September 2009 Archives
Some sellers don't mess around when it comes to pricing their properties aggressively. Not enough of them, mind you, but the new listing at 2151 Alameda Avenue gets points for trying extra hard. The property has the following specs:
You read right; this property is listed for $300,000. Of course there are no interior pictures in the MLS(r) listing, so who knows what condition it's in and how much work it needs. But considering its previous sale price, this certainly qualifies as an almost bargain, at 57% off:
Of course we'll have a feeding frenzy and this property will sell for way over asking, which will prompt enlightened local real estate agents, buoyed by the recent increase in the Case-Shiller index (full data set in Excel format), to call the bottom of the market and a return to good times.
3 bedrooms, 1 bathroom, 1,596 sqft, MLS(r) #40431652, $300,000 ($188 / sqft)
[...] Contractors Special. Great Alameda Location with Living Room & Fireplace, Family Room, Victorian Style Home, Close to Town!!
You read right; this property is listed for $300,000. Of course there are no interior pictures in the MLS(r) listing, so who knows what condition it's in and how much work it needs. But considering its previous sale price, this certainly qualifies as an almost bargain, at 57% off:Property History for 2151 ALAMEDA Ave
| Date | Event | Price |
|---|---|---|
| Sep 29, 2009 | Listed | $300,000 |
| Aug 22, 2005 | Sold | $705,000 |
Of course we'll have a feeding frenzy and this property will sell for way over asking, which will prompt enlightened local real estate agents, buoyed by the recent increase in the Case-Shiller index (full data set in Excel format), to call the bottom of the market and a return to good times.
A cute little Victorian cottage built in 1885 just came on the market this week. 1230 College Avenue has the following specs:
At any rate, the owners are probably already losing money even if the house sells at full price, having paid close to $700,000 five years ago:
If the 16.5% yearly appreciation rate between 1998 and 2004 doesn't convince you we were in a bubble of immense proportions (compare to the normal 4.5% y/y appreciation between the previous two sales in 1988 and 1998), I can get you an incredible deal on a gross of tulip bulbs.
3 bedrooms, 2 bathrooms, 1,641 sqft, 6,348-sqft lot, MLS(r) #40431531, $745,000At $454 / sqft it's largely overpriced, although its East End location will probably have someone go ga-ga and pay full price. The lot is large and the house looks beautiful from the outside, although the Terminator kitchen is a disgrace and completely incongruous in a 124-year-old house.
completley restored historic victorian. [...] plank floors and high end designer kitchen. Period detail throughout with a wonderful formal dining room. High ceilings built-ins and a family room off the kitchen. [...] There is an over sized usable landscaped yard
At any rate, the owners are probably already losing money even if the house sells at full price, having paid close to $700,000 five years ago:
Property History for 1230 COLLEGE Ave
| Date | Event | Price |
|---|---|---|
| Sep 29, 2009 | Listed | $745,000 |
| Nov 23, 2004 | Sold | $697,000 |
| Aug 04, 1998 | Sold | $278,500 |
| Mar 03, 1988 | Sold | $178,500 |
If the 16.5% yearly appreciation rate between 1998 and 2004 doesn't convince you we were in a bubble of immense proportions (compare to the normal 4.5% y/y appreciation between the previous two sales in 1988 and 1998), I can get you an incredible deal on a gross of tulip bulbs.
Tis the season to be relisted. 2017 Lincoln Avenue disappeared a few months ago, but came roaring back this week, with new MLS(r) #40431603 and a slightly reduced price ($549,900, down from $560,000).
The description is cute:
As is the house (it's the little blue one, not the pretty yellow one):
As for the location, it's cute mostly if you enjoy a high-traffic thoroughfare and a schoolyard across the street.
It appears this property took a detour through the bank before coming back on the market this time around:
Anyone care to speculate where the $150K increase between the initial loan in 2004 and the (ostensibly) repo price in July 2009 came from?
The description is cute:
[...] hardwood floors, Just needs a new owner to place the final touchs on this gem.
As is the house (it's the little blue one, not the pretty yellow one):
As for the location, it's cute mostly if you enjoy a high-traffic thoroughfare and a schoolyard across the street.It appears this property took a detour through the bank before coming back on the market this time around:Property History for 2017 LINCOLN Ave
| Date | Event | Price |
|---|---|---|
| Sep 29, 2009 | Listed | $549,900 |
| Jul 10, 2009 | Sold | $658,445 |
| Oct 29, 2004 | Sold | $509,000 |
Anyone care to speculate where the $150K increase between the initial loan in 2004 and the (ostensibly) repo price in July 2009 came from?
Yet another Bayport house was (re)listed this week. 380 Hollister Avenue has the following specs:
Finally a listing that's not afraid to describe those ugly Nazi appliances as what they are.
This property was unsuccessfully listed at the same price a few months ago (then known as MLS(r) #40398972).
3 bedrooms, 2 1/2 bathrooms, 2,361 sqft, 3,289-sqft lot, MLS(r) #40431306, $779,000 ($330 / sqft)
Over $70K in upgrades, [...] loft and MB retreat [...] many exquisite features: granite kit C/T, SS appliances, [...] m/bath marble C/T, surr sound, upgraded flooring, custom paint and shutters, beautiful yard w/ functioning gas firepit. [...]
