Recently in Lifers Category
A long, long time ago, in a galaxy close by, a cute Victorian fourplex on Central tried to sell itself at the strongly cash-flow-negative price of $749,000. Three years later, it's back at a much more down-to-earth price of $599,000.
The price history is a lesson in what not to do when buying property.
The price history is a lesson in what not to do when buying property.
A nostalgic post today remembering frequent topics on this blog.
The Webster House, 1238 Versailles Avenue, finally sold after being repossessed by the bank. The price history is edifying, and it looks like somebody paid about what the house is worth.
The Webster House, 1238 Versailles Avenue, finally sold after being repossessed by the bank. The price history is edifying, and it looks like somebody paid about what the house is worth.
The terminally unsellable green infill property at 1533 Morton, which you may remember is built in another property's backyard is back on the market at a hysterical $759,000 (MLS #40524543).
It'll take a lot of sunshine to be truly off the grid, but if you can make it work, it's a reallyawful great deal.
OPEN HOME: Sun 2-4pm (5/29) - Live off the grid on the island of Alameda. Built in 2009, fully energy efficient, green construction home, designed by famed Berkeley architect. Dual master suites on top level with addl 3rd bed/office with full bath on ground floor. High Walkscore in Central Alameda.Here's a sneak peek at the property hiding behind its bigger brother:
It'll take a lot of sunshine to be truly off the grid, but if you can make it work, it's a really
A pair of large matching homes were spamming Craigslist about three years ago: 2318 Pacific Avenue and 2324 Pacific Avenue. After multiple attempts, 2318 Pacific is back again as MLS(r) ID #40514855 at a new, more realistic price of $649,000. Its valiant (not) attempts at selling made Knifecatchers' "Best of 2008".
It's described as follows:
The new price is down an impressive $801,000 from its initial list price back in 2008.
Don't believe me?
Redfin doesn't show the price history, only the listing history with price changes and delist/relist events, but it's entertaining nonetheless.
It's described as follows:
Large 3,600 sqft duplex at the prime Park St District. Original details, high ceiling, skylights, hardwood floor. Great income. Surrounded by a mix of shops & restaurants in the Park St Business District / Downtown Alameda. Half a block to Park St, Marketplace, McGee's, King of Thai Noodle, Habanas, Ole's Waffle Shop, Free Library, Alameda Theatre, City Hall."Prime Park St District" may be true if you don't mind being both close enough to the main drag to be annoying (if you live there) and far enough away to be annoying (if you're running a business and need the foot traffic).
The new price is down an impressive $801,000 from its initial list price back in 2008.
Don't believe me?
Redfin doesn't show the price history, only the listing history with price changes and delist/relist events, but it's entertaining nonetheless.Property History for 2318 PACIFIC Ave
| Date | Event | Price | Appreciation | Source |
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| Mar 21, 2011 | Listed (New) | $649,000 | -- | EBRD #40514855 |
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| Mar 19, 2011 | Delisted | * | -- | Inactive EBRD #8 |
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| Mar 18, 2011 | Listed (New) | * | -- | Inactive EBRD #8 |
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| Nov 20, 2008 | Delisted | * | -- | Inactive EBRD #7 |
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| Oct 13, 2008 | Listed | * | -- | Inactive EBRD #7 |
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| Jul 23, 2008 | Delisted | * | -- | Inactive EBRD #6 |
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| Jul 19, 2008 | Price Changed | * | -- | Inactive EBRD #6 |
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| Jul 10, 2008 | Price Changed | * | -- | Inactive EBRD #6 |
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| Jul 09, 2008 | Price Changed | * | -- | Inactive EBRD #6 |
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| Jun 23, 2008 | Price Changed | * | -- | Inactive EBRD #6 |
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| Jun 16, 2008 | Price Changed | * | -- | Inactive EBRD #6 |
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| May 27, 2008 | Listed | * | -- | Inactive EBRD #6 |
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| May 27, 2008 | Delisted | * | -- | Inactive EBRD #5 |
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| Apr 25, 2008 | Listed | * | -- | Inactive EBRD #5 |
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| Feb 12, 2008 | Delisted | * | -- | Inactive EBRD #4 |
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| Jan 23, 2008 | Listed | * | -- | Inactive EBRD #4 |
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| Jan 09, 2008 | Delisted | * | -- | Inactive EBRD #3 |
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| Nov 08, 2007 | Listed | * | -- | Inactive EBRD #3 |
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| Oct 30, 2007 | Delisted | * | -- | Inactive EBRD #2 |
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| Oct 26, 2007 | Listed | * | -- | Inactive EBRD #2 |
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| Oct 17, 2007 | Delisted | * | -- | Inactive EBRD #1 |
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| Sep 19, 2007 | Price Changed | * | -- | Inactive EBRD #1 |
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| Aug 08, 2007 | Price Changed | * | -- | Inactive EBRD #1 |
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| Jul 24, 2007 | Listed | * | -- | Inactive EBRD #1 | ||
Remember that post of the week about 1715 Schiller over two years ago? The poor little blue thing filled to the brim with discarded vehicles and other bits?
