Recently in Priced to sell 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.
The price history is a lesson in what not to do when buying property.
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.
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.
The terminally unsellable green infill property at 1533 Morton, which you may remember is built in another property's backyard is back on the market at a hysterical $759,000 (MLS #40524543).
It'll take a lot of sunshine to be truly off the grid, but if you can make it work, it's a reallyawful great deal.
OPEN HOME: Sun 2-4pm (5/29) - Live off the grid on the island of Alameda. Built in 2009, fully energy efficient, green construction home, designed by famed Berkeley architect. Dual master suites on top level with addl 3rd bed/office with full bath on ground floor. High Walkscore in Central Alameda.Here's a sneak peek at the property hiding behind its bigger brother:
It'll take a lot of sunshine to be truly off the grid, but if you can make it work, it's a really
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.
An aggressively-priced bungalow just appeared on the market this week. 1726 Eagle Avenue has the following specs:
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?
3 bedrooms, 2 bathrooms, 1,491 sqft, 3,750-sqft lot, MLS(r) #40434309, $381,200The 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:
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.
Property History for 1726 EAGLE Ave
| 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?
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:
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:
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.
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:Property History for 2151 ALAMEDA Ave
| 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.
No fewer than three listings on Bay Street came on the market this week: first 1549 Bay Street, then 1427 Bay Street, and finally 1143 Bay Street, which appeared yesterday. This is in addition to the huge, expensive colonial at 1209 Bay Street (MLS(r) #40428223) that came on the market a few weeks ago. By coincidence, all three properties were listed in order of closeness to the Gold Coast. By no coincidence at all, all three appear to be listed under less than ideal circumstances, and today's beautiful Gold Coast Craftsman is no exception. First the specs:
The house isbeautiful pretty, the location is excellent, and the price is, well, just about the same as it was when the house was purchased in 2003. The transaction history is a sobering summary of what not to do when it comes to real estate.
If this property sells for asking price (which is probably will), the sellers are looking at a $37,000 loss in nominal terms, and a $167,000 loss in real dollars after adjusting for inflation, assuming 6% agent commission.
Real estate is such a great investment.
Update 9/28/09: the open house was well attended and gave me an opportunity to assess the property discreetly. The front yard shown in the street view photo above is the only yard with grass; the backyard is tiny, and looks like a giant deck (complete with hot tub) ringed by a little paved path. The bedrooms are all upstairs and tiny except for the master bedroom, which isn't particularly large. The master bathroom, also upstairs, badly needs updating. The kitchen is large, sunny, and in decent condition, though hardly up to modern HGTV standards (which is a good thing in my book, but buyers might object). Counters abound all over the place, including a small island with a built-in stove and hardly any food prep space. The living and dining rooms are very large, oppressive Craftsman extravaganzas of dark wood and stone fireplace, and gorgeous if you're into wooden caves. There's a tiny bit of storage available in the partial basement, which doubles as laundry room.
3 bedrooms, 1 1/2 bathrooms, 1,903 sqft, 5,000-sqft lot, MLS(r) #40431194, $769,000 ($404 / sqft)
Craftsman splendor in heart of Gold Coast. GORGEOUS architectural detailing. Configured as 2+/1.5 w/ obvious modification to create sep entrance to 3rd BD (check w/ City). [...] Circular floorplan. [...] hot tub. Det garage and partial basement.
(man walking on lawn sold separately)
The house is
Property History for 1143 BAY St
| Date | Event | Price | Appreciation |
|---|---|---|---|
| Sep 25, 2009 | Listed | $769,000 | -- |
| Jul 31, 2003 | Sold | $760,000 | 13.7%/yr |
| Mar 26, 1997 | Sold | $336,000 | 13.1%/yr |
| Aug 07, 1992 | Sold | $190,000 | -- |
If this property sells for asking price (which is probably will), the sellers are looking at a $37,000 loss in nominal terms, and a $167,000 loss in real dollars after adjusting for inflation, assuming 6% agent commission.
Real estate is such a great investment.
Update 9/28/09: the open house was well attended and gave me an opportunity to assess the property discreetly. The front yard shown in the street view photo above is the only yard with grass; the backyard is tiny, and looks like a giant deck (complete with hot tub) ringed by a little paved path. The bedrooms are all upstairs and tiny except for the master bedroom, which isn't particularly large. The master bathroom, also upstairs, badly needs updating. The kitchen is large, sunny, and in decent condition, though hardly up to modern HGTV standards (which is a good thing in my book, but buyers might object). Counters abound all over the place, including a small island with a built-in stove and hardly any food prep space. The living and dining rooms are very large, oppressive Craftsman extravaganzas of dark wood and stone fireplace, and gorgeous if you're into wooden caves. There's a tiny bit of storage available in the partial basement, which doubles as laundry room.
It might be the end of the selling season upon us forcing people to rush to list their homes, or a full moon, but it seems as though every third house in the Bayport development is for sale for less than it was purchased when it was build just three or four years ago.
