November 2008 Archives
It's Black Friday, and so maybe home sellers are counting on the post-Thanksgiving buying frenzy too. That might explain the pricing strategy and timing on this new listing at 1026 San Antonio:
2 bedrooms, 1 bathroom, 1,487 sqft, 4,420-sqft lot, MLS(r) #40382753
[...] bungalow in much sought after Gold Coast. Spacious living room, [...] built-in china cabinet, vintage chandelier [...] Gleaming hardwood floors throughout. 2 cozy bedrooms. New paint in and out, pretty landscaped back yard [...]
Gleaming hardwood floors are nice, but for my money the biggest selling point for this property is that it's directly across the street from this magnificent piece of architectural hubris (yes, I do have a crush on that property) so you can ogle and gawk whenever you feel like it:
Speaking of money, you might remember the large Craftsman on a big lot right next to the above mansion, which I blogged about a while back (1025 San Antonio). It was attractively priced at $825,000 given its ample specs, repeated here for convenience:
$550,000 give or take a couple thou. There's no sale history on Zillow or Trulia, so one presumes it's been owned for a long time and possibly even paid off by now, hence room to negotiate a bit on price to sell this puppy quick.
Given these assumptions, if I were a Realtor, I'd tell my sellers to wait out the holidays and list it in mid February for $599,000. It'd sell in a week, I'd make a tidy commission, and everybody would be happy.
So what's the list price for this house, listed a few days before Thanksgiving in the middle of the worst real estate market in 20+ years?
$829,000, or $557 / sqft.
If you could get a sub-1,500-sqft bungalow on a small lot for $829,000, or a huge 2,359-sqft Craftsman on a big lot with a bonus studio in the back, right across the street, for $825,000, which would you choose?
Happy holidays, morons.
Update 1/2/09: Not only is this ridiculously overpriced house still on the market (duh), the idiot owners have the gall to state...
I hope they're firmly (and comfortably) seated, because they're going to wait a while.
Update 1/22/09: First shoe to drop is the "Flexibility: Firm." Not the price (yet).
Update 4/10/09: Have I mentioned this overpriced house is still on the market, and hasn't dropped its price by a penny in almost six months? At this point I'm not sure who's the greater fool--the sellers for sticking to their demented price, or the agent for not firing her clients for diminished capacity.
Speaking of money, you might remember the large Craftsman on a big lot right next to the above mansion, which I blogged about a while back (1025 San Antonio). It was attractively priced at $825,000 given its ample specs, repeated here for convenience:3 bedrooms, 2 bathrooms, 2,359 sqft, 6,250-sqft lotSo what should you expect to pay for a house that's about 37% smaller, on a lot that's about 30% smaller, with 1 fewer bedroom, one fewer bathroom, and bedrooms that are described as "cozy", Realtorese for "small"? Let's split the difference and say today's listing would be reasonably priced at 33% less than its neighbor at 1025, i.e.
$550,000 give or take a couple thou. There's no sale history on Zillow or Trulia, so one presumes it's been owned for a long time and possibly even paid off by now, hence room to negotiate a bit on price to sell this puppy quick.
Given these assumptions, if I were a Realtor, I'd tell my sellers to wait out the holidays and list it in mid February for $599,000. It'd sell in a week, I'd make a tidy commission, and everybody would be happy.
So what's the list price for this house, listed a few days before Thanksgiving in the middle of the worst real estate market in 20+ years?
$829,000, or $557 / sqft.
If you could get a sub-1,500-sqft bungalow on a small lot for $829,000, or a huge 2,359-sqft Craftsman on a big lot with a bonus studio in the back, right across the street, for $825,000, which would you choose?
Happy holidays, morons.
Update 1/2/09: Not only is this ridiculously overpriced house still on the market (duh), the idiot owners have the gall to state...
I hope they're firmly (and comfortably) seated, because they're going to wait a while.Update 1/22/09: First shoe to drop is the "Flexibility: Firm." Not the price (yet).
Update 4/10/09: Have I mentioned this overpriced house is still on the market, and hasn't dropped its price by a penny in almost six months? At this point I'm not sure who's the greater fool--the sellers for sticking to their demented price, or the agent for not firing her clients for diminished capacity.
The property at 709 Haight has been on the market for about three weeks now, but I'm glad I waited for its latest craigslist incarnation to blog about it.
My favorite part about this listing, though, is yesterday's craigslist post:
Seriously, folks, is that the best you can do?
