Could use repricing--3257 Adams St, Alameda, CA
The ugly post-war structure at 3257 Adams has been on the market for a while (2 months per MLS, but I think I remember it being on the market before December of last year), and today its Craigslist headline caught my eye: it comes right out and says "Could use Updating." Maybe that's why there aren't any pictures of the inside anywhere I looked.
The specs:
How much for an ugly 1,397-sqft bungalow that needs updates throughout? Did I hear $420,000?
Try again. The sellers are asking a mere $639,000, or $457 / sqft.
I don't understand why agents are wasting their time taking listings like this that are so obviously overpriced and unsellable; it's not as if December 2008 was a great month to put a house for sale. On top of that, I wasn't able to find a sale history for this property, which suggests the owners might own it free and clear and should have plenty of room to drop their price aggressively. It seems clear from the listing they didn't extract much if any equity to fix up or update their house, except maybe for the kitchen. But of course they could very well have borrowed a lot against it and need a high sale price to come out ahead. Who knows.
Sellers: keep the price as-is, except for the first digit; make it a "4" and sell your house in a week.
Update 3/20/09: Finally a price drop, to a still-too-high $599,000.
The specs:
3 bedrooms, 2 bathrooms, 1,397 sqft, 3,500-sqft lot, built in 1958, MLS(r) #40384483(Agent Bobbi: Please note the difference between "its" and "it's")
Three bedroom, two bath home built in 1958. This house feels much bigger because of it's layout. The kitchen has been updated, hardwood throughout, a yard just waiting for somebody handy :) In fact, the whole house could use some TLC! Great location, walk to Otis School, beaches, all shops and restaurants. Check it out...make an appointment :)
How much for an ugly 1,397-sqft bungalow that needs updates throughout? Did I hear $420,000?
Try again. The sellers are asking a mere $639,000, or $457 / sqft.
I don't understand why agents are wasting their time taking listings like this that are so obviously overpriced and unsellable; it's not as if December 2008 was a great month to put a house for sale. On top of that, I wasn't able to find a sale history for this property, which suggests the owners might own it free and clear and should have plenty of room to drop their price aggressively. It seems clear from the listing they didn't extract much if any equity to fix up or update their house, except maybe for the kitchen. But of course they could very well have borrowed a lot against it and need a high sale price to come out ahead. Who knows.
Sellers: keep the price as-is, except for the first digit; make it a "4" and sell your house in a week.
Update 3/20/09: Finally a price drop, to a still-too-high $599,000.
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