Today's listing at 330 Hollister Avenue has the following specs:
At $638,000 ($288 / sqft) it's certainly priced aggressively and should be a nice comp resetter. This new price comes out to a $155,500 (20%) price drop compared to its initial sale price of $793,500 less than 4 years ago.
Add in the 6% agent commission and you're down to a yearly loss that equals what a lot of people earn in the same amount of time.
Well done.
Today's listing at 330 Hollister Avenue has the following specs:
4 bedrooms, 2 1/2 bathrooms, 2,219 sqft, ~3,500-sqft lot, MLS(r) #40428585, $638,000Close to BART should most definitely be qualified with "by Alameda standards"; if you're unfamiliar with our little town and expect BART accessibility on a par with Temescal in Oakland or the Mission in San Francisco, better look elsewhere.
Beautiful home built in 2005 [...] priced to sell! [...] highly desireable Harbor Collection Plan 4 [...] Charming master bedroom suite has walk-in closet and private upper deck with french doors. Close to BART, freeway, shopping, and more.
At $638,000 ($288 / sqft) it's certainly priced aggressively and should be a nice comp resetter. This new price comes out to a $155,500 (20%) price drop compared to its initial sale price of $793,500 less than 4 years ago.
Property History
| Date | Event | Price |
|---|---|---|
| Sep 29, 2005 | Sold | $793,500 |
Add in the 6% agent commission and you're down to a yearly loss that equals what a lot of people earn in the same amount of time.
Well done.
This week has seen what looks like a number of homeowners realizing this is their last chance to sell their homes before the values drop below what they paid when the housing bubble was gaining momentum in the first few years of this century. Interestingly, if you exclude the duplexes, many of them share very similar characteristics: not terribly large, 2 bedrooms, 1 or 2 bathrooms, small-ish lots (the largest lot in the bunch is 4,400 sqft), post-Craftsman construction (late 1920s and younger), Fernside/East-End-ish locations. This means they're all potentially comps for each other, which should exert some pressure on prices.
Here's a summary:
1635 High Street MLS(r) #40409318
2951 Windsor Drive MLS(r) #40409450
1820 Cambridge Drive MLS(r) #40409451
This one already got into trouble for being too expensive last time around:
3042 Windsor Drive MLS(r) #40409287
Then there's the one that got into trouble for no obvious reason:
537 Palace Court MLS(r) #40408959
And finally a handful of sales that probably would have happened anyway:
2843 Madison Street MLS(r) #40409057
1311 Fountain Street MLS(r) #40409227
1816 Grand Street MLS(r) #356408
If I were a gambling gal, I wouldn't put money on these guys selling too soon or at full list price: 1820 Cambridge, 2951 Windsor, and especially 2843 Madison. The others will probably go pretty quick, unless there's something really obviously wrong with them.
Update 9/5/09: 1635 High Street sold for $740,000 (!!!)
Update 9/29/09: 537 Palace Court sold for $500,000 on 9/9/09.
Sorry for the summary posts lately; I'm not out of the woods yet and can't quite spend the time and energy I used to spend on each individual listing.
Here's a summary:
1635 High Street MLS(r) #40409318
2 bedrooms, 1 1/2 bathrooms, 1,758 sqft, 4,141-sqft lot, $725,000 ($412 / sqft)Last purchase? May 2000, for $425,000.
Stunning Fernside Split Level. Huge LR w/ high barrel ceiling, tall arched windows, balcony & oak floors. Contemporary Kit w/ all the extras. [...] Easy flow to lower level Family/Office area that opens to yard via custom 16' wide glass door system. Many eco friendly upgrades
2951 Windsor Drive MLS(r) #40409450
2 bedrooms, 2 bathrooms, 1,328 sqft, 4,100-sqft lot, $683,000 ($514 / sqft)Last purchase? October 2003, $527,500
[...] contemporary home. 2 bedrooms, 2 baths, 2 fireplaces. Detached multi-purpose room as study/rec/overflow guest quarters. [...] Unique MURANO glass chandelier in dining room. Spacious eat-in kitchen. Nicely landscaped yard w/ sprinklers. [...]
1820 Cambridge Drive MLS(r) #40409451
2 bedrooms, 1 bathroom, 1,312 sqft, 4,000-sqft lot, $620,000 ($473 / sqft)Last purchase? December 2002, $459,000
Charming split-level English Tudor Revival Cottage nestled on a tree-lined street in Alameda's desirable Fernside neighborhood. Period details throughout. [...]
This one already got into trouble for being too expensive last time around:
3042 Windsor Drive MLS(r) #40409287
2 bedrooms, 2 bathrooms, 1,520 sqft, 4,400-sqft lot, $564,900 ($372 / sqft)Last purchase?
