Repeat offenders: September 2009 Archives

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