Recently in Condos Category
1 bedroom, 1 bathroom, 577 sqft, MLS(r) #40408593, $299,000If Ms. Burnett didn't make a habit of typing all in caps all the time, one might think this listing was trying to make up for its tiny size by shouting at potential buyers.
THE BEACHCOMBER COMPLEX IS ON THE LAGOON, BOAT DOCK AVAILABLE FOR CANOES, PADDLE BOATS. 1 BED , 1 BATH ON LOWER, ONE LEVEL, LARGE BACK YARD ENCLOSED WITH FENCES FOR DOG, AND ENTERTAINING. , NO STAIRS OR HALLWAYS FROM PARKING SPACE TO CONDO. BEAUTIFUL POOL AND DECK AREA.
At $299,000 ($518 / sqft), this condo is priced just right to languish on the market until the geese come home. The sellers overpaid 6 years ago, so it makes sense for them to look for someone else willing to overpay.
Good luck.Property History for 1170 9TH St #13
Date Event Price May 06, 2009 Listed $299,000 Aug 25, 2003 Sold $233,000
You'd think by now most people have at least heard of the financial crisis and the state of the housing market. But not everybody. Today's condo at 1227 Porta Ballena has the following specs:
And somehow, with everything that's been going on, they expect it to fetch a whole 30% more in today's market. Maybe they expect to be rewarded for their tasteful upgrades.
If this sells for anywhere near asking, I'm a monkey's auntie.
3 bedrooms, 2 1/2 bathrooms, 1,645 sqft, MLS(r) #40405328The owners of this duet-resembling unit paid close to half a million just 6 1/2 years ago (funny how $449,500 sounds a lot more threatening when you call it "close to half a million"):
Beautiful ballena bay location, elevation resembles a duet on a quiet street . Tastefully updated with an eye for detail,[...] Vaulted ceilings, dramatic windows, spacious patio with stargzing gazebo spa. [...]
Property History for 1227 PORTA BALLENA
Date |
Event |
Price |
|---|---|---|
Apr 16, 2009 |
Listed |
$599,500 |
Oct 25, 2002 |
Sold |
$449,500 |
Mar 31, 1989 |
Sold |
$255,000 |
If this sells for anywhere near asking, I'm a monkey's auntie.
Ms. Dimacali will probably get on my case for this, but her protestations do not invalidate the fact that paying $470 / sqft in 2006 for a tiny condo in an unremarkable 1960s complex was massively, inexcusably stupid. Today's little short sale condo at 339 Broadway is a fine example of the kind of idiotic purchases that litter this blog:
Actually, it's the bank's loss, not the seller's, unless you're being persnicketily accurate and admit that the bank owns your house until it's paid off. The forgiven debt isn't taxable as income anymore these days, another brilliant idea pushed through Congress by the real estate lobby. The seller is only losing sleep and their FICO score.
The Craigslist post photos suggest the unit is already vacant, or occupied by the tidiest person in the world:
Which reminds me of...
This widdle condo sold for far too much just three years ago:
A low-interest, fully-amortizing mortgage is probably in the $2,000-$2,500 / month range for that purchase price depending on down payment and PMI. Add in $289 / month in HOA dues and $500 / month in property tax, and you're looking at a monthly outlay in the $2,800-$3,300 range. For 955 square feet. Meanwhile, you could rent bigger units up and down the waterfront in the same area for about $1,500 a month.
I suppose this helps answer the question I posed a little while back--what will happen to all those condos?
2 bedrooms, 2 bathrooms. 955 sqft, MLS(r) #40403295, $325,000, $289 / month HOA dues
Resort and leisure lifestyle in the Laguna Hacienda condominium complex —mere steps from the beach and a short walk to Alameda Town Centre shopping center with easy access to public transportation. This condo has a wide balcony, and overlooks the courtyard, the pool and the lagoon. Amenities include six community laundry rooms for free use by residents. Covered parking with storage.
Condo features hardwood floors in the entry and kitchen. Some upgrades include newer appliances, mirrored closet doors, ceiling fans. Wood-burning fireplace. Security system.
This is a short sale. Seller’s loss, buyer’s gain.
Actually, it's the bank's loss, not the seller's, unless you're being persnicketily accurate and admit that the bank owns your house until it's paid off. The forgiven debt isn't taxable as income anymore these days, another brilliant idea pushed through Congress by the real estate lobby. The seller is only losing sleep and their FICO score.
