Bay Area

[Mike_]

http://www.redfin.com/CA/Millbrae/135-Linda-Vis-94030/home/2050235

135 LINDA Vis Millbrae, CA 94030

List: $1,350,000

Beds:	3
Baths:	2.5
Sq. Ft.:	1,680
$/Sq. Ft.:	$804
Lot Size:	5,130 Sq. Ft.

let's count the ways this listng is over priced!

• listed $/sqft = $804.
  $804 is the highest $/sqft out of 18 houses in millbrae. next highest $/sqft is $650/sqft. this listng  is 24% higher.
  average $/sqft is $496/sqft. this listing is 62% higher than the average $/sqft.
• listed price is $1.35M for 1680sqft
  this is the 2nd highest listing in millbrae:the other listings are all over 2400sqft. this one is 1700sqft.
  for a lesser price you can get an extra 700-1700 sqft, an extra 1-2 bedrooms and an extra 0.5 to 1.5 bathrooms.
• and last but not least, it's right beside 280 so be sure to stock up on asthma inhalers at costco!

i wonder how they got a listing price of $1.35M?

let's see...

Property History for 135 LINDA Vis

Date Event Price Appreciation Source  

Jan 30, 2012	Listed (Active)	$1,350,000	--	MLSListings #81203587
Apr 13, 2011	Delisted	*	--	Inactive San Francisco MLS #2
Apr 13, 2011	- Delisted (Temporarily Withdrawn)	--	--	Inactive MLSListings #3
Oct 18, 2010	- Listed (Active)	*	--	Inactive MLSListings #3
Oct 18, 2010	Listed (Active)	*	--	Inactive San Francisco MLS #2
Aug 04, 2006	Sold (Public Records)	$899,000	--	Public Records

bought for $900k in 2006. interesting...

$1.35M/$900k = 1.5 for a nice round number of 50% appreciation.

remember future sellers, a simple strategy to price your house is to completely ignore the current market,  add 50% to your purhcase price (when you bought at the absolutely peak). this GUARANTEES!! a 50% return!

[newbiehere]

You left out the fact that it was built brand new in 2010. Thats what a cursory read of the listing indicates. So the 2006 price might have been a land only/fixer upper price.

Not saying that justifies the list prce. But perhaps goes a long way to explain the gap between 2006 purchase price and today's list price.

[norcalnative]

Buddy just did a tear down full custom high end build - not far from there his cost was over $800 a square foot too. New build or MAJOR rebuild will command that type of price just from the stand point of labor - permits and materials.

[malkito]

Also it's 4x2 2256 sqft.  Still $600/sqft.  But for a turnkey house maybe that's not so bad.

For every delusional buyer who tries to sell a house at an inflated price there's a delusional buyer who thinks he's going to get a nice house in a nice neighborhood for $400k.  Neither have anything to do with future prices.

[my_acaba]

This one has seen a major remodel just by looking at the 2006 listing pictures:

http://www.redfin.com/CA/Millbrae/135-Linda-Vis-94030/home/2050235/mlsListings-80638361

450K difference between purchase and current listing price; explains the 50% diff.  Remodel likely cost less than 450k, but a man has to make his profit for the risk and investment!

Just saying..

[Mike_]

listing won't sell at their asking price. doesn't matter that they remodelled. it's too high.

[ptiemann]

That agent did not pay attention when creating the listing?

Public facts say "2256 sqft, built in 2010"

Listing says "1680 sqft, built in 1946"

Someone ought to give the seller a heads-up. Usually it's the other way round.. assessor has old data, MLS has the new data.

[elt1]

It is a new house with 2256sf. So Mike's whole analysis is meaningless. Let's see what it sells for.

[Mike_]

elt, it won't sell for list.

[newbiehere]

Mike,

Saying it wont sell for list is a very different position than your first post which showed it being overpriced by 50% or more.

In your defense your original post was based on incorrect info - 1600 sqft old house, versus 2200sqft new house. But would have been nice of you to acknowledge the findings that myself and others posted on the thread explaining the large gap.

Yes so it may not sell for list, but neither will it sell for below 2006 peak - which is what you had implied it should sell for having ignored the changes in the house.