Recently in 94502 Category
Today's Craigslist post is another good-sized recent home on a misspelled street in 94502. 47 Bannister Way has the following specs:
From the Craigslist photos, this property looks nice enough if you're into cookie-cutter 1990s construction and HGTV-approved granite and Batman appliances.
The price history suggests owners who'd like to hold on to their shirts, but probably won't, if they paid for all the renovations and upgrades mentioned in the listing:
Update 4/3/09: Reader pvohra points out this property lies in a Mello-Roos district, and comes with sizable HOA dues ($342 / month). Yikes.
3 bedrooms, 2 1/2 bathrooms, 1,772 sqft, 3,459-sqft lot, MLS(r) #40400466, $639,000I don't know who Al is, or how he was updated, but apparently he comes with the property.STUNNING AND LIGHT FILLED 3 BEDROOM HOME. TASTEFULLY UPDATED KITCHEN WITH GRANITE COUNTERTOPS AND HARDWOOD FLOORS IN FAMILY ROOM. BATHROOMS UPDATED AL
From the Craigslist photos, this property looks nice enough if you're into cookie-cutter 1990s construction and HGTV-approved granite and Batman appliances.
The price history suggests owners who'd like to hold on to their shirts, but probably won't, if they paid for all the renovations and upgrades mentioned in the listing:
Property History for 47 BANNISTER Way
Which begs the question: why do people feel so compelled to redo a kitchen that's not even 20 years old? Whatever happened to built-to-last and rooms where function trumps shine? I don't begrudge appliance makers their brisk business in recent years, but what exactly justifies throwing away countertops and appliances barely old enough to graduate from high school?
Date Event Price Mar 17, 2009 Listed $639,000 Dec 04, 2003 Sold $567,000 Sep 13, 1991 Sold $265,000
Update 4/3/09: Reader pvohra points out this property lies in a Mello-Roos district, and comes with sizable HOA dues ($342 / month). Yikes.
Boring property + misspelled street name + 94502 = a very uninspired blog post. In the interest of comprehensiveness, here's goes 56 Bannister Way, another one of Ringo Liu's notoriously snooze-inducing Bayfarm properties:
It's been listed for sale on Zillow since late January, and looks like a barely-break-even transaction if it sells for its current price:
Update 3/14/09: Be sure to go seeagent Izabella Lipetski this property at the open house this weekend.
Update 4/25/09: Dropped to $569,000.
3 bedrooms, 2 1/2 bathrooms, 1,625 sqft, 3,069-sqft lot, $599,000 ($369 / sqft)$599000 Harbor Bay bargain (alameda) (map)
Reply to: hous-1051927070@craigslist.org
Date: 2009-02-26, 6:30PM PST
Open floorplan w/high ceiling and lots of window. Spacious family room opens to kitchen. Gorgeous hardwood floors. 2-way firplace Sunny eat-in kitchen w/granite counters. Tranquil sunny backyard. Spacious driveway. Large mastersuite. Close to Ferry,Shoreline, and school. HOA pays ext,maint,ins,fr.yd
Ringo Liu
Harbor Bay Reality
(510) 913-1600
It's been listed for sale on Zillow since late January, and looks like a barely-break-even transaction if it sells for its current price:
Yawn.Last sale and tax info
- Sold 07/31/2003: $548,000
- 2008 Property Tax: $9,338
Update 3/14/09: Be sure to go see
Update 4/25/09: Dropped to $569,000.
When you paid too much for your house and want to sell it, there are two strategies: walk away and let the bank sell at a loss, or price your house even higher than you paid and wait for a Greater Fool to take it off your hands. The latter strategy has a history of not working terribly well these days, especially since the Greater Fool needs a Greater Fool Bank to help them.
Today's overpriced listing at 4 Sunny Cove Circle has been on the market for a little while now and just recently dropped its price, so I figured it was time to stop ignoring it. The specs:
The price change is recent enough that you can still find the listing at its previous price:
The MLS(r) listing has an amusing note that's probably intended for real estate agents, but visible to everyone:
let's-hide-as-much-as-possible-from-potential-buyers confidential remarks section.
When you buy that spacious townhome, you're also saddled with $393 / month in HOA dues, and any special assessment the HOA deems necessary (to cover non-paying residents' defaults, for example).
At $362 / sqft, plus almost $400 in HOA dues a month, this property is still significantly overpriced, especially in today's market. But the owners probably do need a Greater Fool (emphasis added):
Today's overpriced listing at 4 Sunny Cove Circle has been on the market for a little while now and just recently dropped its price, so I figured it was time to stop ignoring it. The specs:
3 bedrooms, 2 1/2 bathrooms, 2,209 sqft, MLS(r) #40391212, $799,000
This gorgeous townhome is centrally located within the Brittany Landing the Harbor community near the swimming pool and spa, the grassy meadow, guest parking, and the Harbor Bay Isle walking paths. The Harbor Bay Athletic Club is nearby as are schools, a golf course, and a shopping center with a market, a drugstore, several restaurants, and many small shops.
