Darling--1418 5th Street, Alameda, CA
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.
It is actually all above ground living space. Bigger than it looks in the photo. No opinion on the other comments, just thought I'd let you know.
Thanks for the information. Post corrected.