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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.

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.

A pair of large matching homes were spamming Craigslist about three years ago: 2318 Pacific Avenue and 2324 Pacific Avenue. After multiple attempts, 2318 Pacific is back again as MLS(r) ID #40514855 at a new, more realistic price of $649,000. Its valiant (not) attempts at selling made Knifecatchers' "Best of 2008".


It's described as follows:

Large 3,600 sqft duplex at the prime Park St District. Original details, high ceiling, skylights, hardwood floor. Great income. Surrounded by a mix of shops & restaurants in the Park St Business District / Downtown Alameda. Half a block to Park St, Marketplace, McGee's, King of Thai Noodle, Habanas, Ole's Waffle Shop, Free Library, Alameda Theatre, City Hall.

"Prime Park St District" may be true if you don't mind being both close enough to the main drag to be annoying (if you live there) and far enough away to be annoying (if you're running a business and need the foot traffic).

The new price is down an impressive $801,000 from its initial list price back in 2008.

Don't believe me?

Redfin doesn't show the price history, only the listing history with price changes and delist/relist events, but it's entertaining nonetheless.

Date	Event		Price	Appreciation	Source
Mar 21, 2011	Listed (New)		$649,000	--	EBRD #40514855
Mar 19, 2011	Delisted		*	--	Inactive EBRD #8
Mar 18, 2011	Listed (New)		*	--	Inactive EBRD #8
Nov 20, 2008	Delisted		*	--	Inactive EBRD #7
Oct 13, 2008	Listed		*	--	Inactive EBRD #7
Jul 23, 2008	Delisted		*	--	Inactive EBRD #6
Jul 19, 2008	Price Changed		*	--	Inactive EBRD #6
Jul 10, 2008	Price Changed		*	--	Inactive EBRD #6
Jul 09, 2008	Price Changed		*	--	Inactive EBRD #6
Jun 23, 2008	Price Changed		*	--	Inactive EBRD #6
Jun 16, 2008	Price Changed		*	--	Inactive EBRD #6
May 27, 2008	Listed		*	--	Inactive EBRD #6
May 27, 2008	Delisted		*	--	Inactive EBRD #5
Apr 25, 2008	Listed		*	--	Inactive EBRD #5
Feb 12, 2008	Delisted		*	--	Inactive EBRD #4
Jan 23, 2008	Listed		*	--	Inactive EBRD #4
Jan 09, 2008	Delisted		*	--	Inactive EBRD #3
Nov 08, 2007	Listed		*	--	Inactive EBRD #3
Oct 30, 2007	Delisted		*	--	Inactive EBRD #2
Oct 26, 2007	Listed		*	--	Inactive EBRD #2
Oct 17, 2007	Delisted		*	--	Inactive EBRD #1
Sep 19, 2007	Price Changed		*	--	Inactive EBRD #1
Aug 08, 2007	Price Changed		*	--	Inactive EBRD #1
Jul 24, 2007	Listed		*	--	Inactive EBRD #1

Remember that post of the week about 1715 Schiller over two years ago? The poor little blue thing filled to the brim with discarded vehicles and other bits?


It's back (MLS #40505847) over two years later, apparently in the same condition--the agent is using the same photo, the price is in the same ballpark, and it's advertised as a "contractor special". Especially touching is the use of the same photo twice, with different aspect ratios, perhaps to highlight how versatile this house is, all 856 sqft of it. Or perhaps because the interior is NSFW.

The MLS(r) description says this:

Fixer! Priced to Quick Sale in Central Alameda. GREAT Opportunity! Buy low as a fixer and still have good value after fixing up! Not a Short Sale but is a distress sale and owers must Sell Now! Don't wait!!

The thing about fixing a house up is that there are fixed costs to the fixing, regardless of how small the house is. Your kitchen may be half the size of the average kitchen, but you're likely to spend more than half as much for a given finish level, if only because your appliances don't care where they live and cost the same in a 8x8 kitchenette as they do in a 20x20 gourmet extravaganza. In general, the smaller the house, the less (resale) value you're getting for a given improvement dollar, all else equal. Based on the original listing description, I wouldn't be surprised if the total cost of rehabbing this place was north of $50,000, bringing the TCO to a minimum of $300,000, or $350 / sqft for a tiny house on a tiny lot. Does that still constitute "good value after fixing up" in this market? You tell me.