Fabulous sparkling 2+ bedroom located in the popular Fernside area. Wide plank hardwood floors in living and dining rooms. [...] Corner lot. Great neighborhood. Convenient location. Downstairs room can be used as third bedroom.
- It apparently went back to the bank in March this year, with a transaction price of $510,300.
- Before that, it had been sold in September 2004 for $660,000.
- And prior to that it had sold for $259,000 back in January 1996.
Then there's the one that got into trouble for no obvious reason:
537 Palace Court MLS(r) #40408959
5 bedrooms, 2 bathrooms, 2,183 sqft $494,900 ($227 / sqft)Last purchase? December 1988, $245,000. It went back to the bank last August, with a $546,125 tag.
BANK OWNED. ALAMEDA DUPLEX WITH LOTS OF CHARACTER. 3 BEDROOMS 1 BATH ABOVE 2 BED 1 BATH BELOW, HARDWOOD FLOORS, AND TWO DETACHED GARAGES WITH ONE CONVERSION. [...]
And finally a handful of sales that probably would have happened anyway:
2843 Madison Street MLS(r) #40409057
2 bedrooms, 1 bathroom, 1,268 sqft, 2,584-sqft lot, $599,000 ($472 / sqft)Last purchase? April 1999, $296,000. The super-pimped-out description makes me wonder how much of the equity is left. Add to that a non-bedroom bedroom and a tiny lot, and I'm anticipating a bit of trouble for this one, especially considering how many comps are on the market already.
[...] Craftsman Bungalow on Cul-de-sac. Fireplace w/ Classic Built-ins, Kitchen w/ Brazilian Green Slate Tile floors, Granite, Viking Range, LG Fridge, Breakfast Nook w/ LCD TV. Bathroom w/ Carrera Marble Floors, Claw Foot tub, [...]
1311 Fountain Street MLS(r) #40409227
2 bedrooms, 1 bathroom, 1,222 sqft, 3,900-sqft lot, $539,000 ($441 / sqft)Last purchase? September 1985, $130,000
Charming 2/1 home. Hardwood floor refinished. [...] Close to St Philip's Very private backyard retreat w/ Redwood tree, Formal DR w/ built-ins, Eat in kitchen, [...]
1816 Grand Street MLS(r) #356408
2 units: 1br 1ba and 2br 1ba, 1,497 sqft, $485,000 ($324 / sqft)Last purchase unknown.
[...] 2 Units, One 2 Bedroom/1 Bath & 1 Bedroom/1Bath units, Nice Units with Roomy Kitchens, Good Size Livingrooms, Good Size Lot with 5 car carport [...] Well taken care of units, Carpet
If I were a gambling gal, I wouldn't put money on these guys selling too soon or at full list price: 1820 Cambridge, 2951 Windsor, and especially 2843 Madison. The others will probably go pretty quick, unless there's something really obviously wrong with them.
Update 9/5/09: 1635 High Street sold for $740,000 (!!!)
Update 9/29/09: 537 Palace Court sold for $500,000 on 9/9/09.
Sorry for the summary posts lately; I'm not out of the woods yet and can't quite spend the time and energy I used to spend on each individual listing.
This week has been a real treat for non-Victorian aficionados. Here's a quick rundown (no pun intended):
The location and the street's trailer trash name ("Marti Rae"?) seem to attract savvy buyers:
Note the negative real appreciation through the 1990s we saw before. This thing has no business being more than $150,000.
Update 9/29/09: Some idiot bought this for $340,000.
$549,000 2822 Central AveNice enough, if boring. Price should come down a bit (small lot, only 1 bath) but probably won't need to.
2 bedrooms, 1 bathroom, 1196 sqft, 3,500-sqft lot, MLS(r) #40408457 $459 / sqft
Charming craftsman cottage [...] Cozy 2 bdrm,1 Ba located on one level, close to great schools, parks and transportation. Hardwood floors, new interior paint 2009, built in shelves & plate rack in dining Rm. Updated foundation
$395,000 1213 Eagle AveThere are also two giant warehouses half a block away. Handy, no? Shouldn't stand a chance at $434 / sqft, but buying fever is back, so it'll probably sell for close to asking.
2 bedrooms, 1 bathroom, 909 sqft, 3,500-sqft lot, MLS(r) #40408375 $434 / sqft
[...] clean and neat. Back room includes laundry and could make a great office. Full basement has a lot of potential for projects. Nice clean yard [...]
$530,000 2525 Webb AveThey forgot to say "Needs work." Sellers are probably trying to save their shirts. I'm not sure I'd want to live in a place whole interior looks like this for 6 years.
3 bedrooms, 2 bathrooms, 1401 sqft, 4,400-sqft lot, MLS(r) #40408233 $378 / sqft
Great location, large backyard. Lots of potential.