The Craigslist post photos suggest the unit is already vacant, or occupied by the tidiest person in the world:
Which reminds me of...This widdle condo sold for far too much just three years ago:
Last sale and tax info
- Sold 04/28/2006: $448,500
- 2008 Property Tax: $5,909
A low-interest, fully-amortizing mortgage is probably in the $2,000-$2,500 / month range for that purchase price depending on down payment and PMI. Add in $289 / month in HOA dues and $500 / month in property tax, and you're looking at a monthly outlay in the $2,800-$3,300 range. For 955 square feet. Meanwhile, you could rent bigger units up and down the waterfront in the same area for about $1,500 a month.
I suppose this helps answer the question I posed a little while back--what will happen to all those condos?
Combine a busy schedule with what looks like a Spring-bounce-ready market full of new listings, and you get a much abbreviated, but hopefully still informative, threefer post. The "appreciation" calculations are based on 4.5% yearly adjustment for inflation, 6% agent commissions, and 2009 sale at full list price (yes, I know, a likely story).
Today's gravitational cutlery includes the specimens below:
311 Centre Court, 2-bedroom, 2-bathroom townhouse, 1,720 sqft, $579,000 ($337 / sqft)
The kicker is that all three of these great investments are significantly overpriced and have very little chance of meeting my third assumption.
Today's gravitational cutlery includes the specimens below:
311 Centre Court, 2-bedroom, 2-bathroom townhouse, 1,720 sqft, $579,000 ($337 / sqft)
2009: $579,000
2004: $570,000
Appreciation*: -$166,000
248 Cheswick Court, 3-bedroom,
2 1/2-bathroom townhouse,
1,891 sqft, $679,900 $624,900 ($330 / sqft)
2009: $624,900
2008: $719,938 (foreclosure/repo, most likely, although listing disingenuously says "Not a Short Sale"
2005: $731,500
Appreciation: -$285,000
3292 Washington Street, 3-bedroom, 2-bathroom SFH, 1,563 sqft, $688,000 ($440 / sqft)
2009: $688,000It's always a great time to buy.
2005: $674,000
Appreciation: -$157,000
The kicker is that all three of these great investments are significantly overpriced and have very little chance of meeting my third assumption.
Some listings stay on the market for more than a year. Others come back on the market after less than a year. The condo at 11 Eclipse Court (another Wendy Sanda special) is in the latter camp, having last closed escrow in April, 2008. The specs:
While we're discussing agents, here's a plea to Ms. Sanda: Will you please stop yelling in your listings and learn how to type like a greater, rather than lesser, ape (pace this little fella)?
2 bedrooms, 2 bathrooms, 1,443 sqft, MLS(r) #40399496, $535,000 ($371 / sqft)This unit was purchased in 2008 for considerably less than its current price:
LOVELY UPSTAIRS 2 BED/2 BATH ALL ONE LEVEL. [...] NEWER CARPET AND PAINT, REFINISHED HARDWOOD ENTRY/KITCHEN, ALL NEW KITCHEN APPLIANCES, GAS STOVE, WOOD BURNING FIREPLACE [...]
One presumes the wished-for $98,000 premium is a refund for the ALL NEW KITCHEN APPLIANCES, miscellaneous REFINISHED sections, and agent commission.Property History for 11 ECLIPSE Ct
Date Event Price Mar 11, 2009 Listed $535,000 Apr 07, 2008 Sold $437,000 May 16, 2000 Sold $350,000
While we're discussing agents, here's a plea to Ms. Sanda: Will you please stop yelling in your listings and learn how to type like a greater, rather than lesser, ape (pace this little fella)?
Two Marina Village condos, both on Redondo Court, came on the market a couple of days ago. They're both "yawl" models, and have identical specs:
As is appropriate for townhomes near the Marina, at least one of them (14 Redondo Ct) appears to be seriously underwater:
It's also interesting to note how prices changed between 1988 and 1999: a whopping $772, or 0.21%, nominal value increase per year. Not 21%. Not 2.1%. 0.21%. Point-two-one percent. In real dollars, assuming 4.5% yearly inflation, that's about a $215,000 shortfall over 11 years. But we all know that home values (or prices; the myth has been repeated so many times in NAR's giant game of telephone it's hard to keep track) double every 10 years.
When the market is down, real estate agents always tell you "you can't generalize--my market in Pikerville, Maryland is doing great and prices are holding up". When you provide example after example that shoot holes the size of the Titanic into NAR's propaganda, they'll tell you "the house-value-doubling-every-10-years thing is a general trend, your isolated local examples don't disprove it."