It's back (MLS #40505847) over two years later, apparently in the same condition--the agent is using the same photo, the price is in the same ballpark, and it's advertised as a "contractor special". Especially touching is the use of the same photo twice, with different aspect ratios, perhaps to highlight how versatile this house is, all 856 sqft of it. Or perhaps because the interior is NSFW.
The MLS(r) description says this:
The thing about fixing a house up is that there are fixed costs to the fixing, regardless of how small the house is. Your kitchen may be half the size of the average kitchen, but you're likely to spend more than half as much for a given finish level, if only because your appliances don't care where they live and cost the same in a 8x8 kitchenette as they do in a 20x20 gourmet extravaganza. In general, the smaller the house, the less (resale) value you're getting for a given improvement dollar, all else equal. Based on the original listing description, I wouldn't be surprised if the total cost of rehabbing this place was north of $50,000, bringing the TCO to a minimum of $300,000, or $350 / sqft for a tiny house on a tiny lot. Does that still constitute "good value after fixing up" in this market? You tell me.
It's back (MLS #40505847) over two years later, apparently in the same condition--the agent is using the same photo, the price is in the same ballpark, and it's advertised as a "contractor special". Especially touching is the use of the same photo twice, with different aspect ratios, perhaps to highlight how versatile this house is, all 856 sqft of it. Or perhaps because the interior is NSFW.
The MLS(r) description says this:Fixer! Priced to Quick Sale in Central Alameda. GREAT Opportunity! Buy low as a fixer and still have good value after fixing up! Not a Short Sale but is a distress sale and owers must Sell Now! Don't wait!!
The thing about fixing a house up is that there are fixed costs to the fixing, regardless of how small the house is. Your kitchen may be half the size of the average kitchen, but you're likely to spend more than half as much for a given finish level, if only because your appliances don't care where they live and cost the same in a 8x8 kitchenette as they do in a 20x20 gourmet extravaganza. In general, the smaller the house, the less (resale) value you're getting for a given improvement dollar, all else equal. Based on the original listing description, I wouldn't be surprised if the total cost of rehabbing this place was north of $50,000, bringing the TCO to a minimum of $300,000, or $350 / sqft for a tiny house on a tiny lot. Does that still constitute "good value after fixing up" in this market? You tell me.
Hard to believe, after all the trouble it had to sell, but 1304 Morton is back on the market.
Check out this recap post for its sad history, captured in spotty but gory detail on Redfin:
For reference, the current MLS(r) ID is 40499154 and the new list price is an eye-popping $1,329,000. The photos on Redfin are something else--get a load of the recording room with the built-in guitar-hanger niche, and the totally over-the-top home cinema room.
If I wanted a studio or a high-end movie theater in my house, I would want to have them built to my specs so I could pick out the components, layout, furniture, etc. The only reason I can think of to spend $400,000 over last year's price to get someone else's vision of those rooms is if I wanted those things but didn't have the cash to have them built, and so I'd want to roll their cost into my mortgage. But my sense is that this Victorian enchilada is going to have a hard time appraising out for an 80/20 loan--these kinds of "improvements" are so specific they rarely resell for what you spent on them. So any buyer is going to have to come up with some serious cash, and my contention is that any buyer with that kind of cash reserves isn't going to want someone else's dream theater/editing room/studio--they're going to want their own.
