Generous lot--1427 Bay Street, Alameda, CA
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.
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