A 2008 Retrospective: Mine, and Yours
As the year draws to a close, it is de bon ton to compile a retrospective of notable moments. Here's a list of some of my favorite 2008 real estate happenings in the fair city of Alameda, in no particular order.
The listings that would not die
2008 will be known as the year the housing bubble really, really burst. Yet it appears flipping is alive and well, even in the unlikeliest circumstances. 2318 and 2324 Pacific Avenue, two bizarrely white-elephantesque properties (one of them includes a 30-car concrete parking lot) were on the market for what seemed like forever in the spring. After multiple, massive price drops, somebody finally bought them, and quickly proceeded to put them back on the market with a big markup. Not surprisingly, they haven't moved.
Price insanity of the year
A recent listing on Marina Drive had me, and several readers, baffled as to what the sellers' strategy might be. A 1,600-sqft house listed at a hair under $1.8M in this market is a thing of wonder.
Dubious practices in the world of real estate
Evidently displeased with the way this blog paints the Alameda real estate market, somebody important at an East Bay MLS(r) sent me a nasty cease-and-desist letter with all sorts of legal threats, under the Digital Millennium Copyright Act. I immediately complied and replaced all the offending pictures with the artist's rendition to the left. I'm not clear how that helps their members' cause, but all the same.
February: The inflection point?
February 2008 was when I started noticing a large influx of properties coming on the market for less than their previous, recent sale price. I suspect they were trying to cut their losses and to get a head start on the spring bounce. It didn't work so well for some of them, which took ages to sell and had to drop their prices significantly.
Notable price drops
2008 was also a year of impressive, nay, epic price drops. A reader purchased this property for $230,000 or so off the initial list price (29%). A rancher initially priced over $1M dropped by $349K all at once. Alameda's largest single-family residence, apparently owned by convicted felon Jack Easterday, still hadn't sold after a total of $500,000 in successive price drops. And the larger white elephant above dropped its price by more than $600,000 while it was on the market. The first time.
What were your favorite real estate moments of the year? It certainly was an interesting few months, and I'd be interested to hear what y'all remember, and what (if any) real estate plans you have for 2009. I personally intend to stay in my lovely rental until prices have come back to reasonable levels, and I don't see that happening until 2010 at the earliest.
The listings that would not die
2008 will be known as the year the housing bubble really, really burst. Yet it appears flipping is alive and well, even in the unlikeliest circumstances. 2318 and 2324 Pacific Avenue, two bizarrely white-elephantesque properties (one of them includes a 30-car concrete parking lot) were on the market for what seemed like forever in the spring. After multiple, massive price drops, somebody finally bought them, and quickly proceeded to put them back on the market with a big markup. Not surprisingly, they haven't moved.Price insanity of the year
A recent listing on Marina Drive had me, and several readers, baffled as to what the sellers' strategy might be. A 1,600-sqft house listed at a hair under $1.8M in this market is a thing of wonder.Dubious practices in the world of real estate
Evidently displeased with the way this blog paints the Alameda real estate market, somebody important at an East Bay MLS(r) sent me a nasty cease-and-desist letter with all sorts of legal threats, under the Digital Millennium Copyright Act. I immediately complied and replaced all the offending pictures with the artist's rendition to the left. I'm not clear how that helps their members' cause, but all the same.February: The inflection point?
February 2008 was when I started noticing a large influx of properties coming on the market for less than their previous, recent sale price. I suspect they were trying to cut their losses and to get a head start on the spring bounce. It didn't work so well for some of them, which took ages to sell and had to drop their prices significantly. Notable price drops
2008 was also a year of impressive, nay, epic price drops. A reader purchased this property for $230,000 or so off the initial list price (29%). A rancher initially priced over $1M dropped by $349K all at once. Alameda's largest single-family residence, apparently owned by convicted felon Jack Easterday, still hadn't sold after a total of $500,000 in successive price drops. And the larger white elephant above dropped its price by more than $600,000 while it was on the market. The first time.What were your favorite real estate moments of the year? It certainly was an interesting few months, and I'd be interested to hear what y'all remember, and what (if any) real estate plans you have for 2009. I personally intend to stay in my lovely rental until prices have come back to reasonable levels, and I don't see that happening until 2010 at the earliest.
Miscellaneous