Won't last long--2061 Pacific Avenue, Alameda, CA
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, $599,999It doesn't look like much.
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
Annoying capitalization aside, the listing puts forward part of the amazing income this property generates. Assuming the two 2+1 units bring in $1,400 each, we're talking $3,600 a month in income, against roughly $3,200 a month in mortgage + $500 in property tax and $500 set aside for maintenance, or a net $7,200 loss every year. No wonder the morons owners are losing the house to a short sale.
Another piece of good news for the market.Last sale and tax info
- Sold 04/10/2006: $797,000
- 2007 Property Tax: $9,811
Countrywide (BofA) losing. They put 81K down backed up with another Countrywide second for 79k. So the bank is going to eat it and we are bailing out Fannie/Freddie.
I would guess the cost of selling will come out of the banks share.
Sale price 797
First loan CF 637
Second loan CF 79
Today Sept 13, 2008 their are 100 active foreclosures and pre forclosures in 94501