Realtors(tm): Having their cake and eating yours too since 1908.
Update 9/5/09: 14 Redondo old for $510,000 in June, $110,000 off from its previous price less than 2 years ago. Nice.
2 bedrooms, 3 1/2 bathrooms, 1,631 sqft MLS(r) #40395927 (14 Redondo Ct) or #40396026 (25 Redondo Ct)The strident agent for both is, as you might expect, Wendy Sanda, who should probably change her first name to Marina.
14 Redondo Ct:
[...] LARGE [...] TOWNHOME STYLE YAWL PLAN IS 2+ BEDROOMS/3.5 BATH. HUGE EXTRA ROOM WITH IT'S OWN BATHROOM IS ON THE GROUND LEVEL. [...] EXTRA LARGE GARAGE LENDS ITSELF TO A WORK ROOM OR LOTS OF STORAGE SPACE.
25 Redondo Ct:
FINALLY ONE OF THE COVETED "YAWL" CONDOS OVERLOOKING THE MARINA! [...] BONUS ROOM WITH IT'S OWN BATHROOM ON THE GROUND LEVEL AND A PATIO. [...] GAS COOKTOP, CORIAN COUNTERTOPS, GAS FIREPLACE, SOUND/INTERCOM SYSTEM THROUGHOUT. ..
As is appropriate for townhomes near the Marina, at least one of them (14 Redondo Ct) appears to be seriously underwater:
Property History for 14 REDONDO Ct
Date Event Price Feb 18, 2009 Listed $575,000 Oct 19, 2007 Sold $620,000 Sep 01, 1999 Sold $364,500
What I don't understand is why Ms. Sanda took two near-identical listings priced $75,000 apart, since the cheaper one is almost guaranteed to eclipse or at least cannibalize sales prospects for the other.Property History for 25 REDONDO Ct
Date Event Price Feb 19, 2009 Listed $650,000 Nov 18, 1991 Sold $371,000 Dec 23, 1988 Sold $356,000
It's also interesting to note how prices changed between 1988 and 1999: a whopping $772, or 0.21%, nominal value increase per year. Not 21%. Not 2.1%. 0.21%. Point-two-one percent. In real dollars, assuming 4.5% yearly inflation, that's about a $215,000 shortfall over 11 years. But we all know that home values (or prices; the myth has been repeated so many times in NAR's giant game of telephone it's hard to keep track) double every 10 years.
When the market is down, real estate agents always tell you "you can't generalize--my market in Pikerville, Maryland is doing great and prices are holding up". When you provide example after example that shoot holes the size of the Titanic into NAR's propaganda, they'll tell you "the house-value-doubling-every-10-years thing is a general trend, your isolated local examples don't disprove it."
Realtors(tm): Having their cake and eating yours too since 1908.
Update 9/5/09: 14 Redondo old for $510,000 in June, $110,000 off from its previous price less than 2 years ago. Nice.
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
Earlier today I threatened to post more about recent condo listings, and here's one that has me wondering what is going to happen to a bunch of condos (not just in Alameda, everywhere, really) as the economy continues its unraveling and the real estate market reaches for ever deeper depths.
The unit at hand has the following specs:
The unit at hand has the following specs:
2 bedrooms, 1 bathroom, 864 sqft, MLS(r) #40392938, $284,900 ($336 / sqft)
Bank owned 2 bedroom 1 bath. Condo.
The kind of units I'm wondering about are the small, sub-1,000-sqft (or even sub-900-sqft), 1- or 2-bedroom condos that sold for grotesquely inflated prices between 2004 and 2008 and are (unsurprisingly) going back to the bank or being listed at a loss. I've written about several such examples on this blog.
Assuming a 10% down payment (although perhaps a widowed senior downsizing might have the 20% saved up), an average mortgage on this particular unit would cost you about $1,500 a month, plus probably $100-$250 in HOA dues, plus $200 in property tax (at least), plus insurance, etc. Let's round it up to $2,000 a month to live in that little cubby (a conservative estimate).
For perspective, my rent is considerably less than that, for a much larger unit in a lovely area within easy walking distance of the bay, with much more character and offering amenities of a much higher caliber than this property. And contrary to what real estate agents might tell you, the foreclosure glut is not actually causing rents to rise: the opposite is true. So the more time passes, the less buying a property like this for $275,000-$300,000 makes sense. As it stands, this property would have to sell for no more than $125,000-$150,000 to pencil out and compete with comparable rentals.
