There goes the neighborhood--1026 San Antonio Avenue, Alameda, CA
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.
Miscellaneous