The sale history is sad:
Now it's back on the market at the worst possible time of year, idiotically priced ($421 / sqft) for this time of year / location / lot size / home size / REO loan balance (per last transaction), and it's just going to sit there for months on end. Way to go, Maya Clark.
Update 12/04/08: Another "huge" price reduction, to $609,900. W-O-W.
Update 1/11/09: Another "huge" price reduction, to $589,900. For the life of me I can't understand why those blithering imbeciles can't get a clue and drop the price decisively and quickly. Instead they are bleeding themselves by a thousand cuts. Idiots. Idiots!
Update 2/1/09: On the MLS(r) as #40392826, listed at $569,900. Why are these morons dropping the price in tiny $20K increments? I will drive by shortly to see if it was actually built in 2003--the various pictures I've seen make it look a lot older, as the location suggests, but who knows.
Update 4/16/09: Back on the MLS(r) as #40405195, listed at $504,900, with the answer to my question above in the description:
2 bedrooms, 2 1/2 baths, 1,460 sqft, 1,950-sqft lot, MLS(r) #40380271 , $614,900The public records have it as built in 2003, which I suspect is really 1903. It even has a white picket fence around its handkerchief lot!
My favorite part about this listing, though, is yesterday's craigslist post:
HUGE PRICE REDUCTION! And right below, it reads "$614,900 [...] (Was $624,900)"$614900 REO BANK OWNED PROPERTY! HUGE PRICE REDUCTION! ALAMEDA HOME! (alameda)
Reply to: reobayareaproperty@yahoo.com [?]
Date: 2008-11-25, 6:01PM PST
$614,900 709 Haight Avenue Alameda
(Was $624,900) FOR PICTURES AND MORE BANK OWNED PROPERTIES
Leslie Drury
Windermere Welcome Home
510-755-2666
Advertised With Permission By:
Seville Real Estate
Maya Clark
Seriously, folks, is that the best you can do?
The sale history is sad:
Sales History
How exactly do you lose a house to foreclosure in this situation?
Now it's back on the market at the worst possible time of year, idiotically priced ($421 / sqft) for this time of year / location / lot size / home size / REO loan balance (per last transaction), and it's just going to sit there for months on end. Way to go, Maya Clark.
Update 12/04/08: Another "huge" price reduction, to $609,900. W-O-W.
Update 1/11/09: Another "huge" price reduction, to $589,900. For the life of me I can't understand why those blithering imbeciles can't get a clue and drop the price decisively and quickly. Instead they are bleeding themselves by a thousand cuts. Idiots. Idiots!
Update 2/1/09: On the MLS(r) as #40392826, listed at $569,900. Why are these morons dropping the price in tiny $20K increments? I will drive by shortly to see if it was actually built in 2003--the various pictures I've seen make it look a lot older, as the location suggests, but who knows.
5 years young [...] very charming no work needed, great property and a discount price.Discount price? Please.
Update 4/16/09: Back on the MLS(r) as #40405195, listed at $504,900, with the answer to my question above in the description:
[...] built in 2003 per public records. Made to look like a Victorian style home. Has spacious rooms and can walk to coffee shops, etc.[...]Who wouldn't want a house that can walk to coffee shops?
This one puzzles me. 3016 Lincoln Avenue is described as follows:
2 bedrooms, 1 bathroom, 1,426 sqft, 3,180-sqft lot, MLS(r) #40382298, $300,000There's no sale history available on Zillow or Trulia, so one has to assume the current, long-time owners have borrowed against their home's equity to the tune of more than $300,000 (since this is a short sale subject to approval listed at $300,000), yet the house looks like it's been run over by a truck and it needs "much work". So where, prithee, the hell did the money go?
[...] Short Sale. All offers and commission is Subject to Lender Approval. [...] lovely east end neighborhood [...] Much work is needed [...] Amazing bones w/ original woodwork, boxed ceiling w/ original wood paneling in the large dining rm
For some reason, a lot of 1940s houses are coming on the market. Today's ugly 1949 building is a bungalow with "huge potential":
bad shape need of "TLC" on a small lot right by Otis has "huge potential." Third, if it needs TLC, why the hell did you buy it for...
There appears to be an infinite supply of idiots running around loose and buying houses in Alameda. Be careful out there.