If you're an architecture buff or someone with special needs like a ceramic kiln or a giant carrot garden or what have you, I understand the pride-of-ownership, my-house-is-my-home thing has its own appeal beyond strictly financial considerations. But does that really apply to tiny cookie-cutter 1960s condos (which may even have been apartments in a former life) on a high-traffic thoroughfare?
And there's the rub: today's asking price of $284,900 is already 29% less than its previous sale price less than two years ago, and it's even less than the transaction before that (in real dollars):
A lot of sellers are already screaming blue murder when you make an offer at or 10% below their list price; what do you think they'd do if you offered 25% of their asking price? More importantly, (how) can the financial system handle losses of that magnitude?
Update 3/10/09: Down to $269,900.
Assuming a 10% down payment (although perhaps a widowed senior downsizing might have the 20% saved up), an average mortgage on this particular unit would cost you about $1,500 a month, plus probably $100-$250 in HOA dues, plus $200 in property tax (at least), plus insurance, etc. Let's round it up to $2,000 a month to live in that little cubby (a conservative estimate).
For perspective, my rent is considerably less than that, for a much larger unit in a lovely area within easy walking distance of the bay, with much more character and offering amenities of a much higher caliber than this property. And contrary to what real estate agents might tell you, the foreclosure glut is not actually causing rents to rise: the opposite is true. So the more time passes, the less buying a property like this for $275,000-$300,000 makes sense. As it stands, this property would have to sell for no more than $125,000-$150,000 to pencil out and compete with comparable rentals.
If you're an architecture buff or someone with special needs like a ceramic kiln or a giant carrot garden or what have you, I understand the pride-of-ownership, my-house-is-my-home thing has its own appeal beyond strictly financial considerations. But does that really apply to tiny cookie-cutter 1960s condos (which may even have been apartments in a former life) on a high-traffic thoroughfare?
And there's the rub: today's asking price of $284,900 is already 29% less than its previous sale price less than two years ago, and it's even less than the transaction before that (in real dollars):
Yet I submit it stilll needs a further 55% price cut before it makes sense for anybody to buy this property. That would amount to a 70-75% price cut from 2006-2007 prices, which in many cases means a 70-75% loss for the lender.Sales History
Sale History 10/31/2008: $227,435 * 05/22/2007: $399,000 05/09/2003: $265,000
A lot of sellers are already screaming blue murder when you make an offer at or 10% below their list price; what do you think they'd do if you offered 25% of their asking price? More importantly, (how) can the financial system handle losses of that magnitude?
Update 3/10/09: Down to $269,900.
As the new year slowly rolls in, and with the Superbowl is behind us, we're seeing a metric boatload of new listings cropping up left and right. Of course, a lot of those "new" listings are actually relists, but that's par for the course for our lovely used home salespeople ethical real estate professionals, and certainly not a specialty of Alameda Realtors(r)--everybody's been doing it for years.
Amidst the glut, we discern a large number of condominiums, some of which are relists while others are newly minted MLS(r) numbers, such as today's Shorepoint Court unit. The specs:
So you won't be surprised by the property's sale history:
Multiply this situation by several tens of thousands over the whole US and you realize how astonishing the amount of funny money creation and destruction that has happened over the past 5 years or so is.
Watch for more posts about newly-listed condos in the next few days.
Amidst the glut, we discern a large number of condominiums, some of which are relists while others are newly minted MLS(r) numbers, such as today's Shorepoint Court unit. The specs:
2 bedrooms, 2 bathrooms, 1,092 sqft, MLS(r) #40392878, $335,000Nothing particularly remarkable about this unit, and a few other condos in the area have been listed in recent memory, which is not surprising considering the size of the complexes there. A lot of them have been in various states of financial distress, which again is not surprising given how overpriced they were during the boom while remaining within reach of buyers willing to commit 50-70% of their income to a mortgage (as opposed to, say, 120% once their neg-am ARM recasts).
Very good condition.Recently painted interior. Quiet end unit on first floor. Wet bar. [...] One of the best well-kept complexes in alameda.
So you won't be surprised by the property's sale history:
Or by the fact Zip Realty identifies it as a short sale.Last sale and tax info
- Sold 10/01/2004: $405,000
- 2008 Property Tax: $5,428
Multiply this situation by several tens of thousands over the whole US and you realize how astonishing the amount of funny money creation and destruction that has happened over the past 5 years or so is.
Watch for more posts about newly-listed condos in the next few days.
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.
Today's coming-soon Craigslist post is about a condo in 94502 that we may have seen before.