And it's not as though there's a penury of seven-digit houses (or almost) on the market; this house is now the priciest in all of 94501.
There's no question this is a superb house, and now as a bonus you can record your hit album and shoot (and edit!) your videos in your swank Victorian palace. And there's a handy gas station 200 feet away for your pyrotechnic effects. What's not to love?
Check out this recap post for its sad history, captured in spotty but gory detail on Redfin:
For reference, the current MLS(r) ID is 40499154 and the new list price is an eye-popping $1,329,000. The photos on Redfin are something else--get a load of the recording room with the built-in guitar-hanger niche, and the totally over-the-top home cinema room.If I wanted a studio or a high-end movie theater in my house, I would want to have them built to my specs so I could pick out the components, layout, furniture, etc. The only reason I can think of to spend $400,000 over last year's price to get someone else's vision of those rooms is if I wanted those things but didn't have the cash to have them built, and so I'd want to roll their cost into my mortgage. But my sense is that this Victorian enchilada is going to have a hard time appraising out for an 80/20 loan--these kinds of "improvements" are so specific they rarely resell for what you spent on them. So any buyer is going to have to come up with some serious cash, and my contention is that any buyer with that kind of cash reserves isn't going to want someone else's dream theater/editing room/studio--they're going to want their own.
And it's not as though there's a penury of seven-digit houses (or almost) on the market; this house is now the priciest in all of 94501.
There's no question this is a superb house, and now as a bonus you can record your hit album and shoot (and edit!) your videos in your swank Victorian palace. And there's a handy gas station 200 feet away for your pyrotechnic effects. What's not to love?
Miraculously, 1201 Peach Street just dropped its price by $50,000 today. It now sits at $949,000, and is no longer FSBO--José Cerda-Zein is now representing the property.
It's also spamming Craigslist considerably less these days. It used to pop up almost every weekend, twice (until Craigslist viewers flagged it down), and return the following weekend, twice, like clockwork.
One particularly charming feature of this property, in addition to the wood paneling inside, is the daring blend of fish scale siding on top and tan stucco on the bottom.
More details at the original post from September 2008.
It's also spamming Craigslist considerably less these days. It used to pop up almost every weekend, twice (until Craigslist viewers flagged it down), and return the following weekend, twice, like clockwork.One particularly charming feature of this property, in addition to the wood paneling inside, is the daring blend of fish scale siding on top and tan stucco on the bottom.
More details at the original post from September 2008.Update 9/15/2010: Now pending, listed at $768,000. Wow.
Guess who's back? Our old friend the unsellable 1626 Alameda Avenue! It now sports a shiny new lower price ($925,000) to go with its new MLS(r) ID (40453300) and its new agent (Andrea Gordon, picking up after Carol Burnett; whose site is down; here's a cached copy).
Please refer to the original post for details, or Chez Neumansky's detailed tour summary for a first-hand account of the place.
Please refer to the original post for details, or Chez Neumansky's detailed tour summary for a first-hand account of the place.
I wonder who the first part of this "new" listing is directed to. 1419 Cottage Street, a cute overpriced cottage that failed to sell last year, is back on the market for a lower, still-too-high price. The specs, as a reminder:
The agent helpfully confirms this is the same property one may have seen last year (emphasis mine), which saved me a couple of minutes. Thanks!
was close to the then-asking price (screenshot taken today, 12/23/09):
The price has come crashing down to $619,000 and claims to be a great value, even though the renovations are still not finished. Note to agents and sellers: "less than I paid" does not equal "great value" to other people.
On a per-square-foot basis, $480 / sqft is a full $130 / sqft more than the going price these days, which in your case translates to about $170,000. In other words this property should be priced around $450,000. Sure, the agent claims there's a full floor's worth of square footage available, but 1) it's not verifiable unless you look at the permit status and 2) the work isn't finished yet. Expecting a $130 / sqft premium in advance for the promise of square footage when the next owner will have to fork over extra money to be able to live in that square footage is moronic.
So welcome back and happy holidays, little house. Happy new year, too.