Property History for 2525 WEBB Ave
| Date | Event | Price |
|---|---|---|
| May 04, 2009 | Listed | $530,000 |
| Jul 23, 2003 | Sold | $468,000 |
| May 12, 1999 | Sold | $250,000 |
| Jun 05, 1992 | Sold | $170,000 |
$685,000 2616 Buena Vista AveIs 2616 Buena Vista really Femside? Lovely inside. Should sell quickly. Sellers should also have some wiggle room on the price:
1,850 sqft, 7,000-sqft lot, MLS(r) #40408055 $370 / sqft
Dynamite Duplex in Fabulous Fernside! Classic A&C bungalow in front: unpainted wood details. Frplc, built-ins, hrdwd floors. Eat-in kitchen w/nu stove. Sunny 2/1 back unit has own small garden. [...] Close to Edison School, shops, transit!
Property History for 2616 BUENA VISTA Ave
| Date | Event | Price |
|---|---|---|
| May 03, 2009 | Listed | $685,000 |
| Feb 28, 1997 | Sold | $259,000 |
$320,000 2418 Marti Rae CourtListing of the week. I'm not sure "Absolute best urban, island location" is even allowed by NAR rules. What I am sure of is that it's a completely ridiculous statement, unless you can't imagine living more than a block away from a KFC, a gas station, a Jack In The Box, a roach motel, a fire house, and a rock bar (hotel one block north-east).
1 bedrooms, 1 bathroom, 798 sqft, 2,200-sqft lot, MLS(r) #40408315 $400 / sqft
Absolute best urban, island location for this 1 bedroom, 1 bath cottage. Short walk to the heart of Alameda's shops, cafes, restaurants, new movie house, commuter bus and more! Hardwood floors, updated kitchen & lighting, washer/dryer, fireplace and lovely details in this historic cottage.
The location and the street's trailer trash name ("Marti Rae"?) seem to attract savvy buyers:
Property History for 2418 MARTI RAE Ct
| Date | Event | Price |
|---|---|---|
| May 05, 2009 | Listed | $320,000 |
| Jun 25, 2004 | Sold | $419,000 |
| Mar 06, 2001 | Sold | $245,000 |
| Jun 10, 1998 | Sold | $137,000 |
| Oct 16, 1989 | Sold | $132,500 |
| Dec 16, 1988 | Sold | $115,000 |
Note the negative real appreciation through the 1990s we saw before. This thing has no business being more than $150,000.
Update 9/29/09: Some idiot bought this for $340,000.
While we're on the topic of successful real estate investments, the little big Victorian at 2117 Encinal comes to mind.
The address sounded mighty familiar, and sure enough a little poking around reveals a tumultuous and recent history:
So we know this house was on the market at some point in 2008 for $1,000 over its previous sale price in 2004. If the basement is fully built-out, I'd guess it's on the order of 2,200-2,500 sqft based on many similar high-basement Victorians I've seen, and so at just under $580,000 this property is now priced around $230-$265 / sqft, which means it'll likely sell quickly, especially if the inside is in good shape. Looks like the banks are finally getting it.
Update: After a little more checking, I found this house is 2,400 sqft (not bad for an armchair guesstimate) and the inside was "completely renovated," including a foundation job. This one won't last long, in spite of its small lot and its location on a busy (but not awful) stretch of Encinal.
5* bedrooms, 3 bathrooms, 3,500-sqft lot, MLS(r) #40405054, $579,900
* or 4, depending on where you look
Bank owned Victorian with lots of upgrades. Property [...] including a large master suite on a main level. Full basement [...] 3 bedrooms and 1 bath. A must see!
The address sounded mighty familiar, and sure enough a little poking around reveals a tumultuous and recent history:Ah, the fabled MLS rules, as truthful as Правда, as transparent as Гла́сность, as friendly as a Стул ведьмы. But thankfully we have them internets to help us out. It's not perfect, but it's something:Property History for 2117 Encinal
Date Event Price Apr 15, 2009 Listed $579,900 Aug 30, 2008 Off Redfin * Jul 22, 2008 Price Changed * Jun 14, 2008 Listed * Jun 14, 2008 Off Redfin * Mar 14, 2008 Listed * Jan 12, 2004 Sold $648,000 Jun 12, 2002 Sold $340,000
*Per MLS rules, we cannot display prices from inactive listings.
So we know this house was on the market at some point in 2008 for $1,000 over its previous sale price in 2004. If the basement is fully built-out, I'd guess it's on the order of 2,200-2,500 sqft based on many similar high-basement Victorians I've seen, and so at just under $580,000 this property is now priced around $230-$265 / sqft, which means it'll likely sell quickly, especially if the inside is in good shape. Looks like the banks are finally getting it.Update: After a little more checking, I found this house is 2,400 sqft (not bad for an armchair guesstimate) and the inside was "completely renovated," including a foundation job. This one won't last long, in spite of its small lot and its location on a busy (but not awful) stretch of Encinal.