Finally a listing that's not afraid to describe those ugly Nazi appliances as what they are.This property was unsuccessfully listed at the same price a few months ago (then known as MLS(r) #40398972).
Property History for 380 Hollister
| Date | Event | Price |
|---|---|---|
| Sep 26, 2009 | Listed | $779,000 |
| Jul 01, 2009 | Delisted | * |
| Mar 09, 2009 | Listed | * |
| Apr 21, 2005 | Sold | $785,000 |
Assuming 6% agent commission and a sale at full list price, we're looking at a $52,000 loss in nominal terms.
There's a lot of competition in the Bayport complex, notably 330 Hollister currently listed at $638,000 for about the same square footage and one extra bedroom, or 238 Hollister, last seen around $680,000 (but delisted on 9/8/09). That said, the Spring fever epidemic might not be over yet, so this house just might sell near its inflated asking price.
There's a lot of competition in the Bayport complex, notably 330 Hollister currently listed at $638,000 for about the same square footage and one extra bedroom, or 238 Hollister, last seen around $680,000 (but delisted on 9/8/09). That said, the Spring fever epidemic might not be over yet, so this house just might sell near its inflated asking price.
Look who's back! Lagoon-access Victorian triplex 1904 Clinton has been relisted at a lower price ($899,000 down from $949,000, or $351 / sqft; MLS(r) #40431282) with a new agent, our good buddy Jose Cerda-Zein. Please refer to the original post for specs.
One factor that might be contributing to this property not selling is the fact it's been chopped up into three small units--neither of its two buyer pools can possibly be interested. Investment property buyers don't really want a luxury home in a prime location with three small units in it, because it doesn't make sense to pay a large location and architectural premium for three little apartments. And well-heeled Victorian aficionados interested in a lagoon property don't want a triplex; they want a large single-family home that's ready to move in as is.
So much for my prediction this thing would sell quickly.
One factor that might be contributing to this property not selling is the fact it's been chopped up into three small units--neither of its two buyer pools can possibly be interested. Investment property buyers don't really want a luxury home in a prime location with three small units in it, because it doesn't make sense to pay a large location and architectural premium for three little apartments. And well-heeled Victorian aficionados interested in a lagoon property don't want a triplex; they want a large single-family home that's ready to move in as is.So much for my prediction this thing would sell quickly.
No fewer than three listings on Bay Street came on the market this week: first 1549 Bay Street, then 1427 Bay Street, and finally 1143 Bay Street, which appeared yesterday. This is in addition to the huge, expensive colonial at 1209 Bay Street (MLS(r) #40428223) that came on the market a few weeks ago. By coincidence, all three properties were listed in order of closeness to the Gold Coast. By no coincidence at all, all three appear to be listed under less than ideal circumstances, and today's beautiful Gold Coast Craftsman is no exception. First the specs:
The house isbeautiful pretty, the location is excellent, and the price is, well, just about the same as it was when the house was purchased in 2003. The transaction history is a sobering summary of what not to do when it comes to real estate.
If this property sells for asking price (which is probably will), the sellers are looking at a $37,000 loss in nominal terms, and a $167,000 loss in real dollars after adjusting for inflation, assuming 6% agent commission.
Real estate is such a great investment.
Update 9/28/09: the open house was well attended and gave me an opportunity to assess the property discreetly. The front yard shown in the street view photo above is the only yard with grass; the backyard is tiny, and looks like a giant deck (complete with hot tub) ringed by a little paved path. The bedrooms are all upstairs and tiny except for the master bedroom, which isn't particularly large. The master bathroom, also upstairs, badly needs updating. The kitchen is large, sunny, and in decent condition, though hardly up to modern HGTV standards (which is a good thing in my book, but buyers might object). Counters abound all over the place, including a small island with a built-in stove and hardly any food prep space. The living and dining rooms are very large, oppressive Craftsman extravaganzas of dark wood and stone fireplace, and gorgeous if you're into wooden caves. There's a tiny bit of storage available in the partial basement, which doubles as laundry room.
3 bedrooms, 1 1/2 bathrooms, 1,903 sqft, 5,000-sqft lot, MLS(r) #40431194, $769,000 ($404 / sqft)
Craftsman splendor in heart of Gold Coast. GORGEOUS architectural detailing. Configured as 2+/1.5 w/ obvious modification to create sep entrance to 3rd BD (check w/ City). [...] Circular floorplan. [...] hot tub. Det garage and partial basement.
(man walking on lawn sold separately)
The house is
Property History for 1143 BAY St
| Date | Event | Price | Appreciation |
|---|---|---|---|
| Sep 25, 2009 | Listed | $769,000 | -- |
| Jul 31, 2003 | Sold | $760,000 | 13.7%/yr |
| Mar 26, 1997 | Sold | $336,000 | 13.1%/yr |
| Aug 07, 1992 | Sold | $190,000 | -- |
If this property sells for asking price (which is probably will), the sellers are looking at a $37,000 loss in nominal terms, and a $167,000 loss in real dollars after adjusting for inflation, assuming 6% agent commission.
Real estate is such a great investment.