I'm not convinced this unit is the same as last September's listing, mostly because...
That said, it's not hard to find what looks like a pre-foreclosure notice on one of the units and a previous sale price that's very close to this listing's current list price.
It's also easy to wonder why any buyer would willingly trust a real estate professional to represent their best interest during a transaction in which they have a built-in conflict of interest, when they can't seem to represent their own best interest (if indeed Donnaluci is the owner of the property affected by the pre-foreclosure notice and the inflated prior transaction price).
To her credit (I suppose), Donnaluci does seem to want a career change:
$468000 Luxury Harbor Bay 1,520 sq.ft. (alameda) (map)
Reply to: see below
Date: 2008-12-12, 9:25PM PST
Coming Soon For Sale by Owner/Agent. On Beautiful Harbor Bay. Community pool and sauna. Fantastic bike/walking trails on the Bay in Alameda. Near the Ferry (To San Francisco), Two large bedrooms, two full bathrooms, Master suite has two closets, private bath, balcony. Large living room w/vaulted ceiling. Open floor plan with formal dining room. Attractive wood floors in entry, kitchen and formal dining room. Interior laundry area, attached garage with inside access. Priced thousands below comparable sold next door. Approximately 1,520 sq.ft. Phone Donnaluci 510.207.2378 --- $468,000.
108 parfait lane at sheffield
I'm not convinced this unit is the same as last September's listing, mostly because...
- the buildings in that area look considerably larger than 1,520 sqft (i.e. the street number likely matches multiple units):
- the current price is so much less than the other listing's was;
- this unit is being represented by its owner (I can't imagine why an agent/owner wouldn't represent it the first time around--it's not as if real estate agents are particularly busy these days);
- various places on the Web suggest there are at least two units at 108 Parfait Lane, with different unit numbers (#36E, #378)
That said, it's not hard to find what looks like a pre-foreclosure notice on one of the units and a previous sale price that's very close to this listing's current list price.
It's also easy to wonder why any buyer would willingly trust a real estate professional to represent their best interest during a transaction in which they have a built-in conflict of interest, when they can't seem to represent their own best interest (if indeed Donnaluci is the owner of the property affected by the pre-foreclosure notice and the inflated prior transaction price).
To her credit (I suppose), Donnaluci does seem to want a career change:
donnaluci says:Hello, I've just joined the AARP and would like to say hello. Michigan, Automobiles, buyouts? Wow, are you glad that you've retired before all of this started? I am in my 20th year of Real Estate and am looking to reinvent myself.Posted: December 6, 2008 12:39AM EST
(yes, we have no bananas privacy, especially folks endowed with fairly unique names)
Another relist today! You may remember a hapless condo on High Street, which had been on the market for 7 months back in April. It didn't sell at $745,000, $680,000 or $530,000, even after a year, even though the urgency in the last listing suggested some flexibility on the seller's part:
lower higher price than its last unsuccessful attempt ($589,000), presumably to ruin stoke its chances of selling in this lamentable red-hot end-of-year season.
It's pretty clear anyone taking on this albatross and pricing it well over its previous, unsuccessful list price is either desperate or a moron (or both), and the description certainly does not contradict that contention.
Amusingly, the Zestimate for this property has plummeted from $465,500 in April to $375,000 today, a 20% drop.
Update 10/23/08: The property is now on Craigslist. There's a broker's tour where everyone's invited. Probably to refresh their memory, since the last such tour must have occurred over a year ago.
Must sell now! Right on estuary, large living room, beamed ceilings in master, add'l b/p w/private bath. Corner fireplace, boat dock. Must see this special unit.It's back as MLS(r) #840945, and of course it's listed at a considerably
[...] very unique location perched above the high street bridge [...] very nice view [...] boat parking in the back convienent for sea travelers. [...] top floor with open beam ceilings [...] Nice wet bar used for entertaining purposes.Two master suites, laundry facility,pool table & pingpong.I don't mean to be cruel, but whoever wrote that pathetic description needs a spanking. Are "Very unique," "Very nice" and "Nice" the best you can come up with? When you note the "nice wet bar" is "for entertaining purposes", exactly what other purpose would a "nice wet bar" serve? Rinsing your gold fish? And the "convienent for sea travelers" bit had me in stitches for a good 7 seconds.
It's pretty clear anyone taking on this albatross and pricing it well over its previous, unsuccessful list price is either desperate or a moron (or both), and the description certainly does not contradict that contention.