Hard to believe, after all the trouble it had to sell, but 1304 Morton is back on the market.

Check out this recap post for its sad history, captured in spotty but gory detail on Redfin:

For reference, the current MLS(r) ID is 40499154 and the new list price is an eye-popping $1,329,000. The photos on Redfin are something else--get a load of the recording room with the built-in guitar-hanger niche, and the totally over-the-top home cinema room.

If I wanted a studio or a high-end movie theater in my house, I would want to have them built to my specs so I could pick out the components, layout, furniture, etc. The only reason I can think of to spend $400,000 over last year's price to get someone else's vision of those rooms is if I wanted those things but didn't have the cash to have them built, and so I'd want to roll their cost into my mortgage. But my sense is that this Victorian enchilada is going to have a hard time appraising out for an 80/20 loan--these kinds of "improvements" are so specific they rarely resell for what you spent on them. So any buyer is going to have to come up with some serious cash, and my contention is that any buyer with that kind of cash reserves isn't going to want someone else's dream theater/editing room/studio--they're going to want their own.

And it's not as though there's a penury of seven-digit houses (or almost) on the market; this house is now the priciest in all of 94501.

There's no question this is a superb house, and now as a bonus you can record your hit album and shoot (and edit!) your videos in your swank Victorian palace. And there's a handy gas station 200 feet away for your pyrotechnic effects. What's not to love?

I wonder who the first part of this "new" listing is directed to. 1419 Cottage Street, a cute overpriced cottage that failed to sell last year, is back on the market for a lower, still-too-high price. The specs, as a reminder:

3 bedrooms, 2 bathrooms, 1,289 sqft, 5,000-sqft lot, built in 1895, MLS(r) #40442977, $619,000 ($480 / sqft)

The agent helpfully confirms this is the same property one may have seen last year (emphasis mine), which saved me a couple of minutes. Thanks!

Yes, this one was on the market last year. New low price and additional work to the finished basement. Square footage will be approx double with some extra work. Quiet neighborhood. Great value.

The Zestimate a year and a half ago... (screenshot taken in Spring 2008; note the owner-inflated estimate):

was close to the then-asking price (screenshot taken today, 12/23/09):

The price has come crashing down to $619,000 and claims to be a great value, even though the renovations are still not finished. Note to agents and sellers: "less than I paid" does not equal "great value" to other people.

Date	Event	Price	Appreciation	Source
Dec 21, 2009	Listed	$619,000	--	EBRD #40442977
Aug 17, 2005	Sold (Public Records)	$700,000	13.4%/yr	Public Records
Aug 09, 2002	Sold (Public Records)	$479,000	--	Public Records

On a per-square-foot basis, $480 / sqft is a full $130 / sqft more than the going price these days, which in your case translates to about $170,000. In other words this property should be priced around $450,000. Sure, the agent claims there's a full floor's worth of square footage available, but 1) it's not verifiable unless you look at the permit status and 2) the work isn't finished yet. Expecting a $130 / sqft premium in advance for the promise of square footage when the next owner will have to fork over extra money to be able to live in that square footage is moronic.


So welcome back and happy holidays, little house. Happy new year, too.

The little bungalow on a little lot at 1312 Mound Street is back as MLS(r) #40437110 for $499,000, $39,000 more than the price at which it failed to sell a year ago. The agent is either not very creative or not very motivated to go beyond real estate 101 platitudes in the new description, other than the Morse code punctuation:

Location Location Location. .. .. 3 bedroom 1 bath with hardwood floors and backyard with low maintenance. ..

Please refer to the original post for details.

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

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

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

The transaction history is amusing:

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

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

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

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

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

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

Tis the season to be relisted. 2017 Lincoln Avenue disappeared a few months ago, but came roaring back this week, with new MLS(r) #40431603 and a slightly reduced price ($549,900, down from $560,000).

The description is cute:

[...] hardwood floors, Just needs a new owner to place the final touchs on this gem.

As is the house (it's the little blue one, not the pretty yellow one):

As for the location, it's cute mostly if you enjoy a high-traffic thoroughfare and a schoolyard across the street.