If a baker is willing to spend time and effort on presentation for $2 pastries, you'd think a Realtor(r) would have the decency to do the same when the price tag is 201,000 times that. But evidently that's not the case. 1127 "BROAD Way", represented by an illiterate, spastic baboon by the name of Wilson Stephens of "WS Investments" (I wonder if he's the WS), has the following specs and unfortunate description:
Mr. Stephens might be the only person in the English-speaking world who can't spell "Broadway" properly.
That medium-sized house on a little lot is priced to sell, assuming the inside isn't wrecked, and its open house(s) will probably be "mobbed", to use the vernacular. It's still way too much money for such a boring house in a high-traffic location with practically no lot, but there's a fool born every minute willing to catch the knives thrown by even greater fools:
2 bedrooms, 1 bathroom, 1,300 sqft, 2,590-sqft lot, MLS(r) #40404977, $402,000
Lovely Home in ALameda, Move in Ready w/ Bright ,light and Airy open plan.Hardwood floors, tile in Bonus rm.
Mr. Stephens might be the only person in the English-speaking world who can't spell "Broadway" properly.That medium-sized house on a little lot is priced to sell, assuming the inside isn't wrecked, and its open house(s) will probably be "mobbed", to use the vernacular. It's still way too much money for such a boring house in a high-traffic location with practically no lot, but there's a fool born every minute willing to catch the knives thrown by even greater fools:
You read right, some bright bulb got themselves a Christmas present 3 1/2 years ago for $675,500 ($520 / sqft) and promptly proceeded to lose it, to nobody's surprise. They apparently tried to get rid of the house in March 2007 and had the gall to ask $699,500. It'll probably sell this time around, since the asking price is 43% off and flirting with reasonableness, but lower Broadway sure feels a bit crowded these days.Sales History
Sale History & Tax Info Sale History 11/12/2008: $577,494 * 12/23/2005: $675,500 10/24/1997: $210,000 No other sale data is available * Transaction not included in Zestimate. More info
Majestic, towering pine trees are precious little things, and if you'd like the opportunity to dine alfresco behind one, here's your chance. 1901 Eagle Avenue has the following specs:
Factoring in inflation and agent commissions, it looks as though we're getting back to late 2002 prices:
Update 9/5/09: Sold for $540,000 in May.
2 bedrooms, 1 bathroom, 1,472 sqft, 2,800-sqft lot, $499,000You'll have to squeeze a little, though, because the lot is under 3,000 sqft.
This charming 1910 split-level Craftsman is nestled behind a majestic pine on a quiet tree-lined street in Central Alameda. With 1472 sq. ft, this home boasts a spacious living room with wainscoting, a beautiful stained glass window, wood burning fireplace and hardwood floors that flow into the dining room. The updated eat-in kitchen has loads of storage and a laundry nearby. A large sunny bedroom and bath are on the first floor. The second floor has a bedroom and cozy attic room with loads of potential. Outside, the sheltered yard offers a quiet place for gardening, relaxing or dining alfresco and the detached garage offers room for a workshop. For the boating enthusiast, the Alameda Marina is just one block away.
Factoring in inflation and agent commissions, it looks as though we're getting back to late 2002 prices:
The property tax seems a little high to me (and delinquent, too), based on the previous sale price; perhaps the property was reassessed for an "equity withdrawal"? The house appears to be in very good shape inside and out, based on the Craigslist post photos, and it's a rare house these days that hasn't paid for its own maintenance. At any rate, it's certainly priced somewhat aggressively at $339 / sqft and will likely sell in short order. It's not priced right, mind you, what with the tiny lot and subprime location (this neighbor isn't looking too proud), just well enough to stand a chance at selling soon.Last sale and tax info
- Sold 12/31/2002: $437,000
- 2008 Property Tax: $6,134
Update 9/5/09: Sold for $540,000 in May.
Speaking of fake wealth destruction, today's little Victorian at 1009 Central is up there with the best of them.
The pointy roof looks odd to me--I could be convinced it's original to the 1891 building, but something tells me it was added later on, based on countless other little Victorian cottages sprinkled all over the island.
The listing claims this is a two-story home, but it looks like a one-floor, high-basement cottage with a finished (or not) basement. There's what looks like a permit ready to go to convert the basement back to storage, so I'm not sure whether all four of the bedrooms (not to mention the two stowaway bathrooms) would stay:
I didn't find a permit for foundation work; one other recent permit indicates some sheetrock had to be removed in the basement to ascertain whether basement walls were load-bearing and bring the basement up to code. All of this suggests to me the foundation might need some work, but again I'm happy to be corrected if anyone has credible evidence to the contrary (one wishes more homes would make that determination as easy as 2323 Buena Vista).
Now, what about that phantom wealth destruction?
Update 9/19/09: Relisted for $460,750.
4 bedrooms, 2 bathrooms (+ 2 non-permitted bathrooms), 1,365 sqft, 5,440-sqft lot, MLS(r) #40401382, $499,000
Beautifully maintained Victorian [...] lot of charm. Hardwood floors, updated kitchen [...] 2 bathrooms without permit [...] no garage but huge driveway for plenty of parking.