[...]
When you open the front door you'll see all the way to the lagoon! This home maximizes those water views from the open plan living room and dining area and even from the kitchen. There's a deck off the dining space for an even closer view of the boat dock and lagoon.
The price change is recent enough that you can still find the listing at its previous price:The MLS(r) listing has an amusing note that's probably intended for real estate agents, but visible to everyone:Beautifully staged by Grace Interiors. Sho Blind!The staging, however beautiful, is really only there to help the sellers and the agents maximize their sale price, and to a very minor extent the buyers, who might be able to imagine what they want to do with the property; but they don't get to keep the stage furniture, so that kind of detail probably belongs in the
When you buy that spacious townhome, you're also saddled with $393 / month in HOA dues, and any special assessment the HOA deems necessary (to cover non-paying residents' defaults, for example).
At $362 / sqft, plus almost $400 in HOA dues a month, this property is still significantly overpriced, especially in today's market. But the owners probably do need a Greater Fool (emphasis added):
Good luck with that.
Date Event Price Appreciation Source Feb 14, 2009 Price Changed $799,000 -- EBRD #40391212 Jan 22, 2009 Listed $829,000 -- EBRD #40391212 Feb 28, 2003 Sold $695,000 16.5%/yr Public Records Dec 08, 1993 Sold $170,000 -- Public Records
Who wants a boring sub-1,700-sqft house on a small lot for three quarters of a million?
Anyone?
Me neither, actually.
8 Wellfleet Bay has been on the market for a little over a month as MLS(r) #40389188, after trying its luck as MLS(r) #40363678. The specs:
The absence of description in the Craigslist post as well as the MLS(r) listing makes me wonder if the agent has lost interest, patience, or hope. I don't blame him (actually, I do; nobody forced him to take this listing on), because $442 / sqft for a completely unremarkable house (plus an extra $132 / month in HOA dues) is justified by absolutely nothing in the current market. The property's previous incarnation (MLS(r) #40363678) was even more overpriced, at $785,000:
Zillow helpfully points out that neighbors have been selling for less, or offering much more square footage for about the same price. Given the sale history, there should be plenty of room to drop to a number starting with a 6 (or even a 5 if you really want to sell):
Anyone?
Me neither, actually.
8 Wellfleet Bay has been on the market for a little over a month as MLS(r) #40389188, after trying its luck as MLS(r) #40363678. The specs:
3 bedrooms, 2 bathrooms, 1,694 sqft, 4,000-sqft lot, $132/mo HOA, $749,500
The absence of description in the Craigslist post as well as the MLS(r) listing makes me wonder if the agent has lost interest, patience, or hope. I don't blame him (actually, I do; nobody forced him to take this listing on), because $442 / sqft for a completely unremarkable house (plus an extra $132 / month in HOA dues) is justified by absolutely nothing in the current market. The property's previous incarnation (MLS(r) #40363678) was even more overpriced, at $785,000:
Zillow helpfully points out that neighbors have been selling for less, or offering much more square footage for about the same price. Given the sale history, there should be plenty of room to drop to a number starting with a 6 (or even a 5 if you really want to sell):But given the seller's reluctance (as evidenced by the DOM and tiny price drop), I'm certainly not holding my breath.Last sale and tax info
- Sold 02/18/1994: $334,000
- 2008 Property Tax: $1,911
I deliberately ignored this property when it first came on the market because, frankly, 94502 condos interest me about as much as pork futures, but in the interest of comprehensiveness, here is 22 Rutland Court, a "sparkling" condo on Bayfarm, with the following specs:
The MLS(r) listings is only slightly different, but obviously composed by the same person:
Now, I don't know about you, but the most I'd ever pay for a good-sized 2-story townhome on Bayfarm is probably about $350,000. If that. Especially with the $342 monthly HOA dues. But the sellers are asking a trifle more--$664,700 at last reckoning. It's less than they used to want, back when it was known as MLS(r) #343705 and listed at $679,000 (that's a whopping 2.1% price drop, in case you were wondering).
I was a bit curious about the weirdly shaped new price, so I did some math and found that it's tailored almost exactly so the owners will make back their exact purchase price if the agents split a 5% commission. Imagine that.
pimp out remodel a perfectly fine looking 16-year-old condo with a big HELOC and granite everywhere.
Sparkling or not, though, given the state of the condo market and the massive, massive premium the owners overpaid in 2005, I just don't see them getting out of this with money in the bank.
Update 4/2/09: Whopping $5,700 price drop. Yes, five thousand seven hundred, not fifty seven thousand. This one's so toast I can smell the butter melting.
2 bedrooms, 2 1/2 bathrooms, 1,519 sqft, 2,688-sqft lot, 2 stories, 2-car garage, MLS(r) #40350870
Sparkling 2 bedroom, 2.5 bath Bay Colony duet [...] near the Sshoreline, Ferry and recreation. [...] vaulted ceilings and lots of light [...] wood burning fireplace and babmboo floors make this a warm and inviting setting. The eat-in kitchen has access to the garden and rear deck ideal for entertaining. Upstairs has two master suites with tile baths and lots of closet and storeage space. [...] HOA fees are $342 mo.
