You may remember a pair of properties on Pacific that used to spam the heck out of craigslist a few months back. "Possibilities!" and "Build your own MTV Crib" were some of the slogans they used to try to unload them onto unsuspecting buyers.

Thankfully they disappeared for a while, and I assumed they had finally sold--the bigger one had dropped its price by $650,000, after all.

Well. It's back. No price. I think my favorite part of the listing is "Abundant room for 30+ car parking and areas for Bbq's and entertaining with friends"--it is indeed awesome for those parties with 50+ people you're certain to be throwing on a very, very regular basis.

Large Property! Huge Double Lot ! Best Park St. Location! (alameda) (map)

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Reply to: see below
Date: 2008-09-29, 11:34AM PDT


Fantastic Alameda, California Best Trendy Location

Attention Professional's, Contractors etc. build your own MTV's Crib!!!!

I have a unique house in Alameda, @ Park St.The house is walking distance to Alameda's popular cafes, Trendy bars, The Marketplace, Havana, La Pinyata and just about everything.Only 10 minutes drive to San Francisco and any Bay Area destination.

The property is Large and the house is 4+ bedrooms (approx 1833 sqft)with a large formal living room and large formal dining room .High 10ft Ceilings,refinished woodfloors. Downstairs there is (approx 1833 sqft)of space (rooms,2 Bathrooms) Unique Zoning for possible Commercial shop or many uses even build work/live loft etc. Great for owner user business and write off mortgage. What also makes this place special is that it's on an 10877 sqft lot. The lot is half cemented for parking etc. Abundant room for 30+ car parking and areas for Bbq's and entertaining with friends.This is a must see and could be a "one of a kind" place for the right person.

please call 510-575-6099

Update 10/4/08: Marketing hyperbole is one thing, but lying is another. And "Only 10 minutes drive to San Francisco and any Bay Area destination." is a lie. You're lucky if you can get into the city in 25 minutes. And "any Bay Area destination" includes, say, San Jose, which you can only reach in 10 minutes if you're already there. Aren't FSBOs supposed to abide by the same advertising rules as brokers?

Update 10/9/08: This is getting better and better. The last time this orange-cream elephant was on the market, back in July, it had dropped down to $840,000 (from $1,450,000). This round of craigslist posts started off coy, with no price on the listing. Perhaps it was trying the old "if you have to ask, you can't afford it" method. Well, today they dropped that strategy and came out with a brand new price of...

(drum roll)

$975,000.

It also has an agent, Kelly Foreman.

Kelly Foreman | Pacific Sales & Management | kellyforeman@pacificsmi.com | 510-501-2302

2318 Pacific Avenue, Alameda, CA Unique Owner user Property off Park St. Extra Large 10,877 +/- sqft Lot . Flexible "CM" Zoning

4BR/3BA Single Family House offered at $975,000

I don't know whether Ms. Foreman or the owner came up with that brilliant number, but they're both responsible for agreeing to it. How exactly do they expect to fetch $135,000 more than the last unsuccessful price, arrived at after at least three months of successive drops in the middle of the hottest selling season, when the Dow Jones has lost over 2,200 points in less than a week, at least a dozen major financial institutions have failed, Fannie Mae and Freddie Mac have been nationalized, GMAC's rating is under review for a possible downgrade, unemployment is over 6%, and we're entering the slowest selling season for real estate?

MORONS.

Update 12/13/08: Just to drive home (no pun intended, and certainly not two) the point the lot is large and accommodates a lot of cars, here are the photos attached to a recent craigslist post:

Today's craigslist post doesn't beat about the bush. Why rent, indeed, when you can pay more to own a property that's losing value by the day?

$300000 Distress Sale * Short Walk to Shoreline Dr * Why Rent? * Only 3% Down! (alameda)

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Reply to: hous-859914599@craigslist.org ^[?]
Date: 2008-09-29, 12:19PM PDT


LIGHT AND AIRY 2ND FLOOR UNIT WITH ENCLOSED PATIO. SPACIOUS LIVING/DINING. 1 BLOCK TO THE BEACH. CLOSE TO SHOPPING AND TRANSPORTATION. COMMUNITY POOL. LOCK BOX IS ON THE WATER PIPE NEAR THE DRIVEWAY. Please click on the property address to view the full details of this property. If you are pre-approved (no pre-quals please) and not working with an agent, feel free to contact me for a private showing.

$299,000 - 325 KITTY HAWK Unit 206

 

All my best,

Mustafa Afzali, ePro

The unit itself is small and unremarkable, and still way overpriced at $350 / sqft:

2 bedrooms, 1 1/2 bathrooms, 854 sqft, built in 1964

This complex is so close to the beach you can almost see Russia San Francisco from there:

And sure enough, this is a semi-recent overpriced purchase:

Last sale and tax info

Sold 01/27/2004: $290,000

2007 Property Tax: $4,104

Another one bites the dust. Yay

Update 10/29/08: Still on the market, at the same price.

Update 11/1/08: An identically-sized neighbor just closed for $275,000. Why rent!
 

It seems the market has ground to a stop this week, perhaps in reaction to the current crisis on Wall Street. But that hasn't stopped owners on Parfait Lane from advertising their overpriced condos on craigslist.

102 Parfait Lane and 108 Parfait Lane have identical specs:

2 bedrooms, 2 bathrooms, 1,534 sqft, $410 / month HOA dues

Accordingly, they also have near-identical descriptions (and presumably the same amenities for the same $410 / month HOA dues).

102 says "Well-maintained upper unit at Brittany Landing The Bay. Located next to San Francisco Bay there are bay and lagoon walking paths with sweeping San Francisco views. The Harbor Bay Fitness Club is a short walk and Brittany Landing has a lovely pool and hot tub. Spacious open rooms with vaulted ceilings and a balcony off the master bedroom are just a few of its special features"

108 says "beautiful 2 bedroom 2 bathroom condo in brittany landing at the bay in harbor bay, alameda. 1534 sq. ft. newer hardwood floors in entry, kitchen and hallway. gated community with 24 hr. security. swimming pool and spa. carefree living in alameda. available for viewing by appointment only. monday thru friday 9am to 4pm. no weekend viewing. call Ron Palmer at 510-735-4753 for your own personal tour. Prudential California Realty 3320 Grand Ave Oakland, Ca"

102 was purchased almost 20 years ago:

Last sale and tax info

Sold 07/31/1989: $239,000

2007 Property Tax: $4,345

108 was purchased 4 1/2 years ago:

Last sale and tax info

Sold 03/12/2004: $438,000

2007 Property Tax: $5,912

And therein lies the rub for Ron Palmer's listing: 102 is asking for about 9% more than 108's previous purchase price ($480,000), while its neighbor is trying to get a whopping $645,000, a 34% premium over the other unit, which is already arguably overpriced at $313 / sqft with those sizable HOA dues ($4,920 per year that's not going into your roof/flooring/plumbing fund or other property-value-enhancing vehicle).

Another interesting sign of the times is that it took 15 years for $239,000 to grow into $438,000 (a fairly normal 4.125% y-o-y appreciation), but 108's owner has no qualms about expecting the same absolute gains in just four years (a completely unreasonable 10.125% y-o-y appreciation). And 102 claims to be an upper unit, which is arguably better than a ground-floor unit--no amount of flamenco dancing by your neighbors can dislodge your chandeliers or rattle your dentures.

I once heard a house owner deride condo living as a lifestyle sought after by fat retirees wearing big gold chains and half-open Hawaiian shirts. I see it more as a dangerous proposition when near-perfect comps are right under your nose (16 ft away, per Google's walking directions), waiting to strike at your listing with the exact same offerings and a lower price.

In any case, $410 / month sure buys you a lot of Hawaiian shirts. 

Reader D. noticed I didn't cover the property at 1820 Elm Street when it appeared on the market. The main reason I didn't is because I can't find any decent pictures anywhere that I'm allowed to show, and because its MLS(r) listing creeps me out. But in the interest of thoroughness, here goes Freddy Krueger's house.