3 bedrooms, 2 bathrooms, 1,289 sqft, 5,000-sqft lot, built in 1895, MLS(r) #40442977, $619,000 ($480 / sqft)
The agent helpfully confirms this is the same property one may have seen last year (emphasis mine), which saved me a couple of minutes. Thanks!
Yes, this one was on the market last year. New low price and additional work to the finished basement. Square footage will be approx double with some extra work. Quiet neighborhood. Great value.The Zestimate a year and a half ago... (screenshot taken in Spring 2008; note the owner-inflated estimate):
was close to the then-asking price (screenshot taken today, 12/23/09):The price has come crashing down to $619,000 and claims to be a great value, even though the renovations are still not finished. Note to agents and sellers: "less than I paid" does not equal "great value" to other people. Property History for 1419 COTTAGE St
| Date | Event | Price | Appreciation | Source |
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|---|---|---|---|---|---|
| Dec 21, 2009 | Listed | $619,000 | -- | EBRD #40442977 |
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| Aug 17, 2005 | Sold (Public Records) | $700,000 | 13.4%/yr | Public Records |
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| Aug 09, 2002 | Sold (Public Records) | $479,000 | -- | Public Records |
On a per-square-foot basis, $480 / sqft is a full $130 / sqft more than the going price these days, which in your case translates to about $170,000. In other words this property should be priced around $450,000. Sure, the agent claims there's a full floor's worth of square footage available, but 1) it's not verifiable unless you look at the permit status and 2) the work isn't finished yet. Expecting a $130 / sqft premium in advance for the promise of square footage when the next owner will have to fork over extra money to be able to live in that square footage is moronic.
So welcome back and happy holidays, little house. Happy new year, too.
Hi everybody!
1304 Morton Street finally sold in early December for $938,000, according to Redfin.
In summary:
The extent and quality of the renovation work on top of the previous sale price (above $500,000) means the now former owners likely didn't make their money back on the transaction.
The moral of the story? Don't over-improve, and don't spend 6 figures on your kitchen.
That's a $312,000 price drop from the initial list price (about 25%) and 20 months on the market. I trust Redfin won't begrudge me a full history:
1304 Morton Street finally sold in early December for $938,000, according to Redfin.
In summary:
- April 2008: 1304 Morton St appears on the market, listed at $1,250,000
- July 2008: the price is dropped to $1,199,000
- September 2008: the price is dropped to $1,150,000
- March 2009, almost a year after the initial listing, the property is relisted for $975,000
- August 2009: the price is dropped to $949,999
- December 2009: the property closes for $938,000
The extent and quality of the renovation work on top of the previous sale price (above $500,000) means the now former owners likely didn't make their money back on the transaction.
The moral of the story? Don't over-improve, and don't spend 6 figures on your kitchen.
That's a $312,000 price drop from the initial list price (about 25%) and 20 months on the market. I trust Redfin won't begrudge me a full history:
Property History for 1304 MORTON St
| Date | Event | Price | Appreciation | Source |
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| Dec 02, 2009 | Sold (MLS) | $938,000 | -- | Inactive MLSListings #80911577 |
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| Nov 12, 2009 | Delisted | -- | -- | Inactive MLSListings #80911577 |
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| Sep 22, 2009 | Delisted | * | -- | Inactive EBRD #4 |
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| Aug 21, 2009 | Price Changed | * | -- | Inactive EBRD #4 |
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| Aug 21, 2009 | Price Changed | $949,999 | -- | Inactive MLSListings #80911577 |
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| Mar 10, 2009 | Listed | * | -- | Inactive EBRD #4 |
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| Mar 06, 2009 | Listed | $975,000 | -- | Inactive MLSListings #80911577 |
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| Jan 01, 2009 | Delisted | * | -- | Inactive San Francisco MLS #1 |
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| Nov 21, 2008 | Delisted | * | -- | Inactive EBRD #3 |
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| Nov 20, 2008 | Delisted | -- | -- | Inactive MLSListings #2 |
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| Jul 22, 2008 | Listed | * | -- | Inactive San Francisco MLS #1 |
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| Jul 21, 2008 | Price Changed | -- | -- | Inactive MLSListings #2 |
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| Jul 19, 2008 | Price Changed | * | -- | Inactive EBRD #3 |
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| Jun 11, 2008 | Price Changed | * | -- | Inactive EBRD #3 |
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| Jun 11, 2008 | Price Changed | -- | -- | Inactive MLSListings #2 |
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| May 02, 2008 | Listed | * | -- | Inactive EBRD #3 |
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| Apr 25, 2008 | Listed | -- | -- | Inactive MLSListings #2 |
A recent sale on Broadway is of great interest for market-watchers.
