Listings: July 2008 Archives
This property appeared on craigslist yesterday and on the MLS(r) today (#40359548; no link until EBRD issues are resolved). It's an old home with some maintenance issues. What's particularly interesting to me is the difference in wording between the MLS(r) listing and the more direct craigslist post...
It doesn't look too proud:
It's also a far cry from a "grand old lady", as far as I'm concerned, especially in Alameda where truly grand old ladies abound.
The house (what's left of it) is fairly large, on a small lot, and does have...
Only $599,000.
Update 9/4/08: Price dropped to $550,000 a couple of days ago. Woohoo.
Update 10/20/08: Still listed, still $550,000. Give it up, already.
Update 11/9/08: Price dropped to an amusing $525,000 on 11/4. The MLS(r) listing includes this hilarious note:
Update 9/29/09: Sold to some idiot masochist for $473,000.
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MLS:
Grand old lady suffering from old age. Dutch Colonial built in 1898 [...] Two stories plus full basement on grade level with two car tandem garage. Reports available 8-8-08.
Craigslist (my emphasis):
Grand old lady suffering from old age. Dutch Colonial built in 1898 [...] Two stories plus full basement on grade level with two car tandem garage. She needs a total rehabilitation. No maintenance done for over 40 years. Everything original to the house from fixtures, clawfoot tub, to brick foundation. It's a time capsule! Please contact Broker Phil Hunt at 510-583-5420 for futher information.
It doesn't look too proud:
It's also a far cry from a "grand old lady", as far as I'm concerned, especially in Alameda where truly grand old ladies abound.The house (what's left of it) is fairly large, on a small lot, and does have...
4 bedrooms, 2 1/2 bathrooms, 2,512 sqft, approx. 3,500 sqft lot, 3 storiesSo what are they asking for a house that "needs a total rehabilitation" and has had "no maintenance done for over 40 years"?
Only $599,000.
Update 9/4/08: Price dropped to $550,000 a couple of days ago. Woohoo.
Update 10/20/08: Still listed, still $550,000. Give it up, already.
Update 11/9/08: Price dropped to an amusing $525,000 on 11/4. The MLS(r) listing includes this hilarious note:
Comps at $850,000. Price reflects "as is" condition.Where exactly are "comps at $850,000"? Show me one, I dare you.
Update 9/29/09: Sold to some idiot masochist for $473,000.
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I thought the address sounded familiar, and sure enough it's one of the units in the Stonehenge complex at 1545 Santa Clara (MLS(r) 40359047). That complex has adorable stone walls, an iron gate, and whimsical Camelot architecture. Here's the publicly-available skinny:
The address is familiar for another reason: I was watching the market the last time this unit was sold, just 18 months ago, for... more money.
Update 10/26/08: Sold for $725,000. Ouch.
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2 units (1x1BR, 1x2BR), 2,066 sqft, $748,000
Straight out of a fairytale, enchanting and full of whimsical details, this turreted, stone walled, many windowed duplex is a treasure! [...] wood floors, stone fireplaces, & period details. [...] a find!
The address is familiar for another reason: I was watching the market the last time this unit was sold, just 18 months ago, for... more money.The moral of this fairy tale: when an agent tells you a property is "a [rare, exceptional, amazing, unusual] find", don't believe them. If it was sold between 2004 and 2007, it'll be back on the market before you know it (for less).Last sale and tax info
- Sold 12/22/2006: $759,000
- 2007 Property Tax: $9,551
Update 10/26/08: Sold for $725,000. Ouch.
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At least 9 listings have appeared on the MLS for 94501 alone this week, and it's only Tuesday morning. Do these people think I have nothing better to do than research them all? Give a blogger a break, ferchrissakes!
That said, here's another one of them new houses on Coral Sea Street (MLS #40358880). The address might sound familiar--a neighbor was being dumped just a few months ago. Just down the street is another one of those Spanish extravaganzas:
At $334 / sqft, it has some competition in the area with little maneuvering room:
That said, here's another one of them new houses on Coral Sea Street (MLS #40358880). The address might sound familiar--a neighbor was being dumped just a few months ago. Just down the street is another one of those Spanish extravaganzas:
4 bedrooms, 3 bathrooms, 2,539 sqft, approx. 3,920 sqft lot, $849,000
At $334 / sqft, it has some competition in the area with little maneuvering room:Last sale and tax info
- Sold 03/24/2006: $877,500
- 2007 Property Tax: $12,012
Today's craigslist post is a must-see that will not last, evidently (MLS(r) #40354885; no link until EBRD issues are resolved).
$844000 This is a MUST SEE!!! (alameda) (map)
Reply to: Rkim@hbrinfo.com
Date: 2008-07-28, 11:56AM PDT
Beautiful Alameda Harbor Bay Isle home located in a desirable area. It has a large living and dining room with a kitchen and breakfast nook that look out to a wonderful garden. The master bedroom has a large closet, storage space in the attic, gorgeous new hardwood floors, a laundry room and much, much more! This will not last!!! For more information, please see: www.126Sable.com. Open Sunday August 3rd, 2-4pm. Richard Kim, Realtor, Harbor Bay Realty richard@SearchAlamedaHomes.com www.SearchAlamedaHomes.com 510-814-4813
I'm not sure why it will not last, seeing as it's listed at $438 / sqft, and homes in that price range haven't exactly been flying off the shelves.
Maybe it's a psychological trick--tell yourself something often enough and it might just happen. Looks as though the sellers will need all the help they can get:
Update 10/5/08: Sold for $840,000.
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Maybe it's a psychological trick--tell yourself something often enough and it might just happen. Looks as though the sellers will need all the help they can get:
Subtract the usual 6% from the wishing price and you're in loss leader territory. Whee!Last sale and tax info
- Sold 04/27/2007: $820,000
- 2007 Property Tax: $3,980
Update 10/5/08: Sold for $840,000.
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The smallest of three new-ish homes on Mosley is special: it's been upgraded by an employee of the developer's! (MLS(r) 40452718; no link until EBRD issues are resolved) Why that matters is unclear to me, but all the same. Here are the publicly-available specs:
The price has been dropped once already (from $800,000 to $775,000 in mid July), but at $381 / sqft, it's still on the high side if the seller really wants to sell.
3 bedrooms, 2 1/2 bathrooms, 2,035 sqft, 3,890 sqft lot, listed 6/28/08, $775,000The special vented cat box is a nice touch. I wonder where it is.
[..] upgraded by a warmington employee [...] loaded. Granite, stainless bosch, fisher payke dishdrawer, tile, whole house audio, amazing backyard [...] cat5, [...] surround sound, [...] driveway, [...] jetted tub, [...] special vented cat box [...]
The price has been dropped once already (from $800,000 to $775,000 in mid July), but at $381 / sqft, it's still on the high side if the seller really wants to sell.But we're teetering on the verge of a net loss on the previous transaction:
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Update 2/2/09: Sold two days before Christmas for $693,000.Last sale and tax info
- Sold 05/03/2005: $729,500
- 2007 Property Tax: $10,194
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Here's another gigantic McMansion by the naval base (MLS #40340230):
Beds: 5 Type: SFR Sq. Ft.: 3,743 Lot Size: 6,013 Sq. Ft. MLS #: 40340230 Baths: 4/0 Built: 2005 $/Sq.Ft.: $280 List Date: 05/02/08 On Market: 86 days List Price: $1,048,888
Open 6/7 6/8 12-4pm. Immaculate home with tons of upgrades. Largest plan 5in development-plan 12. Huge master suite with 2 closets 1 is walk in.Large corner lot with backyard and separate courtyard. Beautiful stone floors. 1 bedroom downstairs. Fireplaces in living and family rooms.
