Must see to appreciate--960 Shorepoint Ct #208, Alameda, CA
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.
I find it hard to describe this giant condo farm as a "neighborhood," and it's not a "house," but no matter. It started out at $259,000 in late June, 2008, and dropped its price to $240,000 a month later. It's been on the market for almost 3 months now (with no photo), and sadly at $301 / sqft I feel it has a ways to go (down, that is) before anyone buys it--you can probably rent a similar unit for about $1,000 a month, which is about half the mortgage + property tax + HOA dues + assessments (condos from the early 1970s can be pretty high-maintenance).
What's interesting to me is how quickly it came back on the market after its previous sale, and how it's now dropped 26% in "value" (about 33% in real dollars), yet nobody has bought it:
What's interesting to me is how quickly it came back on the market after its previous sale, and how it's now dropped 26% in "value" (about 33% in real dollars), yet nobody has bought it:
If that doesn't send market players the message that housing was overvalued by at least a third until the credit crunch, I don't know what will.Last sale and tax info
- Sold 03/17/2006: $325,000
- 2007 Property Tax: $3,404
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