Price drops: April 2008 Archives

This Victorian with a whopping 7 bedrooms and 5 bathrooms in only 1833 sqft is back at $625,000 (MLS #40339457):

This victorian home has great potential: can be very easily turned into a duplex for extra income. It feels much larger than records show.

(no photo yet)


It was on the market for what seemed like an eternity in 2006 and 2007 and was one of the earliest exemplars of the market's collapse. The records suggest it was finally repossessed and it's now on the market for over $100,000 less than the previous price.

Sales History

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Transaction Not Included in Zestimate

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
08/15/2007:	$620,500 *
06/01/2005:	$727,000
No other sale data is available

Makes you wonder what to tell realtors when they tell you now is a great time to buy. 2005 was, too.

Update 11/1/08: Sold for $670,000 on 7/16/08. Zillow isn't including that transaction in their Zestimate either, so I don't know if it's a real purchase or some repossession/auction/foreclosure/whatever.

Whee! A new Victorian on Mozart (MLS #40339304; link won't work until Pacunion makes the listing live) for $760,000:

Lovely 1895 victorian on a tree lined street in a neighborhood filled with victorians. Home has original details, hardwood floors, cobblestone paths & pond in yard. Ceilings 12 ft high with medallions. Claw foot tub in bathroom. Full basement with water filtration system

Mozart is definitely a fabulous "tree lined street"--you can barely see the houses from the sidewalk. It's a lovely block. There's no photo of the home yet, but the specs are nice: 3 bedrooms, 1 1/2 bathrooms, 1,658 sqft, 7,600 sqft lot.

The only problem is the $760,000 price tag, which is a bit high considering the last 3 sales on that block (private data set, which I will make available to the public shortly):

1537  Mozart St.	3	2	1,650	22-Jun-06	$749,000	$755,000	$458
1553  Mozart Street	4	2	1,407	10-Oct-06	$694,000	$700,000	$498
1535  Mozart Street	3	2	1,959	29-Apr-08	$619,000	$652,000	$333

I vividly remember 1553 Mozart because it was fabulous, fairly big, with 4 bedrooms and a daring price (at the time) that got it sold within days. So 18 months later I'm not convinced a comparable neighbor priced at $760,000 is going to go all that quickly.

Given the previous transaction, though, the owners should have some wiggle room to drop the price a bit:

ZESTIMATE^®: $683,000

• Value Range: $566,890 - $751,300
• 30-day change: -$7,500
• Zestimate updated: 04/28/2008

Last sale and tax info

Sold 10/14/1987: $61,000

2007 Property Tax: $1,922

This condo (re)appeared on the market today (MLS #40339010) with a "major price reduction" to $359,000:

Corner end unit- privacy with views of bay & crab cove. Great amenities include club house, gym, pool & sauna. Walk to shops, dining & transportation. Walking trails to beach & cove. New wood laminate floors in kitchen & bath. Dining area. Extra storage space. Covered parking. Large enclosed patio.

This cute little home on Chester has a cute little square footage and a cute little price of $475,000 (MLS #40312876):

Adorable Bungalow on a quiet street in the East End! Newly refinished hardwood floors & new tile along with a gas insert in the fireplace make this home sparkle! Refrigerator, washer & Dryer all stay as well! Open House this Sunday 3/23/2008 from 2pm to 4pm!

It is adorable:

I remembered it starting out a bit higher than that, and sure enough Google still has a trace of its recent price history:

It makes one wonder how many more tiny 3% to 5% price drops it will take to sell, and whether the owners will make their money back. At $475,000 it's only about 30% above what they paid almost 6 years ago.

Last sale and tax info

Sold 07/31/2002: $360,000

2007 Property Tax: $5,056

Why can't this house come on the market in a year or two, for $500K less?

Queen Anne style victorian in desirable Alameda! Upgraded electrical, plumbing,roof,foundation. Spectacular gourmet kitchen remodel with state of the art appliances, wolf stove,sub-zero refrigerator, hidden drawer dishwasher. Custom artisan stained glass windows, hand stenciled, painted walls and ceiling. Truly one of a kind property. One public Open House on Sunday May 4, 2008 from 1-4pm or can be shown by private appt - pre-approved buyers only please-agent debbie 650-619-2790

Location? Check.
Looks? Check.
Maintenance? Check.
Size? Check.
Price? $1,250,000.