The amusing thing about the development this house is in is that it's turning into a race to the bottom.
Update 12/11/08: Sold for $920,000.
We just entered loss leader territory with this latest, ginger price cut:Price Reduced: 05/25/08 -- $1,098,888 to $1,068,888ZipRealty Price Track
Price Reduced: 06/28/08 -- $1,068,888 to $1,048,888
I wonder if the extra 320 square feet will keep justifying a price difference against its neighbor--if it were up to me, I'd advertise "I'll match the price you give the other guy if you buy this house instead".Last sale and tax info
- Sold 07/27/2005: $999,500
- 2007 Property Tax: $13,142
Update 12/11/08: Sold for $920,000.
Alameda's West side, right by the college and the lovely infected superfund area by the naval base, has seen a rash of expensive McMansion developments over the past few years. Some were in full swing right around the time the market crashed, and now we're seeing gigantic luxury eyesores flooding the market and competing directly with the unsold inventory (and each other):
I've been ignoring them mostly because they're such hateful monstrosities, but there are too many of them now for me to miss out on a snarky opportunity. So here goes lovely 2118 Mosley Avenue (MLS(r) #40340226).
Here are the specs: 4 bedrooms, 3 1/2 bathrooms, 3,423 sqft, 5,173 sqft lot, listed April Fool's Day, 2007
I've been ignoring them mostly because they're such hateful monstrosities, but there are too many of them now for me to miss out on a snarky opportunity. So here goes lovely 2118 Mosley Avenue (MLS(r) #40340226).
Here are the specs: 4 bedrooms, 3 1/2 bathrooms, 3,423 sqft, 5,173 sqft lot, listed April Fool's Day, 2007
I suppose it's nice enough if you're into that sort of thing, and it's priced to sell at $283 / sqft:
[...] Beautiful. Over $100k in upgrades. One of the largest plans [...] Intercom [...] Stainless steel appliances, granite counters, island.[...] Surround sound blt in. [...] Jetted tub in master, loft. 3 car garage. [...]
And what a deal! A 3-year-new house for only $2,880 more $47,120 less $67,120 less than the original price! Here's the price history:
Update 8/23/2008: Relisted as MLS(r) #40364968 with a massive price drop to $849,900. That's Wowza. I guess all those 8s in the old prices didn't help you sell, so maybe a $188,980 total price drop will.
Update 12/22/08: Sold for $860,000.
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Dropped from $1,038,880 to $988,880 in early May, 2008
Dropped from $988,880 to 968,880 in early June, 2008
Amusingly enough, the property tax alone is almost the cost of my yearly rent.Last sale and tax info
- Sold 07/28/2005: $1,036,000
- 2007 Property Tax: $13,819
Update 8/23/2008: Relisted as MLS(r) #40364968 with a massive price drop to $849,900. That's Wowza. I guess all those 8s in the old prices didn't help you sell, so maybe a $188,980 total price drop will.
Update 12/22/08: Sold for $860,000.
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I'm running out of bad puns to describe the gaggle of suspiciously similar listings that appeared around the same time, are located within spitting distance of each other on Haight Avenue, got their price reduced on July 2nd, and are in various stages of decay. Here's the third one (MLS #40325317):
This one must be the worst of the lot based on the size of the price cut (over 25%):
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Fixer-upper [...] 2 bedrooms, 1 bath, large rooms. [...] Significant price reduction july 2nd.
This one must be the worst of the lot based on the size of the price cut (over 25%):Dropped from $519,000 to $495,000 in late April, 2008It does look pretty nasty:
Dropped from $495,000 to $387,000 in early July, 2008
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I'm not sure what the story is, but a cluster of fixer-uppers on Haight Avenue with no significant Zillow history appeared on the market very close together chronologically and geographically several months ago. Not surprisingly, they still haven't sold, but their prices have been reduced. Here's another (MLS(r) 40425152; no link until resolution of EBRD issues), with suspiciously similar-sounding copy about "Price reduction as of July 2nd", just like the first one. The publicly available information includes:
They're not kidding about the fixer-upper part:
3 bedrooms, 1 bathroom, 1,473 sqft, 4,590 sqft lot, on the market since February, 2008
[...] FIXER-UPPER--large rooms, hardwood floors, [...] Price reduction as of July2nd.
They're not kidding about the fixer-upper part:
The price drop is substantial but not on the scale of the other two listings (12%).
Update 2/16/09: Will be a lifer in 3 days. Redfin's price history is something to behold:
Dropped from $595,000 to $575,000 in late April, 2008Update 2/13/09: Dropped to $360,000 just in time for Valentine's Day weekend.
Dropped from $575,000 to $525,000 in early July, 2008
Dropped from $575,000 to $474,750 around August 23, 2008
Update 2/16/09: Will be a lifer in 3 days. Redfin's price history is something to behold:
Property History for 609 HAIGHT Ave
Date |
Event |
Price |
Appreciation |
Source |
|---|---|---|---|---|
Feb 12, 2009 |
Price Changed |
$360,000 |
-- |
EBRD #40325152 |
Dec 05, 2008 |
Price Changed |
$397,000 |
-- |
EBRD #40325152 |
Dec 05, 2008 |
Relisted |
-- |
-- |
EBRD #40325152 |
Sep 22, 2008 |
Off Redfin |
-- |
-- |
EBRD #40325152 |
Aug 22, 2008 |
Price Changed |
$474,750 |
-- |
EBRD #40325152 |
Aug 22, 2008 |
Relisted |
-- |
-- |
EBRD #40325152 |
Aug 15, 2008 |
Off Redfin |
-- |
-- |
EBRD #40325152 |
Jul 02, 2008 |
Price Changed |
$525,000 |
-- |
EBRD #40325152 |
May 15, 2008 |
Relisted |
-- |
-- |
EBRD #40325152 |
May 14, 2008 |
Off Redfin |
-- |
-- |
EBRD #40325152 |
Apr 30, 2008 |
Price Changed |
$575,000 |
-- |
EBRD #40325152 |
Feb 20, 2008 |
Listed |
$595,000 |
-- |
EBRD #40325152 |
Sometimes sellers actually do get a clue. Today's listing, which came on the market on 6/16/08 (MLS(r) #40350382), recently dropped its price by a whopping 22% all at once.
That said, the listing's location and description make it suspiciously similar to two other fixers on the same block, whose prices were reduced by various amounts on the same day, so I wonder what's happening here--maybe someone is dumping their hovel portfolio and testing out pricing strategies? The truck in the driveway above also looks familiar. Hrm!
Update 8/23/08: Price dropped to $489,000. That's a whopping total $206,000 price reduction since the initial listing date.
Update 1/22/09: Relisted in December, at $439,000. Thanks Redfin for comprehensive data.
Nice duplex for investor or family. [...] now vacant. Deep backyard with double garage and extra storage. [...] Price significantly reduced july 2nd. Fixer-upper--needs work.
Price dropped from $695,000 to $543,000 in early July, 2008Sure, it still hasn't sold, but you've got to give it to the sellers--they're not joking around.
That said, the listing's location and description make it suspiciously similar to two other fixers on the same block, whose prices were reduced by various amounts on the same day, so I wonder what's happening here--maybe someone is dumping their hovel portfolio and testing out pricing strategies? The truck in the driveway above also looks familiar. Hrm!
Update 8/23/08: Price dropped to $489,000. That's a whopping total $206,000 price reduction since the initial listing date.