[...]
bamboo floors
cheery kitchen
[...]
Serene cul-de-sac.
The MLS(r) listings is only slightly different, but obviously composed by the same person:
New Price! Easy to show--bring an offer. [...] bamboo floors, cheery eat-in kitchen, deck and garden area ideal for entertaining. Master suite [...] tiled baths. Garage & washer/dryer. Cul-de-sac near ferry & shoreline
Now, I don't know about you, but the most I'd ever pay for a good-sized 2-story townhome on Bayfarm is probably about $350,000. If that. Especially with the $342 monthly HOA dues. But the sellers are asking a trifle more--$664,700 at last reckoning. It's less than they used to want, back when it was known as MLS(r) #343705 and listed at $679,000 (that's a whopping 2.1% price drop, in case you were wondering).
I was a bit curious about the weirdly shaped new price, so I did some math and found that it's tailored almost exactly so the owners will make back their exact purchase price if the agents split a 5% commission. Imagine that.
At least the listing suggests the owners had the decency not toLast sale and tax info
- Sold 10/28/2005: $630,000
- 2008 Property Tax: $9,915
Sparkling or not, though, given the state of the condo market and the massive, massive premium the owners overpaid in 2005, I just don't see them getting out of this with money in the bank.
Update 4/2/09: Whopping $5,700 price drop. Yes, five thousand seven hundred, not fifty seven thousand. This one's so toast I can smell the butter melting.
On yet another one of those misspelled street names in 94502 lies today's short-sale duet, which sports not one but two master bedrooms suites.
The MLS(r) listing is amusingly worded:
Maybe the owners are tired of serving two master bedrooms (although I'm not clear on how both bedrooms in a 2-BR unit can be the master), considering:
2 bedrooms, 2 bathrooms, 1,519 sqft, 2,560-sqft lot, MLS(r) #40385586, $499,000
Two master suites grace this bright and sunny Bay Colony duet [...] Very short distance to the ferry, schools, shopping, [...] walking paths along San Francisco Bay.
The MLS(r) listing is amusingly worded:Sunny duet [...] Two master suites and additional ½ bath. [...] This propety has a "long driveway". Vaulted ceilings & lots of windows. Roof two years old. [...]The "propety" has a "long driveway". Not a long driveway, mind you--a "long driveway". I'm not sure why that would be a selling point, with or without the scare quotes. And even if there were a pool of buyers out there with a "long driveway" fetish, $328 / sqft is on the high side for a duet on such a teeny tiny lot.
Maybe the owners are tired of serving two master bedrooms (although I'm not clear on how both bedrooms in a 2-BR unit can be the master), considering:
Assuming the property does sell for $499,000, and subtracting 6% for agent commissions and the price of a new roof (rounding down to net proceeds of $450,000), we're looking at $200,000 up in smoke in less than 4 years. That's just under what most people take home in solidly middle-class 94502. Well done.Last sale and tax info
- Sold 03/25/2005: $650,000
- 2008 Property Tax: $10,280
Our old pal Ringo Liu is back on craigslist with a vengeance and a new passel of unsellable overpriced loss leaders. Today's fine specimen is...
Why Ringo Liu doesn't mention the potentially appealing fact this property is within walking distance from Alameda's giant golf course is a mystery. Maybe people have learned that "near the golf course" also means "near the Oakland airport."
2 bedrooms, 2 bathrooms, 1,694 sqft, $740,000
You might think $437 / sqft isn't too bad, and it's certainly a bargain compared to two years ago:$740000 36 Sea Bridge (alameda) (map)
Reply to: toringoliu@aol.com [?]
Date: 2008-10-31, 3:05PM PDT
Sunny one level House in great location. Remodeled Kitchen. Updated bath w/ skylight. Elegant Wood floors. 2 patio doors. High catherdal ceiling. Sunnny floor plan with atrium. Cul-de-sac. private backyard w/ hot tub. Spacious front driveway. Steps to lagoon path, school & shopping. No bonds.
You read right, somebody paid almost $500 / sqft for a boring late-1970s rancher in a tightly-packed neighborhood filled with boring 1970s ranchers.Last sale and tax info
- Sold 09/08/2006: $842,000
- 2008 Property Tax: $10,248
Why Ringo Liu doesn't mention the potentially appealing fact this property is within walking distance from Alameda's giant golf course is a mystery. Maybe people have learned that "near the golf course" also means "near the Oakland airport."
Sometimes it feels as though whoever named the streets in 94502 was mildly dyslexic. They're all sort-of spelled the way you would expect, but with a strategic typo for whimsical effect: Mecartney, Parodi, Bismark, and now Camellia. Today's bank-owned Craigslist listing at 1012 Camellia Drive has the following specs:
I love the non-committal yet threatening "it could represent a good value to the right buyer." I also like the fact it was purchased for a song many years ago yet still managed to be repossessed:
Is every homeowner a complete imbecile?
