Price drops: December 2009 Archives
The ugly little corrugated shack at 1715 Lincoln Avenue has been on the market since June of this year, but I never wrote about it until now. It's such an unsellable crackerbox on a busy street I don't see how anybody would be interested in reading about it, much less buy it. But I've been silent long enough. Maybe the vacuous, cloying platitudes dished out throughout the holiday season have worn me down; or maybe yet another year of reading the same vapid garbage in real estate listings has finally tripped a switch. No matter--let it be written, let it be done.
1715 Lincoln Avenue has the following pathetic little specs:
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What if you did use this as a business and a residence: how exactly do you fit both a thriving business of any size and its owner's living space in a 1-bedroom Tupperware? Almost by definition, nothing "abounds" in a house the size of a gazebo, except maybe cockroaches, and certainly not "possibilities".
Seriously,dear readers, do you or anyone you know
entertain the hope, nay, the dream, of someday living in a slapdash
World-War-II-era nail salon?
And what exactly is affordable about a $432 / sqft price tag for what is arguably one of the least appealing properties to come on the market in years?
Stop the inanity! Just call a spade a spade and stop embellishing the unembellishable! And for the love of Pete, get a thesaurus and forever banish from your vocabulary those meaningless, vacuous cheerleading bromides that serve no purpose than to highlight your complete lack of creativity and/or make better copywriters angry.
Happy new year to all. May prices fall another 15% and option ARMs default by the thousands.
Update 1/5/10: Ms. Dimacali helpfully switched her post back to the old version, which has the following description:
The "Wear Your Pajamas to Work" title adds to the property's extra classy appeal as a potential nail salon across from a liquor store.
Update 1/18/10: After dropping to $349,999 (maybe a typo?), your next dream house came roaring back at $399,000.
Update 1/22/10: It's back at $349,999.
1715 Lincoln Avenue has the following pathetic little specs:
1 bedroom, 1 bathroom, 923 sqft. 2,280-sqft lot, MLS(r) #40415778, $399,000 ($432 / sqft)The MLS(r) listing is sedate and descriptive enough, and there's really nothing wrong with it. But what really got my goat today is the off-MLS(r) listing on Craigslist, reproduced below:
LIVE/WORK.COMMERCIAL ZONE. Good set-up for home based business. [...] Spacious living room.Large storage.laundry room. Small fenced in yard/patio. [...] Enclosed porch. Was used for business then, as residence today, or as either/both tomorrow.
Do you know anyone (not currently homeless or mentally deranged) who dreams of living in a tiny 923-sqft double-wide box planted on a tiny 2,280-sqft lot at one of the busier, uglier intersections in town (Lincoln and Grand), across from a liquor/convenience store, nestled between other ugly houses and busy businesses, and altered countless times to satisfy the needs of various non-residential activities in the 69 years since it was built (as an earlier, and evidently unsuccessful, incarnation of this listing once intimated)?$399000 Are you ready to make your dream come true? Live/Work at Grand Station (alameda) (map)
Date: 2009-12-29, 7:02AM PST
Reply to: [redacted to protect the guilty]
[photos]
ZONED COMMERCIAL AND RESIDENTIAL. What a fabulous opportunity to have your business where you live. Possibilities abound in this 1 bedroom/1 bath house, enclosed porch with large picture windows.
Nail salon? Beauty parlor? Retail? Professional service? Office? YES!
Across from Alameda's Gaslight Emporium, on Lincoln and Grand. Convenient location at an affordable price.
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What if you did use this as a business and a residence: how exactly do you fit both a thriving business of any size and its owner's living space in a 1-bedroom Tupperware? Almost by definition, nothing "abounds" in a house the size of a gazebo, except maybe cockroaches, and certainly not "possibilities".
Seriously,
And what exactly is affordable about a $432 / sqft price tag for what is arguably one of the least appealing properties to come on the market in years?
Stop the inanity! Just call a spade a spade and stop embellishing the unembellishable! And for the love of Pete, get a thesaurus and forever banish from your vocabulary those meaningless, vacuous cheerleading bromides that serve no purpose than to highlight your complete lack of creativity and/or make better copywriters angry.
Happy new year to all. May prices fall another 15% and option ARMs default by the thousands.
Update 1/5/10: Ms. Dimacali helpfully switched her post back to the old version, which has the following description:
DescriptionLIVE/WORK. Rare opportunity to have a building in a commercial zone. Was used as realty office and an "antiquery". Use as a residence, a place of business, or both. Tremendous value in its zoning classification, among other businesses on the same block. Directly across from Alameda's Gaslight Emporium, at historic Grand Station. Cross street is Grand Avenue.
Was probably built as a bungalow, but when porch was enclosed, it was "modernized." Enclosed porch could be used as the office/reception area. Large display windows in front. Garage and driveway for 2 plus vehicle parking. Separate and spacious storage and laundry room. Fenced in patio for outdoor entertaining and cook-outs. Living/Dining room, eat-in kitchen, one bedroom and one bath.
The "Wear Your Pajamas to Work" title adds to the property's extra classy appeal as a potential nail salon across from a liquor store.
Update 1/18/10: After dropping to $349,999 (maybe a typo?), your next dream house came roaring back at $399,000.
Update 1/22/10: It's back at $349,999.
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:
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!
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.
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.
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. Property History for 1419 COTTAGE St
| 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:
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:
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:
Property History for 1304 MORTON St
| 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 |
A short post about a property that's already sold, for a change. 3365 Washington Court has the following specs:
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As you can see from the map (although the marker is off by a block or two) this property is located in a very prime area, practically on the bay, with "spectacular" views. It's good-sized on a decent-sized lot. Yet it failed to fetch a million dollars by quite margin, and not for want of trying:
And...
The property finally sold for $925,000, an 18% discount off its initial list price.Could we be returning to the day when a million-dollar house was actually a million-dollar house?
4 bedrooms, 3 bathrooms, 2,628 sqft, 5,200-sqft lot
Spacious contemporary with spectacular yacht harbor views. Great floor plan with vaulted ceilings, dramatic staircase. Updated kitchen with tons of storage.Master suite with private bath. Huge bonus room with fireplace. Cul de sac location. Awesome garde
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As you can see from the map (although the marker is off by a block or two) this property is located in a very prime area, practically on the bay, with "spectacular" views. It's good-sized on a decent-sized lot. Yet it failed to fetch a million dollars by quite margin, and not for want of trying:
And...The property finally sold for $925,000, an 18% discount off its initial list price.Could we be returning to the day when a million-dollar house was actually a million-dollar house? 
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