2 bedrooms, 1 bathroom, 1,056 sqft, 4,550-sqft lot, MLS(r) #40367213, $425,000

Please do not disturb tenants.

The description is engaging: "Please do not disturb tenants." And there's no heat. Sure makes you want to buy it right now. At $402 / sqft in a part of town not particularly reknowned for its loveliness, it's overpriced by a good $50,000, and its laconic listing with no pictures of the inside doesn't help its cause.

There's no significant sale history to discuss, so one has to assume it's a regular ol' sale without all that much at stake. The sellers don't seem too motivated, either, judging by the bare-bones listing. We shall see if anyone picks it up.

The Stonehenge complex in Alameda is a weird but delightful-looking cluster of English-y homes in an enclosed mini-park, complete with high-pitched roofs (sorry, rooves) and cutesy stone paths. It's also a hornet's nest of bad financial decisions, what with unit D being listed below its previous sale price a couple of months ago, and unit B following suit this week. Here are the specs:

2 bedrooms, 1 bathroom, 1,196 sqft, 3,000-sqft lot, MLS(r) #40371081, $569,000

English style home [...] park like setting. Hardwood floors, updated kitchen [...] charm [...] vintage details.

Amusingly, it was purchased just three years ago for $588,000 (note the great street view picture):

Sale History
03/18/2005:	$588,000

Another one bites the dust. Yay.

Update 10/28/08: Down to $499,000. Wowza.

$499000 New Price! ~2Bdrm Storybook Home -by Appt. (alameda) (map)

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Reply to: daveparkrealtor@gmail.com ^[?]
Date: 2008-10-28, 3:35PM PDT


Don't miss this extraordinary two bedroom one bath split level Storybook home designed by Oakland architect Walter W. Dixon. Set in a tranquil courtyard and surrounded by similarly styled storybook homes with gardens and a fountain in the center, each property is truly a work of art.

Call Dave Park,Realtor (510) 710-4345 or visit www.1545BSantaClara.com for more information

A "fantastick" 2-level home near the East End just hit the market. It's small and overpriced, as usual, and has a surfeit of lavatories, per various public records:

2 bedrooms, 5 bathrooms, 1,118 sqft, approx. 3,900-sqft lot, MLS #40371001, $649,000

Charming split level steps from Edison Elementary. [...] vintage details - coved ceilings, [...] pegged random plank wood floors. [...] Dream of a kitchen. Fantastick yard [...]

That works out to $580 / sqft, which is completely out of touch with reality, especially considering it has serious competition from the Fairview house and the Pearl house, which are bigger and cheaper.

Sale history data suggest the owners are trying to get out before the market hits 2003 levels again.

Sale History
05/09/2003:	$456,000
No other sale data is available

Let's see how far down it needs to drop before it sells.

Update 12/11/08: Not that far. Sold to some idiot willing to pay $639,000.

I don't know if someone actually did to a decent CMA, or if the market beat the astronomical odds of having two sellers with a clue list their homes the same week, but we have ourselves an interesting battle of the Craftsman homes brewing.

To my left, the incumbent, listed on 9/19/08, is 1371 Pearl Street, a large Craftsman with the following specs:

3 bedrooms, 1 1/2 bathrooms, 1,691 sqft, 4,920-sqft lot, finished basement(!), MLS(r) #40370464, $599,000

Charming [...] East End. Large living room [...] brick fireplace box beamed ceiling's and inlaid hardwood floors. [...] finished basement perfect for office [...] Deck off master bedroom [...]

No sale history on Zillow and a very low property tax for 2007 suggest it's been owned for a long time.


To my right is 3215 Fairview Avenue, a far-East-End Craftsman with the following specs:

3 bedrooms, 2 bathrooms, 1,665 sqft, approx. 4,790-sqft lot, split level, MLS(r) #40371023, $599,000

[...] craftsman [...] one of Alameda's most sought after neighborhood

The sale history is somewhat recent, but suggests the owner has maneuvering room:

Last sale and tax info

Sold 02/22/2001: $400,000

2007 Property Tax: $5,882

Pearl has a basement and seems to be in beautiful condition judging by the photos on the property site. Fairview has the extreme East End appeal that makes people lose their minds and overbid like crazy.

I don't know which one will sell first, but they're certainly priced somewhat reasonably for this market ($354 / sqft and $360 / sqft, respectively), and directly in competition with one another. My guess would be that Fairview will sell for more money and/or sooner, because of its location.

What is certain is that the fixers in the neighborhood are in for a serious reality check.

In the continuing "maybe it wasn't such a good idea to buy an overpriced property we can't afford" saga, today we (re)introduce 1813 9th Street, a small, unassuming house at the north end of 9th street. The specs are unimpressive:

2 bedrooms, 1 bathroom, 986 sqft, approx. 5,220-sqft lot, MLS(r) #40370885, $375,000

GOOD CURB APPEAL, HARDWOOD FLOORS, [...] WELL-PRICED HOME IN A DESIRABLE AREA.

Good curb appeal and desirable area are all in the eye of the beholder.

I'd personally describe it as "blends in with the elements," which I suppose is curb appeal for the privacy-minded.

At $375,000 ($380 / sqft) it is significantly overpriced, but considerably less so than it was the last time it sold:

Sale History
05/05/2008:	$441,150 *
01/11/2005:	$550,000
10/01/1999:	$215,000
No other sale data is available
* Transaction not included in Zestimate

That's right: somebody paid $558 / sqft for that nondescript little box in a nondescript neighborhood.

I really hope the idiots who approved those loans, and the idiots who signed their names at the bottom, really enjoy the financial ruin they so richly deserve.

Little by little, it seems the market is being reshaped by repossessed/foreclosed houses that were sold for too much money a couple of years ago. Another one of those just hit the market, a little Craftsman at 1107 High Street. The specs:

2 bedrooms, 1 bathroom, 1,071 sqft, 3,430-sqft lot, MLS(r) #40370821, $529,900

Charming Arts & Crafts bungalow [...] original details and some updating. [...] open/ spacious feel. Nicely finished hardwood floors, built-in cabinets. [...] workshop/storage in rear. Don't miss this one.

At $495 / sqft, it's significantly overpriced, but it appears to be close to the foreclosed amount:

Sales History

Sale History & Tax Info

Sale History
07/22/2008:	$544,541 *
09/27/2006:	$615,000
10/03/2000:	$311,000
No other sale data is available
* Transaction not included in Zestimate

You can't blame the bank for trying to make its money back. Oh wait, yes, you can, since they had no business making that loan to begin with. $615,000 for a sub-1,100-sqft bungalow is complete insanity, and $529,900 is not much better.

Update 12/11/08: Sold to another moron for way too much money, $535,000.

This is rich. Jose Cerda-Zein, a local Realtor(tm), wants to do lunch with me and coach me so I (he and I, really) can create a great life for me and my family. To be a more successful real estate agent. To be less negative. Somehow José appears to believe I'm a Realtor(tm). 

Jose Cerda-Zein to me

L. Opine... i have a few questions...

 

1. I am curious are you a REALTOR?

2. What is your name?

3. If you are a Realtor... What is your production level? Spending your time being negative and researching must directly impact your production. I can help you increase your business so you dont have so much time on your hands.  

4. Lets grab lunch Tuesday or Wednesday at noon... We can discuss how I can coach you to become postive and succesful. and together we can create a great life for you and your family... That is what you want... isnt it? We could meet at... Toomies or Linguinis? Which one works for you.

 

Thank you so much for your time and giveing me the opportunity to work with you....  

Here's a question, Jose: what in my 220+ vitriolic posts makes you think I am a Realtor(tm)? Do I sound like a Realtor(tm)? Do I spend my time saying "interest rates are at historic lows" or "it's a buyer's market" or "buy now or be priced out forever" or "it's a great time to buy" or "prices are low" or "we've reached the bottom"? Do I capitalize random words? Do I paint an ever-rosy picture of the real estate market in Alameda?