It appears this property took a detour through the bank before coming back on the market this time around:

Date	Event	Price
Sep 29, 2009	Listed	$549,900
Jul 10, 2009	Sold	$658,445
Oct 29, 2004	Sold	$509,000

Anyone care to speculate where the $150K increase between the initial loan in 2004 and the (ostensibly) repo price in July 2009 came from?

Various folks are predicting a spike in inventory in the last quarter of this year, and while I have no evidence today's property at 2512 Calhoun St is a distress sale, the sale history certainly doesn't suggest a happy transaction. Not to mention the fact it tried to sell itself last year to no avail. First the specs for the current listing:

Duplex, 5 bedrooms (3+2), 3 bathrooms, 1,665 sqft, MLS(r) #40430973, $679,000

[...] ideal for owner-occupancy with a great rental unit downstairs! Gleaming hardwood floors, granite counters, fresh paint inside & out. [...] On Demand water heater for efficiency! Brand new landscaping with sprinkler system. Feels like home, must see to appreciate!

This property is now listed for $679,000 ($408 / sqft), which is too high and has no chance in hell of ever making sense as an investment property the way rents are going. It's a tad less than it was last December ($699,000 then), but still nowhere near where it needs to be. But it certainly makes more sense than the price the owners paid just three years ago:

Date	Event	Price
Sep 24, 2009	Listed	$679,000
Dec 02, 2008	Delisted	*
Jun 30, 2008	Listed	*
Oct 17, 2006	Sold	$770,000

Welcome back, little duplex. Maybe this fall season will be kinder to you than last year's.

Speaking of recent relists, 3042 Thompson Avenue is back as MLS(r) #40429335 and with a $26,000 (3.6%) price cut to $699,000. Please refer to the original post for details. 

The pointy-hat Victorian at 1009 Central is back as MLS(r) #40429761 with a new, slightly lower price of $460,750, down from $499,000 last March. Please refer to the original post for details.


Here's a summary of the listing activity since 2005:

Date	Event	Price
Sep 16, 2009	Listed	$460,750
Jul 31, 2009	Sold	$432,000
Jun 04, 2009	Delisted	*
May 27, 2009	Relisted	*
Apr 01, 2009	Delisted	*
Mar 21, 2009	Listed	*
Aug 04, 2005	Sold	$700,000

Remember how, three or four years ago, housing bears were being mocked for missing out on the opportunity of a lifetime to get into the market and buy a house before everybody got priced out forever?

Well, those chickens are coming home in droves, with yet another Bayport McMansion coming back to the market just three years after it was purchased--again. You can read the specs on the original post.

Today's updated listing on Craigslist describes the house like this:

Beautiful Classic Colonial in prestigious Bayport Development of Alameda Ca. This home comes with a multitude of upgrades. Custom tile in entryway, French Doors that open up to a private office or Formal Dining room. Designer lights over Kithen breakfast counter. Fireplace in Family room with additional lighting. Finshed side and back patio with custom pavers. Beautifully landscaped yard with automatic sprinklers. Custom paint. Master Bedroom suite with private patio. Lots of Upgrades. Great Value! This is a Short Sale that has been lender approved for the price. BPO's have already been done. Can close escrow in less than 30 days!!

It's now listed for $675,000 (still with the old MLS(r) #40390663, which isn't active as far as I can tell), down from $695,000 back in January, down from $830,500 when it closed escrow almost exactly three years ago.

This is getting ridiculous.

A Victorian semi-wreck in a hideous location (if you're a single-family home), cozily nestled betwixt a laundromat and a tailor, standing directly across busy lower Park street from a party store and a stone's throw away from my favorite tire shop (perfect for those mid-afternoon nitrogen cravings), came back on the market for the third time in 18 months, and once again it is listed for more money that the last time around.

More money. Not less. And from walking past this property at least once a week, I can tell you its exterior looks haven't exactly improved with the passage of time. Here's what it looked like to Google's Street View van a little while ago:


Here's a handy summary; please refer to the previous post for details on the property.

• In May, 2008, 1192 Park Street hit the MLS(r) as #40340126, listed at a grotesque $925,000. It had been on Zillow prior to that for $898,000 or so, if memory serves, and failed to sell, so the seller raised the price in a bid to attract more potential buyers.