Zillow shows the following:

At $1.25M, this means the seller is expecting about 9.9% y-o-y appreciation every year since they purchased the property, which is completely unreasonable. Assuming an appreciation that matches historic trends (i.e. around 5%), today's price should be about $830,000.

Update 4/29/08: This is what it really looks like without Photoshop.

 

After listing this property for weeks on craigslist, sometimes twice a day, with silly come-ons like "possibilities! live, work, play, you decide!", with a price in the mid-$600K, the seller finally got a clue and "slashed" the price:

$499000 PRICE SLASHED! Commuter's Dream OR Urban Lifestyle Dream Come True! (alameda) Beauty is indeed in the eye of the beholder. A visionary can see an urbanite lifestyle where one can walk to so many amenities. This has easy access to the bridge and the highways, which makes this a commuter's dream location.

Urbanite? In Alameda? Seriously?

It gets better (my emphasis):

According to the reference book "Buildings of the Edwardian Period, City of Alameda 1905 to 1909" by Geroge C. Gunn, this was built and owned as a residence by Willis C. Chamberlain who built the house next door at 2318 Pacific which is also for sale. There are very few if any alterations to the exterior.

As such this is a classic example of a Colonial Revival home.

Through the years, the property was converted into a legal duplex. At first glance, one can see the beautiful lines --- classic "good bones" --- of this property. However, it is evident that this is in need of rehabilitation.

This is a FIXER DUPLEX that any visionary re-modeler would love.

The best value of this property lies in its location --- just half a block away from Park Street shopping district with its marvelous restaurants, shops. Near City Hall and the newly restored Alameda Theater cineplex. Easy access to highways and public transportation.

The next door property is also for sale. If the same buyer bought both properties, the combined lots will be 100 feet wide by 150 feet deep --- downtown!

AND...this is zoned Commercial/light manufacturing (CM) To see what one can do with a CM zone, check CIty of Alameda's zoning by visiting http://www.ci.alameda.ca.us/gov/municipal_code.html, go to Chapter XXX (30.4 - 10) for Development Regulations and District Uses.

I take this to mean:

1. We've done nothing to maintain or enhance it since 1907 other than keeping it from...
   
2. Falling down...
3. Please, anyone, whoever you are, whatever you want to do, live, build stuff, sell things, host raves, just take the damn things off my hands. It's going to cost you, though.
   
4. It's very close to all the car dealerships in town, but other than that there isn't much to salvage about the house

The "next door property" on the huge lot also had its price slashed by almost half a million dollars.

At least these sellers have had the sense to make significant price cuts, although I must say I don't understand why they started so close to the outer edge of the stratosphere.

This home on Pacific came on the market over 2 months ago and doesn't seem to have seen much activity (MLS #40322951). It stands on a huge, almost quarter-acre lot and appears to be a duplex with two 3-bedroom units built on top of a garage:

Huge lot! Pest report available, $10k section 1. 2, 3 bedroom 1 bath units. Lower unit, fresh carpet and paint, and new tenant with 1 year lease. Attached garage. Probate with independent administrator. Great location in alameda!

No sale history is available on Zillow or Trulia, and the only specs I was able to find describe the house as a 1,218-sqft home, so my guess is the 2nd unit was built out so long ago permits didn't matter back then (or without permits, who knows). Either that or we have ourselves two 614-sqft 3-bedroom apartments, but that'd be a bit cramped, unless you're a Playmobil character.

The "independent [probate] administrator" started the listing ambitiously, and has since dropped the price gingerly, but s/he doesn't seem to realize $749,000 is still too much for a cookie-cutter Craftsman with old, low-budget rental-grade furnishings inside (see photos on MLS sites) on a not-too-bad but none-too-great street. A decent-looking, 2,454-sqft, historically significant Marcuse and Remmel Victorian, complete with old anaglypta and built-ins and all sorts of cute old moldings just two blocks away at 1311 Pacific took about 160 days to sell for $655,000, $114,000 off the original asking price (I noted at the time that the house's 100th day on the market would come just before new year's, and it closed on 2/29/08, having started at $769,000.)

