My heart jumped when I came across this new listing in Palo Alto on Friday and I’m so excited that I just have to share it with you. As you may know, Sabrina and I are HUGE Eichler fans, having gone through some extensive remodeling on our own Eichler over the last 5 years. So when I saw 716 Ames Ave, Palo Alto come on the market it was something I had to see immediately.
This is a gold mine of an opportunity! Here we have an all-original Eichler from the 1960s in need of extensive remodeling at an unbelievable price. If we had the means to afford it, I would be making the first offer ASAP. No joke. There is huge upside here!
We’re talking about the mature Los Arboles community of Eichlers, fantastic schools, 7500sf lot, 2100sf living space, in a 4/2 configuration. It’s listed for just under $1.1M* and yes, I know, there may be overbids. Even though I haven’t been in the house yet, I can imagine spending $200k to get everything the way I want it. The neighborhood can easily support a resale of $1.6M or more, just look at this killer Eichler remodel about 5 houses away from this listing. Alternatively, you can just stay there having built a nice cushion of equity for yourself.
The most fun came as I sat in my car talking to the listing agent about some of the details of this home. A silver Porsche Cayenne S pulls up and the “3 tycoons” proceed to jump out of the car – 2 of them with fresh Starbucks coffee in hand and the third, the driver, still on his cell phone. Each of them clean and neatly pressed, with the driver wearing a suit jacket and gold bracelet. I could see it coming. Here we have 3 20-something house flippers coming to check out the newest deal in town. Hilarious!
But these guys are right on target. This is a serious opportunity. Sure it needs a lot of work. Sure there are a lot of uncertainties with a home that has been neglected over time. But if you are a young couple with 2 solid professional Bay Area incomes, and have found yourself watching too many TLC Property Ladder or Flip This/That/or the Other House; then you need to get ready for this house.
You can choose to listen to the news of “doom” about the crashing real estate market, or you can get out there and network with people to find some of the phenomenal opportunities we know are out there — and as always, we would love to hear your feedback!
* The result for 716 Ames Ave, Palo Alto was 13 bids and final price is just a little over $1.4M with a 7-day COE.