Update 9/28/09: the open house was well attended and gave me an opportunity to assess the property discreetly. The front yard shown in the street view photo above is the only yard with grass; the backyard is tiny, and looks like a giant deck (complete with hot tub) ringed by a little paved path. The bedrooms are all upstairs and tiny except for the master bedroom, which isn't particularly large. The master bathroom, also upstairs, badly needs updating. The kitchen is large, sunny, and in decent condition, though hardly up to modern HGTV standards (which is a good thing in my book, but buyers might object). Counters abound all over the place, including a small island with a built-in stove and hardly any food prep space. The living and dining rooms are very large, oppressive Craftsman extravaganzas of dark wood and stone fireplace, and gorgeous if you're into wooden caves. There's a tiny bit of storage available in the partial basement, which doubles as laundry room.
Maybe agent Alice Garvin has been on vacation for the past two years and just gotten back into the real estate game. Or maybe she's not paying attention. What else would account for her pricing strategies, which appear to assume mid-2000s appreciation rates still apply and a price per square foot well north of $500 is actually a good idea?
628 Glenwood Isle has the following specs:
The property is located at the end of one of those silly fingers on the landfill side of the lagoon and boasts a great view of the hospital parking lot.
At $529 / sqft and a price tag well above $1M, it will likely take a goodly amount of time to sell, as it should, unless the sellers take advantage of what should be substantial equity (if not a fully paid-off house) to drop the price by, say, $400,000 or so.
Even notoriously over-enthusiastic Zillow values this house around $800,000, which given its size and location is much closer to a realistic value in today's market (not that $800,000 for a boring rancher on landfill is reasonable, mind you, but it beats $1.15M with a stick).
628 Glenwood Isle has the following specs:
3 bedrooms, 2 1/2 bathrooms, 2,174 sqft, 6,298-sqft lot, MLS(r) #40429196, $1,150,000 ($529 / sqft)
LARGE HOME ON LARGE [...] MANY CUSTOM FEATURES.PAVERS IN DRIVEWAY & WALK.SIDE YARD & BACK PATIO ON WATER.EXTRA ROOM COULD BE OFFICE [...]
The property is located at the end of one of those silly fingers on the landfill side of the lagoon and boasts a great view of the hospital parking lot. At $529 / sqft and a price tag well above $1M, it will likely take a goodly amount of time to sell, as it should, unless the sellers take advantage of what should be substantial equity (if not a fully paid-off house) to drop the price by, say, $400,000 or so.
Property History for 628 Glenwood Isle
| Date | Event | Price |
|---|---|---|
| Sep 14, 2009 | Listed | $1,150,000 |
| Dec 01, 1975 | Sold | $82,000 |
Even notoriously over-enthusiastic Zillow values this house around $800,000, which given its size and location is much closer to a realistic value in today's market (not that $800,000 for a boring rancher on landfill is reasonable, mind you, but it beats $1.15M with a stick).
Various folks are predicting a spike in inventory in the last quarter of this year, and while I have no evidence today's property at 2512 Calhoun St is a distress sale, the sale history certainly doesn't suggest a happy transaction. Not to mention the fact it tried to sell itself last year to no avail. First the specs for the current listing:
This property is now listed for $679,000 ($408 / sqft), which is too high and has no chance in hell of ever making sense as an investment property the way rents are going. It's a tad less than it was last December ($699,000 then), but still nowhere near where it needs to be. But it certainly makes more sense than the price the owners paid just three years ago:
Welcome back, little duplex. Maybe this fall season will be kinder to you than last year's.
Duplex, 5 bedrooms (3+2), 3 bathrooms, 1,665 sqft, MLS(r) #40430973, $679,000
[...] ideal for owner-occupancy with a great rental unit downstairs! Gleaming hardwood floors, granite counters, fresh paint inside & out. [...] On Demand water heater for efficiency! Brand new landscaping with sprinkler system. Feels like home, must see to appreciate!
This property is now listed for $679,000 ($408 / sqft), which is too high and has no chance in hell of ever making sense as an investment property the way rents are going. It's a tad less than it was last December ($699,000 then), but still nowhere near where it needs to be. But it certainly makes more sense than the price the owners paid just three years ago:Property History for 2512 CALHOUN St
| Date | Event | Price |
|---|---|---|
| Sep 24, 2009 | Listed | $679,000 |
| Dec 02, 2008 | Delisted | * |
| Jun 30, 2008 | Listed | * |
| Oct 17, 2006 | Sold | $770,000 |
Welcome back, little duplex. Maybe this fall season will be kinder to you than last year's.
A short post to start the week. 2619 Edison Court just came on the market today with the following specs:
What's the price tag on this lovely, sub-1,000-sqft 2-bedroom bundle of joy?
Only $710,000, or a mere $720 / sqft, which is more than twice the going rate for 94501 these days. Sure, some prestigious school is a block away, which might please neurologically deficient parents enough to plunk down two Ivy League college educations in excess of what they should be paying for the privilege of driving their Dodge Caravan only one block to take their rugrats to Edison Elementary. But even accounting for the Edison School premium, this property is overpriced by at least one small condo's worth.
You might think this insanity might be due to an inexperienced agent working with demented sellers, but agent Alice Garvin has been working in the industry since 1971 (which explains the all-caps listing). With that kind of longevity it's only fair to assume she's not completely incompetent to the point of pricing a property at twice the market rate. That leaves us with the demented seller option, which includes the common we-liberated-equity-so-we-need-to-sell-for-a-lot subclass.
This one will be interesting to watch.
2 bedrooms, 1 bathroom, 986 sqft, 3,528-sqft lot, MLS(r) #40430318It looks quiet all right, what with a schoolyard less than a block away.
