[Deal of the week] Eichler Fixer-Upper in Sunnyvale, $849k

Who is waiting for the best fixer-upper opportunity in Sunnyvale?  Here is a rare chance to get into a Sunnyvale Eichler in one of the best neighborhoods for a very entry-level price.  The home needs work, hence “fixer-upper”, but this home screams “potential”!  Picture yourself sipping a martini and listing to the soft samba of Bossa Nova jazz while you relax in your mid-century modern Eames chair — amazing.

Details:
759 Pear Ave, Sunnyvale CA  94087
MLS # 817376  (Sold for $908K)
4 Bedrooms, 2 Bathrooms
41 years old
1853sf living space
6732sf lot

Why is it a good deal?
Eichler homes on Pear and Brookline are rare and do not come on the market very often.  There was a sale last month (802 Pear) of 12800 sqft lot with 2008 sqft home for $1.125M, so that gives you an idea of this neighborhood.  The opportunity to buy an original condition Eichler is also rare, so here is your chance to put your own design tastes into the new remodel instead of buying what someone else has done.  It is a desirable Atrium model with 2 car garage (instead of the carport).  Lastly, the schools are a really good place to grow up — Cumberland Elementary (API 901), Sunnyvale Middle (API 797), and Homestead High (API 858).

What is the risk?
I hope that multiple offers don’t scare you because this home is likely to see that scenario.  It does have one side that borders the Eichler townhomes, but since they are the same architecture you may not notice.  It is also probably the smallest model home and smallest lot size Eichler on the whole street.  Resale will always be lower than other homes, but on the other hand you are living among wealthier neighbors!  This home is in rough condition so sticking to your remodeling budget is key — this home needs floors, paint, 2 bathrooms, kitchen with appliances, and then there is what you want to do with the landscaping.  I’m sure it needs termite repair work and who knows if it needs to update the radiant heating system, electrical panel, or roof work but you will find out after you did the inspections.

Who is the best buyer?
You need to like modern homes, clean architecture, and minimalism.  You also need to have a vision for what you want to create and a budget to get you there.  This is a great family oriented neighborhood with good schools all the way through High School.  I see this going to an adventurous couple getting ready to DIY remodel before starting a family.  If you are ready to commit $100k-$150k for a high-end remodel, then you will have a fantastic home that will serve you and your family for many many years.

We live in an Eichler in San Jose for 6+ years and remodeled our own home inside and out by ourselves so we are confident that we can help you along the way.  We would love to help you become homeowners of Eichler.

-mark

[Deal of the week] Cottage in Willow Glen, $499k

1131dean
This week we have a REO (bank-owned foreclosure) in Willow Glen. It is a
small cottage-style home located just a short walk away from downtown
Willow Glen’s Lincoln Avenue. Sure, this home is small, but for a
starter home close to a quaint downtown, it’s a great deal!

Details:

1131 Dean Ave, San Jose CA 95125

MLS # 813620 (Sold for $530K)
2 Bedrooms, 1.5 Bathrooms
70 years old
1130sf living space
3700sf lot

Why is it a good deal?

Willow Glen single family detached home for under $500k — what else
do I need to say?! Interesting home with a lot of character and charm
of post-war homes that are well crafted. It has a detached studio room
in the back that has electricity and water so it would make a great
photographers/artists studio. There is a small cellar space convenient
for wine storage or converted into an active wine cellar. Just putting
in $50k in upgrades will easily give $100k in equity. This home sold
for $630k just 18 months ago even in its current condition! Someone
should be jumping on this!

What is the risk?

Inspections inspections inspections! And when you’re done with the
inspections, reports reports reports. Nobody wants to buy a bunch of
bad surprises. Roof and foundation would be the primary concerns. I
know the electrical looks outdated and an upgrade should be in your
budget. The floor plan is a little odd so the buyer may want to have a
plan for making the entire space more functional. The small lot size
and limited living space will always be a restriction for this home
reaching breakout price levels when resold.

Who is the best buyer?

This is good for a young couple or single buyer who want to get a
start on the home-ownership ladder. Since it is a very old home, it may
require maintenance and upgrades beyond what a younger home might need
— so I recommend the buyer be DIY handy or have good friends who like
being “weekend warriors.” This is a very livable home right now, but I
believe the buyer for this home should be someone who is looking for a
“fixer upper”.

Sound interesting — call me.

-mark