<?xml version="1.0" encoding="utf-8"?>
<rss version="2.0">
    <channel>
        <title>Knife Catchers</title>
        <link>http://www.knifecatchers.com/blog/</link>
        <description>A blog documenting the implosion of one of the largest housing bubbles in US history, with a focus on Alameda real estate.</description>
        <language>en</language>
        <copyright>Copyright 2008</copyright>
        <lastBuildDate>Thu, 20 Nov 2008 23:27:35 -0800</lastBuildDate>
        <generator>http://www.sixapart.com/movabletype/</generator>
        <docs>http://www.rssboard.org/rss-specification</docs>
                <item>
            <title>The raging forties--1011 Broadway, Alameda, CA</title>
            <description><![CDATA[For some reason, a lot of <a href="http://www.knifecatchers.com/blog/2008/11/solid221-central-avenue-alamed.html">1940s</a> houses are coming on the market. Today's ugly 1949 building is a bungalow with "huge potential":<br /><br /><blockquote>2 bedrooms, 1 bathroom, 1,260 sqft, 4,000-sqft lot, MLS(r) #40382108, $419,900<br />Great east end location. Needs TLC, but huge potential. [...]<br /><br /><span class="mt-enclosure mt-enclosure-image"><img alt="1011-broadway-street-view.jpg" src="http://www.knifecatchers.com/blog/2008/11/20/1011-broadway-street-view.jpg" class="mt-image-center" style="margin: 0pt auto 20px; text-align: center; display: block;" height="338" width="532" /></span></blockquote>First of all, it's not really an east end location--it's on the west side of Broadway. Second, I fail to see how a n ugly 1940s-era bungalow in <strike>bad shape</strike> need of "TLC" on a small lot right by Otis has "huge potential." Third, if it needs TLC, why the hell did you <a href="http://www.zillow.com/homedetails/1011-Broadway-Alameda-CA-94501/24859261_zpid">buy it</a> for...<br /><br /><blockquote><h3>Last sale and tax info</h3>
		
			<dl class="infoList"><dt>Sold 10/07/2005: $560,000
			 	
				</dt><dt>2008 Property Tax: $7,236</dt></dl></blockquote>and quickly proceed to do very little to fix it up and unleash its huge potential? Might it be because you paid way too much and ran out of money?<br /><br />There appears to be an infinite supply of idiots running around loose and buying houses in Alameda. Be careful out there.<br />]]></description>
            <link>http://www.knifecatchers.com/blog/2008/11/the-raging-forties1011-broadwa.html</link>
            <guid>http://www.knifecatchers.com/blog/2008/11/the-raging-forties1011-broadwa.html</guid>
                            <category domain="http://www.sixapart.com/ns/types#category">Listings</category>
                            <category domain="http://www.sixapart.com/ns/types#category">Loss leaders</category>
                            <category domain="http://www.sixapart.com/ns/types#category">Overpriced</category>
                                        <category domain="http://www.sixapart.com/ns/types#tag">94501</category>
                            <category domain="http://www.sixapart.com/ns/types#tag">Broadway</category>
                            <category domain="http://www.sixapart.com/ns/types#tag">bungalow</category>
                        <pubDate>Thu, 20 Nov 2008 23:27:35 -0800</pubDate>
        </item>
                <item>
            <title>Solid--221 Central Avenue, Alameda, CA 94501</title>
            <description><![CDATA[Few interesting new listings means few new posts. The most exciting new property to hit the market this week is this remarkably boring wartime west-ender at 221 Central:<br /><br /><blockquote>4 bedrooms, 2 bathrooms, 1,323 sqft, 5,280-sqft lot, MLS(r) #40381893, $599,000 <br />Charming [...] Bungalow with a porch, hardwood floors, [...] kitchen with solid counter tops. Separate Garage/Workshop. [...] backyard with fruit trees and fenced front yard.<br /><br /><span class="mt-enclosure mt-enclosure-image"><img alt="221-central-street-view.jpg" src="http://www.knifecatchers.com/blog/2008/11/20/221-central-street-view.jpg" class="mt-image-center" style="margin: 0pt auto 20px; text-align: center; display: block;" height="330" width="540" /></span></blockquote>Zip Realty says it's a short sale, and it sure <a href="http://www.zillow.com/homedetails/221-Central-Ave-Alameda-CA-94501/24864548_zpid">looks like it</a>:&nbsp; <br /><br /><blockquote><h3>Last sale and tax info</h3>
		