The pointy roof looks odd to me--I could be convinced it's original to the 1891 building, but something tells me it was added later on, based on countless other little Victorian cottages sprinkled all over the island. The listing claims this is a two-story home, but it looks like a one-floor, high-basement cottage with a finished (or not) basement. There's what looks like a permit ready to go to convert the basement back to storage, so I'm not sure whether all four of the bedrooms (not to mention the two stowaway bathrooms) would stay:
| Case / Application / Permit Number | CB07-1243 | ||
| Type / Classification | Building | ||
| Combination Building Permit | |||
| Residential / Over the Counter | |||
| Address |
1009 CENTRAL AVE ALAMEDA, CA 94501 |
||
| Parcel Number | 073-0392-015-00 | ||
| File Date | 11/16/2007 | ||
| Status | B_OTC - Ready to Issue | ||
| Status Date | 2/15/2008 | ||
| Valuation | $0.00 | ||
| Fees | $7,107.35 | ||
| Payments | $3,553.50 | ||
| Balance | $3,553.85 | ||
| Description | CODE ENF:X04-0395 & X05-0222(MM)CONVERT BASEMENT BACK TO STORAGE AREA BY CAPPING OFF BATHROOMS & KITCHEN -PLBG/MECH/ELE FROM ORIGINAL SOURCE & CONVERT ATTIC BACK TO STORAGE AREA (BLDG/PLBG/MECH/ELE) |
I didn't find a permit for foundation work; one other recent permit indicates some sheetrock had to be removed in the basement to ascertain whether basement walls were load-bearing and bring the basement up to code. All of this suggests to me the foundation might need some work, but again I'm happy to be corrected if anyone has credible evidence to the contrary (one wishes more homes would make that determination as easy as 2323 Buena Vista).
Now, what about that phantom wealth destruction?
That's about 29% off its 2005 sale price. Of course, I expect some agent to chime in triumphantly when it sells quickly after multiple bids over asking. They can cling to their denial of the inevitable return to normalcy that's hitting the Bay Area for as long as they want.Property History for 1009 CENTRAL Ave
Date Event Price Mar 21, 2009 Listed $499,000 Aug 04, 2005 Sold $700,000
Update 9/19/09: Relisted for $460,750.
Every once in a while a house is actually priced realistically. Not affordably, mind you--that's for 2010 and 2011. But today's listing at 1429 Gibbons doesn't monkey around.
Of course the cherry on top is the sale history showing not one but two prior sales at a higher price:
3 bedrooms, 3 1/2 bathrooms, 2,980 sqft, 6,231-sqft lot, MLS(r) #352702, $799,000This house is so pretty and the price is so uncharacteristically reasonable ($268/sqft) I will forgive the agent's horrifying capitalization. Just this once.
Beautiful Original Woodwork, Ballroom Size Living Room [...] Remodeled Kitchen, [...] Good Layout for Live-in Au-Pair, Abundant Attic and Basement Storage. Wrap-Around Garden and Play Areas.
Of course the cherry on top is the sale history showing not one but two prior sales at a higher price:
Sale History:Just two years ago this property would easily have been listed at $1.2M and probably sold. But times have changed (they're only just getting started). I'll be very surprised if it's not sold by week's end above list price (buyers still go ape over big East End properties) assuming there's no structural skeleton lurking in the closet, or in the attic.
10/29/2004: $965,000
07/12/2002: $810,000
Today's newest Victorian has a mysterious obsession with water.
The sale history suggests an intra-family transfer of some kind--a plot of land that size, with lagoon access, was worth far more than $56,500, even without a beautiful Victorian sitting on it.
Update 4/25/09: Price dropped to $995,000 several weeks ago.
6 bathrooms, 4,501 sqft, 12,660-sqft lot (!), MLS(r) #40378361, $1,150,000
Great water income property. [...] victorian w/full basement and finished attic, 3 story water tower for future use, 6 off street parkings, 2 newer units in back [...] on lagoon. Approx. 300' deep [...]The public records say nothing about bedrooms; only bathrooms matter in this "water income property" with a "water tower for future use" (is that when the aliens have invaded Earth and turned all our water into liquid hydrogen?) "on lagoon." Regardless, it is a striking building:
(note the model in front demonstrating one of the "6 off street parkings." in her spiffy new white Dodge)
The sale history suggests an intra-family transfer of some kind--a plot of land that size, with lagoon access, was worth far more than $56,500, even without a beautiful Victorian sitting on it.
Without any information about the layout, it's hard to even guess at what kind of income the property might bring in, but at $255 / sqft in that location, it's a steal and should go in a heartbeat, assuming the property's inside matches its exterior. And guess who's not too happy about this listing?Last sale and tax info
- Sold 03/21/1997: $56,500
- 2008 Property Tax: $5,218
Update 4/25/09: Price dropped to $995,000 several weeks ago.
