Welcome back--1304 Morton St, Alameda, CA

You may remember the "painted lady" Victorian on Morton that was bragging about its "unheard-of" price (and then its unheard-of price drop). It disappeared without a sale last last year, and with good reason--it was overimproved (if you can say what looked like a $75,000 tricked-out kitchen is "improved") and overpriced.

1304_morton_mine.jpgI heard through the grapevine the owners had bought a new house before selling the Morton property, and were in a bit of a bind.

Well, it's back (MLS(r) #40399138), for the even more unheard-of price of $975,000.

1304-morton-trulia.jpgIf I may quote myself:

Assuming an appreciation that matches historic trends (i.e. around 5%), today's price should be about $830,000.
It was listed for $1,250,000 at the time, which means it's down about 65% of where it needs to be.

Now consider that Lehman Brothers and relatively easy credit were still around then. The rhetorical question at the top of my original post now seems to be answering itself:

Why can't this house come on the market in a year or two, for $500K less?
Update 8/25/09: Still on the market with a really idiotic price drop from $975,000 to $949,999. Not only is "$949,999" a truly meaningless discount from $950,000, it also shuts out all the buyers who start looking at $950,000 using various real estate Web sites. Well done, genius(es).

Update 8/27/09: Still on the market for any one of three prices.

Update 11/13/09: Pending.

About this Entry

This page contains a single entry by L. Opine published on March 10, 2009 7:58 AM.

Flakes--1616 Cornell Drive, Alameda, CA was the previous entry in this blog.

She still doesn't sell--409 Shell Gate Road, Alameda, CA is the next entry in this blog.

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