			<dl class="infoList"><dt>Sold 05/05/2005: $600,000
			 	
				</dt><dt>2008 Property Tax: $7,750</dt></dl></blockquote>Why anybody would pay $600K ($447 / sqft) for a 1943 bungalow in that location is a mystery.&nbsp; Expecting essentially the same price 3 1/2 years later in this market (with a listing date in late November on top of that) just makes no sense at all, even with solid counter tops and a white picket fence. Drop it $150K and get it over with.<br />]]></description>
            <link>http://www.knifecatchers.com/blog/2008/11/solid221-central-avenue-alamed.html</link>
            <guid>http://www.knifecatchers.com/blog/2008/11/solid221-central-avenue-alamed.html</guid>
                            <category domain="http://www.sixapart.com/ns/types#category">Loss leaders</category>
                            <category domain="http://www.sixapart.com/ns/types#category">Overpriced</category>
                                        <category domain="http://www.sixapart.com/ns/types#tag">94501</category>
                            <category domain="http://www.sixapart.com/ns/types#tag">bungalow</category>
                            <category domain="http://www.sixapart.com/ns/types#tag">Central</category>
                            <category domain="http://www.sixapart.com/ns/types#tag">short sale</category>
                        <pubDate>Thu, 20 Nov 2008 07:52:35 -0800</pubDate>
        </item>
                <item>
            <title>Come see--2017 Lincoln Ave, Alameda, CA</title>
            <description><![CDATA[This cute blue property at 2017 Lincoln has been on the market for ages, but I missed its débutante ball in mid-May and didn't write about it then. Poking around on Zip Realty, its scarlet "Short Sale" badge drew me in, so here goes.<br /><br /><blockquote>3 bedrooms, 1 1/2 bathrooms, 1,443 sqft, 5,320-sqft lot, MLS(r) #40344005, $560,000<br /><br />Come see this home. Fully loaded with [...] located within a stroll's distance to park street alameda theatre!!!
<br /></blockquote><font style="font-size: 0.8em;">(Never mind that <a href="http://www.hud.gov/offices/fheo/disabilities/index.cfm">some people can't stroll</a>.)</font> <br /><br />Here's a family portrait of our fully-loaded property standing next to its older sibling:<br /><br /><span class="mt-enclosure mt-enclosure-image"><img alt="2017-lincoln-street-view.jpg" src="http://www.knifecatchers.com/blog/2008/11/14/2017-lincoln-street-view.jpg" class="mt-image-center" style="margin: 0pt auto 20px; text-align: center; display: block;" width="497" height="346" /></span>It's reasonably sized and at $388 / sqft not grotesquely overpriced compared to other listings on the market (note that I didn't say it was reasonably priced). Its price was dropped to $560,000 from $649,000 back in early August, and it's still sitting around waiting for a buyer. I don't know when it became an official short sale, but $560,000 is 11% more than the <a href="http://www.zillow.com/homedetails/2017-Lincoln-Ave-Alameda-CA-94501/24860630_zpid">previous sale price</a>, which suggests the loan balance has grown either due to a gnarly negative-amortization mortgage with very low pick-a-payments and/or a HELOC gone wild. <br /><br /><blockquote><h3>Last sale and tax info</h3><dl class="infoList"><dt>Sold 10/29/2004: $509,000
			 	
