It's raining condos--2033 Otis Drive #B, Alameda, CA
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:
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'sonly $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.
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.
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 Did I mention it's
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.
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" thatLast sale and tax info
- Sold 04/21/2006: $375,000
- 2007 Property Tax: $1,148
Banks have zip codes that are deemed to be "declining market" and you may have to put up to 25 percent down in these zip codes, or the bank may decline to loan at all. The entire east bay is considered "declining" and ALL condos are declining. Condos are going to take the worst hit as they did in the 90s.