Amusingly, the Zestimate for this property has plummeted from $465,500 in April to $375,000 today, a 20% drop.
Update 10/23/08: The property is now on Craigslist. There's a broker's tour where everyone's invited. Probably to refresh their memory, since the last such tour must have occurred over a year ago.
$589000 *****BEAUTIFUL CONDO WITH GREAT VIEW OF ALAMEDA BRIDGE**** (alameda) (map)
Reply to: greg@losnessgroup.com [?]
Date: 2008-10-23, 9:15PM PDT
2022 HIGH DR, ALAMEDA CA
PROPERTY AMENITIES
* Beautiful Top Floor Condo with Very Unique View of the Alameda Bridge
* Boat Dock in the back with Two Slots to Park any Boats you Have
* Laundry Facilities Downstairs in the Underground Area
* Recreation Room with Ping Pong Table, Darts, and a Pool Table
* Large Gated Underground Parking with Two Deeded Spaces
* 2 Bedroom 2 Bath Condo Both are Master Suites
* Large Kitchen Overlooking the Family Room
* Patio Overlooking the Water and an Amazing View of the Bridge
* Wet Bar Located in Family Room Perfect for Parties and Entertaining
* 1,450 Square Feet of Livable Space
* Bring Me Your Offers
BROKERS TOUR ON TUESDAY OCTOBER 28TH FROM 10-1PM, EVERYONE IS INVITED
CONTACT GREGORY STEPHENS FOR INFORMATION AND VIEWINGS
Phone #: (408)288-3500ext201 Email: greg@losnessgroup.com
2022 High St at Fernside Blvd
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
The condo market isn't well, but some sellers (and/or their agents) thankfully show signs of moderate brain activity. Today's craigslist condo is one of the first sub-$300K 1000+sqft 2-bedroom condo I've seen in town, in a building with looks far less ignominious than the hideous 1970s boxes you see all over town:
Of course, Beelzebub only knows how muchbackbreaking work TLC this condo requires; for all I know it's a wreck inside. But breaking the $300K barrier (and not just by $1000, either) for a condo that can house more than one person is something to be celebrated.
Don't break out the streamers and silly hats just yet, though--the asking price still reflects fairly aggressive year-over-year appreciation expectations by the seller:
fell for the Göbbelsian propaganda heard the "fact" that home values double every 10 years and figured they'd test the hypothesis scientifically.
Update 12/13/08: Sold in less than a week for $305,000.
2 bedrooms, 1 1/2 baths, 1,071 sqft, MLS(r) #40374497, $279,950
(try to ignore the non-sequitur-laden sentence structure of "With only 4 units, it’s well located to shopping and restaurants and its low HOA dues ($125 mo.) complete the package").$279950 Open House Sat 10/11 1-4pm Townhouse Style Condo in 4-Unit Bldg. (alameda) (map)
Reply to: gailmtravers@hotmail.com [?]
Date: 2008-10-10, 5:35PM PDT
Open House Saturday, 1-4 pm. With townhouse privacy, this two-bedroom, bath and a half condo offers spacious bedrooms and a quiet location at the rear of a small, friendly community. With only 4 units, it’s well located to shopping and restaurants and its low HOA dues ($125 mo.) complete the package. At this price, with a little TLC, it’s a perfect first-time homebuyer opportunity.
Of course, Beelzebub only knows how much
Don't break out the streamers and silly hats just yet, though--the asking price still reflects fairly aggressive year-over-year appreciation expectations by the seller:
That works out to an average 7.5% y-o-y appreciation rate, which given the "TLC" requirements (code for "the owners did minimum maintenance in 10 years of ownership", I suspect) and the nosedive the market has taken in recent months is pretty high. Maybe theyLast sale and tax info
- Sold 05/29/1998: $135,000
- 2007 Property Tax: $2,567
Update 12/13/08: Sold in less than a week for $305,000.
Today's craigslist post doesn't beat about the bush. Why rent, indeed, when you can pay more to own a property that's losing value by the day?
Russia San Francisco from there:
And sure enough, this is a semi-recent overpriced purchase:
Update 10/29/08: Still on the market, at the same price.
Update 11/1/08: An identically-sized neighbor just closed for $275,000. Why rent!
The unit itself is small and unremarkable, and still way overpriced at $350 / sqft:$300000 Distress Sale * Short Walk to Shoreline Dr * Why Rent? * Only 3% Down! (alameda)
Reply to: hous-859914599@craigslist.org [?]