912 Broadway has the following specs and delicious first-person description:
Recent screen captures indicate this house was still on the market until recently, and remained for sale for close to two whole years (look at the list date):
912 Broadway has the following specs and delicious first-person description:
4 bedrooms, 2 bathrooms, ~1,760 sqft, 5,120-sqft lot, MLS(r) #40301101, listed at $875,000An alternative listing has a slightly less cute wording:
LOVE TO ENTERTAIN PEOPLE? I am a perfect house for you. I have a beautiful backyard with a gorgeous lagoon, hardwood floor throughout, and a livng room with fireplace to cozy up on those cold winter nights.
Buried in Redfin's data, you might also notice very reasonable annual HOA dues ($475, or ~$40 / month).
Gorgeous lagoon home. Open floor plan, updated kitchen with granite counter tops/marble floors/stainless steel appl. Beautiful garden for entertaining. Excellent location, walking distance to beach, shopping center and transportation.
Recent screen captures indicate this house was still on the market until recently, and remained for sale for close to two whole years (look at the list date):
The sale history on Zillow shows one recent transaction in 2002, for $609,000.According to multiple sources, this property finally sold for $600,000. That's $9,000 + probably $30,000 or so in commissions below the previous transaction price, and a whole 31% off the last list price.
The moral of the story? If an agent tries to talk you out of lowball offers, or says she doesn't want to insult the seller, fire her at once.
The little bungalow on a little lot at 1312 Mound Street is back as MLS(r) #40437110 for $499,000, $39,000 more than the price at which it failed to sell a year ago. The agent is either not very creative or not very motivated to go beyond real estate 101 platitudes in the new description, other than the Morse code punctuation:
Please refer to the original post for details.
Location Location Location. .. .. 3 bedroom 1 bath with hardwood floors and backyard with low maintenance. ..
Please refer to the original post for details.
Briefer posts than usual this week. 1224 Chestnut is back on the market after a long absence. The specs:
View Larger Map
This property was on the market back in early 2008, listed for an obscene $799,000.
(emphasis added).
3 units, 3 bedrooms, 3 bathrooms, 2,334 sqft, 3,500-sqft lot. MLS(r) #40435063, $615,000 ($263 / sqft)
[...] Strides to St. Josephs, shopping and public transport.
View Larger Map
This property was on the market back in early 2008, listed for an obscene $799,000.
Open Homes for March 22-23
[...]
166 Oak Park Drive $630,000 Sunday 2-4 1350 Broadway $649,500 Sat. & Sun. 2-4 1616 A Fernside Blvd. $649,950 Sat. & Sun. 2-4 880 Portola Ave. $699,999 Sunday 2-4 423 McDonnel Road $745,000 Sunday 2-4 1224 Chestnut St. $799,000 Saturday 2-4 2718 Bayview Drive $759,000 Sat. & Sun. 2-4:30 15 Sea Bridge $905,000 Sat. & Sun. 2-4 26 Gonsalves Court $1,380,000 Sat. & Sun. 2-4
(emphasis added).
Tis the season to be relisted. 2017 Lincoln Avenue disappeared a few months ago, but came roaring back this week, with new MLS(r) #40431603 and a slightly reduced price ($549,900, down from $560,000).
The description is cute:
As is the house (it's the little blue one, not the pretty yellow one):
As for the location, it's cute mostly if you enjoy a high-traffic thoroughfare and a schoolyard across the street.
It appears this property took a detour through the bank before coming back on the market this time around:
Anyone care to speculate where the $150K increase between the initial loan in 2004 and the (ostensibly) repo price in July 2009 came from?