2 bedrooms, 1 bathroom, 1,260 sqft, 4,000-sqft lot, MLS(r) #40382108, $419,900First of all, it's not really an east end location--it's on the west side of Broadway. Second, I fail to see how a n ugly 1940s-era bungalow in
Great east end location. Needs TLC, but huge potential. [...]
and quickly proceed to do very little to fix it up and unleash its huge potential? Might it be because you paid way too much and ran out of money?Last sale and tax info
- Sold 10/07/2005: $560,000
- 2008 Property Tax: $7,236
There appears to be an infinite supply of idiots running around loose and buying houses in Alameda. Be careful out there.
Few interesting new listings means few new posts. The most exciting new property to hit the market this week is this remarkably boring wartime west-ender at 221 Central:
Update 2/7/09: On Craigslist as a short sale. Amusingly enough, I just realized I covered this property twice. It's so unremarkable nobody cared about it enough to notice the duplication, last of all myself. Note the "oops, we dropped out of escrow" mention at the bottom.
Update 4/25/09: Dropped to $450,000.
4 bedrooms, 2 bathrooms, 1,323 sqft, 5,280-sqft lot, MLS(r) #40381893, $599,000Zip Realty says it's a short sale, and it sure looks like it:
Charming [...] Bungalow with a porch, hardwood floors, [...] kitchen with solid counter tops. Separate Garage/Workshop. [...] backyard with fruit trees and fenced front yard.
Why anybody would pay $600K ($447 / sqft) for a 1943 bungalow in that location is a mystery. Expecting essentially the same price 3 1/2 years later in this market (with a listing date in late November on top of that) just makes no sense at all, even with solid counter tops and a white picket fence. Drop it $150K and get it over with.Last sale and tax info
- Sold 05/05/2005: $600,000
- 2008 Property Tax: $7,750
Update 2/7/09: On Craigslist as a short sale. Amusingly enough, I just realized I covered this property twice. It's so unremarkable nobody cared about it enough to notice the duplication, last of all myself. Note the "oops, we dropped out of escrow" mention at the bottom.
Update 2/13/09: Dropped to $499,000.$550000 / 4br - Your Own White Picket Fence – Short sale with fast lender approval (alameda) (map)
Reply to: hous-1025512062@craigslist.org [?]
Date: 2009-02-07, 6:26PM PST
Your Own White Picket Fence – Short sale with fast lender approval
221 Central Avenue
Alameda, CA 94501
Open Sunday 2-4pm
This charming 4br 2ba* bungalow boasts a large 5,280 sq ft* lot and
detached garage/workshop. The home has hardwood floors, tile bathrooms,
solid surface counter tops in kitchen. Large back yard with mature fruit trees.
It needs a bit of TLC, but you can quickly make it all your own.
Close to the bay and open space.
The property was pending, but the buyers cancelled during negotiatons.
A short sale negotiator is ready to respond to your written offer!
Update 4/25/09: Dropped to $450,000.
This cute blue property at 2017 Lincoln has been on the market for ages, but I missed its débutante ball in mid-May and didn't write about it then. Poking around on Zip Realty, its scarlet "Short Sale" badge drew me in, so here goes.
Here's a family portrait of our fully-loaded property standing next to its older sibling:
It's reasonably sized and at $388 / sqft not grotesquely overpriced compared to other listings on the market (note that I didn't say it was reasonably priced). Its price was dropped to $560,000 from $649,000 back in early August, and it's still sitting around waiting for a buyer. I don't know when it became an official short sale, but $560,000 is 11% more than the previous sale price, which suggests the loan balance has grown either due to a gnarly negative-amortization mortgage with very low pick-a-payments and/or a HELOC gone wild.
3 bedrooms, 1 1/2 bathrooms, 1,443 sqft, 5,320-sqft lot, MLS(r) #40344005, $560,000(Never mind that some people can't stroll.)
Come see this home. Fully loaded with [...] located within a stroll's distance to park street alameda theatre!!!
Here's a family portrait of our fully-loaded property standing next to its older sibling:
It's reasonably sized and at $388 / sqft not grotesquely overpriced compared to other listings on the market (note that I didn't say it was reasonably priced). Its price was dropped to $560,000 from $649,000 back in early August, and it's still sitting around waiting for a buyer. I don't know when it became an official short sale, but $560,000 is 11% more than the previous sale price, which suggests the loan balance has grown either due to a gnarly negative-amortization mortgage with very low pick-a-payments and/or a HELOC gone wild. The property appears to be very close to its neighbors, in spite of a large-ish lot, and right across the street from something that looks like a high school, so the location is less than ideal if you value peace and quiet, but then again if that's the case you're probably not shopping on Lincoln anyway. The location + short sale + left on the shelf + economy + holiday season combo puts the odds of a quick sale pretty close to nil.Last sale and tax info
- Sold 10/29/2004: $509,000
- 2008 Property Tax: $6,77
This week's Victorian made me laugh.
more like a high-basement cottage whose lower half was put to use. I'm happy to be corrected if that is indeed one big Victorian with 2,494 sqft of above-ground living space (thanks to reader T. Fergusen for the tip; I might verify it if the agent holds an open house).
