Escaping bubble purchases?--1635 High St, 2951 Windsor Dr, 1820 Cambridge Dr, 3042 Windsor Dr, 537 Palace Ct, 2843 Madison St, 1311 Fountain St, 1816 Grand St

This week has seen what looks like a number of homeowners realizing this is their last chance to sell their homes before the values drop below what they paid when the housing bubble was gaining momentum in the first few years of this century. Interestingly, if you exclude the duplexes, many of them share very similar characteristics: not terribly large, 2 bedrooms, 1 or 2 bathrooms, small-ish lots (the largest lot in the bunch is 4,400 sqft), post-Craftsman construction (late 1920s and younger), Fernside/East-End-ish locations. This means they're all potentially comps for each other, which should exert some pressure on prices.

Here's a summary:

1635 High Street MLS(r) #40409318

2 bedrooms, 1 1/2 bathrooms, 1,758 sqft, 4,141-sqft lot, $725,000 ($412 / sqft)

Stunning Fernside Split Level. Huge LR w/ high barrel ceiling, tall arched windows, balcony & oak floors. Contemporary Kit w/ all the extras. [...] Easy flow to lower level Family/Office area that opens to yard via custom 16' wide glass door system. Many eco friendly upgrades

Last purchase? May 2000, for $425,000.


2951 Windsor Drive MLS(r) #40409450

2 bedrooms, 2 bathrooms, 1,328 sqft, 4,100-sqft lot, $683,000 ($514 / sqft)

[...] contemporary home. 2 bedrooms, 2 baths, 2 fireplaces. Detached multi-purpose room as study/rec/overflow guest quarters. [...] Unique MURANO glass chandelier in dining room. Spacious eat-in kitchen. Nicely landscaped yard w/ sprinklers. [...]

Last purchase? October 2003, $527,500


1820 Cambridge Drive MLS(r) #40409451

2 bedrooms, 1 bathroom, 1,312 sqft, 4,000-sqft lot, $620,000 ($473 / sqft)

Charming split-level English Tudor Revival Cottage nestled on a tree-lined street in Alameda's desirable Fernside neighborhood. Period details throughout. [...]

Last purchase? December 2002, $459,000


This one already got into trouble for being too expensive last time around:

3042 Windsor Drive MLS(r) #40409287

2 bedrooms, 2 bathrooms, 1,520 sqft, 4,400-sqft lot, $564,900 ($372 / sqft)

Fabulous sparkling 2+ bedroom located in the popular Fernside area. Wide plank hardwood floors in living and dining rooms. [...] Corner lot. Great neighborhood. Convenient location. Downstairs room can be used as third bedroom.

Last purchase?

• It apparently went back to the bank in March this year, with a transaction price of $510,300.
  
• Before that, it had been sold in September 2004 for $660,000.
  
• And prior to that it had sold for $259,000 back in January 1996.

Then there's the one that got into trouble for no obvious reason:

537 Palace Court MLS(r) #40408959

5 bedrooms, 2 bathrooms, 2,183 sqft $494,900 ($227 / sqft) 

BANK OWNED. ALAMEDA DUPLEX WITH LOTS OF CHARACTER. 3 BEDROOMS 1 BATH ABOVE 2 BED 1 BATH BELOW, HARDWOOD FLOORS, AND TWO DETACHED GARAGES WITH ONE CONVERSION. [...]

Last purchase? December 1988, $245,000. It went back to the bank last August, with a $546,125 tag.


And finally a handful of sales that probably would have happened anyway:

2843 Madison Street MLS(r) #40409057

2 bedrooms, 1 bathroom, 1,268 sqft, 2,584-sqft lot, $599,000 ($472 / sqft)

[...] Craftsman Bungalow on Cul-de-sac. Fireplace w/ Classic Built-ins, Kitchen w/ Brazilian Green Slate Tile floors, Granite, Viking Range, LG Fridge, Breakfast Nook w/ LCD TV. Bathroom w/ Carrera Marble Floors, Claw Foot tub, [...]

Last purchase? April 1999, $296,000. The super-pimped-out description makes me wonder how much of the equity is left. Add to that a non-bedroom bedroom and a tiny lot, and I'm anticipating a bit of trouble for this one, especially considering how many comps are on the market already.

1311 Fountain Street MLS(r) #40409227

2 bedrooms, 1 bathroom, 1,222 sqft, 3,900-sqft lot, $539,000 ($441 / sqft)

Charming 2/1 home. Hardwood floor refinished. [...] Close to St Philip's Very private backyard retreat w/ Redwood tree, Formal DR w/ built-ins, Eat in kitchen, [...]

Last purchase? September 1985, $130,000

1816 Grand Street MLS(r) #356408

2 units: 1br 1ba and 2br 1ba, 1,497 sqft, $485,000 ($324 / sqft)
 
[...] 2 Units, One 2 Bedroom/1 Bath & 1 Bedroom/1Bath units, Nice Units with Roomy Kitchens, Good Size Livingrooms, Good Size Lot with 5 car carport [...] Well taken care of units, Carpet

Last purchase unknown.

If I were a gambling gal, I wouldn't put money on these guys selling too soon or at full list price: 1820 Cambridge, 2951 Windsor, and especially 2843 Madison. The others will probably go pretty quick, unless there's something really obviously wrong with them.

Update 9/5/09: 1635 High Street sold for $740,000 (!!!)
 
Update 9/29/09: 537 Palace Court sold for $500,000 on 9/9/09.

Sorry for the summary posts lately; I'm not out of the woods yet and can't quite spend the time and energy I used to spend on each individual listing.