				</dt><dt>2008 Property Tax: $6,77</dt></dl></blockquote>The property appears to be very close to its neighbors, in spite of a large-ish lot, and <a href="http://maps.google.com/maps?f=q&amp;hl=en&amp;geocode=&amp;q=2017+lincoln+avenue,+alameda,+ca&amp;sll=37.0625,-95.677068&amp;sspn=45.8712,66.972656&amp;ie=UTF8&amp;ll=37.772241,-122.250012&amp;spn=0.005623,0.008175&amp;t=h&amp;z=17&amp;layer=c&amp;cbll=37.770571,-122.250312&amp;panoid=nn-rqAS51B4ZypPN7f6Wng&amp;cbp=1,179.43797926600155,,0,1.6438286108922235">right across the street from something that looks like a high school</a>, so the location is less than ideal if you value peace and quiet, but then again if that's the case you're probably not shopping on Lincoln anyway. The location + short sale + left on the shelf + economy + holiday season combo puts the odds of a quick sale pretty close to nil.<br /><br />]]></description>
            <link>http://www.knifecatchers.com/blog/2008/11/come-see2017-lincoln-ave-alame.html</link>
            <guid>http://www.knifecatchers.com/blog/2008/11/come-see2017-lincoln-ave-alame.html</guid>
                            <category domain="http://www.sixapart.com/ns/types#category">Listings</category>
                            <category domain="http://www.sixapart.com/ns/types#category">Loss leaders</category>
                            <category domain="http://www.sixapart.com/ns/types#category">Price drops</category>
                                        <category domain="http://www.sixapart.com/ns/types#tag">Lincoln</category>
                            <category domain="http://www.sixapart.com/ns/types#tag">short sale</category>
                        <pubDate>Fri, 14 Nov 2008 23:43:08 -0800</pubDate>
        </item>
                <item>
            <title>Darling--1418 5th Street, Alameda, CA</title>
            <description><![CDATA[This week's Victorian made me laugh.<br /><br /><blockquote>4 bedrooms, 3 bathrooms, 2,494 sqft, ~6,000-sqft lot, 3 units (2x 1BR, 1x2BR), MLS(r) #40380511<br /><br />Darling Victorian Triplex [...] Magical
garden w/ space galore! [...] units all with large
kitchens and lots of original details. A must see!<br /><br /><span class="mt-enclosure mt-enclosure-image"><img alt="1420-5th-st-street-view.jpg" src="http://www.knifecatchers.com/blog/2008/11/14/1420-5th-st-street-view.jpg" class="mt-image-center" style="margin: 0pt auto 20px; text-align: center; display: block;" width="474" height="336" /></span></blockquote>It certainly doesn't look like a house that started out as a triplex--<strike>more like a high-basement cottage whose lower half was put to use. I'm happy to be corrected if </strike>that is indeed one big Victorian with 2,494 sqft of above-ground living space (thanks to reader T. Fergusen for the tip; I might verify it if the agent holds an open house).<br /><br />What made me laugh, exactly?<br /><br />They're asking $1,150,000 ($461 / sqft). Assuming 6.5% interest and 10% down, we're looking at a $6,500 mortgage, with another $1,000 for property tax. How exactly do you expect to cover that with 2 1-bedroom and 1 2-bedroom units' rents?<br /><br />What is it about big lots and "magical gardens" in the west end that causes owners to <a href="http://www.knifecatchers.com/blog/2008/08/truly-lovely152-santa-clara-av.html">lose their minds over the value of their properties</a>? What is it about the current market that leads people to believe they'll be able to unload their houses at these delusional prices, especially considering <a href="http://www.knifecatchers.com/blog/2008/09/78-percent-in-4-years--1833-san-antoni.html">many</a> of the <a href="http://www.knifecatchers.com/blog/2008/10/victorian-water-closet2140-cli.html">comps</a> <a href="http://www.knifecatchers.com/blog/2008/08/yesterdays-charm-last-years-li.html">haven't</a> <a href="http://www.knifecatchers.com/blog/2008/05/whats-880k-between-friends2152.html">exactly</a> set <a href="http://www.knifecatchers.com/blog/2008/04/want1304-morton-street-alameda.html">the market </a>on fire? <br /><br />This property has no business being priced in the seven digits.<br /><br /><br /> ]]></description>
