Recently in Loss leaders 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.

Dan Neumansky beat me to it. 1304 Morton, which sold (with great difficulty) not that long ago, got a high-tech studio makeover, and tried to sell itself even more recently, just massively slashed its price from $1,329,000 to $899,999.

Rare Painted Lady Victorian, Sumptous Eastlake period Decor, like a page out of BETTER HOMES & GARDENS MAGAZINE! Was on the market at $1.3M+ now priced 4 quick sale! TURN-KEY condition!All systems upgraded. Tenant spent $$$ & converted full basemnt/gar 2 Art Deco game rm/wine cellar/home theater. Gourmet Remod kitchen w/ sub zero fridge & viking stove. Walk 2 shops, park & Franklin School.

So one assumes the new owner may be taking it with him, which should help with the price drop. Some research I did (no links to respect his privacy) suggests he's a big-shot music producer, and so he'll find something to do with it.

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.

Today's listing is just plain weird. 1616 Clement Avenue has the following specs:

3 bedrooms, 2 1/2 bathrooms, 2,078 sqft, 3,195-sqft lot, MLS(r) #40453780, $699,000

7 year old lovely home in Marina Cove Nice neighborhood. .upstairs den cld be 4th bdrm, luxurious bath, hardwood floor, spacious fam rm, [...] superb location. .speak clearly and slowly when leaving messages.

The lovely location near the end of Hibbard street (you may remember its almost-neighbor 1810 Hibbard) is truly "superb" if you like old metal buildings (hint: pan the map around a bit):


View Larger Map

The neighborhood is "nice" if you enjoy proximity to large metal containers:


The sale history is even weirder:

Date	Event	Price
Mar 03, 2010	Listed	$699,000
Jun 21, 2007	Sold (Public Records)	$1,185,545
Jun 24, 2004	Sold (Public Records)	$659,000

Even at the peak of the market I can't think of very many properties that appreciated more than 20% annually, yet this house sold for almost double its initial price in just three years.

If you're interested in this property, just remember to speak clearly and slowly.

Real estate agents are not renowned for the quality of their copy. Agents with English as their second language will get a lot of slack from me, because it's not easy being functional in a foreign country. That said, a home seller has every right to expect their property to be represented in the best possible light, and if that includes paying a professional photographer for nice outdoor shots or slipping a $20 to a starving English major at Alameda College to proofread marketing copy, it's the bare minimum an agent should be held to, regardless of their proficiency in any language. Especially if they stand to make a $60,000 commission from that same seller.

Which is why, for the life of me, I can't fathom why the owners of 26 Castlebar Place, a 4,062-sqft house on the bay with a fantastic view (MLS(r) #40443065) that almost makes up for its spectacularly hideous interior, haven't summarily dismissed the agent presumably responsible for this wretched monstrosity of a listing, reproduced here from Craigslist in its entirety, complete with a photo of said agent in lieu of the property. Emphasis added for extra oomph.

$1999000 / 4br - Exquisite Taste In Living (alameda) (map)

---

Date: 2009-12-28, 3:34PM PST
Reply to: [redacted]

---

This property has the most enchanting design. "Outstanding" describes this exquisite custom built home which situated in the best area of Alameda! Approx. 4062 living square feet huge home on a 4800 square feet lot. 2 Stories facing the bay, views are amazing when you care how to enjoy life! patio from master is dainty designed as the bow of a ship!

round Glass Ceiling in the central of the house aborting blue skylight come along with an extraordinary stair shows impressive style precisely. Pragmatic kitchen has its' open dinning area. Built-In Walkie-Talkie throughout the house with gas heated fireplace. Split up section of entertainment, relaxation and a parlor. One bedroom downstairs may be utilized as an office or guestroom with full bathroom off rear. In additional, there is cubbholes for storages under the chairs appear like inhabited solely in a cruise.

* Totally 4 huge bedrooms joined with a spacious family room
* Grand bathroom and walk in closing in expansive master Suite
* Gleaming hardwood floor through out the whole house
* Granite shower stall and marble tile flooring in all bathrooms
* Unique circular shape hallway
* Two car attached garage with storage space
* Wonderful Alameda neighborhood and school district
* Charming and Fresh Feeling, This is the dream home that you have been waiting!


Please E Mail to Victoria Lam at [redacted] for additional information and view the photos by clicking: http://odc.rw.imprev.net/tmp/31/531/8693/

OPEN HOUSE THIS SUNDAY FROM 1-4P.M., SELLER'S MOTIVATE, DON'T MISS THE CHANCE!

26 Castlebar Place

• it's NOT ok to contact this poster with services or other commercial interests

PostingID: 1528128763

In addition to the horrendous English, the virtual tour link is dead.