I just don't see this plain house fetching $94,000 more than that Vic, even if it does have 2 separate units. Using very optimistic assumptions of 20% down (that's $150K, and I don't know a lot of folks who have that kind of cash to part with) and a 6% interest rate on the balance, the mortgage sans taxes comes out to about $3,600 a month; add $600 a month for property tax and you need $4,200. I'd be very surprised if either unit could be rented for $2,100, given the rental market around here and the fact they only have one bathroom each. Add to that the opportunity cost of dumping $150K of your cash into a depreciating asset instead of sticking it into a basic, low-interest CD and earning $6,000 a year doing nothing, there's no way in hell this house is a sound investment no matter how you slice it.

I predict the ZipRealty price track is going to have a few more rows soon. It already has two ($824,500 to $774,000 in February, and $774,000 to $749,000 in March).

Update 8/4/08: Back on the market with a new MLS #40360819 and a new price ($650,000). The owner is dead already so waiting isn't much of an issue.

Update 10/29/08: Back on the market again, as MLS(r) #40378467, priced at $650,000. At this rate, the probate administrator might need their own probate administrator. It's only 4 months away from becoming a "lifer" on this blog, which would be a singular accomplishment.

Probate w/Adm. Hugh lot. Diamond in the rough. Good location....Bring us an offer.

Since when do sellers order buyers around? Someone will bring you an offer when you show some evidence of brain activity and drop your list price to a level that doesn't scare sensible people away from even negotiating. Not a moment sooner.

Update 2/8/09: Still on the market as MLS(r) #40378467 and MLS(r) #40360819. Still a stupid price ($650,000). Welcome to the Lifers category (oh, the irony).

Perusing my "reductions" search results on ZIP Realty, I ran into this poor fellow, languishing at $530,000 after almost 7 months on the market (MLS #40305287):

Must sell now! Right on estuary, large living room, beamed ceilings in master, add'l b/p w/private bath. Corner fireplace, boat dock. Must see this special unit.

Still no bites after SEVEN months. They even had an after-Christmas sale, dropping from $745,000 to $680,000 on December 26, 2007.

It's now been dropped $215,000, or 29% off the original price. Maybe the lack of interest has something to do with these less-than-exciting specs?

2 bedrooms, 2 bathrooms, 1,450 sqft, built in 1968

Or this?

ZESTIMATE^®: $465,500

Last sale and tax info

Sold 12/18/2003: $448,500

2007 Property Tax: $6,034

What kind of a nincompoop priced this condo at $745,000 in the first place, anyway?


Update 9/4/08: Still for sale, still $530,000, 20 days shy of its first anniversary. I guess the "must sell now" in the description is poetic license.

Update 10/20/08: Hilariously, it's back, for more money.



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You'd think all the damage perpetrated against the real estate market by the vast media conspiracy, people would know prices have been going down, not up. But maybe not. This charming Tudor revival home is now on the market 3 years after it was last purchased, for the whopping wishing price of $895,000 (MLS #40330121):

Spacious two story home. Large detached family room perfect for entertaining. Original features with some modern upgrades. A must see!

The specs and location are nice but certainly nothing to warrant such an inflated price, especially on such a tiny lot:

4 bedrooms, 2 bathrooms, 1,760 sqft, 3,400-sqft lot, MLS #40330121, $895,000

Note no price reduction in the 35 days it's been on the market. This home was purchased barely 2 1/2 years ago for $550,000:

Last sale and tax info

Sold 12/27/2005: $550,000

2007 Property Tax: $8,991

How someone has the gall to expect a $345,000 appreciation in 28 months (or $12,321 a month) in this kind of market is beyond me.

There's no description on this property (MLS #40327779), so I'll keep the editorializing short and let the numbers speak for themselves.