You don't know me from Adam; I can tell you that we have never met. Yet why do you so readily offer to "coach me" so that you can take credit for the "great life for [me] and [my] family" that you and I will achieve together?
Are you in a cult, Jose? A Scientologist, perhaps?

Maybe you're not in a cult. You're a Realtor(tm). I get those confused.

Thanks for the email and for the laughs.

Real estate agents must use a special dictionary. In mine, a "bargain" is a good deal, a product that can be obtained for less money than other comparable products, or for less than you would normally expect to pay for it in general. A house priced around $800,000 rarely qualifies. Especially with the following specs:

3 bedrooms, 2 1/2 bathrooms, 1,736 sqft, 4,050-sqft lot, MLS(r) #40355249, $799,000, listed 7/10/08

$799000 Bargain 4 Bedroom home in Harbor Bay (alameda)

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Reply to: rliu@hbrinfo.com ^[?]
Date: 2008-09-19, 2:27PM PDT


Sunny southern special floorplan w/High ceiling. Large private backyard. Newer designer paint. Good Size driveway. Close to Shoreline, park, & school. Wider st. attractive move-in condition.

Must See!!

Open House Sun 9/21 2-4 pm
Harbor Bay Realty
Ringo Liu
510.814.4848

Ringo: $460 / sqft is not a bargain. In fact it's arguably too expensive by a factor of 2. And "designer paint" doesn't really cost any more than the odd bucket of Behr.

The sale history is littered with non-arms-length transactions:

Sales History

Sale History & Tax Info

Sale History
06/30/2005:	$150,000 *
04/07/1987:	$204,000 *
No other sale data is available
* Transaction not included in Zestimate

I suspect the listing history will also be littered with price drops.

Update 10/31/08: Indeed. Down to $775,000.

Update 1/10/09: Sold for $750,000. What a STEAL!

Smaller multi-family homes are always a risky bet: they're harder to sell than single-family residences, and any vacancy can mean a 50% drop in your monthly rental income. That's why it's really, really important for any such investment to be cashflow-positive from the get-go, especially in a market with negative appreciation.

Today's "exceptional duplex" is an interesting investment opportunity (postlet is here).

$999000 Exceptional Duplex on a Large Corner Double Lot (alameda) (map)

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Reply to: hous-846571314@craigslist.org ^[?]
Date: 2008-09-18, 9:52PM PDT


1201 Peach Street, Corner of San Jose Avenue

3 bedroom - 2 bath: 1808sqft lower unit

1 bedroom - 1 bath: 1000sqft upper unit


Amenities: breath taking hardwood floors throughout, a very large one car attached garage, large two car detached garage, off street parking for three additional cars, new appliances, washer and dryer included in both units, large double corner lot, beautiful knotty pine "tree house" apartment, separate utilities and much much more.

Click on this link for more pictures and detailed information: http://www.postlets.com/res/1012455

Priced Reduced to $999,000 or best offer!

For more information or to schedule a private showing please call:

Mary - 510-915-1011
or
Dominic Carrion, Agent - 510-717-5076 Liberate Financial Corp.

Also can be seen on www.realtor.com http://www.realtor.com/realestate/alameda-ca-94501-1101448605/ for additional information.

MLS ID #40356443

Check out the awful vintage paneling job cool tree house apartment:


But what is truly exceptional about this property is that it flaunts how cashflow-negative it is on the mother of all real estate sites, the big kahuna, Realtard dot com hisself (screenshot resized and mangled to protect the innocent):

Let's summarize:

If I see another listing touting the merits of a self-indulgent, over-improving kitchen remodel with Terminator appliances for the discriminating chef, I might start using foul language. 

Today's kitchen porn comes courtesy of Angelo Raymundo:

$719000 @@@BEAUTIFUL FERNSIDE TRADITIONAL W/STUNNING KITCHEN REMODEL!@@@ (alameda) (map)

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Reply to: hous-846558723@craigslist.org ^[?]
Date: 2008-09-18, 9:32PM PDT

OPEN HOUSE! SUNDAY, SEPT. 21st, 2-4:30PM

Gorgeous split-level Traditional in lovely Fernside neighborhood of Alameda, with 2 bedrooms and 1.5 baths and almost 1400 square feet of living space! Sophisticated and chic, this historical home boasts formal living and dining rooms, and an exquisitely remodeled kitchen, fit for any chef with discriminating taste; a spacious kitchen featuring VIKING appliances, including a six burner gas stove with double oven, stainless steel refrigerator and dishwasher, Brazilian Koa flooring, and self-closing walnut-stained cabinetry. From the kitchen, walk out onto the deck overlooking an enchanting garden with flowering plants and trees, complete with a fountain that offers the calming sounds of trickling water. And not to forget, the extra room and half bath on the lower level is perfect for office, den, or playroom. Ideally located in desirable East end near shops, parks, and transportation. A lovely home by any standard and one that is not to be missed!

Some highlighted features:

- Split-level 2 bdr / 1.5 bath
- Hardwood floors and carpeting throughout
- Fireplace in livingroom
- Stunningly remodeled kitchen includes:
* Stainless steel Viking appliances
* Brazilian Koa wood floors
* Walnut-stained self-closing cabinetry
* Marble countertops
* Eat-in area
* Access to deck/patio/garden
- Bonus/laundry room in basement
- One car garage with interior access
- Beautiful garden/patio area with shade trees and pond
- Mostly updated electrical, plumbing, and newer roof

For more information or to schedule a private showing, please call Angelo Raymundo with RE/MAX Accord at (510) 435-9543.

Virtual tour: www.3011FERNSIDE.com

Thank you for your interest!

Behold the koa-powered gleam:

I hope the pampered pups who live in this (almost!) 1,400-sqft 2-bedroom house with only 1 1/2 bathrooms but a $80K kitchen and a silly fountain in the yard had fun overimproving, because I doubt many people will enjoy the privilege of spending more money on their cabinets and appliances than the average American couple earns in a whole year for much longer. They might have to spend it on frivolous pursuits like food, education or healthcare instead.

Of course the next sucker buyer isn't just getting a house--they're getting a STUNNING KITCHEN REMODEL!@@@ so they're going to have to drop some serious coinage. $521 / sqft for (almost!) 1,400 sqft, only 2 bedrooms and not even a spare shower in the house? Give me a break. I guess you could always bathe in the pond and rinse under the calming trickle.

The sale history is unsurprising:

Sale History
08/29/2003:	$522,000

A note to the agent: Alameda has enough truly "historic" homes for you not to make up new ones for poetic effect. "Old" does not mean "historic". Look it up next time.

There are a lot of rules regarding what words agents may or may not use, often leading to long and essentially vacuous property descriptions that vaguely say a lot of things and precisely nothing.

One still-licit word that strikes me as dubious at best is desirable. If you search Trulia in Oakland with that keyword, guess where those properties are concentrated? Now think about how the population of Oakland is distributed ethnically, and compare that to the great map on crimespotting.

Desirable. It's the new white?

If you're a regular reader of this blog, you probably know of my loathing of Realtor(tm) marketing copy. I have nothing against sales-y writing in principle--when you have to sell things, you have to write about them. It's the empty cliché-ridden nonsense that gets me.

Today's diamond in the rough is a middling example of copywriting incompetence and agent arrogance.

Original condition but meticulously maintained. One-level [...] Diamond in the rough, and priced right

Now what exactly is a meticulously maintained diamond in the rough? Is it like a moderately old Ming dynasty Dixie cup? A compact luxury Yugo sport-utility limousine?

And no, you're not priced right, mister meticulous diamond. Your original-condition house on the lagoon is a cookie-cutter 60s rancher on a dime-sized lot:

2 bedrooms, 2 bathrooms, 1,307 sqft, 3,390-sqft lot, MLS(r) #40369062, $620,000

And it's on the wrong section of the lagoon.

See?

So $476 / sqft for a house on a lot the size of a motorcycle garage? That might be priced right for your seller, but it's still overpriced.