Date: 2008-09-29, 12:19PM PDT
LIGHT AND AIRY 2ND FLOOR UNIT WITH ENCLOSED PATIO. SPACIOUS LIVING/DINING. 1 BLOCK TO THE BEACH. CLOSE TO SHOPPING AND TRANSPORTATION. COMMUNITY POOL. LOCK BOX IS ON THE WATER PIPE NEAR THE DRIVEWAY. Please click on the property address to view the full details of this property. If you are pre-approved (no pre-quals please) and not working with an agent, feel free to contact me for a private showing.
$299,000 - 325 KITTY HAWK Unit 206All my best,Mustafa Afzali, ePro
2 bedrooms, 1 1/2 bathrooms, 854 sqft, built in 1964This complex is so close to the beach you can almost see
And sure enough, this is a semi-recent overpriced purchase:Another one bites the dust. YayLast sale and tax info
- Sold 01/27/2004: $290,000
- 2007 Property Tax: $4,104
Update 10/29/08: Still on the market, at the same price.
Update 11/1/08: An identically-sized neighbor just closed for $275,000. Why rent!
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:
It's condo night at the Opine compound. Another example of skillful financial management on boring lovely Otis Drive caught my eye. 2033 Otis Drive, unit B, has the following unappetizing specs:
On the plus side, it's a block away from the hospital lagoon, which is handy when you're in the mood for a lye-and-tonic a bird-watching stroll.
Did I mention it'sonly $299,000, a mere $404 / sqft? And that there are at least two slightly newer comparable condos, closer to the beach, with none of the traffic you get at the Otis and Willow intersection? They're also considerably closer to the park, and on the market for quite a bit less.
This unit actually started much higher, listed at $370,000 in late April, 2008. It dropped to $350,000 soon after that, in early May, and then again to its current price, $299,000, in mid-June. It hasn't dropped any further since, and I get the feeling it just can't, given its sale history and its full renovation with Terminator appliances and lapidary countertops. It was already listed at a loss back in April, even without counting the renovation.
took the Alameda market by storm mostly spared Alameda and everywhere else in the country (sales volume down 9.4%, price down 27.3% y-o-y in July for Alameda County, per DataQuick). This is another great development for the market. Let's see how it weathers the end of the selling season and the holiday sneer cheer.
1 bedroom, 1 bathroom, 741 sqft, built in 1968, MLS(r) #40338934, $299,000
Fully renovated in 2006. Pool view [...] granite counters in kitchen, stainless steel appliances
On the plus side, it's a block away from the Did I mention it's
This unit actually started much higher, listed at $370,000 in late April, 2008. It dropped to $350,000 soon after that, in early May, and then again to its current price, $299,000, in mid-June. It hasn't dropped any further since, and I get the feeling it just can't, given its sale history and its full renovation with Terminator appliances and lapidary countertops. It was already listed at a loss back in April, even without counting the renovation.
This unit has been for sale for over 4 1/2 months, and it was listed at just the right time for the fabled "Spring bounce" thatLast sale and tax info
- Sold 04/21/2006: $375,000
- 2007 Property Tax: $1,148
Earlier today I blogged about a condo on Shorepoint Court that's down 33% in real dollars since its last sale. As it turns out, there's competition right across the street, at 965 Shorepoint Court.
This unit was purchased for $239,000 in 2004, and I'll be surprised if they break even after commissions and the next inevitable round of price drops (because $361 / sqft is silly).
1 bedroom, 1 1/2 bathrooms, 773 square feet, $279,000, MLS(r) #40349068The price has been dropped by a measly $10,000 already, and the unit has been on the market for a little over 3 months. It's smaller than its cousin at 960, but offers an extra half bath, for $39,000 more. The view of the pool is pitched as a bonus, but I'm not sure I want to see my HOA meeting cohorts in their Speedos (or hear the shrieks of their divorced spouses' children around the pool every other weekend) from both my living room and bedroom.
[...] View of pool from both living and bedroom. [...] Very quiet complex. Clean and fresh unit.
This unit was purchased for $239,000 in 2004, and I'll be surprised if they break even after commissions and the next inevitable round of price drops (because $361 / sqft is silly).
Last sale and tax info
- Sold 04/27/2004: $239,000
- 2007 Property Tax: $3,509
It's been a while since I blogged about a condo, and the history on 960 Shorepoint Ct #208 is worth blogging about. The unit itself is not particularly inspiring, other than the fact it's about a block away from the beach and the park.
1 bedroom, 1 bathroom, 798 sqft, built in 1972, $240,000, MLS(r) #817140
This house is situated in a very desirable neighborhood. [...] Must see to appreciate.