Oh, and to the people at the bank: $659,900? For a property that "could represent a good value to the right buyer"? You'd have more success selling whatever you're smoking than selling repossessed homes. Idiots.
3 bedrooms, 2 bathrooms, 1,623 sqft, lot, 5,096-sqft lot, $659,900$659900 Large 3 bedroom in Bay Farm BANK OWNED (alameda) (map)
Reply to: philip@kaakeproperties.com [?]
Date: 2008-10-13, 9:19PM PDT
1012 Camellia Way
This home is in need of a little TLC, however it could represent a good value to the right buyer. Close to Harbor Landing shopping center.
I love the non-committal yet threatening "it could represent a good value to the right buyer." I also like the fact it was purchased for a song many years ago yet still managed to be repossessed:I would like it very much if someone could explain to me how you go from a $350 / month mortgage to a loan balance that's almost $490,000 higher in just 14 years and subsequently lose your house.
Sale History 01/18/2008: $551,807 * 10/12/1994: $63,000 No other sale data is available * Transaction not included in Zestimate.
Is every homeowner a complete imbecile?
Oh, and to the people at the bank: $659,900? For a property that "could represent a good value to the right buyer"? You'd have more success selling whatever you're smoking than selling repossessed homes. Idiots.
Today's craigslist post is a townhouse in an area of 94502 I have never heard of, "Baywood Village," but then I try not to spend too much time over there. The specs:
I don't know about "priced to sell"--$328 / sqft for a condo that probably comes with hefty HOA dues (not mentioned in the post) is a bit steep. That said, it's almost back to its 2003 price judging by its sale history:
3 bedrooms, 2 1/2 bathrooms, 1,725 sqft, MLS(r) #40373871, $565,000
This spacious three bedroom, two and a half townhome is located in the Harbor Bay subdivision of Baywood Village. The living room and master suite are large with beamed ceilings and plenty of light coming through the high windows. The kitchen has a breakfast bar with an adjoining family room. There are three outdoor patios to be able to enjoy the greenbelt-like grounds. Check out the walking path along the lagoon. Close to shopping and restaurants with a community swimming pool, this is a very desirable home priced to sell.
(description from vflyer, not an MLS site)
I don't know about "priced to sell"--$328 / sqft for a condo that probably comes with hefty HOA dues (not mentioned in the post) is a bit steep. That said, it's almost back to its 2003 price judging by its sale history:
In fact, it's another one of those listings where the agent's extensive, professional comparative market analysis curiously came out to the previous price + 6% agent commission + basic maintenance costs over 5 years, almost exactly. Funny how those CMAs work out.Last sale and tax info
- Sold 08/20/2003: $512,000
- 2007 Property Tax: $6,832
It seems the market has ground to a stop this week, perhaps in reaction to the current crisis on Wall Street. But that hasn't stopped owners on Parfait Lane from advertising their overpriced condos on craigslist.
102 Parfait Lane and 108 Parfait Lane have identical specs:
102 was purchased almost 20 years ago:
108 was purchased 4 1/2 years ago:
And therein lies the rub for Ron Palmer's listing: 102 is asking for about 9% more than 108's previous purchase price ($480,000), while its neighbor is trying to get a whopping $645,000, a 34% premium over the other unit, which is already arguably overpriced at $313 / sqft with those sizable HOA dues ($4,920 per year that's not going into your roof/flooring/plumbing fund or other property-value-enhancing vehicle).
Another interesting sign of the times is that it took 15 years for $239,000 to grow into $438,000 (a fairly normal 4.125% y-o-y appreciation), but 108's owner has no qualms about expecting the same absolute gains in just four years (a completely unreasonable 10.125% y-o-y appreciation). And 102 claims to be an upper unit, which is arguably better than a ground-floor unit--no amount of flamenco dancing by your neighbors can dislodge your chandeliers or rattle your dentures.
I once heard a house owner deride condo living as a lifestyle sought after by fat retirees wearing big gold chains and half-open Hawaiian shirts. I see it more as a dangerous proposition when near-perfect comps are right under your nose (16 ft away, per Google's walking directions), waiting to strike at your listing with the exact same offerings and a lower price.
In any case, $410 / month sure buys you a lot of Hawaiian shirts.
Update 10/17/08: Neighbor 115 Parfait Lane, with the exact same 2+2, 1,534-sqft specs, sold for $485,000 after being listed at $549,000:
102 Parfait Lane and 108 Parfait Lane have identical specs:
2 bedrooms, 2 bathrooms, 1,534 sqft, $410 / month HOA duesAccordingly, they also have near-identical descriptions (and presumably the same amenities for the same $410 / month HOA dues).