• Then, in October, 2008, the property came back, presumably bank-owned by then, listed at $708,500.

It didn't sell then, for obvious reasons, and now it's back, with timing so perfect it seems to have been carefully chosen to completely miss the peak of the selling season. And it's listed for $1,400 more than last year.

The sale and listing history are amusing; I suspect the June, 2008 transaction is the bank taking it back:

Property History for 1192 PARK St

Date	Event	Price
Aug 26, 2009	Listed	$709,900
Aug 16, 2009	Delisted	*
Jun 11, 2009	Price Changed	*
May 12, 2009	Listed	*
Apr 18, 2009	Delisted	*
Apr 17, 2009	Price Changed	*
Oct 18, 2008	Listed	*
Oct 01, 2008	Delisted	*
Jun 03, 2008	Sold	$644,100
May 02, 2008	Listed	*
Dec 07, 2005	Sold	$163,000
Apr 18, 2003	Sold	$112,000
Jun 29, 1990	Sold	$56,000

I harbor nothing but loathing for the (admittedly well-built) monstrosities that have flourished like kudzu out of the barren, infected soil of the west side for the past five years. They have no personality or yards (unless you count a spot to pitch your grill and a small-dog run as a yard), but they sport humongous floor plans, obscene kitchen and bathroom appointments, and price tags to match.

Thankfully, a lot of the investors idiots who bought into that development in the mid-2000s are losing their shirts.

This week, not one, not two, but three such monuments to housing bubbliness came on the market.

258 Bryant Avenue is by far the largest:

4 bedrooms, 3 1/2 bathrooms, 3,453 sqft, 5,162-sqft lot, MLS(r) #40426136, $975,000

It joins a chorus of other large houses on Bryant that have appeared on the market at various points in the past year or two:

• 410 Bryant (listed at $889,000, sold for $852,000, $6,500 less than its previous sale price, not counting commissions)
• 310 Bryant (listed at $799,000 last March, still unsold as far as I can tell)
• 350 Bryant (listed at $929,000 in late 2008, sold for $805,000 last Spring, a $51,500 loss v. its previous price before commissions)
  

258 Bryant is on its way to match its neighbors' performance--even if it sells at full price, the commissions guarantee a loss for the seller.

Property History for 258 BRYANT Ave

Date	Event	Price
Aug 24, 2009	Listed	$975,000
Nov 16, 2005	Sold	$956,000

2408 Coral Sea Street is a bit smaller, but still boasts 4 bedrooms and a "nice park close" by, which is handy to supplement the minuscule lot:

4 bedrooms, 2 1/2 bathrooms, 2,925 sqft, 3,760-sqft lot, MLS(r) #40426155, $737,550

[...] built in 2006. It sits near College of Alameda among a group of homes all recently built. Very spacious with living room, family room, large kitchen, courtyard off of dining room, laundry room, master bath suite. [...] nice park close to the house.

The funny non-round price is due to a rather checkered past:

Property History for 2408 CORAL SEA St

Date	Event	Price
Aug 24, 2009	Listed	$737,550
Dec 01, 2006	Sold	$567,000
Mar 23, 2006	Sold	$1,002,000

It, too, has neighbors in rather less than stellar shape:

• 2438 Coral Sea Street tried to sell itself numerous times and finally sold last spring for $750,000, $300,000 less than its initial list price in early 2008 and $230,000 less than its previous sale price in 2006. Blam.
  
• 2418 Coral Sea Street did too but still hasn't sold as far as I can tell.

Lastly, 238 Hollister Street, the smallest of the bunch. It "needs a new owner," evidently because the old one didn't work out too well. I wonder why a kitchen would need to be updated in a house built just 4 years ago.

3 bedrooms, 2 1/2 bathrooms, 2,361 sqft, 3,462-sqft lot, MLS(r) #40426267, $682,605

Move in Ready [...] updated kitchen, just needs a new owner to call this place home

Its price is also an amusing reflection of its owners' exceptional financial savvy:

Property History for 238 HOLLISTER Ave

Date	Event	Price
Aug 25, 2009	Listed	$682,605
Jun 02, 2009	Sold	$747,505
Dec 16, 2005	Sold	$832,000

One of its neighbors appeared to be having some trouble deciding what to do last October:

• 398 Hollister Avenue tried to sell itself for $787,000, then rent itself for $3,500 / month. Unsold as of 8/30/09.
  