I fully expect hate mail calling me a racist for picking on poor Victoria's broken English, completely missing the point I am making here (never mind that I myself could very well have been raised in the exact same town as Victoria)--I don't care of you've got a PhD in classics, Wernicke's aphasia, or 2 years of Berlitz English courses under your belt, you simply do not advertise a $2M house like this. It's beyond unprofessional.

The official MLS(r) listing, by Tina Wong, is not great but considerably better, and somewhat imaginatively worded (emphasis added):

This impeccably designed luxury home offers unparalleled view of the bay & its unique design has brought the outside scenery into this voyager. Ample natural lighting via large windows & centre circular dome roof; ea. window assembles a live moving picture, must see to appreciate.

So I don't know what exactly happened to allow that train wreck of a Craigslist post to go live, but someone dropped the ball, and I felt it my duty to bring this to the sellers' attention. Given the property's sale history, it's likely they need to squeeze every penny out of this sale, and this shameful listing sure isn't helping.

Date	Event	Price
Dec 21, 2009	Listed	$1,999,000
Dec 16, 2003	Sold (Public Records)	$1,890,000
Nov 29, 1989	Sold (Public Records)	$345,000

Update 12/31/09: Victoria's back.

$1990000 / 4br - Outstanding Custom Built 4000sq.ft. Big House (alameda) (map)

---

Date: 2009-12-31, 1:26PM PST
Reply to: [redacted]

---

This property has the most enchanting design. "Outstanding" describes this exquisite custom built home which situated in the best area of Alameda! Approx. 4062 living square feet huge home on a 4800 square feet lot. 2 Stories facing the bay, views are amazing when you care how to enjoy life! patio from master is dainty designed as the bow of a ship!

round Glass Ceiling in the central of the house aborting blue skylight come along with an extraordinary stair shows impressive style precisely. Pragmatic kitchen has its' open dinning area. Built-In Walkie-Talkie throughout the house with gas heated fireplace. Split up section of entertainment, relaxation and a parlor. One bedroom downstairs may be utilized as an office or guestroom with full bathroom off rear. In additional, there is cubbholes for storages under the chairs appear like inhabited solely in a cruise.

* Totally 4 huge bedrooms joined with a spacious family room
* Grand bathroom and walk in closing in expansive master Suite
* Gleaming hardwood floor through out the whole house
* Granite shower stall and marble tile flooring in all bathrooms
* Unique circular shape hallway
* Two car attached garage with storage space
* Wonderful Alameda neighborhood and school district
* Charming and Fresh Feeling, This is the dream home that you have been waiting!


Please E Mail to Victoria Lam at Celestialinv@yahoo.com for additional information and view the photos by clicking: http://odc.rw.imprev.net/tmp/31/531/8693/

OPEN HOUSE THIS SUNDAY FROM 1-4P.M., SELLER'S MOTIVATE, DON'T MISS THE CHANCE! E-Mail to : Celestialinv@yahoo.com for pictures.

26 Castlebar Place (google map) (yahoo map)

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:

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.

Date	Event	Price	Appreciation	Source
Dec 21, 2009	Listed	$619,000	--	EBRD #40442977
Aug 17, 2005	Sold (Public Records)	$700,000	13.4%/yr	Public Records
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:

• 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:

Date	Event	Price	Appreciation	Source
Dec 02, 2009	Sold (MLS)	$938,000	--	Inactive MLSListings #80911577
Nov 12, 2009	Delisted	--	--	Inactive MLSListings #80911577
Sep 22, 2009	Delisted	*	--	Inactive EBRD #4
Aug 21, 2009	Price Changed	*	--	Inactive EBRD #4
Aug 21, 2009	Price Changed	$949,999	--	Inactive MLSListings #80911577
Mar 10, 2009	Listed	*	--	Inactive EBRD #4
Mar 06, 2009	Listed	$975,000	--	Inactive MLSListings #80911577
Jan 01, 2009	Delisted	*	--	Inactive San Francisco MLS #1
Nov 21, 2008	Delisted	*	--	Inactive EBRD #3
Nov 20, 2008	Delisted	--	--	Inactive MLSListings #2
Jul 22, 2008	Listed	*	--	Inactive San Francisco MLS #1
Jul 21, 2008	Price Changed	--	--	Inactive MLSListings #2
Jul 19, 2008	Price Changed	*	--	Inactive EBRD #3
Jun 11, 2008	Price Changed	*	--	Inactive EBRD #3
Jun 11, 2008	Price Changed	--	--	Inactive MLSListings #2
May 02, 2008	Listed	*	--	Inactive EBRD #3
Apr 25, 2008	Listed	--	--	Inactive MLSListings #2

There's been a fair amount of activity lately, what with the renewal of the irresponsible tax credit and idiot agents cheering for the second coming. Here's a messy summary of interesting happenings in our little town.

