Lifers: October 2008 Archives
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
You may remember a hapless Victorian on a busy block of Park street nestled amidst such lovely amenities as a party store, a tire store, and a laundromat. It was on the market last spring, for no less than $925,000, and the owner was making a big deal of having spent over $120,000 on renovations. Well, what do you know, it's back as MLS(r) #40376306 for considerably less, $708,500, which is still obscenely high for that poor old wreck in that wretched location.
As much as I love Victorians and want to see them preserved, I'm afraid there isn't much to save here, even though the building itself has appealing specs (except for the tiny lot):
What blows the mind is how one goes from paying $165K for a house in 2005 to what looks a lot like a foreclosure with a loan balance half a million dollars fatter just 2 1/2 years later (Zip Realty confirms this is a foreclosure).
Update 9/3/09: It's back, again.
As much as I love Victorians and want to see them preserved, I'm afraid there isn't much to save here, even though the building itself has appealing specs (except for the tiny lot):4 bedrooms, 2 1/2 bathrooms, 2,672 sqft, 3,744-sqft lotThe sale history is edifying: not a single arms-length transaction in the bunch.
[...] As is sale. Upper level,, with hardwood floors [...] Lower level under construction, designed and approved for another 3 bedrooms.1 bath
Sale History 06/03/2008: $644,100 * 12/07/2005: $163,000 * 04/18/2003: $112,000 * No other sale data is available
What blows the mind is how one goes from paying $165K for a house in 2005 to what looks a lot like a foreclosure with a loan balance half a million dollars fatter just 2 1/2 years later (Zip Realty confirms this is a foreclosure).
Update 9/3/09: It's back, again.
Great buy!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!--2524 Buena Vista Ave, Alameda, CA
Today's listing is mysterious (MLS(r) #40375723). The property description has more exclamation points (10) than letters or spaces (9):
fraudulent jacked-up appraisal for tax purposes, although I'm not sure why I'd participate in some funky scheme for the privilege of paying over $7,000 in property tax. Whatever the case may be, there is no way in hell a small bungalow on a small lot on a mediocre part of a sub-prime avenue was ever worth close to $770,000, so something fishy is going on.
Whatever the case may be, though, this great buy is listed for less than was paid for it not just the last time around, but the time before that as well, which is a first on this blog.
Update 1/23/09: Price dropped from $545,000 to $525,000 in mid December.
Update 3/11/09: Price drop bonanza:
Update 1/10/09: Finally sold on 11/25/09 for $400,000.
Great buy!!!!!!!!!!The house itself is a hair over 1,000 sqft (on a 2,970-sqft lot), yet it boasts 2 stories, 4 bedrooms and 3 bathrooms. It's currently listed at $545,000. It makes me wonder if it's just a shotgun house that someone stood upright (no good photos available). The public records on Zillow indicate only 2 bedrooms and 1 bathroom, and a bizarrely expensive transaction in 2007:
Maybe the 2007 transaction was some intra-family transfer with a
Sale History 10/04/2007: $770,000 * 12/29/2004: $550,000 01/07/1999: $167,318 05/18/1993: $149,500 * Transaction not included in Zestimate.
Whatever the case may be, though, this great buy is listed for less than was paid for it not just the last time around, but the time before that as well, which is a first on this blog.
Update 1/23/09: Price dropped from $545,000 to $525,000 in mid December.
Update 3/11/09: Price drop bonanza:
$545,000 to $525,000 on 12/19/08Imagine what a truly fantastic buy this must be now that it's 24% off its "great buy!!!!!!!!!!" price.
$525,000 to $505,000 on 01/31/09
$505,000 to $495,000 on 02/13/09
$495,000 to $415,000 on 03/02/09
Update 1/10/09: Finally sold on 11/25/09 for $400,000.
Miscellaneous