White Castle--2063 Whitehall Place, Alameda, CA

As time goes on, I would expect to see more distressed sales from recent purchases (2005 and newer), and fewer from older transactions, at least based on the ARM reset schedule as I understand it. Interestingly, though, I've been seeing a lot of properties coming on the market in various degrees of avowed or suspected distress that were sold in the first half of the 2000s, so one has to assume the first wave hasn't completely crashed yet.

Today's craigslist post is one of those. 2 bedrooms, 2 1/2 bathrooms, 1,550 sqft, $385,000 ($248 / sqft).

$385000 JUST ON MARKET -SHORT SALE-FABULOUS 2BD,2.5BA TOWNHOUSE NEAR SSHORE (alameda) (map)

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Reply to: rnied@apr.com ^[?]

Date: 2008-08-30, 10:00AM PDT

This fabulous 2Bd/2.5Ba Townhouse is located in a prime location within walking distance to Alameda Town Centre with Trader Joe's, TJ Max, Starbucks and close to the beach. This sunny unit has 2 master bedroom suites, high vaulted ceilings, spacious open floor plan, fireplace in living room, carpeted throughout, 2 car garage, private patio and shared pool. A similar unit sold in July of 2008 for $492,500! Take advantage of this short sale. Call and set up a viewing appointment with Rose Nied, Alain Pinel Realtors, (510) 530-7011. (No photos yet. DO NOT DISTURB OCCUPANT. All terms and conditions are subject to the lender).

2063 at Whtehall Pl

The "2 master bedroom suites" makes me think someone went a little crazy self-indulgent with a HELOC-funded remodel (but I don't know that for a fact). This might be borne out by the short-sale price of $385,000, which one assumes should be just enough to cover the amount owed, given the sale history--it seems as though the original $300,000 sale price (which in a reasonable market should mean a $240,000 loan balance) has grown a beer belly:

Sale History
08/01/2000:	$300,000
11/07/1996:	$165,000

This is good news for those of us waiting for a return to sanity in the market, as there appears to be a large supply of comp-resetters available for the foreseeable future. I have the feeling we won't see any significant tightening of the market until around 2011. We'll have run through the bulk of the distressed inventory, and because sales volume started dropping severely in 2007, there should be a relative paucity of new listings coming on the market then (compared to today), contributing to reduced supply. We shall see.

Update 10/25/08: Still on the market, at the same price of $385,000. Looks like the agent has done some advance work (emphasis mine):

FABULOUS Condo! Close to Everything-Town Center-Great Shopping Trader Joes, TJ Max, Starbuck. Walking distance to Beach. Vaulted Clgs, 2 Mstr Ste., Open Floor Plan, Frpl, Spacious/Sunny. Private Garden. Shared Pool. Really nice. Rencent Comp July of '08 $492,500. This is a short sale-I have been in contact with bank and they are willing to move quickly on this. Don't miss this opportunity--great space, great price...Make it your next home!

For more information or showings call: Rose Nied, Alain Pinel Realtor, (510) 530 7011

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