The description is cute:
[...] hardwood floors, Just needs a new owner to place the final touchs on this gem.
As is the house (it's the little blue one, not the pretty yellow one):
As for the location, it's cute mostly if you enjoy a high-traffic thoroughfare and a schoolyard across the street.It appears this property took a detour through the bank before coming back on the market this time around:Property History for 2017 LINCOLN Ave
| Date | Event | Price |
|---|---|---|
| Sep 29, 2009 | Listed | $549,900 |
| Jul 10, 2009 | Sold | $658,445 |
| Oct 29, 2004 | Sold | $509,000 |
Anyone care to speculate where the $150K increase between the initial loan in 2004 and the (ostensibly) repo price in July 2009 came from?
Various folks are predicting a spike in inventory in the last quarter of this year, and while I have no evidence today's property at 2512 Calhoun St is a distress sale, the sale history certainly doesn't suggest a happy transaction. Not to mention the fact it tried to sell itself last year to no avail. First the specs for the current listing:
This property is now listed for $679,000 ($408 / sqft), which is too high and has no chance in hell of ever making sense as an investment property the way rents are going. It's a tad less than it was last December ($699,000 then), but still nowhere near where it needs to be. But it certainly makes more sense than the price the owners paid just three years ago:
Welcome back, little duplex. Maybe this fall season will be kinder to you than last year's.
Duplex, 5 bedrooms (3+2), 3 bathrooms, 1,665 sqft, MLS(r) #40430973, $679,000
[...] ideal for owner-occupancy with a great rental unit downstairs! Gleaming hardwood floors, granite counters, fresh paint inside & out. [...] On Demand water heater for efficiency! Brand new landscaping with sprinkler system. Feels like home, must see to appreciate!
This property is now listed for $679,000 ($408 / sqft), which is too high and has no chance in hell of ever making sense as an investment property the way rents are going. It's a tad less than it was last December ($699,000 then), but still nowhere near where it needs to be. But it certainly makes more sense than the price the owners paid just three years ago:Property History for 2512 CALHOUN St
| Date | Event | Price |
|---|---|---|
| Sep 24, 2009 | Listed | $679,000 |
| Dec 02, 2008 | Delisted | * |
| Jun 30, 2008 | Listed | * |
| Oct 17, 2006 | Sold | $770,000 |
Welcome back, little duplex. Maybe this fall season will be kinder to you than last year's.
This is getting ridiculous.
A Victorian semi-wreck in a hideous location (if you're a single-family home), cozily nestled betwixt a laundromat and a tailor, standing directly across busy lower Park street from a party store and a stone's throw away from my favorite tire shop (perfect for those mid-afternoon nitrogen cravings), came back on the market for the third time in 18 months, and once again it is listed for more money that the last time around.
More money. Not less. And from walking past this property at least once a week, I can tell you its exterior looks haven't exactly improved with the passage of time. Here's what it looked like to Google's Street View van a little while ago:
Here's a handy summary; please refer to the previous post for details on the property.
It didn't sell then, for obvious reasons, and now it's back, with timing so perfect it seems to have been carefully chosen to completely miss the peak of the selling season. And it's listed for $1,400 more than last year.
The sale and listing history are amusing; I suspect the June, 2008 transaction is the bank taking it back:
A Victorian semi-wreck in a hideous location (if you're a single-family home), cozily nestled betwixt a laundromat and a tailor, standing directly across busy lower Park street from a party store and a stone's throw away from my favorite tire shop (perfect for those mid-afternoon nitrogen cravings), came back on the market for the third time in 18 months, and once again it is listed for more money that the last time around.
More money. Not less. And from walking past this property at least once a week, I can tell you its exterior looks haven't exactly improved with the passage of time. Here's what it looked like to Google's Street View van a little while ago:
Here's a handy summary; please refer to the previous post for details on the property.
- In May, 2008, 1192 Park Street hit the MLS(r) as #40340126, listed at a grotesque $925,000. It had been on Zillow prior to that for $898,000 or so, if memory serves, and failed to sell, so the seller raised the price in a bid to attract more potential buyers.