What made me laugh, exactly?
They're asking $1,150,000 ($461 / sqft). Assuming 6.5% interest and 10% down, we're looking at a $6,500 mortgage, with another $1,000 for property tax. How exactly do you expect to cover that with 2 1-bedroom and 1 2-bedroom units' rents?
What is it about big lots and "magical gardens" in the west end that causes owners to lose their minds over the value of their properties? What is it about the current market that leads people to believe they'll be able to unload their houses at these delusional prices, especially considering many of the comps haven't exactly set the market on fire?
This property has no business being priced in the seven digits.
Update 12/28/08: Price dropped to a still-too-high $1,095,000 two weeks ago.
4 bedrooms, 3 bathrooms, 2,494 sqft, ~6,000-sqft lot, 3 units (2x 1BR, 1x2BR), MLS(r) #40380511It certainly doesn't look like a house that started out as a triplex--
Darling Victorian Triplex [...] Magical garden w/ space galore! [...] units all with large kitchens and lots of original details. A must see!
What made me laugh, exactly?
They're asking $1,150,000 ($461 / sqft). Assuming 6.5% interest and 10% down, we're looking at a $6,500 mortgage, with another $1,000 for property tax. How exactly do you expect to cover that with 2 1-bedroom and 1 2-bedroom units' rents?
What is it about big lots and "magical gardens" in the west end that causes owners to lose their minds over the value of their properties? What is it about the current market that leads people to believe they'll be able to unload their houses at these delusional prices, especially considering many of the comps haven't exactly set the market on fire?
This property has no business being priced in the seven digits.
Update 12/28/08: Price dropped to a still-too-high $1,095,000 two weeks ago.
Not much grows on the ugly west side of this lovely island, probably due to its recent past as a contaminated military base. Other than McMansions, that is. Today's huge property has the following specs:
Look on the bright side of life, though--this is a sought-after, sold-out model! I wonder if they'll throw in the de rigueur SUV (or truck) parked in front.
The sale history suggests the seller is expecting to get out from under this anvil with some money left in the bank, maybe so they can make the payments on that shiny black Armada with alloy wheels:
There's a special place in hell for folks who build, buy and sell these monstrosities. They're going to be in good company.
Update 12/28/08: Price dropped to $909,000 a week before Christmas.
Update 2/13/09: Price dropped to $880,000.
Update 8/30/09: Sold for $805,000 after many months on the market. Well done.
4 bedrooms, 3 bathrooms, 3,179 sqft, 4,160-sqft lot, MLS(r) #40380296, $929,000There isn't much land around this thing, and it makes you wonder how exactly the 3,179 sqft is used--is every bedroom a 25x25 ballroom?
(public records say 3 bedrooms, 2 1/2 bathrooms)
[...] highly sought after Plan 9 [...] features a dramatic entry w/vaulted ceilings and exterior balcony. [...] beautifully upgraded w/ granite counters, maple cabinetry, upgraded flooring, [...] Developer has SOLD OUT of this model!
Look on the bright side of life, though--this is a sought-after, sold-out model! I wonder if they'll throw in the de rigueur SUV (or truck) parked in front.
The sale history suggests the seller is expecting to get out from under this anvil with some money left in the bank, maybe so they can make the payments on that shiny black Armada with alloy wheels: But who knows, maybe that price doesn't include the "upgrades" and they're already upside down after agent commission.Last sale and tax info
- Sold 04/07/2005: $856,500
- 2008 Property Tax: $11,892
There's a special place in hell for folks who build, buy and sell these monstrosities. They're going to be in good company.
Update 12/28/08: Price dropped to $909,000 a week before Christmas.
Update 2/13/09: Price dropped to $880,000.
Update 8/30/09: Sold for $805,000 after many months on the market. Well done.
The real estate market has slowed down considerably now that Halloween and the election have passed. Not much is selling, and most of the transactions that do happen close below their last listed price:
The specs:
Even the sale history is boring:
Real estate is such a great investment.