List Price: $548,000

Bedrooms:	0
Full Baths:	0
Partial Baths:	0
Square Feet:	N/A
Lot Size:	N/A
Year Built:	1930
Listing Date:	03/04/08
On Market:	40 days
Type:	MFR
Status:	ACTIVE
MLS #:	40327779

Price Reduced: 03/18/08 -- $668,000 to $548,000

On Market:  40 days

(that's $120,000 off) with a recent history:

Last sale and tax info

Sold 10/28/2005: $610,000

2007 Property Tax: $7,997

Assuming a 6%, $32,880 commission, we're looking at a $94,880 loss. Whee!

It's not often you see 6-digit price drops on small houses like this bungalow (MLS #40327720), but it does happen:

Bamboo like pergo, shutters, pretty, cozy and very nice interior. Craftsman w/ natural light. 2 bedrooms,2 full bathrooms, pleasant yard w//cottage/ storage. Quiet side (West end) of Alameda close to beach, schools, park, shopping. No showings until further notice. phone agent.

Now listed at $448,000, it took a decisive drop 3 weeks or so after it was listed, and 4 years + 1 day after its last sale closed:

Price Reduced: 03/18/08 -- $548,000 to $448,000

On Market:  40 days

Given the way escrows go, I doubt the specific price drop date was significant to the sellers. They must have bigger issues to deal with at the moment, given:

Last sale and tax info

Sold 03/19/2004: $485,000

2007 Property Tax: $6,746

Homes priced at below 2004 prices aren't selling; credit is hard to get; long-term fixed-rate mortgages are higher; yet you see brain-dead agent questions and answers like this on Trulia Voices:

Why is now the best time to buy?

1.) Market--historic, plummeting prices. 2.) Conditions--buyers in driver's seat: more selection, better bargaining opp'ties & comparable selections, 3.) Mortages--better deals, more companies anxious to get customers and better overall rates nationwide. If you have solid credit rating, you are in a very strong position, 4.) There is far greater latitude to leverage your money over a time period suiting you--not your bank and, 5.) Sellers are desperate, need to sell and want to snag a good deal. Could home-buying be better??

Prices are low rates are great.. what else would you ask for...

I say the NAR deserves a collective Darwin award.

This listing just came on the market 3 days ago, around April 10th, but I could swear I'd seen it before. At any rate, there's no photo yet, but here are the specs:

3 bedrooms, 2 bathrooms, 1,503 sqft, 5,000-sqft lot, MLS(r) #40335733, $599,000

Hawaii in alameda? This lovely home is a strolling distance to the shore, schools, shops and rest-aurants. It's a spacious 3bd/2baths/2cgarage cozy home. Features central heating, romantic fireplace in livingrm, move in condition. Hurry this won't last.

I didn't realize an agent would allow a house to be both "cozy" and "spacious." But there's going to be a spacious gap in the seller's bank account considering the following:

Last sale and tax info

Sold 10/02/2006: $693,000

2007 Property Tax: $4,381

$94,000 under + $35,940 commission = $129,940 lost in 18 months. Whoaaaaaaaa.

Update 10/9/08: It's back on the market as MLS(r) #40374485, with the same inane "Hurry this won't last" description, and the same silly $599,000 price.

Update 10/26/08: Price dropped almost $5,000 to $594,300 on 10/22. I scoff.

Update 11/10/08: Now officially a short sale.

If you search ZIPRealty for Alameda SFH, condo/townhouse, and multi-family homes, you get 229 results.

If you filter by "reduced price only", you get 85 results.

This means 37% of all the listings in our tiny little town have had to drop their price, and they still haven't sold. And this understates the facts, because of all the properties that had to be relisted after they failed to sell at a higher price.

This one is just pathetic (MLS #337942). No photo, nuttin. Just a $670,000 asking price and the following:

[ZIP] Clean 4bd 2ba 1 car garage, deck, new storage, paint & roof. Good neighborhood. Some furniture and 2 chandeliers included for the right price. As is sale. Motivated sellers.

[pacunion] Clean 4 bdrms, 2 baths, 1 car garage, deck,storage new paint,roof. In a good neighborhood some furnitures and 2 chandeliers( included for the right price)Motivated sellers and AS IS SALE.