102 says "Well-maintained upper unit at Brittany Landing The Bay. Located next to San Francisco Bay there are bay and lagoon walking paths with sweeping San Francisco views. The Harbor Bay Fitness Club is a short walk and Brittany Landing has a lovely pool and hot tub. Spacious open rooms with vaulted ceilings and a balcony off the master bedroom are just a few of its special features"
108 says "beautiful 2 bedroom 2 bathroom condo in brittany landing at the bay in harbor bay, alameda. 1534 sq. ft. newer hardwood floors in entry, kitchen and hallway. gated community with 24 hr. security. swimming pool and spa. carefree living in alameda. available for viewing by appointment only. monday thru friday 9am to 4pm. no weekend viewing. call Ron Palmer at 510-735-4753 for your own personal tour. Prudential California Realty 3320 Grand Ave Oakland, Ca"
102 was purchased almost 20 years ago:
Last sale and tax info
- Sold 07/31/1989: $239,000
- 2007 Property Tax: $4,345
108 was purchased 4 1/2 years ago:
Last sale and tax info
- Sold 03/12/2004: $438,000
- 2007 Property Tax: $5,912
And therein lies the rub for Ron Palmer's listing: 102 is asking for about 9% more than 108's previous purchase price ($480,000), while its neighbor is trying to get a whopping $645,000, a 34% premium over the other unit, which is already arguably overpriced at $313 / sqft with those sizable HOA dues ($4,920 per year that's not going into your roof/flooring/plumbing fund or other property-value-enhancing vehicle).
Another interesting sign of the times is that it took 15 years for $239,000 to grow into $438,000 (a fairly normal 4.125% y-o-y appreciation), but 108's owner has no qualms about expecting the same absolute gains in just four years (a completely unreasonable 10.125% y-o-y appreciation). And 102 claims to be an upper unit, which is arguably better than a ground-floor unit--no amount of flamenco dancing by your neighbors can dislodge your chandeliers or rattle your dentures.
I once heard a house owner deride condo living as a lifestyle sought after by fat retirees wearing big gold chains and half-open Hawaiian shirts. I see it more as a dangerous proposition when near-perfect comps are right under your nose (16 ft away, per Google's walking directions), waiting to strike at your listing with the exact same offerings and a lower price.
In any case, $410 / month sure buys you a lot of Hawaiian shirts.
Update 10/17/08: Neighbor 115 Parfait Lane, with the exact same 2+2, 1,534-sqft specs, sold for $485,000 after being listed at $549,000:
Real estate agents must use a special dictionary. In mine, a "bargain" is a good deal, a product that can be obtained for less money than other comparable products, or for less than you would normally expect to pay for it in general. A house priced around $800,000 rarely qualifies. Especially with the following specs:
The sale history is littered with non-arms-length transactions:
Update 10/31/08: Indeed. Down to $775,000.
Update 1/10/09: Sold for $750,000. What a STEAL!
3 bedrooms, 2 1/2 bathrooms, 1,736 sqft, 4,050-sqft lot, MLS(r) #40355249, $799,000, listed 7/10/08Ringo: $460 / sqft is not a bargain. In fact it's arguably too expensive by a factor of 2. And "designer paint" doesn't really cost any more than the odd bucket of Behr.$799000 Bargain 4 Bedroom home in Harbor Bay (alameda)
Reply to: rliu@hbrinfo.com [?]
Date: 2008-09-19, 2:27PM PDT
Sunny southern special floorplan w/High ceiling. Large private backyard. Newer designer paint. Good Size driveway. Close to Shoreline, park, & school. Wider st. attractive move-in condition.
Must See!!
Open House Sun 9/21 2-4 pm
Harbor Bay Realty
Ringo Liu
510.814.4848
The sale history is littered with non-arms-length transactions:
I suspect the listing history will also be littered with price drops.Sales History
Sale History & Tax Info Sale History 06/30/2005: $150,000 * 04/07/1987: $204,000 * No other sale data is available * Transaction not included in Zestimate
Update 10/31/08: Indeed. Down to $775,000.
Update 1/10/09: Sold for $750,000. What a STEAL!
Writing listings isn't hard, but occasionally you'll run into some that have you scratching your head.
The house is brand new, so there's no record of it on Zillow or Trulia. The current price big works out to $408 / sqft, which is a bit steep, even with a happy chef in the kitchen and very, very clean residents in the 5 bedrooms using the multiple cleaning devices in the master bath. If it's brand new, the builder might have some room to drop the price a bit (again).
You just have to have a house with a price big change and stainless steal appliances.$898000 Price big change.Brand New House 5bed/3bath/2pkg,Bay Farm Island (alameda)
Reply to: summershouses@yahoo.com [?]
Date: 2008-09-16, 6:54PM PDT
Price big change. was $950,000 and Now asking:$898,000. This is a brand new, never been lived in home in Bay Farm Island of Alameda. This gorgeous 4 bedroom upper, 1 bedroom on street level, 3 bathroom, 2 car side by side parking garage house is 2,200 square feet, and features new hardwood floors, cascading staircase and high end, new luxury kitchen appliances sure to make any chef happy.
Floor plan includes high vaulted ceilings, large formal dining room and spacious kitchen.
New stainless steal appliances, granite counter tops and pristine hardwood floors.
