The half-a-million bargain--1549 Bay Street, Alameda, CA
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.
Miscellaneous