LOCATION1 LOCATION1 LOCATION. [...] BUNGALOW ON QUIET CUL DE SAC
What's the price tag on this lovely, sub-1,000-sqft 2-bedroom bundle of joy?
Only $710,000, or a mere $720 / sqft, which is more than twice the going rate for 94501 these days. Sure, some prestigious school is a block away, which might please neurologically deficient parents enough to plunk down two Ivy League college educations in excess of what they should be paying for the privilege of driving their Dodge Caravan only one block to take their rugrats to Edison Elementary. But even accounting for the Edison School premium, this property is overpriced by at least one small condo's worth.
You might think this insanity might be due to an inexperienced agent working with demented sellers, but agent Alice Garvin has been working in the industry since 1971 (which explains the all-caps listing). With that kind of longevity it's only fair to assume she's not completely incompetent to the point of pricing a property at twice the market rate. That leaves us with the demented seller option, which includes the common we-liberated-equity-so-we-need-to-sell-for-a-lot subclass.
Property History for 2619 EDISON Ct
| Date | Event | Price |
|---|---|---|
| Sep 20, 2009 | Listed | $710,000 |
| May 15, 2007 | Sold | $600,000 |
| Aug 03, 2000 | Sold | $350,500 |
This one will be interesting to watch.
Losing your home to foreclosure when you paid too much near the peak of the market is one thing. Losing your home when you bought it over a decade ago for a very reasonable amount is another. Today's new listing at 1427 Bay Street seems to fall in the latter camp.
The specs:
Yet somehow this property managed to be sold at auction in March of this year for almost $350,000, suggesting a considerable amount of equity was "liberated" over the years:
At $447 / sqft it is significantly overpriced, but some idiot will probably pay close to that--"look honey, it's under $450,000!" Never mind it will be years before they can recoup that price if they need to sell. Let's just hope they don't have unreasonable expansion plans--3,750 sqft is only "generous" if the expansion you build houses chickens.
The specs:
2 bedrooms, 1 bathroom, 951 sqft, 3,750-sqft lot, MLS(r) #40430283, $424,800 ($447 / sqft)From what I can tell, this house was purchased in August, 1993, at a time when prices were considerably more reasonable than they are now; in fact, August 1993 was the bottom of the second trough after the last housing runup in the late 1980s:
[...] plenty of living space & even more room to expand on this generous lot. [...] newer windows & an attached garage. At this great price this one will not last. With a little TLC this house can be restored to its original beauty. [...]
(larger original image at Calculated Risk)
Yet somehow this property managed to be sold at auction in March of this year for almost $350,000, suggesting a considerable amount of equity was "liberated" over the years:
Property History for 1427 BAY St
Date |
Event |
Price |
|---|---|---|
Sep 20, 2009 |
Listed |
$424,800 |
Mar 06, 2009 |
Sold |
$348,925 |
At $447 / sqft it is significantly overpriced, but some idiot will probably pay close to that--"look honey, it's under $450,000!" Never mind it will be years before they can recoup that price if they need to sell. Let's just hope they don't have unreasonable expansion plans--3,750 sqft is only "generous" if the expansion you build houses chickens.
The great unwinding of the Bayport complex is continuing apace. Today's "esquisite" McMansion at 311 Bryant, which has been on the market for almost two months already, has the following specs:
This monument to decadence and excess has one of the most obscenely tricked-out kitchens I have ever seen:
It will not surprise anyone to read the initial buyers spent way too much in 2005:
Unfortunately, for this thing to have a shot at competing with the glut of Bayport houses for sale, the price needs to drop significantly more than it has.
Note to Bill and Griselda: it's spelled exquisite with an 'x'.
4 bedrooms, 3 bathrooms, 3,149 sqft, 3,977-sqft lot, MLS(r) #40421484, $955,000The Craigslist post is a tad more lyrical, with the randomly capitalized words that sell houses faster:
Come and enjoy luxuary living at its best [...] over 100K in upgrades. Hickory Espresso Hardwood floors, granite Counter in Kit. / Cherry Cabinet with Mahogany finish. [...] Surround sound & much, much more.
This Italian Malpeque Plan 9 with Approx. 3,149 Sq. Ft. is part of the Cove Collection, 4 bedrooms, 3 baths. It is located within Alameda’s newest Community, Bayport of Alameda. This home features classic architectural design with a multitude of upgrades to satisfy the most sophisticated discriminating buyers. Upgrades start with the Front Door that leads into the upgraded Hickory Espresso Hardwood Floors, beautiful arched doorways throughout, Plantation shutters, Crown Molding, Upgraded gourmet kitchen, with Stainless Steel appliances, Granite countertops, Cherry Cabinets with Old World Mahogany Finish. Family Room comes with a Fireplace & build-in Media Center that leads to a finished and landscaped backyard. Upstairs enjoy the loft with a build-in Media center and a secluded state of the art master suite and master bath with a deep jetted tub that leads to a large walk-in closet.
This monument to decadence and excess has one of the most obscenely tricked-out kitchens I have ever seen:It will not surprise anyone to read the initial buyers spent way too much in 2005:Property History for 311 Bryant Ave
Date |
Event |
Price |
|---|---|---|
Sep 04, 2009 |
Price Changed |
$955,000 |
Aug 12, 2009 |
Price Changed |
$975,000 |
Jul 25, 2009 |
Listed |
$995,000 |
Jun 17, 2005 |
Sold |
$1,017,500 |
Unfortunately, for this thing to have a shot at competing with the glut of Bayport houses for sale, the price needs to drop significantly more than it has.
