This is the third time I've sat down to write a post about tiny 318 Pacific Avenue: I find
the neighborhood so depressing it's difficult to muster the energy to research even just a few facts. But in the interest of comprehensiveness, here goes 318 Pacific Avenue, a "wonderful Victorian Farmhouse" which is neither wonderful nor Victorian (nor a farmhouse, really) and has the following specs:
2 bedrooms, 1 bathroom, 878 sqft, 4,410-sqft lot, MLS(r) #40432050, $525,000 ($568 / sqft)
This wonderful Victorian Farmhouse features a full basement/workshop
area [...] large park like back yard, a deck
off the kitchen overlooking the garden [...] formal dining area with box beam ceilings and an enclosed front porch!
The only reason the 1/10 acre lot qualifies as "park like" (and it's hardly a park, based on the MLS(r) photos, but let's give the agent the benefit of poetic license) is because the house is so damn small, has no side yard, and is set all the way up against the sidewalk.
Of course it is massively, massively overpriced, given the large number of comparable
midgets priced much lower that are not exactly flying off the shelves. But of course this property is a living, breathing example of the utter insanity that gripped the real estate market from 2000 to 2007. Take a look at those yearly appreciation rates:
Property History for 318 PACIFIC Ave
|
Date
|
Event
|
Price
|
Appreciation
|
|
Oct 01, 2009
|
Listed |
$499,000
|
--
|
|
Jun 03, 2004
|
Sold |
$525,000
|
22.7%/yr
|
|
Feb 14, 2002
|
Sold |
$328,000
|
26.5%/yr
|
|
Oct 17, 2000
|
Sold |
$240,000
|
--
|
Anyone paying more than $275,000 for this property given its tiny size and
pathetic location just a few blocks from the barren desolation of the old Naval Air Station is an idiot who deserves to be separated from her money.
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