You know the market is down when you can buy a Victorian duplex for under $500,000. Either that or the house is a wreck. Or maybe both:

Opportunity knocks to restore this Victorian duplex [...] The property needs LOTS of TLC. Upstairs unit is 2 bedroom/1 bath, downstairs is 1 bedroom/1 bath. [...]

1538 Schiller Street, 3 bedrooms, 2 bathrooms, 2,078 sqft, 3,538-sqft lot, MLS(r) #40368892, $499,000

It appears the owners were among many Alameda property owners who had delinquent waste management accounts with the city last summer (pdf). Other than that, there isn't much about this property on the Web.

It was purchased 15 years ago for a tiny amount, and because it takes a while to ruin a property such that it needs "LOTS of TLC" (not just "TLC" or "lots of TLC"--real estate agents are case-sensitive), I'm wondering if it was already a wreck then and has only been minimally maintained (if at all) since that last purchase:

Sale History
08/31/1993:	$85,500

It's hard to imagine how a property in bad shape that cost $499,000 would cash flow as a duplex with only 3 bedrooms, but the savvy real estate investors in Alameda have proved time and time again that cash flow is totally passé, so I suspect somebody will pick this one up in short order.

One of several homes that recently appeared on the market for under half a million dollars, 951 Post Street is an average-spec'ed home on a block filled with some of the most depressing, ugly and urban-sprawly post-war houses in all of Alameda.

3 bedrooms, 1 bathroom, 1,324 sqft, 4,250-sqft lot, MLS(r) #40370111, $495,000

Excellent opportunity to be in Alameda community [...] Cosmetic fixer [...]

This isn't a photo of the house in question, but the whole block looks like this:

It also abortedly abuts Otis Drive. There must have been an outlet into Otis at some point, but now the south end of the road is permanently closed off, so living on that godforsaken block gives you all the traffic noise and none of the convenience afforded by its proximity to Otis.

For some inexplicable reason, though, the house at 984 Post sold for $689,000 in early 2007. I toured that house when it was on the market and thought I would need to order a boatload of Prozac from a Canadian pharmacy from the sheer desolation and boredom that oozed from every square inch of sheetrock.

That said, if you're into sober-to-a-fault 1940s squares, this "cosmetic fixer" can be had for a non-jumbo loan (if you have a down payment; but these days if you don't have one you might as well forget about buying; imagine that!) At $374 / sqft it's a decent start, but you'd have to pay me that much to live there.

The sale history suggests somebody is losing money on the transaction no matter what (the 2006 sale looks like a non-arms-length transaction); at least they had the sense to price the property below $500K.

Sale History
01/31/2006:	$300,000 *
08/05/2004:	$545,000
09/13/1999:	$265,000
06/14/1995:	$195,000
* Transaction not included in Zestimate.

Update 9/25/08: It's a short sale. Who would have thought!

$495000 Opportunity in East End (alameda) (map)

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Reply to: hous-855262067@craigslist.org ^[?]
Date: 2008-09-25, 3:53PM PDT


Excellent opportunity in East End. Cosmetic fixer in need of a vision. 3 bedrooms, 1 bathroom, family room, 2 fireplaces 2 car garage. Short Sale Open Sunday September 28, 2-4 For more information call Claudia 339-4729 @Coldwell Banker

Update 10/13/08: Price dropped to $395,000 (thanks to homeseeker for the tip)

Update 9/5/09: Sold for $395,000 in May, 2009.

This is a tough year for financial institutions. WaMu, Lehman, Merrill, Bear, AIG, Freddie, Fannie, all are in trouble, and some money market funds have broken the buck for the first time ever. Not coincidentally, it seems that the Alameda market is also crossing a threshold: there are quite a few houses priced under half a million dollars on the market right now. Together with tougher lending standards and down payment requirements, this means you can buy a house with an old-school conforming loan under $417,000.

Of course it doesn't mean you should. Prices have a long way to go before they bottom out. But if for some strange reason just just must buy right now, there are some sub-$500K homes to be had.

Individual posts about these homes coming up.

Writing listings isn't hard, but occasionally you'll run into some that have you scratching your head.

$898000 Price big change.Brand New House 5bed/3bath/2pkg,Bay Farm Island (alameda)

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Reply to: summershouses@yahoo.com ^[?]
Date: 2008-09-16, 6:54PM PDT


Price big change. was $950,000 and Now asking:$898,000. This is a brand new, never been lived in home in Bay Farm Island of Alameda. This gorgeous 4 bedroom upper, 1 bedroom on street level, 3 bathroom, 2 car side by side parking garage house is 2,200 square feet, and features new hardwood floors, cascading staircase and high end, new luxury kitchen appliances sure to make any chef happy.

Floor plan includes high vaulted ceilings, large formal dining room and spacious kitchen.
New stainless steal appliances, granite counter tops and pristine hardwood floors.
Master bedroom with large master bath including jet bath, independent shower and dual vanity sink.

You just have to have a house with a price big change and stainless steal appliances.

The house is brand new, so there's no record of it on Zillow or Trulia. The current price big works out to $408 / sqft, which is a bit steep, even with a happy chef in the kitchen and very, very clean residents in the 5 bedrooms using the multiple cleaning devices in the master bath. If it's brand new, the builder might have some room to drop the price a bit (again).

If you build enough additions, what's old can be new again. Today's once-tiny cottage at 2144 Encinal used to be an itty bitty house, but was expanded twice such that its actual square footage isn't displayed anywhere that I found. First the specs:

Public records: 1 bedroom, 1 1/2 bathrooms, 660 sqft, 7000-sqft lot
Listing: 3 bedrooms, 2 1/2 bathrooms, ? sqft, $749,000, MLS(r) #40369591

FABULOUS ALMOST BRAND NEW 3 BED/2.5 BATH HOME [...] REMODELED AND EXPANDED WHILE RETAINING IT'S ORIGINAL HISTORIC CHARACTER. [...] LOTS OF NATURAL LIGHT THROUGHOUT, HARDWOOD FLOORS, CROWN MOLDINGS [...]

(map)

There are so many foreclosures hitting the market this month I'm wondering if we've crossed a threshold where home"owners" aren't even trying anymore and walking away is now the first-resort option.

A duplex at 1828-1830 Buena Vista just appeared on the market with no description in the MLS(r). The publicly available specs:

4 bedrooms, 3 bathrooms, 1,960 sqft, 4,080-sqft lot, 2 units, currently $589,900

I didn't remember the address, but the Google Street View looked very familiar:

Indeed I almost went to its open house in the spring of 2007, noting that this particular building was one of the nicer houses on an otherwise so-so block of Buena Vista. The house was listed at $715,000 in May of last year, and I decided against going because the market just wasn't ready for the kinds of cashflow-positive offers I would have made. And sure enough, a year after it was purchased for way over asking (almost to the day), a foreclosure-like transaction was recorded:

Sales History

Sale History & Tax Info

Sale History
07/28/2008:	$502,181 *
07/26/2007:	$795,000
08/15/2002:	$115,000 *
No other sale data is available
* 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.

The current list price still doesn't cash flow, but it's TWO HUNDRED THOUSAND DOLLARS LESS than the property was purchased for A YEAR AGO.

Let me repeat that.

$200,000.

Less.

Than last year's price.

On a relatively small, unassuming house.

My mind is blown. I think this might be the fastest foreclosure I've written about on this blog. Considering it takes anywhere between 150 and 300 days to complete the process in California, it means the "owner" of this home may have made two or three payments before things went south.

Update 1/10/09: Sold for $510,000. That's more like it.

I remember late 2005 as the time I decided the market was out of control and about to crash hard. Looking back at prices, you do see an inflection point in late 2005-early 2006, with more houses selling for their asking prices (or less), compared to the endless bidding wars we observed in the first part of the decade. Back-of-the-envelope calculations told me prices were inflated by about 100%, i.e. houses were selling for twice what they were really worth in a balanced market where incomes actually sustain the mortgages people are paying. The old 3x earnings rule hasn't applied for a long time in the Bay Area, but we got close to 10-12x at the peak, and now everybody is paying the price for the collective insanity that gripped the state (the nation, and the world--just look at Ireland, Australia, Thailand, Vietnam and Spain).