Update 1/22/09: Relisted in December, at $439,000. Thanks Redfin for comprehensive data.
Laconic Ringo Liu is at it again with another must-see listing:
No scary history (which may be why this listing is uncharacteristically wordy; maybe this one will be worth his time):
I wonder if Zillow's stats masters took it out because it was too high, or because it was too low. If you ask me, $272,000 for less-than-1,500-sqft condo was just about as excessive in 1997 as $750,000 is in 2008.
This place looks like a SFH, but Zillow has it as a condo. Perhaps it's one of those single-family-homes-with-HOA deals: the worst of both worlds!$750000 Lovely Direct Lagoon home w/ partial Bay Views in Bay Farm (alameda)
Reply to: toringoliu@aol.com
Date: 2008-07-25, 2:32PM PDT
Big. Private backyard w/ patio and lawn. Spacious rnt yard and driveway. High cathedral ceiling. Lots of windows. Tile roof, newer carpets & designer paint. Close to Ferry, shoreline, trails & schools. Good size mastersuite and kitchen w/ view. Must See!
Public Facts:
- Condo
- 3 beds
- 2.5 bath
- 1,489 sqft
- Lot 3,800 sqft
- Built in 1997
No scary history (which may be why this listing is uncharacteristically wordy; maybe this one will be worth his time):
Sales History
This transaction was not used in computing the Zestimate for this house due to anomalies we detected with this transaction. These anomalies can include unusual document or transaction types, sales between possibly related parties, unusually high or low transaction prices, or other data irregularities that might indicate the transaction is not a full-value, arms-length transaction.
Sale History & Tax Info Sale History 09/24/1997: $272,000 * No other sale data is available * Transaction not included in Zestimate.
I wonder if Zillow's stats masters took it out because it was too high, or because it was too low. If you ask me, $272,000 for less-than-1,500-sqft condo was just about as excessive in 1997 as $750,000 is in 2008.
Agent Ringo Liu is a man of few words, judging by his recent activity on Craigslist--3 posts in rapid-fire succession, but none of them is longer than 30 words.
Here's one:
But perhaps something in him knows these are bum listings and he might as well save his efforts for more worthy homes:
Here's one:
Looks nice enough:$849000 Large Bay Farm Home! (alameda)
Reply to: toringoliu@aol.com
Date: 2008-07-25, 2:32PM PDT
One bedroom and full bath downstairs. Bonus loft/study area upstairs. Wood floors and high ceiling. Very open and spacious floor plan. Good size backyard. Close to park & shops & schools. Must See!
But perhaps something in him knows these are bum listings and he might as well save his efforts for more worthy homes:Last sale and tax info
- Sold 12/21/2005: $859,000
- 2007 Property Tax:$10,416
Few things aggravate me more than marketing copy written and typeset by imbeciles. The real estate industry's idiotic practice of capitalizing semi-random (but important!) words is a particularly noxious habit.
It's not that hard. Even those pompous pedants Strunk and White could have taught you about two simple ways to add emphasis: simply 1) edit out the unimportant words and/or 2) use typographical devices like bold face, underline, or italics (even if you should avoid underlines on the Web, that's still two devices to make your text stand out).
Don't just Capitalize words Whenever you Feel Like it. It's like shouting quietly--it's both rude and pointless.
Today's remarkable specimen of copy-writing ineptitude is a condo in 94502, aka "The Perfect Home!":
Listed at $489,000, this 3+2 townhouse is also the Perfect Opportunity, an Amazing Example of Real Estate Investment Savvy:
Screw your faux poetry, too. No, sunshine does not "invite[s] you in"--it draws people out, you Capital Cretin, because that happens to be where the sun is located, and even you should know it's all about location, location, location.
Screw your lowercase stainless, you majuscule moron. Screw your risible run-on, and screw your intemperate infatuation with those hateful phallic and monotesticular marks, those devalued hallmarks of cheap and misplaced emphasis, the eleven exclamation points that litter your barely literate drivel.
I hope that condo stays on the market until airplanes start landing in the Casitas' quiet Court-yard.
Update 9/7/08: Reader Cheechster is upset with me and wants me to stop being so mean. S/he also points out the property sold. I did find a record of it on a broker site, at a lower price, and it says "pending" (not "sold"). We'll see if it stays in escrow, and how much it did sell for.
It's not that hard. Even those pompous pedants Strunk and White could have taught you about two simple ways to add emphasis: simply 1) edit out the unimportant words and/or 2) use typographical devices like bold face, underline, or italics (even if you should avoid underlines on the Web, that's still two devices to make your text stand out).
Don't just Capitalize words Whenever you Feel Like it. It's like shouting quietly--it's both rude and pointless.
Today's remarkable specimen of copy-writing ineptitude is a condo in 94502, aka "The Perfect Home!":
Come and visit this very special home, where the perfect combination of Location, Charm and Updating will capture your attention! Located in a serene and quiet Court-yard setting in the Casitas HOA, within Walking Distance to the Harbor Bay Shopping Center, the Park, Lagoon Trails and Transportation, this tastefully upgraded home offers you 3 Bedrooms and one full and one half baths. Sunshine invites you in to discover the fully updated Kitchen with stainless Steel Appliances and Eco-Friendly cabinets. New Windows and Sliding Glass Doors, plus Laminated floors and Tile on the First-Floor add Elegance to this home. Enjoy the Wood –burning Fireplace and the beautifully landscaped, sunny patio. Inside Laundry and a very spacious Two Car Garage, which offers plenty of additional Storage possibilities, make this Home more than special!
Listed at $489,000, this 3+2 townhouse is also the Perfect Opportunity, an Amazing Example of Real Estate Investment Savvy:Screw you, Uli Realtor, and screw your capitals. Perhaps the Teutonic tinge of your patronym explain your terrible typography when it comes to nouns--but there is no excuse for all those poor adjectives! Why is Sliding stressed, but stainless small? Why is Walking wide while a lowercase landscaped languishes?Last sale and tax info
- Sold 01/07/2005: $481,000
- 2007 Property Tax: $6,446
Screw your faux poetry, too. No, sunshine does not "invite[s] you in"--it draws people out, you Capital Cretin, because that happens to be where the sun is located, and even you should know it's all about location, location, location.
Screw your lowercase stainless, you majuscule moron. Screw your risible run-on, and screw your intemperate infatuation with those hateful phallic and monotesticular marks, those devalued hallmarks of cheap and misplaced emphasis, the eleven exclamation points that litter your barely literate drivel.
I hope that condo stays on the market until airplanes start landing in the Casitas' quiet Court-yard.
Update 9/7/08: Reader Cheechster is upset with me and wants me to stop being so mean. S/he also points out the property sold. I did find a record of it on a broker site, at a lower price, and it says "pending" (not "sold"). We'll see if it stays in escrow, and how much it did sell for.
(screenshot retrieved on 9/7/08 at 11:02am PDT)
It seems a lot of McMansions properties in the newly-developed West end are coming on the market these days. Some are brand-new, just-finished homes, and others, like today's listing, are just a couple of years old (MLS #40357950).
At $749,000 for 2,361 sqft, this house is priced aggressively ($317 / sqft). It's still a big chunk of money, but not as big as it could be:
(bonus point if you can elucidate today's silly title)
Update 12/13/08: Sold for $660,000 after 82 days on the market and at least one price drop.