- Then, in October, 2008, the property came back, presumably bank-owned by then, listed at $708,500.
It didn't sell then, for obvious reasons, and now it's back, with timing so perfect it seems to have been carefully chosen to completely miss the peak of the selling season. And it's listed for $1,400 more than last year.
The sale and listing history are amusing; I suspect the June, 2008 transaction is the bank taking it back:
Property History for 1192 PARK St
Date |
Event |
Price |
|---|---|---|
Aug 26, 2009 |
Listed |
$709,900 |
Aug 16, 2009 |
Delisted |
* |
Jun 11, 2009 |
Price Changed |
* |
May 12, 2009 |
Listed |
* |
Apr 18, 2009 |
Delisted |
* |
Apr 17, 2009 |
Price Changed |
* |
Oct 18, 2008 |
Listed |
* |
Oct 01, 2008 |
Delisted |
* |
Jun 03, 2008 |
Sold |
$644,100 |
May 02, 2008 |
Listed |
* |
Dec 07, 2005 |
Sold |
$163,000 |
Apr 18, 2003 |
Sold |
$112,000 |
Jun 29, 1990 |
Sold |
$56,000 |
Some folks are crazy about big old Victorian wrecks. But even the most battle-hardened Victorian restorer knows better than to spend $709,900 on an ugly, run-down house whose environs have been rezoned to accommodate laundromats and tailors and tiremongers, with a concrete front-yard and no fence. This property is essentially unsellable as a primary residence, which is very sad, but c'est la vie.
The bank may as well do a good deed and just donate the building to someone who could use it to run a not-for-profit law practice, child care center, or custom t-shirt design shop. Anything but a house.
The bank may as well do a good deed and just donate the building to someone who could use it to run a not-for-profit law practice, child care center, or custom t-shirt design shop. Anything but a house.
1304 MortonSt has been on the market for ages--I first wrote about it in April 2008, and again in March of this year. It still hasn't sold in spite of multiple, significant price drops and an obscenely over-the-top kitchen renovation (I wouldn't be surprised if the sellers paid more for their kitchen than a number of people paid for their condo here just 10 years ago).
It appears the agent still hasn't come to terms with the two most recent price reductions and can't really decide how much the house should be priced, though.
(from today's Craigslist post)
(from the current listing on Redfin as of 8/27/09).
It's nice to see the attention to detail the agent lavishes on a million-dollar listing.
Update 11/13/09: Pending.
It appears the agent still hasn't come to terms with the two most recent price reductions and can't really decide how much the house should be priced, though.
(from today's Craigslist post)(from the current listing on Redfin as of 8/27/09).It's nice to see the attention to detail the agent lavishes on a million-dollar listing.
Update 11/13/09: Pending.
You may remember our old friend 1526 Pacific, a duplex that's been on and off the market for well over a year. It didn't sell at $650,000 last year, and so the sellers decided to slash the price by a whole thousand bucks down to a remarkably affordable $649,000 to stoke buyers' interest and get this thing sold PDQ. It's been back as MLS(r) #40420980 for a couple of weeks:
Note the cute "This has to sell." note at the end. If you're sticking to your delusional price after over a year has passed and the mother of all economic crises has hit, then you don't have to sell. You just want to sell, for as much money as possible. If you had to sell you'd drop it to $450,000 and have it sold before everyone is done buying real estate until 2010.
What a Perfect Opportunity to own a Chunk of Alameda. [...] Duplex with 3bd & 1 ba in each of the 2 units. [...] Park like setting. The Yard is as spectacular as the Investment opportunity. [...] This has to sell.
Note the cute "This has to sell." note at the end. If you're sticking to your delusional price after over a year has passed and the mother of all economic crises has hit, then you don't have to sell. You just want to sell, for as much money as possible. If you had to sell you'd drop it to $450,000 and have it sold before everyone is done buying real estate until 2010.
You may remember the heinous failure of the auction scheduled a few Fridays ago for 1238 Versailles. Looks like they're trying a real listing again, listed at $1,395,000.
"Live where you work"? How many people who can afford a $1.4M house work in Alameda?