It turns out that embattled bank Lehman Brothers agrees with me. Except it took them 3 years to come out and say it.

"[The Lehman] base case assumes national home prices drop 32% peak to trough, vs. 18% to date, with California down 50% vs 27% to date."
Ian T. Lowitt, Lehman CFO

From Lehman conference call via Calculated Risk. An excellent analysis of rents, income to debt ratios and related issues is available there as well.

To Alameda real estate agents: spare yourself the embarrassment of company-line drivel like "Alameda is different" and "prices are holding steady." Yes, I am sure you can find the occasional overpriced East End or Fernside house selling at or over asking. So can I. I can also point to dozens if not hundreds of houses selling at a loss and/or below their inflated asking prices--just look through the archives on this blog. 

Here's a question for everyone reading this, especially those of you waiting for the market to drop back to normal before you buy. What are your thoughts on how much prices will fall, and do you have a target date for that elusive "bottom" real estate professionals claim we've reached?

In real estate, it's all about location, location, location. And when your location blows, your sale prospects are grim. This gorgeous, amusingly described "stoic" Italianate Victorian is nestled amidst auto body shops, dilapidated warehouses, graffitied corrugated fences and a number of home-based businesses in the industrial area of Alameda:

Its specs are mouth-watering:

4 bedrooms, 2 bathrooms, 2 stories, 2,183 sqft, 6,750-sqft lot, MLS(r) #40349929

Stoic italianate victorian in mixed use area. [...] office-lower and residential income upper. [...]

The MLS(r) pictures I'm not allowed to show suggest it's in great condition, at least the outside. But not great enough to warrant its current asking price of $695,000 ($318 / sqft), or its previous list price of $719,000 (the price drop occurred in early September, 2008). Certainly not on that block with its dilapidated, train-track-encrusted blacktop.

But it's not clear the owner has much room to budge on the price, given:

Last sale and tax info

Sold 10/04/2006: $650,000

2007 Property Tax: $6,276

Note to "investors": paying $650,000 for a duplex does not make sense, especially when said duplex's location knocks a good 25% off the price of any comp you might be looking at for your CMA.

I'd hate to see this fabulous-looking house on a big lot go to pot, though. Maybe someone can come in, buy the whole block, and raze those businesses to build a latter-day Fernside estate.

It's condo night at the Opine compound. Another example of skillful financial management on boring lovely Otis Drive caught my eye. 2033 Otis Drive, unit B, has the following unappetizing specs:

1 bedroom, 1 bathroom, 741 sqft, built in 1968, MLS(r) #40338934, $299,000

Fully renovated in 2006. Pool view [...] granite counters in kitchen, stainless steel appliances

On the plus side, it's a block away from the hospital lagoon, which is handy when you're in the mood for a lye-and-tonic a bird-watching stroll.

Did I mention it's only $299,000, a mere $404 / sqft? And that there are at least two slightly newer comparable condos, closer to the beach, with none of the traffic you get at the Otis and Willow intersection? They're also considerably closer to the park, and on the market for quite a bit less.

This unit actually started much higher, listed at $370,000 in late April, 2008. It dropped to $350,000 soon after that, in early May, and then again to its current price, $299,000, in mid-June. It hasn't dropped any further since, and I get the feeling it just can't, given its sale history and its full renovation with Terminator appliances and lapidary countertops. It was already listed at a loss back in April, even without counting the renovation.

Last sale and tax info

Sold 04/21/2006: $375,000

2007 Property Tax: $1,148

This unit has been for sale for over 4 1/2 months, and it was listed at just the right time for the fabled "Spring bounce" that took the Alameda market by storm mostly spared Alameda and everywhere else in the country (sales volume down 9.4%, price down 27.3% y-o-y in July for Alameda County, per DataQuick). This is another great development for the market. Let's see how it weathers the end of the selling season and the holiday sneer cheer.

Earlier today I blogged about a condo on Shorepoint Court that's down 33% in real dollars since its last sale. As it turns out, there's competition right across the street, at 965 Shorepoint Court.

1 bedroom, 1 1/2 bathrooms, 773 square feet, $279,000, MLS(r) #40349068

[...] View of pool from both living and bedroom. [...] Very quiet complex. Clean and fresh unit.

The price has been dropped by a measly $10,000 already, and the unit has been on the market for a little over 3 months. It's smaller than its cousin at 960, but offers an extra half bath, for $39,000 more. The view of the pool is pitched as a bonus, but I'm not sure I want to see my HOA meeting cohorts in their Speedos (or hear the shrieks of their divorced spouses' children around the pool every other weekend) from both my living room and bedroom.

This unit was purchased for $239,000 in 2004, and I'll be surprised if they break even after commissions and the next inevitable round of price drops (because $361 / sqft is silly).

Last sale and tax info

Sold 04/27/2004: $239,000

2007 Property Tax: $3,509

It's been a while since I blogged about a condo, and the history on 960 Shorepoint Ct #208 is worth blogging about. The unit itself is not particularly inspiring, other than the fact it's about a block away from the beach and the park.

1 bedroom, 1 bathroom, 798 sqft, built in 1972, $240,000, MLS(r) #817140

This house is situated in a very desirable neighborhood. [...] Must see to appreciate.

A little bird told me the new listing at 517 Taylor, a West-End bungalow on a stretch of tightly huddled-up homes, might be a foreclosure (MLS(r) #40368965). The specs are bleh:

2 bedrooms, 1 bathroom, 1,615 sqft, 3,772-sqft lot, $563,900

(no description as of 9/12/08)

It's a large home for a 2+1 floor plan, but the lot is small (most of them are on that block of Taylor), so $349 / sqft is a bit high, especially considering the last sale amount (presumably the balance of the loan in default that's being foreclosed upon):

Historical home sale price (1):	$324,350
Prior sale date:	Jul 31, 2008

I didn't find any other sale information anywhere. What I did find is that 517 Taylor is or was the address for a flooring business--I doubt the warehouse was there, so it was probably a home-office/administrative address sort of thing.

West Side Flooring 517 Taylor Ave Alameda, CA 94501

Business Summary | Business Detail  Write Review Contact West Side Flooring Phone: (510) 865-6510 Business Profile for West Side Flooring Services: Floors, Flooring & Flooring Contractors

I get the feeling this will be priced around $499,000 before you know it.

Update 11/26/08: Dropped to $519,900.

$519900 BAnk Owned West End bungalow waiting for some TLC (alameda) (map)

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Reply to: hous-935229516@craigslist.org ^[?]
Date: 2008-11-26, 11:18AM PST

Details

Photo Gallery

View Rooms

94501-Alameda (West End)

FOR SALE $519,900

[...]

	Details
	Address: 517 Taylor Type: Residential Style: Single Story Bedrooms: 3 Bathrooms: 2 Suite: No Living Area: 1,615 square feet Year Built: 1915 More Details

	Description
	This is a very spacious home for the price. Kitchen is still in decent shape and has a nice large living room with nice wood detailing. The carpets have been pulled back and it looks like hardwood floor in living room and dining room. Close to the shoreline path. Build some sweat equity in this home and bring it back to its former glory. Close to schools Webster St. shopping district and great multi-use bayview paths. More Description

Brokered and Advertised by Bayside Real Estate LID 2032418

Information is deemed to be correct but not guaranteed.

taylor at 5th   google map   yahoo map

• it's NOT ok to contact this poster with services or other commercial interests

Go REO, go!

$509000 BANK-OWNED-REO- WONDERFUL BAY FARM LOCATION -WOW !!! (alameda)

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Reply to: see below
Date: 2008-09-12, 10:11AM PDT



Click be Bank Owned. A Wonderful Bay Farm Island Location, Well Maintained, Single Level Home, Close to Ferry. Don't Miss This One!! low for more details!

For more photos/details/map for this Property CLICK HERE!

Search East Bay REOs, Short Sales & Foreclosures CLICK HERE

Randy Cohn
Direct: (925) 820-7110
www.go-reo.com

(My emphasis).