General Information
City/Town Alameda State CA Zip 94501 County: Alameda SubDiv: ALAMEDA Price: $749,000 Bedrooms: 4 Full Baths: 3 Half Baths: 1
SQFT: 2361 Lot Size: 0.07 Stories: 2 Story Style: mediterranean REMARKS Here's a chance for you to own a piece of the prestigious Alameda's Bayport community. New homes, new school, new community for 20% less than the sold prices. This is a Plan 4 model. Builders are currently selling it @ $850K+
At $749,000 for 2,361 sqft, this house is priced aggressively ($317 / sqft). It's still a big chunk of money, but not as big as it could be:
$139,000 + $45,000 commission + $24,000 in property tax = $208,000 that went "poof" in just 2 years. Epic? Almost.Last sale and tax info
- Sold 06/02/2006: $888,000
- 2007 Property Tax: $12,054
(bonus point if you can elucidate today's silly title)
Update 12/13/08: Sold for $660,000 after 82 days on the market and at least one price drop.
What exactly does "reviewing all offers" (or "taking all offers") mean, especially in this market? Is it supposed to instill a sense of urgency in the buyers? "Put your offer in now, they're pouring in so you don't want to miss out"?
Today's craigslist post wants you to know it is "not a short sale". A very common phrase on CL these days indeed.
I'm tempted to say "Not a short sale yet."
I'm tempted to chalk this slipup to forgetfulness--it must be hard to keep track of all those craigslist posts, price drops and stages of grief. But you'll note the absence of "must sell" and "buy it now or we take it off the market" rhetoric. Maybe they're reaching the acceptance stage?
Update 8/17/08: Not really. If you reduce the price after raising it, does it count?
Update 8/30/08: Back on craigslist with a different agent (one with a San Francisco Web site and phone number) and price ($709,000) but no threats.
Update 9/10/08: New strategy, new old price. No threats this time, just a "would like to sell". Boo hoo.
Update 11/5/08: Still/back on the market at $674,000.
Update 1/3/09: Still/back on the market at $674,000. Didn't I just type that?
The agent likes to emphasize his craigslist post SUBJECTS by capitalizing the last WORD, it SEEMS:
Update 2/22/09: WOW! Check it out! It's still on the market! The agent has now stopped capitalizing the last word of his subject lines and upped the ante by capitalizing the first word. This is becoming serious.
Today's craigslist post wants you to know it is "not a short sale". A very common phrase on CL these days indeed.
Assuming $722 really means $722,000, this comes out to $485 / sqft, which is on the high side for a cookie-cutter Bayfarm house.$722 Bayfarm Home - SELLER MOTIVATED ! ! ! (alameda) (map)
Reply to: hous-766204088@craigslist.org
Date: 2008-07-22, 8:42PM PDT
August 1st - August 1st - August 1st - August 1st - August 1st
Not A Short Sale!
We will be taking all offers on this 3 Bed 2.5 Bath Bayfarm Home at 35 McDonnel until AUGUST 1st. The seller is motivated! ! ! The home is 1489 square feet and is situated on one of the largest lots in the neighborhood, with a nice size backyard. It is within walking distance to the Alameda ferry, trails, and the water. Newer carpet, paint, and windows! Master suite with granite counters, and upstairs has two large sized walk in closets! It is in a great neighborhood and is looking for the right owners. Please send in all offers by August 1st. Vacant and Lockbox On
Any questions please call Katie @ (650)743-2786
I'm tempted to say "Not a short sale yet."
Update 8/3/08: The sellers are so motivated they dropped the price a whole $10K.Last sale and tax info
- Sold 08/16/2005: $739,000
- 2007 Property Tax: $11,348
Update 8/4/08: From desperation we move to threats. Buy it now before we take it off the market! Is that supposed to be an incentive, like, say, "do your homework or you'll go to bed without dinner"? Do the owners realize they're not doing the world a favor by putting their house on the market? And whatever happened to "MUST SELL"? Come on, folks, you're already down $30K from the inflated price you paid 3 years ago, and it's going to be several years before those prices come back (and even longer in real dollars). Just drop your damn price and get it over with, or shut the hell up and take your gem of a house off the market already.$712000 Open House 1:30 to 4:00 Today - 35 McDonnel Road (alameda) (map)
Reply to: hous-781427471@craigslist.org
Date: 2008-08-03, 11:40AM PDT
35 McDonnel Road in Alameda
3 Bed 2.5 Bath
Large Lot w/ a Backyard
Master Suite
Large Walk In Closets
Newer Carpet, Windows, and Paint
MUST SELL ! ! ! SELLER MOTIVATED ! ! !
Any questions call Katie @ (650)743-2786
Update 8/13/08: I think the mob has a saying about not threatening to do something unless you're prepared to do it. Not only did the seller not take the property off the market as they promised last week, they also claim to have dropped the price again when it's actually higher than it was the last time around (see copy-paste above).$709000 PRICE REDUCTION - 3 Bed 2.5 Bath Bayfarm Home (alameda) (map)
Reply to: hous-782871051@craigslist.org
Date: 2008-08-04, 1:01PM PDT
PRICE REDUCED - 35 McDonnel in Alameda
This is the final price before the home gets taken off the market. Seller is Motivated!
3 Bed 2.5 Bath Home w/ Master Suite
Walk In Closets
Newer Windows, Carpet, and Paint
Walking Distance to the ferry, water, parks, and trails.
Large lot with a big backyard.
$712000 PRICE REDUCED - Bayfarm - 3 Bed 2.5 Bath (alameda) (map)
Reply to: hous-795645148@craigslist.org
Date: 2008-08-13, 4:49PM PDT
35 McDonnel - 3 Bed 2.5 Bath Beautiful Home on a Large Sized Corner Lot. Master Suite with Walk In Closets, Spa Tub, Etc. Home has newer windows, carpet, and paint. Quick walk to the Ferry.
Seller Motivated ! ! !
Any questions call Katie @ (650)743-2786
I'm tempted to chalk this slipup to forgetfulness--it must be hard to keep track of all those craigslist posts, price drops and stages of grief. But you'll note the absence of "must sell" and "buy it now or we take it off the market" rhetoric. Maybe they're reaching the acceptance stage?
Update 8/17/08: Not really. If you reduce the price after raising it, does it count?
Update 8/27/2008: Final threat just posted on craigslist. Give me a BREAK. Don't you realize you lost all credibility after you failed to deliver on your previous (silly) threats, and this isn't going to change anything?$709000 PRICE REDUCED -SELLE MOTIVATED-BAYFARM HOME (alameda) (map)
Reply to: hous-800767885@craigslist.org
Date: 2008-08-17, 12:14PM PDT
35 McDonnel - Open House from 1:30 to 3:30
3 Bed 2.5 Bath Clean and Nice Home on A corner Lot
Good Sized Backyard
Master Suite with A Jaquzzi Tub and Walk In Closets
Newer Closets, Windows, and Paint
Walking distance to the ferry, water, walking trails, parks, and schools
Seller is Motivated!
$699000 FINAL PRICE REDUCTION - Bayfarm Home (alameda) (map)
Reply to: hous-814439482@craigslist.org [?]
Date: 2008-08-26, 4:17PM PDT
35 McDonnel in Alameda
3 Bed 2.5 Bath
Large Corner Lot
Newer carpets, windows, and paint
Master Suite with walk in closets
Close to the ferry, walking trails, parks, and schools
Seller Motivated!
Come in before it is too late.
Any questions call Katie @ (650)743-2786 or katie.haslam@prurealty.com
Update 8/30/08: Back on craigslist with a different agent (one with a San Francisco Web site and phone number) and price ($709,000) but no threats.
