78% in 4 years--1833 San Antonio Avenue, Alameda, CA
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:
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.
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.
Announcement: read about EBRD, Inc.'s DMCA content removal complaint against this blog
3 bedrooms, 1 1/2 bathrooms, 2,192 sqft, 4,320-sqft lot (per public records)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?
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 price: $1,175,000, or $536 / sqft, which is way too high.Then I saw the sale history and did some math.
$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?Last sale and tax info
- Sold 03/19/2004: $660,000
- 2007 Property Tax: $8,48
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.
Announcement: read about EBRD, Inc.'s DMCA content removal complaint against this blog
This house is NOT in the Gold Coast. It's on the wrong side of Grand. That makes the price even more ridiculous.
So it is.
What's up with this house anyway? I think a drive-by is in order.
I just saw the photos on an MLS site. What a shame. You're right. This house can no longer be classified as a "Victorian." It looks like a what I call a "Frankenstein" house with tract-home kitchen and bath. My guess is the price is so outrageously high because the owner borrowed against the property when times were good and now is trying to recoup his money. Good luck with that!
Owner took 60K in HELOC, you can bet that's all they put into it.
So the $500K+ appreciation is for what? A reward for not damaging the property?
I don't understand sellers' pricing strategies.
As an Alameda resident of 38 years, I’ve been to many open houses on the Main Island. I went to go tour this house on Sunday, and I thought it was absolutely beautiful. It’s definitely worth the money – I would rather purchase this property, than pay 1 mil + for another Victorian that needs an additional 200K loan for remodeling.
Lo Gram, welcome to the blog. Is it *really* worth $1,150,000, though? I can think of a lot of fantastic, bigger homes that either sold for well under $1M or went off the market after failing to sell, in great locations.
I went to the open house on Sunday and I thought the house looked great. I agree with Lo Gram's comment.
The cynic in me wonders if Lo Gram and Joy33 are neighbors wishing for a high comp to prop up their own homes' valuations, or the owner, or the agent, or some combination thereof.
I think you're right, L. Opine. Lois "Lo" and Joy both live on that block of San Antonio. Now that the price has been reduced after sitting for more than a month, now's the time for Lo to make her move and snap this place up before somebody else does! Go, Lo, Go! Get it before it's gone!