I'm not even sure "good neighborhood" is allowed by MLS rules, but that's not terribly important. Does it mean they're going to TAKE THE CHANDELIERS AWAY if you don't pony up the price they want? Or maybe hit you with them? And where are they going to put them? And all this time I thought fixtures actually stayed with the house they were attached to.

This home has been on the market over 6 weeks and seen its price dropped twice:

Price Reduced: 03/24/08 -- $699,000 to $690,000 Price Reduced: 04/03/08 -- $690,000 to $670,000

On Market:  47 days

No doubt in an attempt to stay afloat:

Last sale and tax info

Sold 10/18/2006: $650,000

2007 Property Tax: $4,109

Browsing for a completely different property on Zillow, I was alerted to the fact a large East end Victorian was apparently back on the market:

Located on a quiet block near Alameda’s desirable East End schools, this unique and stately Victorian duplex has been structurally overhauled with careful attention paid to its many rich architectural details.

[...]

Currently divided as two equal but separate units of approx 1500 sq ft each (1: 2+BD/1BA and 1: 3++BD/1BA), this property seems an obvious conversion back to a magnificent single family home with 6+ bedrooms, 2 baths, sweeping staircase, and grand rooms. 

This property was on the market last November and the price was $920,000 then:

Per Zillow's property page this listing is now active again, as of 2 days ago, and listed at $895,000. The agents are internet-savvy cats and I doubt this is an error, even though the postlets link on the Zillow page is dead:

I'm not sure if the GI bill or general post-war blahs are to blame--I just can't fathom why early baby-boomer-era houses are so damn ugly. Today's Craigslist post (or Trulia, or Postlets, MLS #40332910) is actually one of the prettier ones, at least judging by the listing pictures--I haven't actually seen this one in the flesh. I did tour one of its neighbors 18 months ago (984 Post) and thought I was back in that moonscape of suburban desolation that is inner Orange County.

Just turn the key, move right in, relax and enjoy! Complete kitchen & bath remodel and many other systems upgrades. New plumbing, electrical, furnace & central heating, on-demand tankless water heater, dual pane windows, interior paint, flooring, slate fireplace facade, redwood deck & sewer lateral.

This home is currently listed for $685,000, perhaps to cover the cost of an extensive and expensive remodel:

Last sale and tax info

Sold 10/03/2006: $550,000

2007 Property Tax: $6,921

Subtracting a 6% commission and $40,000 for the remodel, the sellers would net about $50,000, which isn't bad.

Except the ugly home down the street I saw last year was listed at $729,000 and sold for $40,000 less than that, and that was back in January 2007, when even an inbred squirrel could get a mortgage.

The same scenario leaves these folks with $10,000, which covers moving expenses and security deposit on a rental, maybe? And that other home at 984 Post was almost 50% bigger--1,460 sqft to this home's 1,010. In all fairness, it was depressingly fugly on the inside and didn't have any of the nice things this home has--the kitchen and bathrooms were sad and the carpet was pathetic. I'm still reeling from the fact it sold at all, let alone for almost $700K.

Speaking of 1940s sociology, I wonder at the cyclical nature of social trends in America. In the 1940s and 1950s, people (read: women) were expected to do the cooking and spend a lot of time in the kitchen. The 1960s thankfully started to blow all that nonsense away, and by the rat-race 1980s, nobody had any time to spend in the kitchen cooking for themselves, let alone their extended family. Yet the single biggest remodeling trend of the 1990s and especially early 2000s has been lavish splurging in the kitchen, with professional-grade equipment everywhere (for what, I do not know) and other obscene displays of tastelessness and impracticality like non-heat-resistant granite and smudge-prone stainless steel. Thousands of manufacturing, retail and educational jobs have been created to service this new-found passion for the chore of chopping chives and sauteeing sausage. And the kicker is that together with so many HELOC-fueled remodels came a new-found sense of wealth which, conspiring with the ever-longer obtunding hours spent working or dealing with one's progeny, encouraged one to order in or eat out much more often than in previous times. I suspect a lot of those Viking ranges and Sub-Zero refrigerators are chronically underutilized, and will probably go for cheap on ebay or Craigslist in a year or three.