            <link>http://www.knifecatchers.com/blog/2008/11/darling1418-5th-street-alameda.html</link>
            <guid>http://www.knifecatchers.com/blog/2008/11/darling1418-5th-street-alameda.html</guid>
                            <category domain="http://www.sixapart.com/ns/types#category">Listings</category>
                            <category domain="http://www.sixapart.com/ns/types#category">Overpriced</category>
                                        <category domain="http://www.sixapart.com/ns/types#tag">5th</category>
                            <category domain="http://www.sixapart.com/ns/types#tag">94501</category>
                            <category domain="http://www.sixapart.com/ns/types#tag">multi-family</category>
                            <category domain="http://www.sixapart.com/ns/types#tag">Victorian</category>
                        <pubDate>Fri, 14 Nov 2008 08:27:36 -0800</pubDate>
        </item>
                <item>
            <title>Life of Bryant--350 Bryant Ave, Alameda, CA</title>
            <description><![CDATA[Not much grows on the <strike>ugly</strike> west side of this lovely island, probably due to its recent past as a <strike>contaminated</strike> military base. <a href="http://www.knifecatchers.com/blog/2008/10/immaculate398-hollister-avenue.html">Other</a> <a href="http://www.knifecatchers.com/blog/2008/07/even-bigger2108-mosley-avenue.html">than</a> <a href="http://www.knifecatchers.com/mt/mt-search.cgi?search=mcmansion&amp;IncludeBlogs=1">McMansions</a>, that is. Today's huge property has the following specs:<br /><br /><blockquote>4 bedrooms, 3 bathrooms, 3,179 sqft, 4,160-sqft lot, MLS(r) #40380296, $929,000<br />(<a href="http://www.zillow.com/homedetails/350-Bryant-Ave-Alameda-CA-94501/68022563_zpid">public records</a> say 3 bedrooms, 2 1/2 bathrooms)<br /><br />[...] highly sought after Plan 9 [...] features a dramatic
entry w/vaulted ceilings and exterior balcony. [...] beautifully
upgraded w/ granite counters, maple cabinetry, upgraded flooring,
[...] Developer has SOLD
OUT of this model!<br /></blockquote>There isn't much land around this thing, and it makes you wonder how exactly the 3,179 sqft is used--is every bedroom a 25x25 ballroom?<br /><br />Look on the bright side of life, though--this is a sought-after, sold-out model! I wonder if they'll throw in the <i>de rigueur</i> SUV (or truck) parked in front.<br /><br /><span class="mt-enclosure mt-enclosure-image"><img alt="350-bryant-ave-street-view.jpg" src="http://www.knifecatchers.com/blog/2008/11/10/350-bryant-ave-street-view.jpg" class="mt-image-center" style="margin: 0pt auto 20px; text-align: center; display: block;" width="616" height="343" /></span>The <a href="http://www.zillow.com/homedetails/350-Bryant-Ave-Alameda-CA-94501/68022563_zpid">sale history</a> suggests the seller is expecting to get out from under this anvil with some money left in the bank, maybe so they can make the payments on that shiny black Armada with alloy wheels: <br /><br /><blockquote><h3>Last sale and tax info</h3><dl class="infoList"><dt>Sold 04/07/2005: $856,500
			 	