Master bedroom with large master bath including jet bath, independent shower and dual vanity sink.
The house is brand new, so there's no record of it on Zillow or Trulia. The current price big works out to $408 / sqft, which is a bit steep, even with a happy chef in the kitchen and very, very clean residents in the 5 bedrooms using the multiple cleaning devices in the master bath. If it's brand new, the builder might have some room to drop the price a bit (again).
Today's craigslist post is rather unremarkable. First the publicly available specs:
3 bedrooms, 2 bathrooms, 1,385 sqft, 5,152-sqft lot, $649,500 ($469 / sqft)
$649500 SINGLE LEVEL, EASY LIVING MEDITERRANEAN (alameda) (map)
Reply to: hous-827372508@craigslist.org [?]
Date: 2008-09-04, 1:27PM PDT
Great single level, easy living Mediterranean in Alameda's Bay Farm area. 3 bedrooms, 2 baths, newly painted interior, eat-in kitchen, wood floors, updated light fixtures, 2-car garage, large patio. Close to shops, restaurants, excellent schools, parks, golf, tennis, fitness club. Convenient commute, or use bus, BART, and ferry service to S.F.
1017 HOLLY STREET at Mecartney
Given its sale history, today's list price is just $681 under the previous price. They'll break even if they get the buyer's and the seller's agents to chip in $340.50 each.
I suppose that's what you get when you buy an overpriced home. Turning around and selling it for about what you paid for it doesn't make it any less overpriced.
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I suppose that's what you get when you buy an overpriced home. Turning around and selling it for about what you paid for it doesn't make it any less overpriced.
Last sale and tax info
- Sold 12/02/2005: $650,181
- 2007 Property Tax: $8,184
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A huge modern Craftsman revival with Bay views has been on the market for a while, and today it has reminded us of its latest big price drop. 6 Callan Place has caved (MLS(r) #338507 or #40327569). First, the outsized specs:
Update 3/8/09: A singularly foul-mouthed commenter says this property sold for $1.9M. S/he also recomments that we restrict our comments to our own substandard homes (s/he didn't use those words exactly). The comment suggests s/he either sold the home (at a substantial loss if agent commissions were involved) or bought it (for too much money). Either way, the frustration is understandable, but did you, truthteller200@gmail.com, really have to use such foul language to make your point?
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4 bedrooms, 3 1/2 bathrooms, 2 stories, 4,695 sqft (or 4,536, depending on the MLS(r) number), approx. 5,749-sqft lot, $2,095,000, on the market for 6 months as of 8/31/08The price has already been dropped multiple times and add up to $533,000):$2095000 Over $500k in reductions for this San Francisco bay and downtown view! (alameda)
Reply to: hous-821786147@craigslist.org [?]
Date: 2008-08-31, 11:36PM PDT
Principles only, no agents, e-mail for a private tour of the special property.
Custom-built Craftsman with well over 4600 sq feet +/- reduced from the over $2.6 Million dollar price tag makes this your dream come true! Make us of a slow sellers market and sell when the tables turn!
$2,628,000 to $2,490,000 in late April, 2008"No agents"--could the seller be going FSBO? They might need all the commission-cutting they can get given the sale history:
$2,490,000 to $2,295,000 in mid July, 2008
$2,295,000 to $2,095,000 in late August, 2008
6% of $2,095,000 is a substantial $125,700, so they'd net $1,969,300. That's not a heck of a lot more than the last purchase price, but still respectable. And even if they have to drop the price again and lose money on the transaction, I doubt it'll be an amount someone who lives in a $2M house really cares about.Last sale and tax info
- Sold 06/22/2004: $1,900,000
- 2007 Property Tax: $22,954
Update 3/8/09: A singularly foul-mouthed commenter says this property sold for $1.9M. S/he also recomments that we restrict our comments to our own substandard homes (s/he didn't use those words exactly). The comment suggests s/he either sold the home (at a substantial loss if agent commissions were involved) or bought it (for too much money). Either way, the frustration is understandable, but did you, truthteller200@gmail.com, really have to use such foul language to make your point?
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Today's Craigslist post doesn't beat around the bush. It comes out and tells you this is an REO and gets right down to business.
At $509,000 for 1,035 sqft, it's a little steep ($492 / sqft) considering it doesn't look particularly special based on its specs. Heck, it was already overpriced the last time it was sold:
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$509000 ALAMEDA FORECLOSURE!! (Bay Farm Island) (alameda) (map)
Reply to: anthony@anthonympayne.com [?]
Date: 2008-08-23, 10:51AM PDT
A Bank Owned Foreclosure, In a Wonderful Bay Farm Island Location, 2 Bedrooms & 1.5 Baths, 1035 SqFt., Well Maintained, Single Level Home, Close to Ferry. Don't Miss This One!!
[...]