Note to Bill and Griselda: it's spelled exquisite with an 'x'.
Saturday is a big catch-up-on-the-market day at the Opine compound, and today is keeping me very busy. Relists abound, and failed bubble purchases are coming back to the market in droves. Today's property at 3246 Garfield Avenue provides still more confirmation that overpaying for a house is rarely a good idea. It also provides a rare counterexample to the notion that the East End is completely immune to real-world economic pressures. Sure, the East End tends to fetch silly prices and hold value better than most other neighborhoods in town, but when everything drops everywhere, thinking your 3 square miles are magically insulated is just voodoo thinking.
3246 Garfield Ave has the following specs:
The property looks nice, and it's very close to the bay on the east side, so it should sell pretty quickly, even though it needs some undefined amount of work That's not to say paying close to $600,000 for a not-exactly-turnkey 1,624-sqft house on a smallish lot is reasonable, as the sale history indicates, but given the irrational behavior buyers exhibit when it comes to the east end, I wouldn't be surprised if it was gone in a couple of weeks.
3246 Garfield Ave has the following specs:
3 bedrooms, 1 1/2 bathrooms, 1,624 sqft, 4,370-sqft lot, MLS(r) #40429569, $589,900 ($363 / sqft)
Charming Alameda East End Bungalow. It is Light Filled and Spacious with Hardwood Flooring through out. [...] 1624 SQFT not including children tree house spaces in the back yard. Need your TLC to make me beautiful again!
The property looks nice, and it's very close to the bay on the east side, so it should sell pretty quickly, even though it needs some undefined amount of work That's not to say paying close to $600,000 for a not-exactly-turnkey 1,624-sqft house on a smallish lot is reasonable, as the sale history indicates, but given the irrational behavior buyers exhibit when it comes to the east end, I wouldn't be surprised if it was gone in a couple of weeks.
Property History for 3246 GARFIELD Ave
| Date | Event | Price |
|---|---|---|
| Sep 16, 2009 | Listed | $589,900 |
| Jul 24, 2009 | Sold | $495,753 |
| Jun 23, 2004 | Sold | $602,000 |
Speaking of recent relists, 3042 Thompson Avenue is back as MLS(r) #40429335 and with a $26,000 (3.6%) price cut to $699,000. Please refer to the original post for details.
The pointy-hat Victorian at 1009 Central is back as MLS(r) #40429761 with a new, slightly lower price of $460,750, down from $499,000 last March. Please refer to the original post for details.
Here's a summary of the listing activity since 2005:
Here's a summary of the listing activity since 2005:
Property History for 1009 CENTRAL Ave
| Date | Event | Price |
|---|---|---|
| Sep 16, 2009 | Listed | $460,750 |
| Jul 31, 2009 | Sold | $432,000 |
| Jun 04, 2009 | Delisted | * |
| May 27, 2009 | Relisted | * |
| Apr 01, 2009 | Delisted | * |
| Mar 21, 2009 | Listed | * |
| Aug 04, 2005 | Sold | $700,000 |
While we're on the subject of financially-inept imprudent home buyers, this week's new post-Victorian "duplex" at 1549 Bay Street stands as another fine example of what not to do when considering a home purchase. First the specs:
The discrepancy in the number of bedrooms and bathrooms between the listing and the public records is likely due to a conversion of what once was a modest single-family home to a duplex in 1940, presumably not permitted, which was amnestied by the city in 1999 (permit #B99-1696) but not reflected in the county records To their credit, the house's successive owners over the years appear to have obtained and finaled permits for a lot of the work performed on the house, which sadly can't be said of a lot of properties in Alameda. Of course a permit alone doesn't guarantee quality or durability, but at least it safeguards the next owner from having to clean up the permit history with the city or having to tear down a bunch of unwarranted improvements.
The MLS(r) photos show a pretty house in good condition, but fail to point out its proximity to large-ish buildings on both sides of Bay Street (Pagano's hardware mart on the same side and a market/liquor store across the street).
The tiny 3,300-sqft lot doesn't provide much protection against the elements and the very busy section of Lincoln just a few hundred feet to the north.
Having established all that, then, you may be interested to know the previous owner, just 4 years ago, spent $810,000 to purchase this property ($579 / sqft).
I wish that were a typo. Maybe it is. Assuming the house sells near asking price, which it just might (although spring fever has died down considerably), we're looking at a 34% drop in value in just 4 years. Alameda is different, innit?
Update 1/10/10: Sold to a newborn sucka for $555,000.
3 (or 5?) bedrooms, 1 (or 1 1/2) bathroom(s), 1,398 sqft, 3,300-sqft lot, MLS(r) #40430026, $534,900 ($383 / sqft)
REO bargain priced below comps. Move in condition, [...] Victorian era home with 4 bdrms, 2+ baths, full height attic with extra room, plus a 1 bdrm unit below. [...] a remarkable find.
