Thursday, September 07, 2006

Mill Valley "Heart Throb"

Little city farms heart throb on approx. 1/4 acre flat, private, fenced lot. 1 bd, 1 ba home w/brick f/p in living room & attached 1-car garage plus serene separate un-permitted cottage has sleeping loft with view.
This 1 br 1 ba, 856 sq ft, built 1948 POS truly exists in fantasy land given that the asking price is $1,100,000. That's $1285/sq ft! So leave your brain behind and bring just your throbbing heart and a fat stack of cash for this Mill Valley joke.

Below is a shot of that un-permitted "cottage". But isn't the main "house" a cottage? If so, then this is really a glorified shack:

Thanks go out to the reader who brought this POS to my attention.


Anonymous Anonymous said...

And yet another proud candidate for your blog today. My favorite Mill Valley POS is back on the market after many months of stagnating on the MLS and then Craigs List... See MLS number 20632593. 2 BR, 1BA right (and I mean right) on Shoreline Hwy, on a whopping 5400 s.f. sloped lot, square feet suspiciously missing from the listing, and ever so conveniently close to the 7-11 across the street. My bet is that it's always nice and bright in the house (even at night, due to the flourescent craziness from the 7-11). Nice chance to watch the regular robberies there right up close! And, amazingly, they STILL ask $675,000!!! No reduction since last year! Gee, maybe I'll just offer full price right now before someone snatches this one right up!...

September 07, 2006 6:41 PM  
Blogger Marinite said...

Cool. I wondered what happened to this one. I was certain it couldn't have sold.

September 07, 2006 7:16 PM  
Anonymous Anonymous said...

They started offering this drive by dream for 745K around xmas '05. I walk a lot in this 'hood and collect the flyers and I'm looking at one from Feb. '06 that sez "amazing price reduction!" to 699k. If they got real and took what had to have been one at least one of the low ball offers of 500k this tiny place would be sold by now. But no, this is Marin, heck you can go surfing just up the highway, and then run up to tahoe and ski four hours later!

September 07, 2006 8:26 PM  
Blogger Marinite said...

anon -

Excellent. It turns out that this yellow MV turd on Shoreline is an obvious flip. I am working on another post on Marin flippers and this one will be featured top and center (instead of reposting it here on this blog).

Do you have any clue about roughly how much they paid for the "upgrades"? Any guess? That would help me figure out if they are breaking even or looking at a loss.


September 08, 2006 10:41 AM  
Anonymous Omniscientfool said...

1st time poster, loving the WS. There is a nice little corner lot "farm house" in Sausalito right next to Martin Luther King Park (which if you know the area is closer to Marin City then it is Sausalito proper and compossed of mostly apts and junkier townhomes).

This little piece of heaven just had a halfassed slap of paint thrown on it, with some nice blue accent (with the white undercoat still clearly visable over the 45 different coats of paint that have slopped onto the vitage windows over the past 60+ years). The small law is in fact a lovely "orchard" of ragtag fruit trees, overgrown scrubs and a rickety chainlink fence. There is also a old wooden boat which has been turned into a Gazebo that looks to be similar in size to the main house living area.

The 2 story house itself is a massive 900sq' with 2bedrooms and a bath and the bottom level is devoted to the garage. In any instance the entire structure is quite small.

Look for this amazing steal to hit the market in a couple of weeks for a tasty $899,000.

September 08, 2006 3:24 PM  
Blogger addamillion said...

There are a relatively few agents in Marin, maybe the top 10%, who are making the big $$$. There are hundreds that are wannabes. Many of these are doing the flips, either by owning the properties directly, or indirectly by teaming up with a builder or stager.

One of the advantages the B player agents bring to the deal is contributing half of the commission on the sale.

This can be a big number. If the total profit on the flip is $50K, half of the commission could easily be $25K. Plus, the agents often get to see houses before they go on the MLS, so they can cherry-pick the best deals. This is against their code of ethics (ha!) but they can get around this by teaming up with a non-agent who takes title in their name.

If you, like me, are fed up with the agents gaming the real estate market, many of the agent flippers will actually lose money as the market continues to cool and they're left with flips that have lost the profit.

September 09, 2006 9:09 AM  
Blogger Curt said...

Is that "cottage" a one or two holer?

October 06, 2006 5:57 AM  

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