$709000 OPEN HOUSE TODAY 2-4PM for Large Home in Alameda (alameda) (map)
Reply to: hous-820890678@craigslist.org [?]
Date: 2008-08-31, 9:14AM PDT
$709,000 | 35 McDonnel Road AlamedaShowing Agent
Michael Ta
Real Estate Advisor
415-680-8031
Michael@PpropertySolutionSF.com
Update 9/10/08: New strategy, new old price. No threats this time, just a "would like to sell". Boo hoo.
$699000 PRICE REDUCTION-3 Bed 2.5 Bath Bayfarm Home (alameda) (map)
Reply to: hous-835445618@craigslist.org [?]
Date: 2008-09-10, 11:25AM PDT
35 McDonnel in Alameda
This 3 Bed 2.5 Bath Home on Bayfarm Island is a most see. There are newer carpets, paint, and widows. It's a corner lot with a large backyard. Master suite with walk in closets, jacuzzi tub, and much more. Vaulted ceilings, all appliances, two car garage and more. It is not a short sale or REO, but the owner lives out of state and would like to sell ASAP! Could be primary residence or rental!
Lockbox on, but please call Katie first @ (650)743-2786
Update 11/5/08: Still/back on the market at $674,000.
$674000 Take a LOOK!! (alameda) (map)
Reply to: hous-906980996@craigslist.org [?]
Date: 2008-11-05, 11:37AM PST
This beautiful 3 bedroom, 2.5 bath home is located on a desirable corner lot at 35 McDonnel Road, in Harbor Bay Isle. With an abundance of windows and an open floor plan, this sparkling home is a must see! Its spacious living room is accented with a brick fireplace and vaulted ceilings, and opens to an inviting dining area. The delightful kitchen is fresh and bright, and leads to large, private back yard. The master bedroom offers a walk-in closet and the master bath includes dual sinks. This home’s close proximity to parks, shopping, and transportation adds to its desirability.
For more info go to: www.35McDonnel.com
Richard Kim, Realtor
Harbor Bay Realty
510.814.4813
richard@SearchAlamedaHomes.com
Update 1/3/09: Still/back on the market at $674,000. Didn't I just type that?
The agent likes to emphasize his craigslist post SUBJECTS by capitalizing the last WORD, it SEEMS:
How about this: drop the damn PRICE! Stop being such an IDIOT!$674000 Great LOCATION! (alameda) (map)
Reply to: richard@SearchAlamedaHomes.com [?]
Date: 2009-01-03, 11:01AM PST
Great Location! This beautiful 3 bedroom, 2.5 bath home is located on a desirable corner lot at 35 McDonnel Road, in Harbor Bay Isle. With an abundance of windows and an open floor plan, this sparkling home is a must see! Its spacious living room is accented with a brick fireplace and vaulted ceilings, and opens to an inviting dining area. The delightful kitchen is fresh and bright, and leads to large, private back yard. The master bedroom offers a walk-in closet and the master bath includes dual sinks. This home’s close proximity to parks, shopping, and transportation adds to its desirability.
For more info go to: www.35McDonnel.com
Richard Kim, Realtor
Harbor Bay Realty
510.814.4813
richard@SearchAlamedaHomes.com
Update 2/22/09: WOW! Check it out! It's still on the market! The agent has now stopped capitalizing the last word of his subject lines and upped the ante by capitalizing the first word. This is becoming serious.
Update 4/25/09: WOW! Dropped to $609,000!$649000 / 3br - WOW! Check it out! (alameda) (map)
Reply to: richard@SearchAlamedaHomes.com [Errors when replying to ads?]
Date: 2009-02-22, 10:44AM PST
Great Location! This beautiful 3 bedroom, 2.5 bath home is located on a desirable corner lot at 35 McDonnel Road, in Harbor Bay Isle. With an abundance of windows and an open floor plan, this sparkling home is a must see! Its spacious living room is accented with a brick fireplace and vaulted ceilings, and opens to an inviting dining area. The delightful kitchen is fresh and bright, and leads to large, private back yard. The master bedroom offers a walk-in closet and the master bath includes dual sinks. This home’s close proximity to parks, shopping, and transportation adds to its desirability.
For more info go to: www.35McDonnel.com
Richard Kim, Realtor
Harbor Bay Realty
510.814.4813
richard@SearchAlamedaHomes.com
Hot diggity. This one didn't last terribly long.
That said, it's still cheaper than what the poor sap investor speculator idiot sucker owner paid less than 2 years ago:
fixing enjoying its pretty pocket doors and lovely gingerbread. And I'm getting negative real returns on my invested cash thanks to those same idiots.
Grr.
On a related note, I was tempted to label this as "epic," but I'll keep that category for truly abysmal failures--$130,000 in 21 months just ain't big enough.
At $350 / sqft, it's getting closer to what a Bay Area house should cost (and I mean Bay Area, i.e. places where you can get to the bay without driving for an hour), although just under $700K is hardly cheap.$690990 Must sell - bring all offers!! 3/2 in Alameda (alameda) (map)
Reply to: hous-764906077@craigslist.org
Date: 2008-07-22, 1:32AM PDT
Great home with spacious lot in a quiet, tree-lined neighborhood. Close to great schools, golf course, lagoons, parks and grocery store.
126 Cardigan Way
Alameda, CA
Home Features:
• 3 Bedrooms, 2.5 Baths
• 1972 Sq Ft Living Space
• 3150 Sq Ft Lot
• Spacious Backyard
• Newly Remodeled Kitchen
• New hardwood floors
• Updated Interior paint.
• Very clean throughout.
This is a SHORT SALE and is being sold "as is."
Feel free to contact me if you have any other questions. Thank you.
Fax all offers to listing agent Fax # 925-664-1432
For more info. Contact REALTOR® Listing Agent Darius Cerezo
Cell: (408) 886-4013
That said, it's still cheaper than what the I might be in a particularly cranky mood this week, but my first instinct when I see these kinds of disasters is "serves those idiots right." The problem is that those idiots are the ones who drove up the prices well beyond what I'm willing to pay, so now I have to wait for my pretty Victorian instead of spending all my timeLast sale and tax info
- Sold 10/13/2006: $819,000
- 2007 Property Tax: $9,913
Grr.
On a related note, I was tempted to label this as "epic," but I'll keep that category for truly abysmal failures--$130,000 in 21 months just ain't big enough.
This property on Regent Street sounded very familiar when I came across the listing on pacunion (MLS #40357490):
And sure enough:
Update 9/18/08: Some paid the asking price. Congratulations to the sellers on perpetuating the cycle of overinflated prices.
The Ultimate Craftsman! This adorable bungalow has been lovingly restored and highly upgraded. Large, elegant rooms with hardwood floors and gorgeous trims. Remodeled kitchen with granite counters, farm sink and stainless appliances. Posh bathroom with soaking tub. Lush gardens, whimsical playhouse.It's currently listed at $645,000 for 1,126 sqft, or $573 / sqft (also known as "overpriced").
The address was familiar because I happened to take a walk along Regent Street to familiarize myself with the environs about 18 months ago, and there were a couple of listings between the 1000 and 1400 blocks (including a cute little blue Victorian at 11xx something with all original hardware inside).