The discrepancy in the number of bedrooms and bathrooms between the listing and the public records is likely due to a conversion of what once was a modest single-family home to a duplex in 1940, presumably not permitted, which was amnestied by the city in 1999 (permit #B99-1696) but not reflected in the county records To their credit, the house's successive owners over the years appear to have obtained and finaled permits for a lot of the work performed on the house, which sadly can't be said of a lot of properties in Alameda. Of course a permit alone doesn't guarantee quality or durability, but at least it safeguards the next owner from having to clean up the permit history with the city or having to tear down a bunch of unwarranted improvements.
The MLS(r) photos show a pretty house in good condition, but fail to point out its proximity to large-ish buildings on both sides of Bay Street (Pagano's hardware mart on the same side and a market/liquor store across the street).
The tiny 3,300-sqft lot doesn't provide much protection against the elements and the very busy section of Lincoln just a few hundred feet to the north.Having established all that, then, you may be interested to know the previous owner, just 4 years ago, spent $810,000 to purchase this property ($579 / sqft).
Property History for 1549 BAY St
| Date | Event | Price |
|---|---|---|
| Sep 18, 2009 | Listed | $534,900 |
| Jun 04, 2009 | Sold | $496,100 |
| Jun 23, 2005 | Sold | $810,000 |
| Jun 27, 1988 | Sold | $170,000 |
I wish that were a typo. Maybe it is. Assuming the house sells near asking price, which it just might (although spring fever has died down considerably), we're looking at a 34% drop in value in just 4 years. Alameda is different, innit?
Update 1/10/10: Sold to a newborn sucka for $555,000.
Another lovely example of home-buying savvy came on the market this week. The medium-sized bungalow at 1528 Pacific Avenue (right next door to perennially unsold 1526 Pacific) has the following medium-sized specs:
Interestingly, if you want to buy this house, you're locked into a mortgage with a Wells Fargo affiliate (or an all-cash transaction, I suppose, although those are considerably less profitable when the seller writes the loan). It makes sense for Wells Fargo to try to wring as much revenue out of the sale if they wrote the note that was used to purchase this little house the last time around:
What kind of an idiot pays $597,000 for a 1,018-sqft 2-bedroom bungalow in an average neighborhood?
2 bedrooms, 1 bathroom, 1,018 sqft, ~4,400-sqft lot, MLS(r) #40429842, $422,500 ($415 / sqft)
Old Alameda charm. Newer eat in kitchen with solid surface counters. Large master bath. Newer roof. Full basement for extra storage, work shop. [...] To be sold strictly as is. Buyer must provide a loan approval from Wells Fargo or subsidiaries.
Interestingly, if you want to buy this house, you're locked into a mortgage with a Wells Fargo affiliate (or an all-cash transaction, I suppose, although those are considerably less profitable when the seller writes the loan). It makes sense for Wells Fargo to try to wring as much revenue out of the sale if they wrote the note that was used to purchase this little house the last time around:Property History for 1528 PACIFIC Ave
Date |
Event |
Price |
|---|---|---|
Sep 17, 2009 |
Listed |
$422,500 |
Jun 15, 2009 |
Sold |
$499,900 |
Jun 08, 2006 |
Sold |
$597,000 |
Sep 17, 1999 |
Sold |
$231,000 |
What kind of an idiot pays $597,000 for a 1,018-sqft 2-bedroom bungalow in an average neighborhood?
It might be the end of the selling season upon us forcing people to rush to list their homes, or a full moon, but it seems as though every third house in the Bayport development is for sale for less than it was purchased when it was build just three or four years ago.
Today's listing at 330 Hollister Avenue has the following specs:
At $638,000 ($288 / sqft) it's certainly priced aggressively and should be a nice comp resetter. This new price comes out to a $155,500 (20%) price drop compared to its initial sale price of $793,500 less than 4 years ago.
Add in the 6% agent commission and you're down to a yearly loss that equals what a lot of people earn in the same amount of time.
Well done.
Today's listing at 330 Hollister Avenue has the following specs:
4 bedrooms, 2 1/2 bathrooms, 2,219 sqft, ~3,500-sqft lot, MLS(r) #40428585, $638,000Close to BART should most definitely be qualified with "by Alameda standards"; if you're unfamiliar with our little town and expect BART accessibility on a par with Temescal in Oakland or the Mission in San Francisco, better look elsewhere.
Beautiful home built in 2005 [...] priced to sell! [...] highly desireable Harbor Collection Plan 4 [...] Charming master bedroom suite has walk-in closet and private upper deck with french doors. Close to BART, freeway, shopping, and more.
At $638,000 ($288 / sqft) it's certainly priced aggressively and should be a nice comp resetter. This new price comes out to a $155,500 (20%) price drop compared to its initial sale price of $793,500 less than 4 years ago.
Property History
| Date | Event | Price |
|---|---|---|
| Sep 29, 2005 | Sold | $793,500 |
Add in the 6% agent commission and you're down to a yearly loss that equals what a lot of people earn in the same amount of time.
Well done.
Some people take their street name seriously, and today's listing at 1610 High Street is certainly priced in a manner befitting its location. Let's look at the specs:
2 bedrooms, 1 bathroom, 1,274 sqft, MLS(r) #40428088, $725,000 ($569 / sqft)
[...] charming split level house in the east end of Alameda. Light and airy, with french doors and paned windows. Beautiful moldings and wood work mantel fireplace. [...]
Sure, it's pretty and charming and what have you, and in a good location (except for the commute traffic up and down High Street twice a day), but for $725,000 I expect more than 2 bedrooms, one measly bathroom, and just 1,274 sqft. The purchase history suggests the owners should be able to drop their price closer to reason, and they're going to have to.