				</dt><dt>2008 Property Tax: $11,892</dt></dl></blockquote>
		
			But who knows, maybe that price doesn't include the "upgrades" and they're already upside down after agent commission. <br /><br />There's a special place in hell for folks who build, buy and sell these monstrosities. They're going to be in good company.<br /> <div><br /></div>]]></description>
            <link>http://www.knifecatchers.com/blog/2008/11/life-of-bryant350-bryant-ave-a.html</link>
            <guid>http://www.knifecatchers.com/blog/2008/11/life-of-bryant350-bryant-ave-a.html</guid>
                            <category domain="http://www.sixapart.com/ns/types#category">Listings</category>
                            <category domain="http://www.sixapart.com/ns/types#category">Overpriced</category>
                                        <category domain="http://www.sixapart.com/ns/types#tag">94501</category>
                            <category domain="http://www.sixapart.com/ns/types#tag">Bryant</category>
                            <category domain="http://www.sixapart.com/ns/types#tag">McMansion</category>
                        <pubDate>Mon, 10 Nov 2008 21:05:34 -0800</pubDate>
        </item>
                <item>
            <title>Come and get it--127 Central Avenue, Alameda, CA</title>
            <description><![CDATA[The real estate market has slowed down considerably now that Halloween and the election have passed. Not much is <a href="http://www.rereport.com/alc/">selling</a>, and most of the transactions that do happen <a href="http://www.alamedasun.com/index.php?option=com_content&amp;task=view&amp;id=4160&amp;Itemid=14">close below their last listed price</a>:<br /><br /><blockquote>Alameda Home Sales Trends								
							
