The Bay Street Selloff--1143 Bay Street, Alameda, CA
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.
Miscellaneous