So much for home ownership promoting neighborhood stability.

Update 9/28/09: 2408 Coral Sea sold for $688,500.

I don't know what about Stonehenge makes people pay too much and regret it with such alarming regularity. A third unit, 1547 B Santa Clara, just hit the market, for too much money, and just two years after its prior sale. The specs:

2 bedrooms,1 bathroom (2 per MLS(r)), 1,325 sqft, 2,880-sqft lot, MLS(r) #40425692, $598,000 ($451 / sqft)

ENCHANTING "Storybook" home. [...] Hardwood floors, stone fireplace, period lighting, built-in cabinetry, "cook's kitchen???-stainless appliances, marble trim, leaded glass. GLORIOUS fountains, ponds & garden views [...]

This unit was bought at the very top of the market, in late July 2007:

Last sale and tax info

Sold 07/31/2007: $630,000

2009 Property Tax: $8,056

At $451 / sqft it needs to drop quite a bit to make any kind of sense.

You may remember our old friend 1526 Pacific, a duplex that's been on and off the market for well over a year. It didn't sell at $650,000 last year, and so the sellers decided to slash the price by a whole thousand bucks down to a remarkably affordable $649,000 to stoke buyers' interest and get this thing sold PDQ. It's been back as MLS(r) #40420980 for a couple of weeks:

What a Perfect Opportunity to own a Chunk of Alameda. [...] Duplex with 3bd & 1 ba in each of the 2 units. [...] Park like setting. The Yard is as spectacular as the Investment opportunity. [...] This has to sell.

Note the cute "This has to sell." note at the end. If you're sticking to your delusional price after over a year has passed and the mother of all economic crises has hit, then you don't have to sell. You just want to sell, for as much money as possible. If you had to sell you'd drop it to $450,000 and have it sold before everyone is done buying real estate until 2010.

Yet another East End property purchased during the run-up just hit the market. 3042 Thompson Avenue has the following specs:

3 bedrooms, 2 bathrooms, 1,490 sqft, 4,400-sqft lot, MLS(r) #40410279, $725,000

Great Fernside District Neighborhood. [...] Formal Living Rm & Dining Rm. Breakfast nook facing front of house. Master Bedroom W/Bath & Exit Door to Deck and Yard. Newer Furnance,Water Heater and Windows.

Purchased in 2003 for too much money, it's now on the market for too much money ($487 / sqft).

Keep 'em coming. The more inventory we have, the more downward pressure on prices, even with all the Spring fever idiots buying for over asking.

Update 9/19/09: Back as MLS(r) #40429335 for $699,000.

To my surprise, an old favorite that failed to sell for the longest time is now back on the market. 1600 Dayton has the following specs:

6 bedrooms, 4 1/2 bathrooms, 4,000 sqft, 9,555-sqft lot, MLS(r) #40408137, $1,799,000

Gold Coast Estate-1928 Original owner, custom. Sunken LR, outstanding craftsmanship. New Kitchen, new appliances. [...] natural wood entry, french doors, gothic touches, hardwood floors. [...]

At $1.8M ($450 / sqft) it's getting closer to the price it needs to be for a high-end mansion type, although it's still a mighty big check to write. It's certainly priced better today than it was the last few times it was listed:


or:

Date	Event	Price
May 04, 2009	Listed	$1,799,000
Dec 16, 2008	Delisted	*
Sep 29, 2008	Price Changed	*
Mar 25, 2008	Price Changed	*
Jan 02, 2008	Listed	*
Jul 07, 2007	Listed	*

The neighborhood is about as good as it gets, and while it's not my cuppa architecturally speaking, it might actually sell this time around, assuming it's structurally sound (one of the issues with another very large property that remains unsold after multiple large price drops, in addition to its owner's questionable ethics, was its giant brick foundation and a lot of "deferred maintenance" on the roof and various other parts). The one thing I vaguely remember from one of Dayton's prior incarnations was some truly hideous wood paneling in one of the rooms, but it shouldn't incur too big a penalty.


Thanks for the well wishes, everyone.