General Information
City/Town Alameda State CA Zip 94501 County: Alameda SubDiv: EAST END/PARK ST Price: $645,000 Bedrooms: 2 Full Baths: 1 Half Baths: 0
SQFT: 1126 Lot Size: 0.09 Stories: 1 Story Style: craftsman
And sure enough:Assuming the house sells for $645,000 (bear with me here) and the usual 6% commish, you're left with $606,300 - $3,542 - $525,000 = $78K and change. That doesn't really buy you a lot of upgrades, remodeled kitchens, Terminator appliances, "posh" bathrooms and "whimsical" playhouses. Does it?Last sale and tax info
- Sold 01/19/2007: $525,000
- 2007 Property Tax: $3,542
Update 9/18/08: Some paid the asking price. Congratulations to the sellers on perpetuating the cycle of overinflated prices.
1252 Regent Street
$645,000, sold 08-26-08, 2 bdrms, 1126 sq. ft., 1905
No silly title for this little 2+1 bungalow on Fountain Street (MLS #40352091):
Nothing too remarkable about it other than its sale in 2004, which highlights what happens when you buy in an overheating market:
Expect to see a whole lot more like this one as more ARMs reset.
Update 7/27/08: Not wasting any time, price dropped $33,000.
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East end location 2 bed with den. Close to shopping,cafe's,transportation,schools (verify availability with school district). Sunny, close to parks. Formal dining room,updated appliances,inside laundry,built ins. Fireplace,office,kitchen,family room/den. | ||||||||||||||||||||||||||||||||||
Nothing too remarkable about it other than its sale in 2004, which highlights what happens when you buy in an overheating market:The list price expects $79,000 in appreciation over 4 years, or about 4% a year, which is about normal; but once you subtract the 3% under asking homes in this price range are typically selling for, and the 6% commission and fees, you wind up with a barely-squeaking-by break-even in real terms. And at $509 / sqft, I don't see this place selling for close to the asking price.Last sale and tax info
- Sold 05/24/2004: $489,000
- 2007 Property Tax: $6,575
Expect to see a whole lot more like this one as more ARMs reset.
Update 7/27/08: Not wasting any time, price dropped $33,000.
ZipRealty Price Track
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Price Reduced: 07/23/08 -- $568,000 to $535,000 |
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I missed this listing on Cedar Street when it appeared 4 weeks ago, on 6/27/08 per Zip Realty (MLS #40352510):
The only problem is that it's listed at $795,000.
I've discussed the math at length (see this post and references therein), so I won't rehash it here. It still boggles my mind to see someone expecting to sell what looks like a small duplex for close to $800K, especially in this market.
What boggles my mind even more is that this property looks like a quick flip:
So I'll just be blunt: what kind of an idiot does this? And what kind of an idiot perpetuates the cycle by buying such an overpriced property guaranteed to be cash-flow negative for at least 10, if not 20 years?
Well located duplex with 2 bedrooms 1 bath each. Recently remodeled with new kitchens, new bathrooms, new interior paint, new landscape, new flooring and many many more. Clean & neat, shows well. Oh 7/20 1:00pm - 4:30pm.It's certainly well located, and if it was in the $500Ks in might even "cash flow," to use the jargon.
The only problem is that it's listed at $795,000.
I've discussed the math at length (see this post and references therein), so I won't rehash it here. It still boggles my mind to see someone expecting to sell what looks like a small duplex for close to $800K, especially in this market.
What boggles my mind even more is that this property looks like a quick flip:Assuming a 6% commission, it looks like the owners are looking to make $47,300, not including any expense incurred during the remodel, property tax for almost a year, and any interest shortfall on whatever they put down. If the unit does have new kitchens, bathrooms, landscaping and floors, I don't see any profit in the sale, even assuming it goes through at the wishing price.Last sale and tax info
- Sold 10/05/2007: $700,000
- 2007 Property Tax: $1,681
So I'll just be blunt: what kind of an idiot does this? And what kind of an idiot perpetuates the cycle by buying such an overpriced property guaranteed to be cash-flow negative for at least 10, if not 20 years?
This blog has discussed how cash flow estimates make today's asking prices look downright idiotic on many occasions. I don't expect this blog to change sellers' minds, of course--the patently obvious outcome of the 6th grade math should be enough.
But it isn't (MLS #40357210):
In an earlier post, we established a $730,000 quad needs $6,000 a month to break even. This listing essentially comes out and states you're about $9,000 short from the get-go, even if you include the pathetic garage rental (I'm sure the tenants love that super-classy move). Then there's water, garbage and recycling. In other words, be prepared to blow at least $1,000 a month over and above your mortgage for the privilege of owning this superb investment in a crappy location. If this is a tax dodge, the amounts involved sound a little risky to me, especially considering the whole scheme hasn't worked out too well so far based on the sale history:
But it isn't (MLS #40357210):
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4 legal units. GRM=13.21. Gross rents = $56,700. Units have electric stoves, electric heat, and separate electric water heaters. Tenants pay electric. Owner pays water, garb & recycling. All electric bldg; no gas. Det 3-car garage rented to painting co. for total of $600/mo. Offers as they come. | ||||||||||||||||||
In an earlier post, we established a $730,000 quad needs $6,000 a month to break even. This listing essentially comes out and states you're about $9,000 short from the get-go, even if you include the pathetic garage rental (I'm sure the tenants love that super-classy move). Then there's water, garbage and recycling. In other words, be prepared to blow at least $1,000 a month over and above your mortgage for the privilege of owning this superb investment in a crappy location. If this is a tax dodge, the amounts involved sound a little risky to me, especially considering the whole scheme hasn't worked out too well so far based on the sale history:
I thought investment buildings were all about the long term hold value.Last sale and tax info
- Sold 07/13/2004: $638,000
- 2007 Property Tax: $8,832
Speaking of desperate moves, today's Craigslist post introduces a new open house freebie (my emphasis):
I have seen Tere Lee's ads on shopping carts at local grocery stores, so maybe she got a good deal on a gross of thermal bags.
Nothing particularly wrong with the house's history:
Update 11/3/08: Relisted as MLS(r) #40379111, with new price ($529,000).
Update 11/26/08: Back or still on Craigslist with new, higher price ($569,000).
$599000 Charming Alameda 4bd/2ba home open Sat. 1-4pm FREE thermal grocery bag (alameda)
Reply to: tereleeteam@yahoo.com
Date: 2008-07-17, 9:43AM PDT
This charming Alameda Ranch-style home will be open this Sat & Sun from 1-4pm. Come to view this home and receive a FREE thermal grocery bag as our gift to you just for coming. To view the virtual tour for this home copy and paste this link into your browser address bar http://intouchtours.com/listing.asp?idx=25585&us=47405.47. This home has laminate flooring throughout and wood burning fireplace in the living room. The back yard has mature fruit trees including Persimmon,Lemon,Orange & Apple. The home has an open floor plan and additional storage space attached to the 2-car garage. This home comes with a full Free one year home warranty courtesy of Tere Lee at United Brokers Real Estate in San Leandro.
I have seen Tere Lee's ads on shopping carts at local grocery stores, so maybe she got a good deal on a gross of thermal bags.Nothing particularly wrong with the house's history:
But we already know that doesn't mean a short sale isn't in the offing.Last sale and tax info
- Sold 08/31/1994: $207,000
- 2007 Property Tax: $1,924
Update 11/3/08: Relisted as MLS(r) #40379111, with new price ($529,000).
Update 11/26/08: Back or still on Craigslist with new, higher price ($569,000).
$569000 Charming Alameda 4bd/2ba home call to view (alameda)
Reply to: tereleeteam@yahoo.com [?]