Calling all fine neighborhoodlums, today's good-sized Colonial on a miniature lot has a lot to recommend it: location, location, location, size, the whole neighborhood's extraordinary curb appeal, and an interesting pricing strategy.
From the outside, it's pretty and certainly holds its own against its neighbors; at least as much as the big Craftsman right next door to the Zeus temple building a couple of blocks away, if it weren't for the tiny lot and possible garagelessness. But what's of interest is that the asking price is almost reasonable given the area ($423 / sqft), and is strategically below $600,000, which seems to be the sweet spot for "starter homes" in Alameda--except it's a lot larger and/or in an arguably better neighborhood than most of its sub-$600K brethren. Another notable tidbit is that $600,000 is precisely what the owner paid four years ago, almost to the day:
Unless there's something truly wretched about this property, I expect it won't last terribly long.
Update 2/22/09: Thanks to readers bespoke and Alameda Realtor, who pointed out this property is back on the market as MLS(r) #40396374, at a lower price ($565,000).
Update 3/21/09: Dropped to $549,000. Death by a thousand price cuts. Maybe next time the owner will buy a property with a garage (or at least a driveway) and more than 24 inches separating it from its neighbor.
2 bedrooms, 1 bathroom, 1,389 sqft, 1,980-sqft lot, MLS(r) #40376605, $588,000
Alameda's Gold Coast calls those who want a fine neighborhood AND a classic Colonial Revival. [...] small lot has an afternoon sun-drenched garden. Nice sized rooms on both levels [...] surrounded by many of Alameda's large stunning properties.
From the outside, it's pretty and certainly holds its own against its neighbors; at least as much as the big Craftsman right next door to the Zeus temple building a couple of blocks away, if it weren't for the tiny lot and possible garagelessness. But what's of interest is that the asking price is almost reasonable given the area ($423 / sqft), and is strategically below $600,000, which seems to be the sweet spot for "starter homes" in Alameda--except it's a lot larger and/or in an arguably better neighborhood than most of its sub-$600K brethren. Another notable tidbit is that $600,000 is precisely what the owner paid four years ago, almost to the day:The list price is also less than the current Zestimate of $615,000, the much-maligned inaccuracy of which some agents are very willing to ignore when it serves their interest.Last sale and tax info
- Sold 10/19/2004: $600,000
- 2007 Property Tax: $7,644
Unless there's something truly wretched about this property, I expect it won't last terribly long.
Update 2/22/09: Thanks to readers bespoke and Alameda Realtor, who pointed out this property is back on the market as MLS(r) #40396374, at a lower price ($565,000).
Update 3/21/09: Dropped to $549,000. Death by a thousand price cuts. Maybe next time the owner will buy a property with a garage (or at least a driveway) and more than 24 inches separating it from its neighbor.
An adorable Victorian at 1514 Minturn showed up in my email box today courtesy of Trulia. It's a pretty "duplex", which really means "high-basement conversion" based on the square footage and the high-basement look of it (photo below) with the following specs:
Listed at $599,000 ($461 / sqft), it's probably going to sell reasonably quickly, although the current credit contraction + holiday season combo is not exactly playing in its favor. It's also not clear how it would be cash-flow-positive as an investment property, given that a 6.5%-interest mortgage assuming 20% down is at least $3,000 / month, not counting maintenance or property tax, and I have a hard time imagining either unit in this house renting for much more than$1,500 $750 a month (turns out each unit is about 650 sqft).
It certainly hasn't been a terribly cash-flow-positive investment for the current owners:
Update 11/3/08: Here's a bank that doesn't mess around. Priced at $420,000 today.
Update 11/20/08: A reader reported this property sold for $476,000, a 34% drop in value from its previous transaction just three years ago. Yay (and thanks for the tip)!
Update 11/25/08: Back/still on the market?
Update 1/2/09: Still on the market.
Update 1/11/09: Back on the market with new agent, new price ($380,000), and old musty smells. Thanks to the commenters who pointed this out.
4 bedrooms, 2 bathrooms, 1,300 sqft, MLS(r) #, $599,000The location is great if you like peace and quiet--it's at the end of a cul-de-sac--but less so if you like large lots. I couldn't find the lot's square footage anywhere, but judging by the Google map's aerial view, it doesn't look too big. The property (or part thereof) appears to have been used as the headquarters for a painting business named Grand Finishes.
Victorian Duplex Pride of Ownership , 2 floors, harwood floors
Listed at $599,000 ($461 / sqft), it's probably going to sell reasonably quickly, although the current credit contraction + holiday season combo is not exactly playing in its favor. It's also not clear how it would be cash-flow-positive as an investment property, given that a 6.5%-interest mortgage assuming 20% down is at least $3,000 / month, not counting maintenance or property tax, and I have a hard time imagining either unit in this house renting for much more than
It certainly hasn't been a terribly cash-flow-positive investment for the current owners:
Who exactly thought this little house justified paying almost three quarters of a million?Last sale and tax info
- Sold 09/30/2005: $720,000
- 2007 Property Tax: $9,404
Update 11/3/08: Here's a bank that doesn't mess around. Priced at $420,000 today.