People have been spending orders of magnitude more money on the kitchen, a room you frequent because you have to, than on rooms you actually want to be in, be it to play, read, eat, drink, sleep, entertain or reproduce (another popular trend). Does this mean social interaction between family and friends has become such that the kitchen is now the ideal place in which to have social intercourse? As opposed to the more intimate, less garish ambiance of the salon, library, fumoir, parlor, den, family room, bedroom, or dining room, with comfortable sofas and the dim light afforded by the absence of practical function so antithetical to the necessarily bright, messy and utilitarian kitchen?

I say, screw open floor plans. Keep the kitchen modestly appointed and hidden behind a solid door, and let people do their people thing sheltered from the frying smells, clanging pots and other indignities of "civilized" nutrient organization.


Update 5/22/08: Price dropped to $649,000.

This large Gold Coast home came on the market about 3 months ago (MLS #40317490), on January 10:

Large home in Gold Coast;3 car garage;fabulous entryway, graceful stairway, large LR, & formal DR. Period details, redwood wainscoting, open floor plan; ideal for entertaining. Newly refinished hardwood floors on 1st & 2nd stories. 2 bonus rooms on 3rd floor and a partial basement.

Its price dropped from $1,398,000 to $1,298,000 in early March, 2008.

In the process of writing about another large Gold Coast property, I did some digging on 1234 Hawthorne Street, a beautiful, enormous 8,020-sqft mansion that's been on and off the market for a little while (MLS #40321930).


This house was on the market in 2007 for $2,250,000 with listing id 40251111 (which may or may not be the MLS id):

It actually started at $2,400,000, but the only trace I found was in Google's cache of a postlet listed on Propsmart:


It's now (April 2008) down to $1,900,000 and not really moving all that much as far as I can tell.

What's troubling is the murky legal wrangle that may or may not be associated with the current owners. Please note: This is NOT VERIFIED INFORMATION, ONLY A LIST OF DATA PUBLICLY AVAILABLE ON PUBLIC WEB SITES. THE AUTHOR OF THIS POST IS NOT RESPONSIBLE FOR FACTUAL ERRORS AND WILL POST ANY AND ALL CREDIBLE CORRECTIONS PROVIDED TO HER IN A TIMELY MANNER.

Now that's out of the way, let's see what we find.

First, Googling "1234 Hawthorne" brings up a donation to the democratic national committee by one "Jack Easterbay" on the Huffington Post:

Googling "Jack Easterbay" brings up a helpful correction by Google:

Why, I suppose I did. So what do we get?

Again, I have no proof that the 'Jack Easterday, owner of Homewood Care Center [...] of Alameda [...]  vilified as living "like Louis XIV"' is the same as "Jack Easterbay" listed on the Huffington post as living at 1234 Hawthorne. Maybe there's a completely honest Democrat named Jack Easterbay who works in health care at Westland Med and lives in a huge mansion in Alameda, and a Jack Easterday who was convicted of fraud in relation to healthcare and lives "like Louis XIV" in Alameda. But the convict's story isn't pretty:

[source] Jack Easterday of Alameda, who had been vilified as living "like Louis XIV" during a U.S. Senate hearing last year on tax cheats, could face up to five years in federal prison. He was convicted Wednesday by a federal jury.

The conviction was announced the same day state health officials fined Homewood Care Center, a San Jose nursing home, $100,000 — the highest fine allowed under state law — for substandard care that led to the October death of a 67-year-old man. Easterday,52, is president of Homewood Care Center's parent company, Westline Medical Management.

The conviction, coupled with the fine for the resident's death, raised concerns about the future of Easterday's eight nursing homes in California, which include Oakland Care Center on Webster Street in Oakland, Alameda Care Center on Willow Street in Alameda and Eden West Convalescent Hospital on West Street in Hayward.

