Charming--3227 Madison St, Alameda, CA
On cold, rainy days like today, tiny blue-gray bungalows like the new listing at 3227 Madison look even more forlorn, even when their lots are so small you must be sharing in every moment of your neighbors' lives.
$559,000 for 975 sqft on less than 2,000 sqft of land comes out to an outrageous $573 / sqft, but the owners might not have a choice if they don't want to write a big check at closing (especially if they "extracted equity" to pay for the new roof and sewer lateral):
Redfin posts three flavors of the much maligned automated Web valuation tools on their listings (Zillow's, eppraisal's, and Cyberhomes'), and amusingly the odd man out is probably the closest to the real value of this tiny house: as of 2/15/09, eppraisal has this property valued between $198K and $268K, and that's about as much as anyone should pay.
There are plenty of comps and competition on the market at the moment, so I don't see how this house could sell without at least one price drop, given that it's both smaller and more expensive than everyone else.
2 bedrooms, 2 bathrooms, 975 sqft, 1,848-sqft lot, MLS(r) #40395442, $559,000I'd like to know where they found the space to put the bonus room.
[...] charming two bedroom, two bath home with a bonus room, [...] with built-ins, new roof in 2006, new sewer lateral in 2005
$559,000 for 975 sqft on less than 2,000 sqft of land comes out to an outrageous $573 / sqft, but the owners might not have a choice if they don't want to write a big check at closing (especially if they "extracted equity" to pay for the new roof and sewer lateral):
If this doesn't make the case that paying too much, even when low interest rates make the monthly payment "affordable", is always an idiotic, irresponsible idea, I don't know what ever will.Last sale and tax info
- Sold 12/14/2004: $500,000
- 2008 Property Tax: $6,667
Redfin posts three flavors of the much maligned automated Web valuation tools on their listings (Zillow's, eppraisal's, and Cyberhomes'), and amusingly the odd man out is probably the closest to the real value of this tiny house: as of 2/15/09, eppraisal has this property valued between $198K and $268K, and that's about as much as anyone should pay.
There are plenty of comps and competition on the market at the moment, so I don't see how this house could sell without at least one price drop, given that it's both smaller and more expensive than everyone else.
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