Loss leaders: November 2009 Archives
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.
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.
- 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):
(source: Doctor Housing Bubble)
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.
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.
5 bedrooms, 4 bathrooms, 3,743 sqft, 5,381-sqft lot, MLS(r) 40425512, $975,000This property was listed about 3 months ago for $998,000 and recently dropped a hair to $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 [...]
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.
A recent sale on Broadway is of great interest for market-watchers.
912 Broadway has the following specs and delicious first-person description:
Recent screen captures indicate this house was still on the market until recently, and remained for sale for close to two whole years (look at the list date):
912 Broadway has the following specs and delicious first-person description:
4 bedrooms, 2 bathrooms, ~1,760 sqft, 5,120-sqft lot, MLS(r) #40301101, listed at $875,000An alternative listing has a slightly less cute wording:
LOVE TO ENTERTAIN PEOPLE? I am a perfect house for you. I have a beautiful backyard with a gorgeous lagoon, hardwood floor throughout, and a livng room with fireplace to cozy up on those cold winter nights.
Buried in Redfin's data, you might also notice very reasonable annual HOA dues ($475, or ~$40 / month).
Gorgeous lagoon home. Open floor plan, updated kitchen with granite counter tops/marble floors/stainless steel appl. Beautiful garden for entertaining. Excellent location, walking distance to beach, shopping center and transportation.
Recent screen captures indicate this house was still on the market until recently, and remained for sale for close to two whole years (look at the list date):
The sale history on Zillow shows one recent transaction in 2002, for $609,000.According to multiple sources, this property finally sold for $600,000. That's $9,000 + probably $30,000 or so in commissions below the previous transaction price, and a whole 31% off the last list price.
The moral of the story? If an agent tries to talk you out of lowball offers, or says she doesn't want to insult the seller, fire her at once.
Miscellaneous