An enormous Craftsman on the Gold Coast recently appeared (5+4, 4,400 sqft, double lot, very close to the lagoon, MLS #40335717), asking a mere $2,395,000:

Immaculate Gold Coast home on huge lot. [...] bocce ball court & pool. Renovated throughout. Large gourmet kitchen [...] formal dining room. Huge living room with library and wet bar. 3 fireplaces! [...]

There is no question the house looks magnificent, and the address is as good as it gets in Alameda. That being said, it's not obvious where the market is for these white elephants (this is now the second most expensive residential building on the market in all of Alameda after this huge house with a view, and the most expensive on the main island), considering recent activity in the top tier:

1. A giant Victorian compound at 1723-1725 Central Avenue took months to sell for $2.025M in late January, 2008, barely $50K more than the previous purchase price after 6% commission; it was listed at $2.2M in summer 2007
   
2. 1234 Hawthorne Street (MLS #40321930), possibly the largest single-family home in town (it is twice as big as this property and just a block or two away), was listed at $2,250,000 last year, went off the market over the holidays, came back in January at $1,900,000, and is still sitting there (see some interesting dirt on 1234 Hawthorne)
   
3. 1200 San Antonio Avenue was on the market for ages for $2,595,000 if memory serves, and it didn't sell

1. There's another 4,000-sqft elephant right down the street at 1260 Saint Charles that happens to be bank-owned and not selling, even though it's priced at just a hair over half this home's asking price (MLS #40317490, $1,298,000)
2. A "custom" estate still owned by its original owner (who must be pushing 100 by now) at 1600 Dayton Avenue started out over $2.2M in 2007 and is still languishing at $1.995M (MLS #40315927)
   

We'll have to see what happens.

Update 5/13/08: What happens is a price $200,000 drop from $2,395,000 to $2,195,000 on May 9th.

This little matchbox of a house at Broadway and Tilden has been on the market for a while (listed 2/11/08; MLS #40323301; 2+1, 702 sqft on 2,380-sqft lot):

Now the seller is "very motivated":

Move-in condition!Great home! Adorable Bungalow in east end of Alameda.Very charming front porch, built in book shelves, wood burning fireplace and hardwood floors. Very spacious kitchen and dont forget the additional detached BONUS ROOM! Very low Pest Report!Seller Very Motivated.

Nothing particularly egregious about today's Craigslist post. It's a minuscule fixer (761 sqft on a 2,280-sqft lot per public records; Zillow has it as 1+1, but the listing says 2+1.5) that happens to be within spitting distance of the mammoth Del Monte building, the high-traffic intersection at Sherman Street, and a handful of hideous newer homes on the north side of Buena Vista. Sure, Littlejohn Park is also close by, which is nice, but with the uncertainties around the future use of that huge building, I wouldn't necessarily want to own a home right there.

The poster manages the rare feat of wedging 2 misspellings and one run-on sentence that doubles as a disastrous anacoluthon in 51 words, including two that shouldn't even be there in the first place and 4 numbers:

A fantastic opportunity for this fixer upper. This Craftsman home is in the this great community of Alameda is close to the park and the marina. Come by and see for the open house TOMARROW: Sunday April 13th from 12:00pm to 3:00 pm at 1594 Beuna Vista Ave. See you there.

In a condo mood tonight, I decided to investigate the scene, and found a lovely exemplar of mid-2000s remodeling, a lovely 1+1, 742 sqft condo with Terminator kitchen (and bath, Danke schön), track lighting and granite everywhere (MLS #40334911):

Remodeled with unit BOSCH LAUNDRY! Kitchen - bosch dishwasher, cabinet depth refrig. granite counter. Bath -custom tile shower. Redesigned dress area with laundry -Over looking Pool .Beautiful grounds! Great Complex

The listing makes it abundantly clear the 2 quarries' worth of granite and 50 metric tons of German stainless steel are a big selling point--here's the first photo:

Nothing says "welcome home" quite like anthracite counters and the Bosch logo in every room. I wonder if there's an "Arbeit macht frei" sign hanging above the front door (on the inside, of course).