Alameda Home Sales Trends
Not surprisingly, new listings are rare, and the few that do appear have been particularly uninspired. Maybe in a bid to drum up excitement, today's little West End wartime bungalow was listed three times, by the same agent, with three different MLS(r) numbers (349522, 40379715, 20835333).
All real estate transactions listed below were supplied to the Alameda Sun by Chuck Bianchi [...]
This information is deemed reliable but not guaranteed.
Sales records from Oct. 13-Nov. 2, 2008
Address Type Price 19 Purcell Drive Townhouse Below 1971 Gresham Drive House Below 3216 Monte Vista Ave. House Below 644 Waterfall Isle House Below 8 Redondo Court Condo Same 609 Sheffield Road House Above 960 Shorepoint Court #101 Condo Below 1013 Pearl St. House Below 2960 Gibbons Drive House Same 1310 Eighth St. House Below 1113 Rosewood Way House Below 5 Jouett Square House Below 2029-B Otis Drive Condo Below 2508 Crist St. House Below 3215 Fairview Ave. House Below 3 Killdeer Court House Same 1414 Gibbons Drive House Below 3266 Cape Cod Court Townhouse Below 1345 Fountain Street House Above 3259 Sterling Ave. House Above 3335 Solomon Lane Townhouse Below 960 Shorepoint Court #200 Condo Above Number of sales above asking price 4 Number of sales at asking price 3 Number of sales below asking price 15
The specs:
3 bedrooms, 1 bathroom, 1,050 sqft, 5,280-sqft lot, built in 1945, $525,000 ($500 / sqft)The location is boring. The specs are boring. The property looks boring. The price is excessive. A perfect recipe for a quick sale, wouldn't you think?
Even the sale history is boring:
Assuming the property sells for $525,000 (bear with me here), we're looking at almost 8% y-o-y appreciation every single year since 1977. Not only is it unreasonable, given the multiple recessions and housing busts that have happened between 1977 and now, that's also not as good as the S&P 500 for the same period, and stocks don't require new tile or roofs. It's also not even as good as inflation over that time period--by my count, annualizing the 9 months' worth of CPI we have for 2008, inflation alone (not appreciation) would bring this home's price to about $554,000.Last sale and tax info
- Sold 08/05/1977: $50,000
- 2008 Property Tax: $1,824
| Year | Price | Inflation % |
| 1977 | $53,250 | 6.5 |
| 1978 | $58,050 | 7.6 |
| 1979 | $64,790 | 11.3 |
| 1980 | $71,290 | 13.5 |
| 1981 | $74,753 | 10.3 |
| 1982 | $77,661 | 6.2 |
| 1983 | $81,429 | 3.2 |
| 1984 | $88,798 | 4.3 |
| 1985 | $95,170 | 3.6 |
| 1986 | $101,004 | 1.9 |
| 1987 | $110,801 | 3.6 |
| 1988 | $120,131 | 4.1 |
| 1989 | $130,493 | 4.8 |
| 1990 | $141,609 | 5.4 |
| 1991 | $151,056 | 4.2 |
| 1992 | $161,112 | 3.0 |
| 1993 | $173,840 | 3.0 |
| 1994 | $186,845 | 2.6 |
| 1995 | $201,999 | 2.8 |
| 1996 | $218,381 | 3.0 |
| 1997 | $234,032 | 2.3 |
| 1998 | $250,792 | 1.6 |
| 1999 | $272,203 | 2.2 |
| 2000 | $297,155 | 3.4 |
| 2001 | $318,770 | 2.8 |
| 2002 | $339,938 | 1.6 |
| 2003 | $369,320 | 2.3 |
| 2004 | $400,055 | 2.7 |
| 2005 | $434,601 | 3.4 |
| 2006 | $468,028 | 3.2 |
| 2007 | $503,045 | 2.8 |
| 2008 | $553,873 | 4.9 |
Real estate is such a great investment.
This large French/Colonial style home just came on the market today. Here are the specs:
I'm not sure what's up with the 35 bathrooms considering it only has 5 bedrooms.
The sale history is interesting:
5 bedrooms, 35 bathrooms, 55,000 sqftIt does look nice, and the lot is huge:
I'm not sure what's up with the 35 bathrooms considering it only has 5 bedrooms.The sale history is interesting:
11/1/1800: $232,371You'd think it'd be paid off by now and the owners would have some room to negotiate on the price, but it appears its current occupants added $311 billion to the mortgage balance, probably maxing out their HELOC. One hopes the buyers can get themselves a good deal and refrain from borrowing too much against the assessed value.
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