likely. So many times he was like, “Well my Monterey Heights neighborhood does this so [for example] Lower Haight is gonna be like this.” bzzzz. wrong-o. And he was always jerk about it.
I never had an investing role in that one. I haven’t had the capital, frankly. That’s going to change this year and I’ll be investing in SFRE in the near future. My opinion of you has changed 180 degrees, and I think you’re one of the most interesting posters on here. You went from quite bearish to somebody who put his money where his mouth is. I wouldn’t mind chopping it up with you. But if you want to know that sort of stuff, take it offline and lob me an email. Too many of these posters Adam has collected about himself are only interested in parsing every little minute detail in order to get a cheap laugh for their like-minded never-will peers.
The list price for 801 Teresita has just been reduced $36,000 (4%), now asking $779,000. Once again, the modern single-family Miraloma Park home was purchased for $950,000 in August 2007.
Sold for 790k.
Geez, how does someone of modest means take a $200,000+ hit like this?