Grab it--452 Santa Clara Ave, Alameda, CA
Another day, another pretty, old West end 2-story house going back to the bank. 452 Santa Clara joins 450 Taylor in our rogues' gallery of failed real estate experiments. Here are the specs:
Oh and by the way, $699,900 is still nowhere near cash-flow positive, either, so anyone buying at today's price is just as much of an idiot as the current owner. But I suppose they may have felt they were getting a great deal then too, since it was apparently listed at $895,000. Interestingly the agent's trophy page for the last sale mentions greater square footage, an owner's unit, and a sale price of $820,500.
It's not clear why the public records would show a considerably lower sale price, although it hardly makes a difference since this property doesn't begin to make sense until the price drops to about $450,000-$475,000 ($2,300 monthly mortgage payment with the same assumptions as above). Incidentally, that happens to be exactly the price at which the property sold back in 1999. Imagine that.
4 units (3x1BR 1BA, 1x2BR 1BA), 2,836 sqft, 7,810-sqft lot, MLS(r) #351187, $699,900The property has a long history of multiple sales in the past 20 years, courtesy of Redfin for a change:
Large 4 plex in the heart of Alameda. Victorian Home built in 1900 converted to 4 units. Garage parking in the rear. Separate Meters. Short Sale! Grab this great deal!
Whoever bought it last for $738,454 didn't appear to mind the 11% annual appreciation since the previous sale or the fact that the rental income doesn't come close to covering the costs:Property History for 452 SANTA CLARA Ave
Date Event Price Appreciation Source Jan 15, 2009 Listed $699,900 -- San Francisco MLS #351187 Jan 15, 2009 Listed $699,900 -- MLSListings #80902277 Sep 09, 2004 Sold $738,454 11.1%/yr Public Records Dec 30, 1999 Sold $450,000 51.5%/yr Public Records Sep 15, 1994 Sold $50,000 -36.7%/yr Public Records Oct 26, 1993 Sold $75,000 -24.2%/yr Public Records Dec 18, 1992 Sold $95,000 -30.5%/yr Public Records Jan 31, 1989 Sold $390,000 -- Public Records
Financial Information(for reference, a 6.5%-interest, 80%-LTV loan for a $740,000 house comes out to about $3,700 a month exclusive of property tax).
- Tax Amount: $11,074.70
- Gross Rent Multiplier: 26.51
- Rental Income: $26,400
- Net Income: $6,381
- Gross Scheduled Income: $26,400
- Gross Annual Income: $26,400
Oh and by the way, $699,900 is still nowhere near cash-flow positive, either, so anyone buying at today's price is just as much of an idiot as the current owner. But I suppose they may have felt they were getting a great deal then too, since it was apparently listed at $895,000. Interestingly the agent's trophy page for the last sale mentions greater square footage, an owner's unit, and a sale price of $820,500.
It's not clear why the public records would show a considerably lower sale price, although it hardly makes a difference since this property doesn't begin to make sense until the price drops to about $450,000-$475,000 ($2,300 monthly mortgage payment with the same assumptions as above). Incidentally, that happens to be exactly the price at which the property sold back in 1999. Imagine that.
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