Update 11/20/08: A reader reported this property sold for $476,000, a 34% drop in value from its previous transaction just three years ago. Yay (and thanks for the tip)!
Update 11/25/08: Back/still on the market?
Update 1/2/09: Still on the market.
Update 1/11/09: Back on the market with new agent, new price ($380,000), and old musty smells. Thanks to the commenters who pointed this out.
One of four listings to hit the market all at once this week, 1724 Alameda Avenue is also the most interesting. I wasn't able to find any public domain pictures, so I'll probably shoot a couple this weekend and post. First, the specs:
I took a look at this property; the lot is so big you can't really take good pictures of the building without trespassing, which I wasn't interested in doing, so here's what you can see from the street:
$339 / sqft for a big, beautiful house with bonus cottage on a giant lot in the Gold Coast means it's not going to last.
4 bedrooms, 1 bathroom, 2 stories, unfinished basement, 2,652 sqft, 13,200-sqft lot, MLS(r) #40373116, $899,999You read right. 13,200-sqft lot, in a great location, where they truly aren't making any more land. Built in 1889, it's also been owned by the same folks for a long time, judging by the low property tax ($1,774) and absence of sale history on its Zillow page.
Sonoma in Alameda? [...] 4 bedroom Italianate style home [...] huge double lot with gardens, it also includes a spa like studio cottage. Main house needs cosmetics.[...]
I took a look at this property; the lot is so big you can't really take good pictures of the building without trespassing, which I wasn't interested in doing, so here's what you can see from the street:
$339 / sqft for a big, beautiful house with bonus cottage on a giant lot in the Gold Coast means it's not going to last.Update 10/11/08: As expected, it's already off the MLS.
Update 12/05/08: Sold for $870,000. Smart sellers.
Update 12/05/08: Sold for $870,000. Smart sellers.
Working late last night, I took a look at the MLS(r) sites without much hope of interesting new listings, and much to my surprise and delight, several new properties had shown up. Write-ups forthcoming for the following properties:
- 1800 Alameda Avenue, a bitsy Gold Coasty Craftsman
- 1724 Alameda Avenue, a large Gold Goasty "Italianate" with 2 structures on an enormous lot
- 1101 College Avenue, a grossly overpriced, probably upside-down East End home
- A mysterious, expensive, address-less Gold Coast house
- A less mysterious, overpriced house in the East End
- A very expensive fourplex built in the 1960s at 1354 Pearl
I don't know if someone actually did to a decent CMA, or if the market beat the astronomical odds of having two sellers with a clue list their homes the same week, but we have ourselves an interesting battle of the Craftsman homes brewing.
To my left, the incumbent, listed on 9/19/08, is 1371 Pearl Street, a large Craftsman with the following specs:
To my right is 3215 Fairview Avenue, a far-East-End Craftsman with the following specs:
I don't know which one will sell first, but they're certainly priced somewhat reasonably for this market ($354 / sqft and $360 / sqft, respectively), and directly in competition with one another. My guess would be that Fairview will sell for more money and/or sooner, because of its location.
What is certain is that the fixers in the neighborhood are in for a serious reality check.
To my left, the incumbent, listed on 9/19/08, is 1371 Pearl Street, a large Craftsman with the following specs:
3 bedrooms, 1 1/2 bathrooms, 1,691 sqft, 4,920-sqft lot, finished basement(!), MLS(r) #40370464, $599,000No sale history on Zillow and a very low property tax for 2007 suggest it's been owned for a long time.
Charming [...] East End. Large living room [...] brick fireplace box beamed ceiling's and inlaid hardwood floors. [...] finished basement perfect for office [...] Deck off master bedroom [...]
To my right is 3215 Fairview Avenue, a far-East-End Craftsman with the following specs:
3 bedrooms, 2 bathrooms, 1,665 sqft, approx. 4,790-sqft lot, split level, MLS(r) #40371023, $599,000The sale history is somewhat recent, but suggests the owner has maneuvering room:
[...] craftsman [...] one of Alameda's most sought after neighborhood
Pearl has a basement and seems to be in beautiful condition judging by the photos on the property site. Fairview has the extreme East End appeal that makes people lose their minds and overbid like crazy.Last sale and tax info
- Sold 02/22/2001: $400,000
- 2007 Property Tax: $5,882
I don't know which one will sell first, but they're certainly priced somewhat reasonably for this market ($354 / sqft and $360 / sqft, respectively), and directly in competition with one another. My guess would be that Fairview will sell for more money and/or sooner, because of its location.
What is certain is that the fixers in the neighborhood are in for a serious reality check.
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