Currently listed at $329,000, the owners are looking at a loss of at least $32,740, not counting the steel and stone remodel, with the usual 6% commission assumptions:

Last sale and tax info

Sold 08/23/2005: $342,000

2007 Property Tax: $4,627

Kann ich ein Käseburger haben, bitte?

Update: ZIPRealty (no link, login required) shows a price drop almost as soon as the unit went on the market:

Price Reduced: 04/09/08 -- $349,000 to $329,000

On Market:  6 days

Where's Neil Diamond when you need a tune to cheer you up?

This listing at 1440 Caroline Street (MLS #40334919), reported for sale on Zillow ages ago (147 days as of April 10), has now been dropped well below its previous price of $507,000, to $455,000.

This split level, Spanish Style home, features 3 bedrooms 1-1/2 baths. Completely remodeled - New kitchen, baths, interior and exterior paint, refinished floors, some electrical and plumbing. Located in the West end of Alameda.

I won't argue about whether Caroline really is "West End" (I thought the West End started at Webster street), but there's no question this is one of our loss leader and price drop champions, having once been listed at $587,000 back in early September of last year.

What with this poor house's sale history and description as "completely remodeled" (let's say a $50,000 remodel job, maybe, with new kitchen, baths, refinished floors, pain, some electrical and plumbing, to paraphrase), and we're looking at a fat six-digit loss. On a less-than-half-a-million-dollar property. Yikes.

Last sale and tax info

Sold 01/23/2004: $495,000

2007 Property Tax: $6,633

$27,300 (6% commission) + $50,000 remodel + $40,000 owed to the bank or lost as a down payment due to sale below purchase price = $117,300.

For a couple of days now, this somewhat big house on a huge lot (>10,000 sqft) has been advertised on Craigslist, without the benefit of an address, MLS ID or realtor (tm), but I suspect it is the one I'm thinking of, based on the description and former price:

Compare to the property page on Trulia, Alameda Home Finders or Zillow:

When this listing showed up in my email, I knew the address looked familiar (MLS #339629, listed at $658,000):

This home is a real charmer, in one of the most deirable areas in town. It shows pride of ownership. The Kitchen and Baths have been tastefully remodeled, new hardwood floors & doors & windows. Private room for guest or au-pair is not warranted. Possible short sale.

I had indeed seen it before, at a more Fernside-compliant price:


What I don't understand is how one can wind up in a short sale situation given the sale history below:

Last sale and tax info

Sold 09/19/1985: $169,000

2007 Property Tax: $3,928

If $658,000 is less than what is owed, it means over $489,000 has been added to the loan balance. I understand catastrophic injury or illness-related expenses do happen, but half a million? Why not just move to Canada?

Update 5/7/08: Strangely enough, I just found this property in my "reductions" list on Zip Realty under MLS #40313376 for $699,000, and the price drop history shows no sign of the $685,000 price.

Bedrooms:	3
Full Baths:	2
Partial Baths:	0
Square Feet:	2,000
Lot Size:	4,000 Sq. Ft.
Year Built:	1935
Listing Date:	12/10/07
On Market:	149 days
Type:	SFR
Status:	ACTIVE
MLS #:	40313376

Usually, you hurry to buy something when it's 1) a bargain or 2) very rare and unusual and in high demand, or both. A short-sale fixer on a postage-stamp lot (3510 sqft) that looks the same as over a dozen homes within walking distance doesn't qualify (MLS #: 40333297):

Cute bungalow in the Fernside! 3 bedrooms and 2 baths, garage converted to a living space, hardwoods throughout. The kitchen has been updated and actually quite roomy! Nice size yard, fenced with plenty of room for a nice outdoor living space..once you decide what to do with it :)

Terms?

Asking Price: $649,000.00

Flexibility: VERY flexible

Additional Pricing Information: POssible short sale...bring your best offer!!

No kidding.

Last sale and tax info

Sold 07/28/2006: $670,000

2007 Property Tax: $8,245

Update 4/9/2008:

Pricing

Asking Price: $560,000.00

Flexibility: VERY flexible

Additional Pricing Information: SHORT SALE!!!! HURRY

Holy something, Batman.