Update 9/5/09: One of the MLS(r) photos that I'm not allowed to show here shows a bedroom with two overstuffed beds, presumably for two children who don't really fit into a 2-bedroom house. $725,000? Seriously?
Update 12/6/09: Dropped to $705,000, then to $685,000.
Update 4/11/10: Sold for $610,000.
Property History for 1610 High St
| Date | Event | Price |
|---|---|---|
| Sep 05, 2009 | Listed | $725,000 |
| Mar 13, 2001 | Sold | $412,000 |
Update 9/5/09: One of the MLS(r) photos that I'm not allowed to show here shows a bedroom with two overstuffed beds, presumably for two children who don't really fit into a 2-bedroom house. $725,000? Seriously?
Update 12/6/09: Dropped to $705,000, then to $685,000.
Update 4/11/10: Sold for $610,000.
Remember how, three or four years ago, housing bears were being mocked for missing out on the opportunity of a lifetime to get into the market and buy a house before everybody got priced out forever?
Well, those chickens are coming home in droves, with yet another Bayport McMansion coming back to the market just three years after it was purchased--again. You can read the specs on the original post.
Today's updated listing on Craigslist describes the house like this:
It's now listed for $675,000 (still with the old MLS(r) #40390663, which isn't active as far as I can tell), down from $695,000 back in January, down from $830,500 when it closed escrow almost exactly three years ago.
Well, those chickens are coming home in droves, with yet another Bayport McMansion coming back to the market just three years after it was purchased--again. You can read the specs on the original post.
Today's updated listing on Craigslist describes the house like this:
Beautiful Classic Colonial in prestigious Bayport Development of Alameda Ca. This home comes with a multitude of upgrades. Custom tile in entryway, French Doors that open up to a private office or Formal Dining room. Designer lights over Kithen breakfast counter. Fireplace in Family room with additional lighting. Finshed side and back patio with custom pavers. Beautifully landscaped yard with automatic sprinklers. Custom paint. Master Bedroom suite with private patio. Lots of Upgrades. Great Value! This is a Short Sale that has been lender approved for the price. BPO's have already been done. Can close escrow in less than 30 days!!
It's now listed for $675,000 (still with the old MLS(r) #40390663, which isn't active as far as I can tell), down from $695,000 back in January, down from $830,500 when it closed escrow almost exactly three years ago.
This is getting ridiculous.
A Victorian semi-wreck in a hideous location (if you're a single-family home), cozily nestled betwixt a laundromat and a tailor, standing directly across busy lower Park street from a party store and a stone's throw away from my favorite tire shop (perfect for those mid-afternoon nitrogen cravings), came back on the market for the third time in 18 months, and once again it is listed for more money that the last time around.
More money. Not less. And from walking past this property at least once a week, I can tell you its exterior looks haven't exactly improved with the passage of time. Here's what it looked like to Google's Street View van a little while ago:
Here's a handy summary; please refer to the previous post for details on the property.
It didn't sell then, for obvious reasons, and now it's back, with timing so perfect it seems to have been carefully chosen to completely miss the peak of the selling season. And it's listed for $1,400 more than last year.
The sale and listing history are amusing; I suspect the June, 2008 transaction is the bank taking it back:
A Victorian semi-wreck in a hideous location (if you're a single-family home), cozily nestled betwixt a laundromat and a tailor, standing directly across busy lower Park street from a party store and a stone's throw away from my favorite tire shop (perfect for those mid-afternoon nitrogen cravings), came back on the market for the third time in 18 months, and once again it is listed for more money that the last time around.
More money. Not less. And from walking past this property at least once a week, I can tell you its exterior looks haven't exactly improved with the passage of time. Here's what it looked like to Google's Street View van a little while ago:
Here's a handy summary; please refer to the previous post for details on the property.
- In May, 2008, 1192 Park Street hit the MLS(r) as #40340126, listed at a grotesque $925,000. It had been on Zillow prior to that for $898,000 or so, if memory serves, and failed to sell, so the seller raised the price in a bid to attract more potential buyers.
- Then, in October, 2008, the property came back, presumably bank-owned by then, listed at $708,500.
It didn't sell then, for obvious reasons, and now it's back, with timing so perfect it seems to have been carefully chosen to completely miss the peak of the selling season. And it's listed for $1,400 more than last year.
The sale and listing history are amusing; I suspect the June, 2008 transaction is the bank taking it back:
Property History for 1192 PARK St
Date |
Event |
Price |
|---|---|---|
Aug 26, 2009 |
Listed |
$709,900 |
Aug 16, 2009 |
Delisted |
* |
Jun 11, 2009 |
Price Changed |
* |
May 12, 2009 |
Listed |
* |
Apr 18, 2009 |
Delisted |
* |
Apr 17, 2009 |
Price Changed |
* |
Oct 18, 2008 |
Listed |
* |
Oct 01, 2008 |
Delisted |
* |
Jun 03, 2008 |
Sold |
$644,100 |
May 02, 2008 |
Listed |
* |
Dec 07, 2005 |
Sold |
$163,000 |
Apr 18, 2003 |
Sold |
$112,000 |
Jun 29, 1990 |
Sold |
$56,000 |
Some folks are crazy about big old Victorian wrecks. But even the most battle-hardened Victorian restorer knows better than to spend $709,900 on an ugly, run-down house whose environs have been rezoned to accommodate laundromats and tailors and tiremongers, with a concrete front-yard and no fence. This property is essentially unsellable as a primary residence, which is very sad, but c'est la vie.