• 452 Santa Clara: here's a bank that's not messing around. 31 photos, nice property, 2,800+sqft Victorian fourplex, REO, listed super aggressively for $400,000. It'll be gone for way over asking in just a few days.
• 2267 Clinton is back, yet again, with a puny price drop (now down to $1,369,000). The idiot perma-sellers will never get their asking price and are wasting everybody's time. Remember this is the listing that claimed rents were rising just a year ago in spite of a mountain of evidence to the contrary.
• 3246 Liberty is a very pretty, large bungalow in a part of town that has people go ga-ga and overpay on a regular basis. This is one of the larger houses on that block, and it's priced comparably to what smaller bungalows were listed for this year ($599,000). Still too much, but some idiot buyer will probably pay that much.
• 1312 San Antonio is an expensive Tudor on a tiny lot in an excellent Gold Coast location. A short sale at $819,000 (previous transaction $869,000 in late 2005), it's unlikely to sell for over $800,000.
  
• A cute little Victorian 891 Oak Street just dropped its price from $575,000 to $475,000 in one fell swoop after remaining unsold for over a year. It's now a short sale.
  
• The unsellable duplex at 1626 Alameda Avenue dropped its price by a whole $1,000, to $942,000. Lovely price history:

03/24/09 -- $1,145,000 to $1,095,000
05/12/09 -- $1,095,000 to $1,049,000
06/23/09 -- $1,049,000 to $999,000
07/23/09 -- $999,000 to $950,000
08/25/09 -- $950,000 to $945,000
09/21/09 -- $945,000 to $943,000
10/25/09 -- $943,000 to $942,000

• 1304 Morton is finally pending! What price did the stubborn kitchen-pimping sellers accept? We shall see.
  

A glance at Zip Realty will indicate the market is still littered with listings in various stages of foreclosures, and the market appears to be poised for a second wild ride starting early next year with tens of billions of dollars in bad loans coming home to roost (notice the inverse shape of the graph below and the Case-Shiller home price index):



Yes, I did use the word "idiot" an inordinate number of times in this post.

Somehow, in the tsunami of Bayport houses coming back on the market in great distress just two or three years after they were first built, I missed 268 Bryant. I won't bore anybody with a long discussion and stick to the facts.

5 bedrooms, 4 bathrooms, 3,743 sqft, 5,381-sqft lot, MLS(r) 40425512, $975,000

Entering through the elegantly arched front doorway and beautiful entry with soaring ceilings and welcoming living room you know you are home! Sophisticated, tranquil and spacious, [...] exquisite residence [...]

This property was listed about 3 months ago for $998,000 and recently dropped a hair to $975,000.

It was first sold in 2005 for $1,071,000, and given the competition just around the corner, I don't see how it can possibly sell for near asking.

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 trashed two-houses-on-one-lot dealio at 547 Pacific Avenue is back as MLS(r) #40435505 with the following description:

Fixer---two houses on one lot. Second is stripped to rafters. First needs major repairs. Great for the investor or handyman. Live in one-rent the other.

I wonder if you're you expected to live in the "stripped to rafters" unit while renting the unit that needs major repairs, or the other way around? Either way, it sounds like a great-quality-of-life, high-cash-flow situation, doesn't it?

The transaction history is amusing:

Date	Event	Price
Oct 23, 2009	Listed	$485,100
Aug 19, 2009	Sold	$412,000
Jun 29, 2006	Sold	$655,000
Apr 03, 1987	Sold	$175,000

It looks as though the repossessing back is trying to turn a slight profit on the sale this time around.

Today's new Bayport McMansion is a fine, fine example of what not to do during an asset bubble. 318 Lina Avenue has the following specs:

4 bedrooms, 3 bathrooms, 3,150 sqft, 3,840-sqft lot, MLS(r) #40435548, $825,000 (plus $119 / mo HOA dues)

Exceptional price for this stunning Malpeque model at Bayport. Highly upgraded w/ onyx and wood flooring, Thermador S/S appliances, maple cabinetry throughout, [...] surround sound and so much more. ..

View Larger Map

The sale history speaks for itself:

Date	Event	Price
Oct 23, 2009	Listed	$825,000
Dec 20, 2006	Sold	$1,136,000

That's 27% off the initial price. Not bad.

