Immaculate--398 Hollister Avenue, Alameda, CA
I wonder if the old saw about homeowners selling and moving every 7 years is going to have to be amended after this real estate blowup is over. We're certainly seeing a lot of 2005-2006 sales coming back on the market just 2-3 years later.
Today's listing at 398 Hollister is another one of those ugly McMansions in the no-man's-land on the west side of the island. It was built and sold in 2005 and is now back on the market:
$3,500 per month likely doesn't come close to covering the mortgage and property tax:
Today's listing at 398 Hollister is another one of those ugly McMansions in the no-man's-land on the west side of the island. It was built and sold in 2005 and is now back on the market:
4 bedrooms, 2 1/2 bathrooms, 2,361 sqft, 4,127-sqft lot, MLS(r) #40375023, $787,000It looks as though the owners tried to rent it out:
Absolutely Immaculate Large Corner Lot Home! [...] Upstairs Loft/ Office Area. [...] Spacious Family Room w/Fireplace. [...] Large Kitchen w/Island and Dining Area. [...] Professional Landscaped Yard, No Rear Neighbors.
$3,500 per month likely doesn't come close to covering the mortgage and property tax:Last sale and tax info
- Sold 04/26/2005: $742,500
- 2007 Property Tax: $10,564
Assuming 10% down and a 5.5% rate, the mortage alone comes to $3,800. And assuming they get their current asking price of $787,000 (a 2% y-o-y appreciation rate, not counting the sunk costs of maintenance and tax--real estate is such a great investment) and pay out 6% in commission to the agents, they're left with $740,000, which not surprisingly is the price they need to break even. SIlly me, I thought list prices were based on thorough comparative market analyses by highly skilled real estate professionals and reflected the true value of a home, rather than "here's how much we need, add 6%, and voilà, a listing price."
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