			
			
		
					</blockquote><!-- jayson -->
			<!--
		<tr>
			<td width="70%" align="left" valign="top" colspan="2">
			<span class="small">
			 Written by Alameda Sun			</span>
			&nbsp;&nbsp;
			</td>
		</tr>
			-->
		<blockquote><table class="contentpaneopen"><tbody><tr><td>
		<div class="articleInfo">
			<span class="author">
			 Written by <span class="authorName">Alameda Sun</span> 			</span>
			&nbsp;&nbsp;
			<!-- chris -->
						<!-- jayson -->
				<!--
			<tr> 
				<td valign="top" colspan="2" class="createdate">
				Thursday, 06 November 2008				</td>
			</tr>
				-->
				<span class="create">
				Published: <span class="createDate">Thursday, 06 November 2008</span>
				</span>
			</div>
			</td></tr>
				<!-- chris -->
					<tr>
			<td colspan="2" valign="top">
			<div class="introContent"><p>All
real estate transactions listed below were supplied to the Alameda Sun
by Chuck Bianchi [...] <br /></p></div><div class="mainContent"><p>This
information is deemed reliable but not guaranteed.</p>

<p>Sales records from Oct. 13-Nov. 2, 2008</p>

<table style="font-size: 12px;" cellpadding="0" cellspacing="0">
  <col width="199">
  <col width="116">
  <col width="97">
  <tbody><tr height="17">
    <td width="199" height="17"><strong>Address</strong></td>
    <td width="116"><strong>Type</strong></td>
    <td width="97"><strong>Price</strong></td>
  </tr>
  <tr height="17">
    <td height="17">19 Purcell Drive</td>
    <td>Townhouse</td>
    <td>Below&nbsp;</td>
  </tr>
  <tr height="17">
    <td height="17">1971 Gresham Drive</td>
    <td>House</td>
    <td>Below&nbsp;</td>
  </tr>
  <tr height="17">
    <td height="17">3216 Monte Vista Ave.</td>
    <td>House</td>
    <td>Below&nbsp;</td>
  </tr>
  <tr height="17">
    <td height="17">644 Waterfall Isle</td>
    <td>House</td>
    <td>Below&nbsp;</td>
  </tr>
  <tr height="17">
    <td height="17">8 Redondo Court</td>
    <td>Condo</td>
    <td>Same</td>
  </tr>
  <tr height="17">
    <td height="17">609    Sheffield Road&nbsp;</td>
    <td>House</td>
    <td>Above&nbsp;</td>
  </tr>
  <tr height="17">
    <td height="17">960 Shorepoint Court #101</td>
    <td>Condo</td>
    <td>Below&nbsp;</td>
  </tr>
  <tr height="17">
    <td height="17">1013 Pearl St.</td>
    <td>House</td>
    <td>Below</td>
  </tr>
  <tr height="17">
    <td height="17">2960 Gibbons Drive</td>
    <td>House</td>
    <td>Same</td>
  </tr>
  <tr height="17">
    <td height="17">1310 Eighth St.</td>
    <td>House</td>
    <td>Below&nbsp;</td>
  </tr>
  <tr height="17">
    <td height="17">1113 Rosewood Way</td>
    <td>House</td>
    <td>Below&nbsp;</td>
  </tr>
  <tr height="17">
    <td height="17">5 Jouett Square</td>
    <td>House</td>
    <td>Below&nbsp;</td>
  </tr>
  <tr height="17">
    <td height="17">2029-B Otis Drive</td>
    <td>Condo</td>
    <td>Below</td>
  </tr>
  <tr height="17">
    <td height="17">2508 Crist St.</td>
    <td>House</td>
    <td>Below&nbsp;</td>
  </tr>
  <tr height="17">
    <td height="17">3215 Fairview Ave.</td>
    <td>House</td>
    <td>Below</td>
  </tr>
  <tr height="17">
    <td height="17">3 Killdeer Court</td>
    <td>House</td>
    <td>Same&nbsp;</td>
  </tr>
  <tr height="17">
    <td height="17">1414 Gibbons Drive</td>
    <td>House</td>
    <td>Below</td>
  </tr>
  <tr height="17">
    <td height="17">3266 Cape Cod Court</td>
    <td>Townhouse</td>
    <td>Below</td>
  </tr>
  <tr height="17">
    <td height="17">1345 Fountain Street</td>
    <td>House</td>
    <td>Above</td>
  </tr>
  <tr height="17">
    <td height="17">3259 Sterling Ave.</td>
    <td>House</td>
    <td>Above&nbsp;</td>
  </tr>
  <tr height="17">
    <td height="17">3335 Solomon Lane</td>
    <td>Townhouse</td>
    <td>Below</td>
  </tr>
  <tr height="17">
    <td height="17">960 Shorepoint Court #200</td>
    <td>Condo</td>
    <td>Above</td>
  </tr>
  <tr height="17">
    <td height="17"><br /></td>
    <td><br /></td>
    <td><br /></td>
  </tr>
  <tr height="17">
    <td colspan="2" height="17">Number of sales    above asking price</td>
    <td>4</td>
  </tr>
  <tr height="17">
    <td colspan="2" height="17">Number of sales at    asking price</td>
    <td>3</td>
  </tr>
  <tr height="17">
    <td colspan="2" height="17">Number of sales    below asking price</td>
    <td>15</td></tr></tbody></table></div></td></tr></tbody></table></blockquote>Not surprisingly, new listings are rare, and the few that do appear have been particularly uninspired. Maybe in a bid to drum up excitement, today's little West End wartime bungalow was listed three times, by the same agent, with three different MLS(r) numbers (349522, 40379715, 20835333). <br /><br /><span class="mt-enclosure mt-enclosure-image"><img alt="127-central-alameda-listed-three-times.jpg" src="http://www.knifecatchers.com/blog/2008/11/06/127-central-alameda-listed-three-times.jpg" class="mt-image-center" style="margin: 0pt auto 20px; text-align: center; display: block;" width="500" height="544" /></span><br />The specs:<br /><br /><blockquote>3 bedrooms, 1 bathroom, 1,050 sqft, 5,280-sqft lot, built in 1945, $525,000 ($500 / sqft)<br /></blockquote>The location is boring. The specs are boring. The property looks boring. The price is excessive. A perfect recipe for a quick sale, wouldn't you think? <br /><br />Even the sale history is boring:<br /><br /><blockquote><h3>Last sale and tax info</h3>
		