You'd think agents selling houses in Alameda would know the difference between the many architectural styles that grace our little town. Heck, in any town I'd expect a Real Estate Professional (tm), someone who makes a living helping people buy and sell houses, to have a modicum of sensitivity to building styles, or at least some knowledge of chronology. But that's not the way Marcus and Millichap rolls, evidently.

Today's property at 1012 Walnut Street has the following specs:

5 bedrooms, 4 bathrooms (4 units), 5,001 sqft, 3,132-sqft lot, built in 1896, MLS(r) #40434353, $849,000

Detailed & well-maintained Craftsman with significant renovation-new roof, siding, paint, electrical, plumbing. [...] Large renovated Owner's Unit w/ 2 car garage & storage. All units sep metered/sep hot water heaters. Coin-op W/ D owned by landlord. [...] Perfect for Owner-occupant. Large backyard. [...]

First off, as far as I can tell, the agent screwed up the details in the MLS(r) listing; the lot is ~5,000 sqft and the house is 3,132 sqft, not the other way around, at least according to Zillow and Trulia. This ain't Bayport, thank you very much. Second, if we are to believe the agent, this property is a rare example of a 1896 Craftsman, complete with bay windows and a second story like so many Craftsman houses of the era.

The one part of the listing I can't argue with, though, is the "perfect for owner-occupant" bit. That's because the only owner for whom this property makes sense is the owner who lives on the premises and doesn't mind paying twice the market rate for the privilege of enjoying one fourth of their house and sharing the yard with a handful of strangers; because this house sure doesn't make any sense as an investment property. Take a look at these numbers, provided by the owner:

Unit 1: 1+1, $1,495 / mo
Unit 2: 1+1, $1,050 / mo
Unit 3: 1+1, $1,000 / mo
Unit 4: 2+1, $1,200 / mo

Gross rent income: ~$56,000
Expenses (repairs, taxes, vacancy, etc): ~$22,000
Net income: ~$34,000

A 6% fixed mortgage on a $849,000 property with 20% down comes out to about $49,000 / year. So you're $15,000 in the red every year from the get-go.

"But what if you're living in the property?" you ask. Let's see.

Assuming the 2-bedroom unit is the "owner's unit", the numbers come out to ~$42,000 gross / $20,000 net income (remember you lost $1,200 a month by kicking one tenant out). This means you're paying $2,400 / month ($49,000 mortgage - $20,000 net income, divided by 12) to live in a 2-bedroom unit in a shared house (with shared yard) that normally rents for $1,200 / month.

What an incredible deal!

"But rents aren't always going to be this low!" you retort.

Maybe not, but they're not exactly going up either.

"But real estate doubles in value every 10 years!" you persist.

I suppose it all depends which 10 years you're looking at:

ZESTIMATE^®: $873,50

• Value Range: $515,365 - $952,115
• 30-day change: -$2,000
• Zestimate updated: 10/16/2009

Last sale and tax info

Sold 06/17/2005: $856,000

2009 Property Tax: $11,866

If this property is supposed to double in value by 2015, it might want to get started soon.

An aggressively-priced bungalow just appeared on the market this week. 1726 Eagle Avenue has the following specs:

3 bedrooms, 2 bathrooms, 1,491 sqft, 3,750-sqft lot, MLS(r) #40434309, $381,200

Granite kitchen with all appliances all remodeled. Laminated floors, painted, new bathrooms. There are new double pane windows. There is also a separate non conforming unit with separate entrance in the rear.

The aggressive, non-round asking price suggests a bank is likely involved in the transaction on the sell side, which is supported by the recent history:

Date	Event	Price	Appreciation	Source
Oct 16, 2009	Listed	$381,200	--	EBRD #40434309
Jul 17, 2009	Sold	$592,285	45.3%/yr	Public Records
May 06, 1998	Sold	$9,000	-39.4%/yr	Public Records
Oct 28, 1991	Sold	$237,000	11.5%/yr	Public Records
Apr 21, 1989	Sold	$180,000	--	Public Records

But if the house was sold for $237,000 in 1991 (the $9,000 transaction in 1998 is likely a non-arms-length transfer between relatives, although I don't know that for a fact), and if the July 17, 2009 transaction is what it looks like, i.e. a bank taking the house back, how exactly does one justify adding on so much to the loan balance that one winds up losing a house that should be 2/3 paid off?

After a lull in new listings, the end of this week reverses the trend with a number of interesting new listings. First up is 1206 Buena Vista, a tiny house with a cheerful paint job and the following specs:

2 bedrooms, 1 bathroom, 886 sqft, MLS(r) #362505, $459,900

Stunning 1910 home, well maintain and beautiful landscaped. [...] update kitchen. Located close to shopping, schools, and easy freeway acess. This one will not last long. .. Hurry!