At $509,000 for 1,035 sqft, it's a little steep ($492 / sqft) considering it doesn't look particularly special based on its specs. Heck, it was already overpriced the last time it was sold:
Sales History
Sale History & Tax Info Sale History 07/17/2008: $382,500 * 03/21/2003: $437,500 No other sale data is available *This transaction was not used in computing the Zestimate [...] due to anomalies [... which] can include unusual document or transaction types, sales between possibly related parties, unusually high or low transaction prices, or other data irregularities that might indicate the transaction is not a full-value, arms-length transaction.
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It's not often that I compliment sellers or agents on their pricing strategy, so I'll make this one special: I'm creating a new category, "priced to sell," to highlight listings with non-idiotic prices relative to the current market. It doesn't mean I condone those prices--in most cases they're still too high given rents, salaries and other indicators. That's why the category isn't named "The price is right." Still, I wanted to recognize these sellers' non-cluelessness, and have an archive where all those listings could be found together for ease of reference. It might be fun to track how quickly the category grows as the market cools off, say, around the holidays.
Today's inaugural inductee is a large townhouse on Oak Park Drive (MLS #40361652):
Listed at $499,000, this property should be a nice comp-setter for the neighborhood: it breaks both the $300/sqft and the $500,000 price points.
Now of course there has to be a wrinkle: this isn't the first time it's been on the market. Until recently, this unit was known as MLS #40346450 and was listed for $559,000:
It languished there for over two months (if you squint hard at the highlighted sections in the top right and bottom left corners, you'll see the Google cache entry dated August 6, 2008 14:58:58 GMT and Redfin's 66 DOM):
That said, it's nice to see a 11% price drop and a new comp for the area.
Today's inaugural inductee is a large townhouse on Oak Park Drive (MLS #40361652):
3 bedrooms, 2 1/2 bathrooms, 1,701 sqft, listed in early August, 2008
1,701 Square Feet on Alameda's East End!! [...] New Stainless Steel Appliances, Hardwood Floor, and Carpet Pool & Jacuzzi! [...]
Listed at $499,000, this property should be a nice comp-setter for the neighborhood: it breaks both the $300/sqft and the $500,000 price points.
Now of course there has to be a wrinkle: this isn't the first time it's been on the market. Until recently, this unit was known as MLS #40346450 and was listed for $559,000:
It languished there for over two months (if you squint hard at the highlighted sections in the top right and bottom left corners, you'll see the Google cache entry dated August 6, 2008 14:58:58 GMT and Redfin's 66 DOM):That said, it's nice to see a 11% price drop and a new comp for the area.
Here's the third post in Izabella Lipetski's "or best offer" serial Craigslist novel.
Assuming 5% y-o-y appreciation we'd be looking at an asking price around $190,000. It'd sell in 24 hours at that price...
This unit appears to have been purchased the year it was built and owned by the same person since then, so even if the "best offer" they get is lower than their asking price, as long as they didn't go wild with cash-out refinances:$439000 Asking Price or Best Offer on this Great Townhouse!! CALL NOW!! (alameda)
Reply to: ilipetski@yahoo.com
Date: 2008-08-15, 11:23AM PDT
Sunny Islandia C Model on Fir Ave. Asking price: $439,000 or best offer! New carpet 7/08. Alarm system. New roof 2007. Close to tennis courts. Master bedroom has vaulted ceilings and overlooks greenbelt. Near shopping and transportation. Double car garage and patio. Newer sinks in the bathrooms and newer counter tops in the bathrooms and kitchen.
For more information and/or for a private showing of this home, please contact Izabella at (510)522-9600. And please visit my website: www.izabellalipetski.com
An asking price of $439,000 corresponds to 7.5% y-o-y appreciation every year since it was sold. That's quite a bit higher than historical trends that more or less track inflation + about 1%.Seller Facts:
- Townhouse
- 3 beds
- 1.0 bath
- 1,340 sqft
- Lot 1,540 sqft
- Built in 1971
Last sale and tax info
- Sold 09/10/1971: $30,500
- 2007 Property Tax: $1,462
Average Annual Home Price Appreciation
Source: Office of Federal Housing Enterprise Oversight
From 1994-1998 (5 years)
United States 4.3 Alaska 4.0 Alabama 4.5 Arkansas 3.9 Arizona 5.7 California 3.4 Colorado 7.5 Connecticut 2.3 District of Columbia 3.2 Delaware 2.1 Florida 3.7 Georgia 6.0 Hawaii 2.1 Iowa 5.0 Illinois 3.7 Indiana 5.1 Kansas 5.5 Kentucky 5.1 Louisiana 5.2 Massachusetts 5.8 Maryland 1.9 Maine 3.6 Michigan 8.3 Minnesota 6.2 Missouri 4.8 Mississippi 5.4 Montana 5.1 North Carolina 5.4 North Dakota 4.0 Nebraska 5.6 New Hampshire 4.6 New Jersey 2.6 New Mexico 3.9 Nevada 2.8 New York 2.6 Ohio 5.2 Oklahoma 3.9 Oregon 7.4 Pennsylvania 2.2 Rhode Island 1.9 South Carolina 5.3 South Dakota 4.9 Tennessee 5.7 Texas 3.4 Utah 8.3 Virginia 2.6 Vermont 2.0 Washington 5.2 Wisconsin 5.4 West Virginia 4.5 Wyoming 5.4
Assuming 5% y-o-y appreciation we'd be looking at an asking price around $190,000. It'd sell in 24 hours at that price...
