95% off--221 Carson Street, Hercules, CA
This is the first, and undoubtedly the last, non-Alameda property on this blog, but I simply could not pass up an opportunity to share this story.
You may remember the "possibilities!" property on Pacific that was spamming the heck out of craigslist last Spring. It dropped its price repeatedly until the combined drops added up to $650,000, starting from $1.45M. The big house on Hawthorne started out in the mid-$2M range and was last seen begging for backup offers at $1.9M.
Well, I just ran into a property whose current price is $800,100 less than its purchase price in 2002. The best part is that its 2002 price was $850,000.
You read that right. 221 Carson Street in Hercules (MLS(r) #40292664) is now listed for $49,900. It's no postage stamp, either:
The photos on various MLS(r) sites don't reveal any fire damage or anything obviously wrong. For all I know it was some crystal meth kingpin's main lab for years, or it slid down some hillside during a wintry mudslide and came to rest 100 feet away from where it's supposed to be. Something must be seriously wrong with this property, but what in the world would cause a 94% loss in value in 6 years (other than being in Hercules, but it's always been in Hercules, so that doesn't count)??!?
The sale history is edifying:
And the price drop history is sobering:
I guess not:
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You may remember the "possibilities!" property on Pacific that was spamming the heck out of craigslist last Spring. It dropped its price repeatedly until the combined drops added up to $650,000, starting from $1.45M. The big house on Hawthorne started out in the mid-$2M range and was last seen begging for backup offers at $1.9M.
Well, I just ran into a property whose current price is $800,100 less than its purchase price in 2002. The best part is that its 2002 price was $850,000.
You read that right. 221 Carson Street in Hercules (MLS(r) #40292664) is now listed for $49,900. It's no postage stamp, either:
4 bedrooms, 3 bathrooms, 2,171 sqft, approx. 7,800 sqft lot, built in 1989, listed in late August, 2007
PRICE REDUCED! [...] NEEDS MAJOR WORK! GREAT FOR AN SOILS ENGINEER AND/OR DRAINAGE CONTRACTOR. REQUEST[...] ADDITIONAL INFORMATION, PLEASE DO NOT CALL UNTIL YOU HAVE [...] REVEIWED THE INFORMATION.
The photos on various MLS(r) sites don't reveal any fire damage or anything obviously wrong. For all I know it was some crystal meth kingpin's main lab for years, or it slid down some hillside during a wintry mudslide and came to rest 100 feet away from where it's supposed to be. Something must be seriously wrong with this property, but what in the world would cause a 94% loss in value in 6 years (other than being in Hercules, but it's always been in Hercules, so that doesn't count)??!?The sale history is edifying:
Sales History
Sale History & Tax Info Sale History 06/04/2007: $468,948 * 04/29/2003: $396,500 * 05/21/2002: $850,000 * No other sale data is available * Transaction not included in Zestimate. This transaction was not used in computing the Zestimate for this house due to anomalies we detected with this transaction. These anomalies can include unusual document or transaction types, sales between possibly related parties, unusually high or low transaction prices, or other data irregularities that might indicate the transaction is not a full-value, arms-length transaction.
And the price drop history is sobering:
Listed at $579,000 on 8/23/07Not surprisingly, it's a foreclosure and might even be fully REO by now, which begs the question: why not have someone tear it down, let them keep the materials as their payment (copper is expensive), and try to resell the plot of land? Surely 8,000 sqft in the Bay Area should be worth a little more than $49,900?
Dropped from $579,000 to $539,500 on 10/04/07
Dropped from $539,500 to $99,900 on 4/22/08
Dropped from $99,900 to $49,900 on 8/2/08
I guess not:
citizenlen said:
citizenlen said:
Just wanted to add: NO insurance will cover you if you purchase this house. I’m sure the home insurance for the entire neighborhood has skyrocketed.
Maybe the black and tan swathes behind and to the left are geological scars from a landslide that occurred not long ago?
Land measurement and evaluation of inclinometer and ground water data obtained from piezometer and horizontal drains are an integral part of conducting landslide monitoring and repair. A recent example is the Carson Street Landslide in Hercules, California. (PDF)
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Major TLC is an understatement. The house is about to be swallowed up by the hill just like it’s neighbor which is completely demolished. The house on the right has been abandon as well because of the landslide. The whole block is a major natural disaster waiting to happen. A $200-300k construction loan won’t even cover the geological engineer and workers hired to fix this mess.