An East Bay MLS(r) yelled at me under the DMCA (PDF) for posts they claim infringed on their copyright, in spite of the fair-use doctrine and without specifying anything. They still haven't responded to my requests for details, so as far as I'm concerned they voided their own request. Details and contents of my last email here. Please comment in that thread if you're so inclined.

Another day, another short sale. This Victorian-era duplex on Pacific just came up on the MLS(r) under #40368754. The specs:

4 bedrooms, 2 1/2 baths, 2,704 sqft, 3,750-sqft lot, $599,999

Short Sale, this is as good Opportunity to have ownership on this Duplex, [...] 2 bed 1 bath each unit in very good condition, plus Studio on the attic [...] rented for $800.00 won't last long call me today

It doesn't look like much.

WTF is up w/ those abbrev. posts on MLS(r) sites? Today's listing has "ez acces to parks."

Excellent Home buying opportunity [...] Adorable 1 bed and 1 bath fully detach victorian nestled on a traquil tree line st with ez acces to parks, [...] one of the LOWEST priced homes is Alameda and a great condo alternative on a Huge lot.

This abbreviated listing is for an abbreviated home with the following abbreviated specs:

1 bedroom, 1 bathroom, 888 sqft, 3,750-sqft lot, $276,500, MLS(r) #40368605 and #346373

I remember seeing this mini Vic on the market not that long ago, and indeed it has sold twice over the past 3 1/2 years, not counting its latest run-in with the bank (data courtesy of the excellent Bay Area Sold Homes site):

08/12/2007	2253 Clinton Avenue	$525,000	1	888	1895	Alameda	94501
05/29/2005	2253 Clinton Avenue	$475,000	1	888	1995	Alameda	94501

The earlier transaction made the agent proud:

We sold it for way over asking! Yay us! Of course that was the responsible thing to do, since $475,000 for 888 sqft (a mere $535 / sqft) is such an incredible deal. Things had turned sour a couple of years later, as the property sold for $525,000 (a steal at $591 / sqft) after being listed for $549,000 in late 2006; it didn't sell until August, 2007 (my emphasis):

Open Homes for the Weekend of Oct. 7 and 8, 2006

Written by Alameda Sun    Published: Friday, 06 October 2006

Information on open homes listed below was gathered by the Alameda Sun for the purposes of providing prospective real estate buyers a place to start their search. The Sun does not guarantee the accuracy, timeliness or completeness of the information. To list your property on this page or www.alamedasun.com, call 263-1472. 1437 Morton St. $259,000 Sunday 2-4 1433 Morton St. “B” $315,000 Sunday 2-4 955 Shore Point Court #212 $325,000 Sunday 2-4 2133 Santa Clara Ave. #212 $398,000 Sunday 2-4 1533 Pacific Ave. $450,000 Sunday 2-4 2137 Otis Drive #209 $475,000 Sunday 2-4 1816 Chestnut St. $495,000 Sunday 2-4 1033 Verdemar Drive $520,000 Sunday 1:30-4:30 1033 Verdemar Drive $520,000 Saturday 1:30-4:30 2253 Clinton Ave. $549,000 Sunday 2-4

There are (probably?) length restrictions on MLS(r) listings, and you often see standard abbreviations like "ba" for "bathroom" used to make room for valuable words like "sweet" or "cozy." One thing I hadn't seen yet is the text message version of a listing, as in today's newcomer at 2008 Rosefield Loop (MLS(r) #40368143):

Great community in a gr8 loc. spacious, bright & cozy home on a level court lot. [...] top decorative condition & has an attractive modern layout. Living & dining rm combo w/high ceiling, [...]  enclosed family rm 4 entertaining, stunning laminated wd flr through out.

"gr8"? "4"? Seriously? Never mind you could have spelled out "for" if you hadn't put an extra space in "throughout" and skipped an article or two. I'm no English purist, but this looks completely unprofessional to me.

The house itself is one of those big ugly things on a small lot near Atlantic and Constitution. The specs:

4 bedrooms, 2 1/2 bath, 1,860 sqft, 2,869-sqft lot, $699,880

The freeway-inspired list price comes out to $376 / sqft, which is probably going to be low enough to sell reasonably quickly, although you couldn't pay me enough to live in that nondescript cluster.

Update 11/22/08: Price dropped to $691,880 in late October. That's right. $8,000 off!

Announcement: read about EBRD, Inc.'s DMCA content removal complaint against this blog

A few weeks ago, Alameda agent Pacita Dimacali and I had an interesting exchange about fluffy marketing copy. I wouldn't want to take undue credit for today's let's-call-a-spade-a-spade craigslist post (at least the first paragraph), but I must say it's refreshingly honest about the condition of the property, at least as Alameda real estate listings go. First the specs:

983 Pearl Street, 4 bedrooms, 1 1/2 bathrooms, 1,846 sqft, 4,500-sqft lot

The headline sounds ominous:

It's a bit hard to read, so here are a few selected tidbits:

this must have been a gorgeous home
cracked plaster everywhere
damaged wood trim
$24,295 of Section 1 repairs

Of course the rest of the post is fairly typical NAR-approved lyricism: we're trying to sell a house, here, after all. And considering the vast swathes of truly fantastical old homes scattered all across Alameda, "eye-candy to an architecture buff" is unnecessary hyperbole--frankly, my dear, I don't give a damn about all the samey Spanish/Mediterranean houses in that part of town, and I doubt many people do either, at least in terms of architectural "eye-candy." Pretty, yes. Cute, why not. Inviting, I'll give you that. But "eye-candy to an architecture buff"? Hardly.

There's no sale history on Zillow, so it's likely this poor TUDOR FIXER fell into disrepair at the hands of a long-time owner who's neglected their estate for whatever reason.

And speaking of Zillow, after all the flak the big Z is getting from the real estate industry for their Zestimates(tm), I find it a bit rich that a Zestimate(tm) is not only mentioned in a listing, but ostensibly used to establish a "fair" list price by deducting $50K from that Zestimate(tm). And for what looks like a serious fixer, $648,000 ($350 / sqft) seems a bit high considering how easy it is to spend $150K on a house that size in that condition--which would bring the price up to a risky $430 / sqft.


Update 9/22/08: Speaking of ominous, this seller is using the old threat tactic.

$648000 Last chance to submit offer on Fixer Tudor in east end (alameda) (map)

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Reply to: hous-850633317@craigslist.org ^[?]
Date: 2008-09-22, 9:33AM PDT


Seller reviewing offers Tuesday, Sept. 23 at 1 pm. If you're interested in writing an offer, please let me know or drop it off at our office on 2424 Central Avenue, Alameda by 12 noon.

Update 12/20/08: Sold for $648,000 as is with no credits to the buyer. And so I ask, what the hell?

Update 1/1/09: Sold for $630,000 according to SFGate.

Announcement: read about EBRD, Inc.'s DMCA content removal complaint against this blog

I always get very excited when a Victorian or a Gold Coast house comes on the market. The way I see it, there isn't much point in owning your own home in Alameda unless it's a Victorian (or a really nice Craftsman). So when I saw this new one show up today I thought "Yay! a Gold Coast Victorian!". 1833 San Antonio Avenue, Alameda has the following mouth-watering specs, in addition to a great address and a respectable MLS(r) #40367794:

3 bedrooms, 1 1/2 bathrooms, 2,192 sqft, 4,320-sqft lot (per public records)
4 bedrooms, 2 1/2 bathrooms (per other places I was chastised for mentioning)

Beautiful, spacious home [...] Gold Coast. Granite, stone, marble, custom paint and moldings [...] Pocket doors, formal dining room [...] a home you have to visit the inside to really appreciate. [...]

Then I saw the street view photo. They're not kidding about the "home you have to visit the inside to really appreciate," wonky grammar notwithstanding. What happened to all the siding?

Then I saw the price: $1,175,000, or $536 / sqft, which is way too high.

Then I saw the sale history and did some math.