"Only the second owners"? Let's do a little math. "After 25 years" means the house was purchased in 1984. Since it was built in 1854, the previous, original owner was at least 150 years old when they sold (assuming they were at least 20 years old when they bought the house new). That's another seriously old seller. The weather on the island must be very good for one's health and longevity.
Oh, and it didn't sell at $1,395,000, and nobody bid on it at the auction even though it started at $595,000. So what exactly makes you think it'll go this time around?
$1395000 / 6br - BED & BREAKFAST INN RESTAURANT & TEAHOUSE (alameda) (map)
Reply to:
Date: 2009-05-05, 12:06PM PDT
Beautiful historic property renovated with building permits. Rated as a 14 year old house by the insurance company! Bed and Breakfast Inn, Restaurant and Teahouse established over 25 years. Live where you work in a gorgeous Island setting. Ferries are accessible to take you all over the Bay Area, as well as access to Bart (Bay Area Rapid Transit) Six bedrooms, six baths, six fireplaces and a full commercial kitchen approved by the Alameda County Health Department. We have an exemption from parking and the property is zoned commercial, so this is a legal conforming use - no Use Permits required.
The "Oldest House in Alameda" 22nd City Historical Monument, since 1854, shipped around the Cape Horn designed by Andrew Jackson Downing. Large coastal redwood trees and California live oak create a very unique setting in this east end property. We have been hosting High Tea and Dinners daily as well as weddings and receptions. Owners retiring after 25 years. We are only the second owners. Chance of a lifetime! Call 510-523-9697 for a private showing.
Versailles Ave at Encinal Ave (google map) (yahoo map)
- it's NOT ok to contact this poster with services or other commercial interests
"Live where you work"? How many people who can afford a $1.4M house work in Alameda?
"Only the second owners"? Let's do a little math. "After 25 years" means the house was purchased in 1984. Since it was built in 1854, the previous, original owner was at least 150 years old when they sold (assuming they were at least 20 years old when they bought the house new). That's another seriously old seller. The weather on the island must be very good for one's health and longevity.
Oh, and it didn't sell at $1,395,000, and nobody bid on it at the auction even though it started at $595,000. So what exactly makes you think it'll go this time around?
While we're revisiting old favorites, I submit that the overpriced cut-up Victorian jigsaw puzzle (9 units? Give me a break) at 2267 Clinton will be on the market well beyond its owners' lifetimes. Heck, the way it's going, the owners' children might die of old age still clinging to their $1.5M price point.
It's back as MLS(r) #40402191, at the new,low, low price of $1,425,000.
Based on the MLS(r) photos, there isn't much left of the property's much-vaunted Victorian character. Carpet, carpet everywhere, and not an unrented square inch to breathe. The (terrible) MLS(r) photos suggest some of the units are empty (so much for $114,600 yearly income), the two photographed kitchens look incredibly cheap, characterless and cramped, and other than the picture and chair rails and some woodwork that would take some effort to remove, there doesn't seem to be anything remotely Victorian left in this once-glorious carved-up house. And remember these are the official, cherry-picked photos aimed at representing the house in its best light to prospective buyers.
I am thoroughly underwhelmed. I could see paying $600,000 for the (enormous) building, lot and location, maybe, and spend another $200,000 turning it back into a real house. Not a penny more.
Update 1/8/10: And again, for a little less this time ($1,369,000).
It's back as MLS(r) #40402191, at the new,
Based on the MLS(r) photos, there isn't much left of the property's much-vaunted Victorian character. Carpet, carpet everywhere, and not an unrented square inch to breathe. The (terrible) MLS(r) photos suggest some of the units are empty (so much for $114,600 yearly income), the two photographed kitchens look incredibly cheap, characterless and cramped, and other than the picture and chair rails and some woodwork that would take some effort to remove, there doesn't seem to be anything remotely Victorian left in this once-glorious carved-up house. And remember these are the official, cherry-picked photos aimed at representing the house in its best light to prospective buyers.
I am thoroughly underwhelmed. I could see paying $600,000 for the (enormous) building, lot and location, maybe, and spend another $200,000 turning it back into a real house. Not a penny more.
Update 1/8/10: And again, for a little less this time ($1,369,000).
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