The second of Izabella's "obo" craigslist posts this week is...
12 Shepardson Lane is listed at an asking price $609,000 (MLS #40337083). No price drop history is available on Zip Realty, despite of an unflattering 4 months or so on the market as of this writing. The publicly available home specs include:
12 Shepardson Lane is listed at an asking price $609,000 (MLS #40337083). No price drop history is available on Zip Realty, despite of an unflattering 4 months or so on the market as of this writing. The publicly available home specs include:
2 bedrooms, 2 1/2 bathrooms, 1,658 sqft condo, listed in mid April, 2008, currently listed at $609,000
Neither Zillow nor Trulia has any sales information about this property, so one has to give it the benefit of the doubt. That said, $609K for a (large) 2-bedroom condo near the airport ($367 / sqft) seems a little steep, considering the HOA dues are likely to be pretty high as well.$609000 ASKING PRICE OR BEST OFFER FOR THE BEAUTIFUL & SPACIOUS TOWNHOUSE!! (alameda)
Reply to: ilipetski@yahoo.com
Date: 2008-08-15, 11:22AM PDT
Spacious townhouse in a gated community on Shepardson Ln. Asking price: $609,000 or best offer!! Two master suites with private baths featuring marble floors and a sunny kitchen with a breakfast area. One car garage with extra parking outside. Spacious front and back yard. A must see!
For more information and/or for a private showing of this home, please contact Izabella at (510)522-9600. And please visit my website: www.izabellalipetski.com
This unit is one of three advertised on craigslist today with a singularly redundant title:
423 McDonnel Road has an asking price (or best offer, remember) of $657,000 (MLS #40305981). We've talked about some of this one's neighbors here. An impressive 295 or so days on the market and 3 price drops later, it still hasn't sold. On to the publicly-available specs:$657000 ASKING PRICE OR BEST OFFER FOR THIS BEAUTIFUL BAY COLONY HOME!!! (alameda)
Reply to: ilipetski@yahoo.com
Date: 2008-08-15, 11:22AM PDT
Lovely 3 bed/2.5 bath Bay Colony home on McDonnel Rd. Asking price: $657,000 or best offer!! Newer carpetand updated wood floors on lower level. Located near SF Ferry, trails, parks, and more!!! MUST SEE!!
For more information and/or for a private showing of this home, please contact Izabella at (510)522-9600. And please visit my website: www.izabellalipetski.com
3 bedrooms, 2 1/2 bathrooms, 1,625 sqft, 2,720 sqft lot, listed in late October, 2007Not surprisingly, this is a loss leader:
Price dropped from $745,000 to $729,000 in late March, 2008
Price dropped from $729,000 to $699,000 in late April, 2008
Price dropped from $699,000 to $657,000 in mid June, 2008
Last sale and tax info
- Sold 07/10/2007: $730,000
- 2007 Property Tax: $7,523
Today on Craiglist an eager seller's agent named Izabella Lipetski thought it would be helpful to state the obvious three times in a row.
Last I checked, all real estate transactions that do complete are "asking price or best offer."
Izabella didn't list the exact address on any of the three craigslist posts but a search by price and street on her site reveals the following:
423 McDonnel Road, a long-suffering single-family home in 94502
12 Shepardson Lane, a 4-month-old listing, also in 94502
3164 Fir Avenue, a condo with no MLS ID that I could find, in 94502 as well
Good luck to the sellers. One thing I'd like to see them held to is the "or best offer" language in the listings. If buyer A comes in at $250,000 and that's the best offer the sellers get within a given time frame, perhaps they should be required to take that offer.
Of course the "OBO" language comes with a built-in loophole, namely there is no expressed time limit, so you can always say "this offer is low, I'll most likely get a better one soon", thereby making the OBO language even more meaningless than it already is.
Is it supposed to instill a sense of urgency? It didn't work for me.
Last I checked, all real estate transactions that do complete are "asking price or best offer."Izabella didn't list the exact address on any of the three craigslist posts but a search by price and street on her site reveals the following:
423 McDonnel Road, a long-suffering single-family home in 94502
12 Shepardson Lane, a 4-month-old listing, also in 94502
3164 Fir Avenue, a condo with no MLS ID that I could find, in 94502 as well
Good luck to the sellers. One thing I'd like to see them held to is the "or best offer" language in the listings. If buyer A comes in at $250,000 and that's the best offer the sellers get within a given time frame, perhaps they should be required to take that offer.
Of course the "OBO" language comes with a built-in loophole, namely there is no expressed time limit, so you can always say "this offer is low, I'll most likely get a better one soon", thereby making the OBO language even more meaningless than it already is.
Is it supposed to instill a sense of urgency? It didn't work for me.
Miscellaneous