Last sale and tax info

Sold 03/19/2004: $660,000

2007 Property Tax: $8,48

$660,000 to $1,175,000 in 4 1/2 years represents a rate of appreciation of about 17% y-o-y, every year, since it was last purchased. I realize the owners may have done significant improvements to the place, but nearly doubling the price of a home? Give me a break. If it was such a wreck they did bring it back to life, why on earth did they pay $660,000 for it in the first place?

Update a few hours later: I drove by and confirmed the street view photo. There's no siding on the front of the house, even though there is some on the east side of the house. The bulgy tower seems out of place, even though towers are common in houses from that period; it just looks funny all naked like that without any wood siding, especially compared to two dozen Vics on the same block in full wood siding attire. And if you chance on the photos that just appeared on various MLS(r) sites, which EBRD objects to my posting here, you'll see the inside has essentially zero Victorian character (but a lot of Terminator-clad kitchen toys).

Update 10/26/08: Price dropped to $1,095,000 on 10/22.

Update 2/3/09: It's back.




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This just in--a new "starter" bungalow at 447 Lincoln just appeared. You won't want to miss this one. Sweet, lovely, adorable and cozy. Remember it's a great time to buy--interest rates are at an all-time low, and prices are at historic lows too. You can't time the market. You will find out about the bottom when it is too late.

(excuse me for a moment)

(retching sounds)

A minuscule West End crackerbox on a busy section of Lincoln just showed up on pacunion (no link until EBRD issues are resolved). Known as MLS(r) #40367711, it has the following publicly-available specs:

2 bedrooms, 1 bathroom, 722 sqft, 2,616-sqft lot

Lovely starter [...] renovated interior. [...] parquet flooring. Kitchen is upgraded. Floweing plant in the backyard.

How much for all seven hundred twenty two square feet? A mere $519,000, or $719 / sqft.

(excuse me for a moment)

(maniacal hyena-like laughter)


The seller massively overpaid back in 2006 and is probably trying to find a greater fool to unload their cozy post-war breadbox on:

Last sale and tax info

Sold 03/17/2006: $530,000

2007 Property Tax: $6,895

They've got some serious competition right down the street (bigger, pretty, one more bedroom, $94,000 less).

This one will be fun to watch.

Update 9/10/08: It didn't take long to appear on Craigslist (typo in the address, but I'm pretty sure this is the one) at a lower price with a "short sale" label.

$499000 Lovely Starter Home - 2 Bedroom 1 bath (alameda)

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Reply to: junsayrealestate@yahoo.com ^[?]
Date: 2008-09-10, 12:30PM PDT


477 Lincoln Avenue
Alameda CA 94501
$499k

• Lovely Starter Home
• 2 Bedroom 1 bath
• Parquet wood flooring
• Wood burning fireplace
• Gas Stove
• 1 Car garage
• Living space is 722 sq ft
• Lot size is 2616 sq ft
• Close to Schools
• Clean and bright
• Lots of upgrades
• Short Sale with Lender's approval


$499k

Associate Broker
Josie Junsay GRI, CRS, SBA

(510) 522-1362 OFFICE
(510) 938-5732 CELL
(888) 857-1621 FAX
junsayrealestate@yahoo.com

All information deemed reliable but not guaranteed

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This week's recent sales on SFGate showed a small bungalow I hadn't noticed when it was on the market, 1541 Paru Street. The specs are, ahem, cozy:

1 bedroom, 1 bathroom, 952 sqft, 2,058-sqft lot

thumbnail from Alameda Sun not MLS site (why)

This little house just sold for $355,000, which is encouraging considering the obscene asking prices we've been seeing on other small properties.

What's also encouraging is that it was once listed for $429,000, when it was Alameda Sun's Home of the Week. This means someone lowballed and the seller (get this) accepted the 17%-off bid instead of chasing the market down for months. We need more sellers like that.

The sale history doesn't reveal anything scary, so one hopes everyone's reasonably happy with the transaction.

Sales History

Sale History & Tax Info

Sale History
08/12/2008:	$355,000
04/04/2006:	$267,500
09/30/1992:	$156,000
No other sale data is available

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This property somewhere in the "HEART" of Alameda just appeared on Craigslist.

HANDYMAN SPECIAL CASH _ CHEAP $$ (alameda) (map)

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Reply to: see below
Date: 2008-08-28, 7:27PM PDT


Check out this lovely Victorian Home , in the HEART of Alameda
A MUST SEE, you don't want this one to pass you by !

The inside will blow your socks off !
3 Bed
4 Bed
living area 1.520
Lot size 3.800
Built 1921
CALL LINNARD NOW 510 927-1416

There's no address, no price (other than "CHEAP $$"), and there appear to be 3 bedrooms and 4 bedrooms. It also looks nothing like a house built in 1921. Maybe the poster was impaired when they composed that post.

It doesn't look like much on the outside (the house appears to be listing to the left):

So I don't know whether to take "The inside will blow your socks off !" as an exciting promise or a veiled threat.

Does anybody know where this property might be?

Update 8/29/2008: They're not kidding about the inside. *Shudder*. And I would really like to know who was building Victorians in 1921.

Update 9/5/08: The address is now official, as is the price. I like how the seller is dictating the terms: all cash AND the buyer pays all closing costs. $610,000 for what looks like a smallish (1,520-sqft) fixer-upper with no concessions makes you wonder whether Linnard (or the seller) is truly an idiot or merely a complete moron.

$610000 HANDYMAN SPECIAL CASH _ CHEAP $$ (alameda)

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Reply to: see below
Date: 2008-09-05, 3:20PM PDT

Check out this lovely Victorian Home , in the HEART of Alameda
OPEN HOUSE 1PM --3PM SUNDAY, 09-07-08 A MUST SEE, you don't want this one to pass you by !

The inside will blow your socks off !
4 BATH
4 BED
living area 1.520
Lot size 3.800
Built 1921
CALL LINNARD NOW 510 927-1416
A ALL CASH DEAL, Buyer pays all closeing cost 1228 high street   google map   yahoo map

• it's NOT ok to contact this poster with services or other commercial interests

PostingID: 829124481

The specs don't match the public records at all, but the photo does.

1228 High Street, Alameda, CA

Public Facts:

• Single family
• 2 beds
• 2.0 bath
• 1,718 sqft
• Lot 8,000 sqft
• Built in 1894

Last sale and tax info

Sold 01/31/1989: $249,000

2007 Property Tax: $4,612

Update 9/23/08: Price dropped to $585,000, still with that bizarre requirement of a "cash deal". Do they seriously expect someone to have $585,000 in cash burning a hole in their pocket and to be willing to spend it on their Victorian hovel?

$585000 HANDYMAN SPECIAL CASH / CHEAP (alameda) (map)

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Reply to: hous-851886834@craigslist.org ^[?]
Date: 2008-09-23, 7:31AM PDT


Would you like to own this lovely 1896 Victorian in the heart of Alameda
2 Bedroom
4 Bathroom, One on each floor. Hard wood floors thru out first floor.
Nicely finished rooms in Attic.
New roof spring of 2007,30yr shingle.
Full unit in Basement that could be Rented, A MUST SEE !
House will be sold as is. Out side needs love and some care !!
lot size 8,000 Sq ft House,1,758 Sq ft
A CASH DEAL, CALL LINNARD @(510) 927-1416

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The condos at Crown Harbor are very nice, good sized, and very close to the water. A lot of them have great views, and the whole cluster is sheltered behind a heavy gate that keeps the riff-raff from the nearby Webster Street liquor stores out and the mostly middle-aged and senior residents in. The grounds are vast and very clean, which suggests a whopping monthly HOA fee.

That being said, they've also been grotesquely expensive, and the current market correction is hitting them very hard--they're competing on price with a million full-blown, free-standing Victorian and Craftsman houses.