The bank may as well do a good deed and just donate the building to someone who could use it to run a not-for-profit law practice, child care center, or custom t-shirt design shop. Anything but a house.
The bank may as well do a good deed and just donate the building to someone who could use it to run a not-for-profit law practice, child care center, or custom t-shirt design shop. Anything but a house.
Another little house came on the market this week, so far north on Schiller you can probably smell the truck fumes from the comfort of your breakfast nook. Behold the end of the block at Clement:
In addition to its unfortunate location, 1904 Schiller Street has the following unappetizing specs and description:
In addition to its unfortunate location, 1904 Schiller Street has the following unappetizing specs and description:2 (3?) bedrooms, 2 (1? 5?) bathrooms, 1,066 sqft, 4,104-sqft lot, MLS(r) #40427280, $412,900
MAKE ME BEAUTIFUL AGAIN. Public Record show 3 beds 1 bath, but home is being used as 2 beds and 1 bath [...] finished basement with bonus room and half bath. Permit unknown. Buyer(s) are advised to inspect and check with City.
One thing that puzzles me is the discrepancy between the public records and the description; usually, when the public records show n bedrooms and the house has m rooms used as bedrooms, m is greater than n, not smaller. What happened to that third bedroom? Is the "bonus" room the elusive third bedroom in the public records, which was added accidentally? What's the deal? And speaking of deal, what's up with the tarp-looking thing in the wasteland backyard (photo at Redfin; can't show here).
Another thing is the "Buyer(s) are advised to inspect and check with City" bit, which should really go without saying, especially given the space constraints in MLS(r) listings. The fact the agent chose to make it very clear to potential buyers raises another, very large red flag.
Lastly, and this creeps me out a little, this very address appears to be or have been used as some sort of a day-care center for small children ("Violet's House Childcare"). It has a very positive review on Yelp and good grades on another site I've never heard about, so for all I know it is/was heaven on earth, but that just doesn't really jibe with this listing--I have a hard time imagining running a comfortable, happy, fun day-care center in a house in this condition. It may also have been the headquarters for a consulting agency of some sort named Blue Herring Advisory Group, but I couldn't find any information about whether the herring and the violet ever overlapped.
If this is what you get for $412,900 ($387 / sqft), I just can't figure out why anybody is buying anything at all. But evidently some bright bulb paid almost 50% more for this thing just 3 1/2 years ago (the entry for June 22, 2009 is most likely a bank taking the house back or some other distressed transaction).
Another thing is the "Buyer(s) are advised to inspect and check with City" bit, which should really go without saying, especially given the space constraints in MLS(r) listings. The fact the agent chose to make it very clear to potential buyers raises another, very large red flag.
Lastly, and this creeps me out a little, this very address appears to be or have been used as some sort of a day-care center for small children ("Violet's House Childcare"). It has a very positive review on Yelp and good grades on another site I've never heard about, so for all I know it is/was heaven on earth, but that just doesn't really jibe with this listing--I have a hard time imagining running a comfortable, happy, fun day-care center in a house in this condition. It may also have been the headquarters for a consulting agency of some sort named Blue Herring Advisory Group, but I couldn't find any information about whether the herring and the violet ever overlapped.
~~O~~
If this is what you get for $412,900 ($387 / sqft), I just can't figure out why anybody is buying anything at all. But evidently some bright bulb paid almost 50% more for this thing just 3 1/2 years ago (the entry for June 22, 2009 is most likely a bank taking the house back or some other distressed transaction).
Property History for 1904 SCHILLER St
Date |
Event |
Price |
|---|---|---|
Sep 01, 2009 |
Listed |
$412,900 |
Jun 22, 2009 |
Sold |
$429,652 |
Mar 24, 2006 |
Sold |
$600,000 |
You'd think some folks may have noticed that the days of paying $450 / sqft and up for little houses in substandard locations are, erm, over.
But apparently not. This week's little bungalow at 764 Eagle has the following specs:
Update 1/10/10: Sold for $460,000 on 11/25/09.
But apparently not. This week's little bungalow at 764 Eagle has the following specs:
2 bedrooms, 1 bathroom, 1,051 sqft, 5,880-sqft lot, MLS(r) #40427485, $469,500 ($447 / sqft)Paying that much for only one bathroom on just 1,051 sqft in that high-traffic, not particularly picturesque location is idiotic. Of course some arithmetically-challenged first-time home buyer eager to spend way too much for 30 years for the privilege of saving a few thousand dollars on their taxes next year will probably pay "snap it up" at full price--after all, this house has a history of fostering bad decisions on its owners:
[...] Spacious Kitchen. Large yard Bright & Sunny Charming Brick Fireplace with beautiful wood. Walk to [...] Webster Street Shops and Restrauants or Marina Village.
You read right--this little bungalow fetched $566 / sqft just 3 1/2 years ago. It is now for sale for 21% less, and still arguably overpriced by another 30%.Last sale and tax info
- Sold 01/10/2006: $595,000
- 2009 Property Tax: $7,092
Update 1/10/10: Sold for $460,000 on 11/25/09.
Miscellaneous