I find it hard to describe this giant condo farm as a "neighborhood," and it's not a "house," but no matter. It started out at $259,000 in late June, 2008, and dropped its price to $240,000 a month later. It's been on the market for almost 3 months now (with no photo), and sadly at $301 / sqft I feel it has a ways to go (down, that is) before anyone buys it--you can probably rent a similar unit for about $1,000 a month, which is about half the mortgage + property tax + HOA dues + assessments (condos from the early 1970s can be pretty high-maintenance).
What's interesting to me is how quickly it came back on the market after its previous sale, and how it's now dropped 26% in "value" (about 33% in real dollars), yet nobody has bought it:
What's interesting to me is how quickly it came back on the market after its previous sale, and how it's now dropped 26% in "value" (about 33% in real dollars), yet nobody has bought it:
If that doesn't send market players the message that housing was overvalued by at least a third until the credit crunch, I don't know what will.Last sale and tax info
- Sold 03/17/2006: $325,000
- 2007 Property Tax: $3,404
The condos at Crown Harbor are very nice, good sized, and very close to the water. A lot of them have great views, and the whole cluster is sheltered behind a heavy gate that keeps the riff-raff from the nearby Webster Street liquor stores out and the mostly middle-aged and senior residents in. The grounds are vast and very clean, which suggests a whopping monthly HOA fee.
That being said, they've also been grotesquely expensive, and the current market correction is hitting them very hard--they're competing on price with a million full-blown, free-standing Victorian and Craftsman houses.
A large unit on Queens Road recently dropped its price in mid August from its initial $675,000 (or $670,000, depending on where you look), while its smaller cousin had the hardest time selling (I don't know what happened to it; it's off the MLS(r) as of September, 2008). So I thought I'd look under the carpet to see what kind of nastiness lurks beneath. First, the specs:
I don't know if Dianna Wyman is the owner of this particular unit--she's the (co-)owner of the Bayside Real Estate brokerage firm. For her sake, let's hope she doesn't also own our big townhouse, given...
sad funny thing is that whoever owns this place over-improved in every room, judging by the photos on the site and the description above (which suggests the remodel is the current owner's doing, at least in my reading of it), in addition to massively overpaying for a condo under 2,000 sqft three years ago. The result is a gilded elephant they're never going to be able to sell for close to a breakeven point (not even counting the cost of the remodel).
Update 9/19/08: Down we go, to $625,000. Maybe with a new agent named Belinda Young. The official site still shows the old $670,000 price as of today.
Update 2/6/09: Still on the market, droppedtwice three times, to $585,000 $575,000.
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That being said, they've also been grotesquely expensive, and the current market correction is hitting them very hard--they're competing on price with a million full-blown, free-standing Victorian and Craftsman houses.
A large unit on Queens Road recently dropped its price in mid August from its initial $675,000 (or $670,000, depending on where you look), while its smaller cousin had the hardest time selling (I don't know what happened to it; it's off the MLS(r) as of September, 2008). So I thought I'd look under the carpet to see what kind of nastiness lurks beneath. First, the specs:
2 bedrooms, 2.5 bathrooms, 1,816 sqft, townhouse, MLS(r) #40354108, $649,000The official site describes the unit lyrically:
Lovely Townhouse Nestled Near Alameda Beach.The old price still shows, as well as an obviously over-improved bathroom and an ambiguously-worded credit at the bottom (my emphasis):
From your front door turn right, take 189 steps and enjoy bird and marine wildlife, the marina, views of San Francisco, and the shoreline path.
This home in a restful gated community with well-kept grounds and sweeping lawns, enjoys a bay view from the upstairs. With over 1800 square feet per the assessor, the bedroom suites are large, with vaulted ceilings, plenty of light and tree views. The home has been tastefully remodeled with hardwood floors throughout the downstairs, granite counters, cream-colored cabinetry and stainless steel appliances. The patio off the dining room is private with slate tiles and room for planting
I don't know if Dianna Wyman is the owner of this particular unit--she's the (co-)owner of the Bayside Real Estate brokerage firm. For her sake, let's hope she doesn't also own our big townhouse, given...TheLast sale and tax info
- Sold 11/10/2005: $717,000
- 2007 Property Tax: $6,136
Update 9/19/08: Down we go, to $625,000. Maybe with a new agent named Belinda Young. The official site still shows the old $670,000 price as of today.
Update 2/6/09: Still on the market, dropped
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