A large unit on Queens Road recently dropped its price in mid August from its initial $675,000 (or $670,000, depending on where you look), while its smaller cousin had the hardest time selling (I don't know what happened to it; it's off the MLS(r) as of September, 2008). So I thought I'd look under the carpet to see what kind of nastiness lurks beneath. First, the specs:

2 bedrooms, 2.5 bathrooms, 1,816 sqft, townhouse, MLS(r) #40354108, $649,000

The official site describes the unit lyrically:

Lovely Townhouse Nestled Near Alameda Beach.
From your front door turn right, take 189 steps and enjoy bird and marine wildlife, the marina, views of San Francisco, and the shoreline path.
This home in a restful gated community with well-kept grounds and sweeping lawns, enjoys a bay view from the upstairs. With over 1800 square feet per the assessor, the bedroom suites are large, with vaulted ceilings, plenty of light and tree views. The home has been tastefully remodeled with hardwood floors throughout the downstairs, granite counters, cream-colored cabinetry and stainless steel appliances. The patio off the dining room is private with slate tiles and room for planting

The old price still shows, as well as an obviously over-improved bathroom and an ambiguously-worded credit at the bottom (my emphasis):

I don't know if Dianna Wyman is the owner of this particular unit--she's the (co-)owner of the Bayside Real Estate brokerage firm. For her sake, let's hope she doesn't also own our big townhouse, given...

Last sale and tax info

Sold 11/10/2005: $717,000

2007 Property Tax: $6,136

The sad funny thing is that whoever owns this place over-improved in every room, judging by the photos on the site and the description above (which suggests the remodel is the current owner's doing, at least in my reading of it), in addition to massively overpaying for a condo under 2,000 sqft three years ago. The result is a gilded elephant they're never going to be able to sell for close to a breakeven point (not even counting the cost of the remodel).

Update 9/19/08: Down we go, to $625,000. Maybe with a new agent named Belinda Young. The official site still shows the old $670,000 price as of today.

Update 2/6/09: Still on the market, dropped twice three times, to $585,000 $575,000.

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When you can't come up with anything nice to say, keep your mouth shut. Seems the agent for the ugly box (with awnings for fun) at 2241 Buena Vista took that advice to heart: the MLS(r) description is blank. At least I can quote it in its entirety without catching flak from the fellows at EBRD.

The specs:

2x 1-bedroom, 1-bathroom, 650-sqft units (building total 1,302 sqft), built in cheerful 1947, listed at $625,000 (MLS(r) #40358839)

This duplex is a particularly fine example of post-war architectural extravagance (it's the one in the middle):

Google's Street View van got a lucky shot of an almost period beater parked in front.

My guess is that a 650-sqft 1+1 apartment would rent for about $1,000, if that. The mortgage would be somewhere around $3,200 assuming 20% down and a 6.5% interest rate, to which you might want to add $600 for property tax, $600 set aside for maintenance, plus the $300 or so you could be earning every month on the $125,000 you put down to buy this investment property, adding up to about $56,000 in fixed costs and shortfall per year.

$56,000 out (in the best-case, no-emergency scenario), $24,000 in (in the best-case, full-occupancy scenario). This means you need to pay $2,700 a month for the privilege of owning this truly lovely investment building. And you have to live somewhere else, since both units are spoken for lest you might lose even more money.

What an INCREDIBLE DEAL.

The sale history on Zillow only shows an abnormally low transaction in 1999:

Last sale and tax info

Sold 12/29/1999: $57,500 *

2007 Property Tax: $3,213

* Transaction not included in Zestimate.

The price was just dropped from $649,000 to $625,000 a couple of days ago, after 40-some days on the market. At this rate, it'll take a year and a half of price drops before the numbers start making any kind of sense.

Update 10/12/08: Price dropped to $585,000 a couple of days ago.



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Today's craigslist post is rather unremarkable. First the publicly available specs:

3 bedrooms, 2 bathrooms, 1,385 sqft, 5,152-sqft lot, $649,500 ($469 / sqft)

$649500 SINGLE LEVEL, EASY LIVING MEDITERRANEAN (alameda) (map)

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Reply to: hous-827372508@craigslist.org ^[?]
Date: 2008-09-04, 1:27PM PDT


Great single level, easy living Mediterranean in Alameda's Bay Farm area. 3 bedrooms, 2 baths, newly painted interior, eat-in kitchen, wood floors, updated light fixtures, 2-car garage, large patio. Close to shops, restaurants, excellent schools, parks, golf, tennis, fitness club. Convenient commute, or use bus, BART, and ferry service to S.F.

1017 HOLLY STREET at Mecartney

The large house at 2824 Santa Clara was on craigslist a few months ago, described as an "executive home" if memory serves. I'm not sure what that means other than a euphemism for "around $1M." It's now back on various real estate sites with a shiny new MLS(r) number, 40366628 (no link until EBRD issues are resolved). First, the publicly-available specs:

2 or 3 bedrooms (depending on where you look), 2 bathrooms, 2,082 sqft, 6,656-sqft lot, $990,000

From Zillow:

This elegant and stately split-level traditional is located in highly coveted Fernside. Features include arched entryways, vaulted ceiling in lvg rm/great rm, formal dining rm, and a landscaped back yd. An additional bonus room and bedroom may be used as rec/rumpus room or guest quarters

This property threatened to come on the market back in March via semi-cryptic craigslist posts. It's finally made it onto craigslist again, with few details. The address isn't given, but my sources tell me it is located at 1025 San Antonio. The listing is still a little coy (see bold passages below; my emphasis):

$799000 "Gold Coast" Craftsman on the Island of Alameda! (alameda) (map)

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Reply to: nick.falconio@prurealty.com ^[?]
Date: 2008-09-02, 9:53PM PDT

This is a rare opportunity to purchase a beautiful Craftman home in one of the most desirable areas in the East Bay - before it is offered to the general public! This home is on a beautiful tree-lined street and is comprised of four bedrooms, two baths, refinished hardwood floors, original paneling and wainscoating, tiled fireplace, built in buffet and may other original details. There is an attached one car garage w/bonus room above! Outside is a delightful rear garden area with potting shed and patio. If you're looking to own a home on Alameda's Gold Coast, don't miss this opportunity!

I am offering this home first to buyers who ARE NOT being represented by a real estate agent, and who are pre-approved by a lender. Please contact me directly for a private showing before I offer the home to the general public. I can be reached at (510)986-2008

Nick Flaconio,Realtor
Prudential California Realty
nick.falconio@prurealty.com

Aside from spelling his own last name two different ways, Nick is very cagey about this house and not telling you where exactly it is. I think it's the brown Craftsman next to the Greek revival compound extraordinaire (drool) below:

There's no sale history on Zillow, so one assumes the house has been in the same family for a long time and might even be owned outright. You can't beat the location, and (assuming I have the right house) the following specs make it competitive, at $339 / sqft:

Another adorable bungalow on Bungalow Boulevard! It feels like the whole adorable street is being sold off this year. This little guy at 3259 Sterling has the following publicly-available specs (MLS(r) #40366431; no link until EBRD issues are resolved):

2 bedrooms, 1 bathroom, 1,073 sqft, 3,422 sqft lot, $562,000

Adorable bungalow on picutesque Sterling Ave. [...] Craftsman with tons of original detail [...] Updated kitchen and bath, [...] Perfect location on cozy street [...]

Now the street is "picutesque." That must mean "so cute you are compelled to take photos." But at least they didn't use the word "sweet."

At $562,000, it's right in the middle of the other two bungalows on Sterling, but it's quite a bit smaller (the other two are both 1,194 sqft, or 10% larger), and at $524 / sqft it's just way too expensive. I would personally price it at $499,000 and sell it in one weekend, but then, I'm not the owner. Neither would I buy it, even at that price, but that's beside the point--it's just overpriced by about $120 / sqft. Drop it to $440,000 and you might just get rid of it.

Nothing special about its sale history:

Last sale and tax info

Sold 12/24/2001: $384,000

2007 Property Tax: $5,512

My main beef (other than the amount itself) is that the $562,000 price means a 7% y-o-y appreciation, and that's just greedy. You should have sold it 2 years ago.

Update 11/7/08: Sold for $570,000.



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