Six laundry rooms--339 Broadway #205, Alameda, CA
Ms. Dimacali will probably get on my case for this, but her protestations do not invalidate the fact that paying $470 / sqft in 2006 for a tiny condo in an unremarkable 1960s complex was massively, inexcusably stupid. Today's little short sale condo at 339 Broadway is a fine example of the kind of idiotic purchases that litter this blog:
Actually, it's the bank's loss, not the seller's, unless you're being persnicketily accurate and admit that the bank owns your house until it's paid off. The forgiven debt isn't taxable as income anymore these days, another brilliant idea pushed through Congress by the real estate lobby. The seller is only losing sleep and their FICO score.
The Craigslist post photos suggest the unit is already vacant, or occupied by the tidiest person in the world:
Which reminds me of...
This widdle condo sold for far too much just three years ago:
A low-interest, fully-amortizing mortgage is probably in the $2,000-$2,500 / month range for that purchase price depending on down payment and PMI. Add in $289 / month in HOA dues and $500 / month in property tax, and you're looking at a monthly outlay in the $2,800-$3,300 range. For 955 square feet. Meanwhile, you could rent bigger units up and down the waterfront in the same area for about $1,500 a month.
I suppose this helps answer the question I posed a little while back--what will happen to all those condos?
2 bedrooms, 2 bathrooms. 955 sqft, MLS(r) #40403295, $325,000, $289 / month HOA dues
Resort and leisure lifestyle in the Laguna Hacienda condominium complex —mere steps from the beach and a short walk to Alameda Town Centre shopping center with easy access to public transportation. This condo has a wide balcony, and overlooks the courtyard, the pool and the lagoon. Amenities include six community laundry rooms for free use by residents. Covered parking with storage.
Condo features hardwood floors in the entry and kitchen. Some upgrades include newer appliances, mirrored closet doors, ceiling fans. Wood-burning fireplace. Security system.
This is a short sale. Seller’s loss, buyer’s gain.
Actually, it's the bank's loss, not the seller's, unless you're being persnicketily accurate and admit that the bank owns your house until it's paid off. The forgiven debt isn't taxable as income anymore these days, another brilliant idea pushed through Congress by the real estate lobby. The seller is only losing sleep and their FICO score.
The Craigslist post photos suggest the unit is already vacant, or occupied by the tidiest person in the world:
Which reminds me of...This widdle condo sold for far too much just three years ago:
Last sale and tax info
- Sold 04/28/2006: $448,500
- 2008 Property Tax: $5,909
A low-interest, fully-amortizing mortgage is probably in the $2,000-$2,500 / month range for that purchase price depending on down payment and PMI. Add in $289 / month in HOA dues and $500 / month in property tax, and you're looking at a monthly outlay in the $2,800-$3,300 range. For 955 square feet. Meanwhile, you could rent bigger units up and down the waterfront in the same area for about $1,500 a month.
I suppose this helps answer the question I posed a little while back--what will happen to all those condos?
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