Date: 2008-11-26, 12:01PM PST
Call to view this charming Alameda Ranch-style home. To view the virtual tour for this home copy and paste this link into your browser address bar http://intouchtours.com/listing.asp?idx=25585&us=47405.47. This home has laminate flooring throughout and wood burning fireplace in the living room. The back yard has mature fruit trees including Persimmon,Lemon,Orange & Apple. The home has an open floor plan and additional storage space attached to the 2-car garage. This home comes with a full Free one year home warranty courtesy of Tere Lee at United Brokers Real Estate in San Leandro.
1200 Rosewood
This new listing on the lagoon strikes me as a little too hopeful (MLS #40355668):
Considering the trouble a neighbor was in not that long ago (I know, it's not an exact comp) and the state of the market these days, $1,199,000 is a tad high ($558 / sqft), even with the spectacular view, considering this is what you're getting:
There's no sale history available, so this might be owned free and clear and have some room to negotiate. I wouldn't hold my breath for the asking price for too long, because the holiday season will be here before you know it.
Update 7/27/08: We're bragging a bit, are we? Maybe we should quit shouting and drop the ol' price, eh?
Gorgeous lagoon home located on a private and serene cul-de-sac, a quiet South Shore neighborhood. The spectacular view of the lagoon will leave you breathless. This 3 bedroom 2 baths home has a lot to offer. Open House 7/20 1-4PM..
Considering the trouble a neighbor was in not that long ago (I know, it's not an exact comp) and the state of the market these days, $1,199,000 is a tad high ($558 / sqft), even with the spectacular view, considering this is what you're getting:
609 Fortress Isle, Alameda, CA
Public Facts:
- Single family
- 5 beds
- 2.0 bath
- 2,149 sqft
- Lot 7,176 sqft
- Built in 1963
Update 7/27/08: We're bragging a bit, are we? Maybe we should quit shouting and drop the ol' price, eh?
DescriptionUpdate 10/4/08: It won't surprise anybody to hear this property is still on the market. Same price. The holiday season is getting closer and closer, but I can't say the same thing about a "SOLD" yard sign.
$290,000 WORTH OF IMPROVEMENTS/UPGRADES/RENOVATIONS!!! Georgeous 3 Bedrooms, 2 Baths Custom Estate on very large Cul-de-sac Lot on the Lagoon will leave you breathless. Entrance has room for artifacts. Grand room w/ majestic stone, wood burning fireplace. A solid wall of Panoramic windows overlooking large deck & length of lagoon. Upgraded galley kitchen and large BR's. This home is a true showplace. Private Boat Dock, stunning large deck for entertaining with stair lighting ambience. Incredible dining room with panoramic windows, A/C, central heating, track lighting, and skylight. Remodeled kitchen with pergo floors, Andersen Bay Window. Upgraded bathroom with pergo floor, light fixtures, and mirrors. Relaxed Living on the Water! Convenient to Alameda Towne, schools, and transportation. Close to the Beach. Quiet South Shore neighborhood.
A little bird told me a property is in trouble--NOD has been sent.
Situated at 1517 St Charles Street, this cozy 1930 home boasts no less than 448 square feet of living space, and the owners are on the hook for...
$488,000.
This is not a typo.
The kicker is that's not even the full purchase amount:
There's probably more to the property than this minuscule structure, as it's officially a multi-family residence on an oddly-shaped lot (my red lines):
Squinting hard, you might be able to discern another structure.
I'd like to know who would buy a place this small, and what kind of an idiot mortgage broker would lend that much for it.
Wait. I do know who the lender is.
Situated at 1517 St Charles Street, this cozy 1930 home boasts no less than 448 square feet of living space, and the owners are on the hook for...
$488,000.
This is not a typo.
The kicker is that's not even the full purchase amount:
That's a record $1,362 / sqft for a broom closet.Last sale and tax info
- Sold 10/28/2005: $610,000
- 2007 Property Tax: $7,997
There's probably more to the property than this minuscule structure, as it's officially a multi-family residence on an oddly-shaped lot (my red lines):
Squinting hard, you might be able to discern another structure.
I'd like to know who would buy a place this small, and what kind of an idiot mortgage broker would lend that much for it.
Wait. I do know who the lender is.
This listing in 94502 has been active for a while but I'd never noticed it on craigslist (MLS #40349526):
$699000 3BD & 2/1BA SFR in Alameda, CA (alameda)
Reply to: zipcraigslist@yahoo.com
Date: 2008-07-13, 9:19PM PDTWhy drive? This quiet home, tucked away end of the cul-de-sac, is only 2 blocks away from the Harbor Bay Ferry Landing and the waterfront. The extra loft space, perfect for an office or play area, and elegant herring-bone pattern hardwood floors make this home a true stand-out. With over 2000 square feet of living space, 56 Benedict is the largest home on the block. Entertain friends in the formal dining area or enjoy family meals in the eat-in kitchen as you look out onto the garden. The comfortable family room includes a home theater system with an installed plasma television and dual fireplace. Shady mature trees and landscaped back and side yards provide a great setting for outdoor relaxation.
Why drive? Well, for one, you might have a collection agency after you.
Last sale and tax info
- Sold 04/20/2006: $769,000
- 2007 Property Tax: $7,484
One of my favorite disingenuous descriptions these days is the "great investment" gambit. I find almost all such examples can be found in listings that make it painfully obvious the numbers can't work out to the landlord's advantage. Today's great investment is a 5-unit complex on San Antonio, listed at $1,299,000:
I don't know about you, but I'm not paying $2,000 a month to live in this, especially not any of the 4 units that aren't remodeled:
There's no MLS number, and neither Zillow nor Trulia has any information about this parcel, so all we know is what's in the description. $1.3M for 5 units works out to $260,000 per unit, or about $8,500 per month in mortgage and taxes, assuming 20% down. In other words you need to rent each unit for $1,700 just to break even on your mortgage. Add the $800-a-month shortfall you're not earning in interest on the 20% you put down, and your rent needs go up to $1,860, assuming 100% occupancy at all times and no maintenance. Usually, "investment" means you want to do a little better than break even, and a little better than a 3% savings account, so add 5-10% to that, i.e. at least $2,000 a month in rent for each unit (again with no maintenance and no vacancy).$1299000 Great Investment Opportunity: 5 Unit Apt. Complex (alameda) (map)
Reply to: thomasnewbury@zephyrsf.com
Date: 2008-07-13, 1:11PM PDT5 Unit Apartment Complex, 1 Fully Remodeled
Parking and Storage Available for all Units
Central Location Near Schools and Public Transportation
Charming Quiet Neighborhood
3 Blocks from Restaurants and Entertainment on Park St. Community LaundryREO
Sold As Is
Shown By Appointment Only
I don't know about you, but I'm not paying $2,000 a month to live in this, especially not any of the 4 units that aren't remodeled:
This market unwinding is getting to a point where I can barely keep up. I don't think a week has gone by without at least one short sale coming on the market for months.
Today's new distressed sale is a cute bungalow at 2170 Pacific, listed at $525,000 (MLS #40355271):
It isn't clear to me why you would Pergo over hardwood floors instead of refinishing them, but that's beside the point.
Nothing too fancy about the home, and accordingly there's nothing epic about the short sale:
And so it goes.
Update 8/20/08: Agent Pacita Dimacali emailed me this update and asked me to post it for everyone's benefit until the blog's registration issues are solved and she can actually post herself. Here goes:
Today's new distressed sale is a cute bungalow at 2170 Pacific, listed at $525,000 (MLS #40355271):
California bungalow.3 BR/1BA corner lot near downtown.Wood floors, even under Pergo. Updated kitchen w granite counters.Double pane windows, plantation shutters.Kitchen/laundry appliances stay.Bonus room in finished basement.Neat/clean,move in condition.Short sale subject to lender approval(reader-provided photo. Thanks!)
