Exquisite--1126 Union Street, Alameda, CA

5 bedrooms, 2 1/2 bathrooms, 2,386 sqft, approx. 5,200-sqft lot, MLS(r) #40405159, $948,000

Exquisite Queen Anne Victorian [...] Foundation replaced by Gutleben, 3 floors of living space, updated electrical & plumbing. Tasteful period lighting fixtures and moldings, finished full basement includes 5th bedroom & full bath [...]

• A much larger 7-bedroom Victorian (3,500 sqft after basement remodel, 4 stories thanks to a usable attic) on a larger lot (6,300 sqft) down the street at 1716 Encinal, which was almost completely renovated with all the expensive stuff done, failed to sell a year or two ago after one price drop to around $950,000.
• Gorgeous, über-tricked-out 1304 Morton is languishing on the market at $975,000 after a combined $275,000 in price drops.
• A much, much larger Queen Anne (granted, it's been chopped up into multiple units) with lagoon access at 2140 Clinton has been sitting around since late last year and is still unsold at $995,000.
• Another beautiful Queen Anne in great condition, 1904 Clinton, with lagoon access as well (and chopped up into three units), has been sitting on the market for over 3 months at $949,000, and isn't moving.
  
• A larger, extraordinary Italianate on a giant lot with a separate studio, in the best location in town, 1724 Alameda Ave, sold for $870,000 a few months ago.
• A comparably-sized Marcuse and Remmel at 1616 Lafayette (photo below) was on the market for ages in mid-2007 for around $800,000 and didn't sell. It only had a perimeter foundation job, and the basement wasn't quite of legal height, but it was also $150,000 less and for sale during a period of relative financial stability.