Truly lovely--152 Santa Clara Avenue, Alameda, CA
Reader BigDot asked about 152 Santa Clara (MLS(r) #40352991), a property that completely went by me when it first appeared on the market in late June, so here's what I found. First, the publicly available specs:
How much is loveliness? A mere $850,000, or $779 / sqft.
There's nothing obvious in the sale history to justify such an obscenely high asking price--it was last purchased for under $450,000, so unless the sellers put in $400,000 worth of improvements (and it would take a rare brand of idiocy to spend $400K to improve a tiny bungalow in the ugly West End that's barely even worth that much to begin with) it's probably just another delusional asking price:
Update 9/25/08 (thanks D. for the tip): Price dropped to a still-too-high $749,000.
Update 10/6/08: Relisted as MLS #40373840 at $675,000. Psst, morons: this house has no business being a penny over $400,000.
Update 11/3/08: Relisted as MLS #40379085 at $625,000. This is called "chasing the market down" and it rarely ends well.
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3 bedrooms, 1 bathroom, 1,091 sqft, 6,204 sqft lot, built in 1945
Magnificent gardens [...] charming Cape Cod Bungalow nestled on a 6,204 sq.ft. lot; [...] lovely large studio [...] pond with waterfall [...] updated kitchen, bath, fireplace, dual pane windows, high ceilings it is truly lovely
How much is loveliness? A mere $850,000, or $779 / sqft.
There's nothing obvious in the sale history to justify such an obscenely high asking price--it was last purchased for under $450,000, so unless the sellers put in $400,000 worth of improvements (and it would take a rare brand of idiocy to spend $400K to improve a tiny bungalow in the ugly West End that's barely even worth that much to begin with) it's probably just another delusional asking price:
Watch for considerable price drops or relists on this truly lovely bungalow, because at $850,000, it ain't going nowhere. For the record, $850,000 gets you a nice 2-story Victorian in the East End that's over twice as big as this.Last sale and tax info
- Sold 08/20/2002: $433,000
- 2007 Property Tax: $5,925
Update 9/25/08 (thanks D. for the tip): Price dropped to a still-too-high $749,000.
Update 10/6/08: Relisted as MLS #40373840 at $675,000. Psst, morons: this house has no business being a penny over $400,000.
Update 11/3/08: Relisted as MLS #40379085 at $625,000. This is called "chasing the market down" and it rarely ends well.
Announcement: read about EBRD, Inc.'s DMCA content removal complaint against this blog
Thanks for responding. I am genuinely baffled by this listing. When I saw it initially, I thought it might actually be two small homes on a large lot, which would make for a strange oversight in the listing (!), I know, but I couldn't help trying to rationalize it. And there's another small house right next to this one, so there's no privacy gained with the large lot. I guess it's like the $10 glass of lemonade -- you only have to sell it once.
You were spot on with the "relist." It got relisted today for $675,000. What are we looking at now -- a $251,000 price drop since it's first time on the market? Talk about chasing the market! If that were my agent -- I'd immediately fire them. Ridiculous if you ask me.