It isn't clear to me why you would Pergo over hardwood floors instead of refinishing them, but that's beside the point.
Nothing too fancy about the home, and accordingly there's nothing epic about the short sale:
Sale History |
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05/17/2006: |
$600,000 |
|---|---|
04/30/1998: |
$116,000 * |
11/01/1996: |
$189,500 |
And so it goes.
Update 8/20/08: Agent Pacita Dimacali emailed me this update and asked me to post it for everyone's benefit until the blog's registration issues are solved and she can actually post herself. Here goes:
2170 Pacific – withdrawn/cancelled from the MLS. Short sale not approved by Downey Savings Bank.
When I got the listing, I had prepared the required short sale package (copies of 2 most recent pay stubs, W2s, bank statements, hardship letter, authorization for me to contact the lenders) and promptly sent them to the lenders. Nearly 2-3 weeks later, they call me to tell me that they won’t even look at the package unless I have an order.
So I worked very hard, fast and furiously, in getting the property ready for sale. Got the family to de-clutter, clean (they decided to move, instead). Staged it a bit. Paid for the pest inspection. Held broker’s tour and open houses. Promoted the heck out of it on the net. Got an offer in 2 weeks’ time.
Carefully prepared the package again, tabbed and indexed, and fed ex’d to the banks.
Two weeks later, I get a call from Downey Savings (1st loan) who said they sold the note to Deutsche Bank, and their policy is NOT to approve ANY short sales. Good grief--- they could have told me that the first time I contacted them! Second bank will take 15% of the balance of the loan, but sellers have to pay the difference. If the sellers could afford to pay, they wouldn’t be doing a short sale instead.
Downey Savings also will not approve deed in lieu of foreclosure because there’s a second loan.
Thus, this will be foreclosed. So there was no need to keep it active.
Sellers were convinced by their previous agent to buy this house when I listed it two years ago….but this is a classic case of 100% down, stated income fiasco.
Update 12/20/08: Bank turned down an offer to buy and elected to foreclose instead. See you soon, little house.
Update 12/31/08: Repo'ed and back on the market as MLS(r) #40387173, for $525,000. It didn't sell the first time at that price, so what makes the bank think it'll sell now?
Update 2/8/09: Price dropped to $460,000 at some point.
Update 9/29/09: Sold for $407,000 on 9/2/09.
This new listing is a mystery and bashfully conceals its exact whereabouts:
I have principles. Not buying stupidly high-priced real estate is one of them. Do I qualify?
$400000 Short sale in bayfarm island, Principles only!!! (alameda)
Reply to: oliver4homes@gmail.com
Date: 2008-07-09, 6:25PM PDT
Short sale in bayfarm island, Not on MLS yet. 2 bed, 1 bath, located in bayfarm island, ~4200 sq ft. on Garden rd. Not on the market yet, sold $580,000.00 in 2006. Any questions or to arrange a private showing please
contact buyer's agent oliver lou @kroll realty
Buyers with agents please don't call, unless you will want me to represent you on this special deal!!!
oliver4homes@gmail.com
(510) 760-4384
I have principles. Not buying stupidly high-priced real estate is one of them. Do I qualify?
It's easy to see how folks who bought overpriced homes between late 2004 and last summer could wind up in short sales: they bit off (way) more than they could chew, and by the time their ARM resets and they really, really can't afford the payments (i.e. right about now), their home value has dropped 10-20% and they're screwed.
It's a little harder for me to fathom what the heck happened to this property (MLS #40353580) on Broadway, which recently appeared for $799,000:
(no photo yet).
What boggles my mind is that the owners bought this home 17 years ago (i.e. their mortgage should be more than half paid off) for a hair over a quarter mil:
Yet they're in a short sale situation and listing the home for $799,000, which means the outstanding balance is north of $800,000.
What in the holy hell does one do to add $523,000 (188%) to one's principal? Certainly not fix up said house, which needs "some TLC"--in Alameda parlance, that means "Tons of Labor, Chump" (or "Terrifying Labor Costs").
Sadly, this isn't the sole example of inexplicable financial disaster. Let them fall, I say.
It's a little harder for me to fathom what the heck happened to this property (MLS #40353580) on Broadway, which recently appeared for $799,000:
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"Short Sale" 3 story victorian home. Needs some TLC. | ||||||||||||||||||||||||||||||
(no photo yet).
What boggles my mind is that the owners bought this home 17 years ago (i.e. their mortgage should be more than half paid off) for a hair over a quarter mil:
In other words, under non-egregious circumstances, they should owe about $120K (plus interest, of course), and have a $1800-a-month mortgage payment (plus $400 a month for property taxes), which is pretty cozy for a very large Victorian house.Last sale and tax info
- Sold 08/19/1991: $277,000
- 2007 Property Tax: $4,942
Yet they're in a short sale situation and listing the home for $799,000, which means the outstanding balance is north of $800,000.
What in the holy hell does one do to add $523,000 (188%) to one's principal? Certainly not fix up said house, which needs "some TLC"--in Alameda parlance, that means "Tons of Labor, Chump" (or "Terrifying Labor Costs").
Sadly, this isn't the sole example of inexplicable financial disaster. Let them fall, I say.
A lot of new listings have appeared on the market over the past few weeks, and surprisingly to this blogger, a lot of the recent arrivals (not all, mind you) have not shown any obvious signs of distress--purchased so long ago their property taxes are very low and sites with public records information don't have any historical sale data.
But thank the demons of wrath, here's a new knife thrower in town (MLS #40354344), and s/he lives on the West side:
If the house sells at the list price, it's not a massive haircut, but then again, that's also a big if.
Update 2/13/09: Dropped to $499,000. See more updates at the other post I obliviously wrote about this property.
But thank the demons of wrath, here's a new knife thrower in town (MLS #40354344), and s/he lives on the West side:
Address 221 CENTRAL AVE Alameda, CA 94501 Price $599,000 Bedrooms 4 Full Baths 2 Type Single Family Style Cottage
Charming 4 bedroom 2 bath Bungalow with a porch, hardwood floors, tiled baths, kitchen with solid counter tops. Separate Garage/Workshop. Good sized backyard with fruit trees and fenced front yard.(no photo yet).
If the house sells at the list price, it's not a massive haircut, but then again, that's also a big if.
Last sale and tax info
- Sold 05/05/2005: $600,000
- 2007 Property Tax: $7,644
Update 2/13/09: Dropped to $499,000. See more updates at the other post I obliviously wrote about this property.
Agents and HGTV shows say the kitchen is what sells a home. This property on Calhoun (MLS #40352958) takes that advice to heart (listed at $699,000):
With all that talk about what sells a home, though, those shows rarely mention what buys a home, namely solid income, a down payment, an a price you can afford. To wit:
Update 9/25/09: Welcome back.
Modern kitchen, granite counter top, extra room, out street parking, balcony and more.
With all that talk about what sells a home, though, those shows rarely mention what buys a home, namely solid income, a down payment, an a price you can afford. To wit:
Update: it looks as though you can supplement that income by renting out the driveway for event parking:Last sale and tax info
- Sold 10/17/2006: $770,000
- 2007 Property Tax: $3,213
Update 9/24/08: There's an extra estudio in the back, too. Still $699,000.
Update 10/29/08: Still on the market, still $699,000, still too expensive.DESCRIPTION
Modern kitchen, granite counter top, extra estudio in the back, Detache garage for 2 cars plus out street parking, balcony and more.
Update 9/25/09: Welcome back.
Miscellaneous