Of course this listing is only new if your memory is short. After paying $630,000 ($711 / sqft) in 2005, the "owners" tried to unload their "stunning" house almost 2 years ago for $679,000. Judging by the San Francisco MLS(r) number and the funny-looking, non-round asking price, it seems that didn't work out very well.

This is the third time I've sat down to write a post about tiny 318 Pacific Avenue: I find the neighborhood so depressing it's difficult to muster the energy to research even just a few facts. But in the interest of comprehensiveness, here goes 318 Pacific Avenue, a "wonderful Victorian Farmhouse" which is neither wonderful nor Victorian (nor a farmhouse, really) and has the following specs:

2 bedrooms, 1 bathroom, 878 sqft, 4,410-sqft lot, MLS(r) #40432050, $525,000 ($568 / sqft)

This wonderful Victorian Farmhouse features a full basement/workshop area [...] large park like back yard, a deck off the kitchen overlooking the garden [...] formal dining area with box beam ceilings and an enclosed front porch!

Anyone paying more than $275,000 for this property given its tiny size and pathetic location just a few blocks from the barren desolation of the old Naval Air Station is an idiot who deserves to be separated from her money.

As it turns out, it's not just modern McMansions like the Bayport development that put houses on handkerchief lots. Today's Craftsman at 1528 Broadway is 93 years old and sits on a lot barely twice the interior footprint. The specs:

2 bedrooms, 1 bathroom, 1,353 sqft, 3,204-sqft lot, MLS(r) #40432306, $525,000 ($388 / sqft)

Charming craftsman home with two spacious bedrooms, fireplace, hardwood floors. [...] Bonus room in basement, perfect for relaxation, office or storage. [...]

There isn't much room to exercise in the yard, but with a couple of tennis courts a couple hundred feet away, who needs a yard?

The property sold for $590,000 in 2006, and again for $370,000 in August, 2009, the latter transaction being a trustee sale. This suggests whoever owns this property has some latitude to drop the price to a more reasonable level, because $388 / sqft for a yardless house on a busy street in October 2009 isn't going to cut it.

Date	Event	Price
Oct 03, 2009	Listed	$525,000
Aug 14, 2009	Sold	$370,000
Nov 01, 2006	Sold	$590,000
Jun 07, 1993	Sold	$160,181

Some sellers don't mess around when it comes to pricing their properties aggressively. Not enough of them, mind you, but the new listing at 2151 Alameda Avenue gets points for trying extra hard. The property has the following specs:

3 bedrooms, 1 bathroom, 1,596 sqft, MLS(r) #40431652, $300,000 ($188 / sqft)

[...] Contractors Special. Great Alameda Location with Living Room & Fireplace, Family Room, Victorian Style Home, Close to Town!!

You read right; this property is listed for $300,000. Of course there are no interior pictures in the MLS(r) listing, so who knows what condition it's in and how much work it needs. But considering its previous sale price, this certainly qualifies as an almost bargain, at 57% off:

Date	Event	Price
Sep 29, 2009	Listed	$300,000
Aug 22, 2005	Sold	$705,000

Of course we'll have a feeding frenzy and this property will sell for way over asking, which will prompt enlightened local real estate agents, buoyed by the recent increase in the Case-Shiller index (full data set in Excel format), to call the bottom of the market and a return to good times.

A cute little Victorian cottage built in 1885 just came on the market this week. 1230 College Avenue has the following specs:

3 bedrooms, 2 bathrooms, 1,641 sqft, 6,348-sqft lot, MLS(r) #40431531, $745,000

completley restored historic victorian. [...] plank floors and high end designer kitchen. Period detail throughout with a wonderful formal dining room. High ceilings built-ins and a family room off the kitchen. [...] There is an over sized usable landscaped yard

At $454 / sqft it's largely overpriced, although its East End location will probably have someone go ga-ga and pay full price. The lot is large and the house looks beautiful from the outside, although the Terminator kitchen is a disgrace and completely incongruous in a 124-year-old house.

At any rate, the owners are probably already losing money even if the house sells at full price, having paid close to $700,000 five years ago:

Date	Event	Price
Sep 29, 2009	Listed	$745,000
Nov 23, 2004	Sold	$697,000
Aug 04, 1998	Sold	$278,500
Mar 03, 1988	Sold	$178,500

If the 16.5% yearly appreciation rate between 1998 and 2004 doesn't convince you we were in a bubble of immense proportions (compare to the normal 4.5% y/y appreciation between the previous two sales in 1988 and 1998), I can get you an incredible deal on a gross of tulip bulbs.

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:

[...] 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:

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?