			<dl class="infoList"><dt>Sold 08/05/1977: $50,000
			 	
				</dt><dt>2008 Property Tax: $1,824</dt></dl></blockquote>Assuming the property sells for $525,000 (bear with me here), we're looking at almost 8% y-o-y appreciation every single year since 1977. Not only is it unreasonable, given the multiple recessions and housing busts that have happened between 1977 and now, that's also not as good as <a href="http://finance.yahoo.com/echarts?s=%5EGSPC#chart5:symbol=%5Egspc;range=19770801,20081105;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=off;source=undefined">the S&amp;P 500 for the same period</a>, and stocks don't require new tile or roofs. It's also not even as good as <a href="ftp://ftp.bls.gov/pub/special.requests/cpi/cpiai.txt">inflation</a> over that time period--by my count, annualizing the 9 months' worth of CPI we have for 2008, inflation alone (not appreciation) would bring this home's price to about $554,000.<br /><br />
 <table x:str="" style="border-collapse: collapse; width: 155pt;" width="206" border="0" cellpadding="0" cellspacing="0"><col style="width: 48pt;" width="64">
 <col style="width: 59pt;" width="78">
 <col style="width: 48pt;" width="64">
 <tbody><tr style="height: 12.75pt;" height="17">
  <td style="height: 12.75pt; width: 48pt;" width="64" height="17">Year</td>
  <td class="xl24" style="width: 59pt;" width="78">Price</td>
  <td class="xl25" style="width: 48pt;" width="64">Inflation %</td>
 </tr>
 <tr style="height: 12.75pt;" height="17">
  <td style="height: 12.75pt;" x:num="" align="right" height="17">1977</td>
  <td class="xl24" x:num="53250" align="right">$53,250</td>
  <td class="xl25" x:num="" align="right">6.5</td>
 </tr>
 <tr style="height: 12.75pt;" height="17">
  <td style="height: 12.75pt;" x:num="" x:fmla="=A2+1" align="right" height="17">1978</td>
  <td class="xl24" x:num="58050.2" align="right">$58,050</td>
  <td class="xl25" x:num="" align="right">7.6</td>
 </tr>
 <tr style="height: 12.75pt;" height="17">
  <td style="height: 12.75pt;" x:num="" x:fmla="=A3+1" align="right" height="17">1979</td>
  <td class="xl24" x:num="64790.011649999993" align="right">$64,790</td>
  <td class="xl25" x:num="" align="right">11.3</td>
 </tr>
 <tr style="height: 12.75pt;" height="17">
  <td style="height: 12.75pt;" x:num="" x:fmla="=A4+1" align="right" height="17">1980</td>
  <td class="xl24" x:num="71290.260213249989" align="right">$71,290</td>
  <td class="xl25" x:num="" align="right">13.5</td>
 </tr>
 <tr style="height: 12.75pt;" height="17">
  <td style="height: 12.75pt;" x:num="" x:fmla="=A5+1" align="right" height="17">1981</td>
  <td class="xl24" x:num="74753.459400367152" align="right">$74,753</td>
  <td class="xl25" x:num="" align="right">10.3</td>
 </tr>
 <tr style="height: 12.75pt;" height="17">
  <td style="height: 12.75pt;" x:num="" x:fmla="=A6+1" align="right" height="17">1982</td>
  <td class="xl24" x:num="77660.779347200281" align="right">$77,661</td>
  <td class="xl25" x:num="" align="right">6.2</td>
 </tr>
 <tr style="height: 12.75pt;" height="17">
  <td style="height: 12.75pt;" x:num="" x:fmla="=A7+1" align="right" height="17">1983</td>
  <td class="xl24" x:num="81428.862810667822" align="right">$81,429</td>
  <td class="xl25" x:num="" align="right">3.2</td>
 </tr>
 <tr style="height: 12.75pt;" height="17">
  <td style="height: 12.75pt;" x:num="" x:fmla="=A8+1" align="right" height="17">1984</td>
  <td class="xl24" x:num="88798.25379897008" align="right">$88,798</td>
  <td class="xl25" x:num="" align="right">4.3</td>
 </tr>
 <tr style="height: 12.75pt;" height="17">
  <td style="height: 12.75pt;" x:num="" x:fmla="=A9+1" align="right" height="17">1985</td>
  <td class="xl24" x:num="95170.273460839788" align="right">$95,170</td>
  <td class="xl25" x:num="" align="right">3.6</td>
 </tr>
 <tr style="height: 12.75pt;" height="17">
  <td style="height: 12.75pt;" x:num="" x:fmla="=A10+1" align="right" height="17">1986</td>
  <td class="xl24" x:num="101003.67841743899" align="right">$101,004</td>
  <td class="xl25" x:num="" align="right">1.9</td>
 </tr>
 <tr style="height: 12.75pt;" height="17">
  <td style="height: 12.75pt;" x:num="" x:fmla="=A11+1" align="right" height="17">1987</td>
  <td class="xl24" x:num="110801.13434432156" align="right">$110,801</td>
  <td class="xl25" x:num="" align="right">3.6</td>
 </tr>
 <tr style="height: 12.75pt;" height="17">
  <td style="height: 12.75pt;" x:num="" x:fmla="=A12+1" align="right" height="17">1988</td>
  <td class="xl24" x:num="120131.42407314805" align="right">$120,131</td>
  <td class="xl25" x:num="" align="right">4.1</td>
 </tr>
 <tr style="height: 12.75pt;" height="17">
  <td style="height: 12.75pt;" x:num="" x:fmla="=A13+1" align="right" height="17">1989</td>
  <td class="xl24" x:num="130493.42294959007" align="right">$130,493</td>
  <td class="xl25" x:num="" align="right">4.8</td>
 </tr>
 <tr style="height: 12.75pt;" height="17">
  <td style="height: 12.75pt;" x:num="" x:fmla="=A14+1" align="right" height="17">1990</td>
  <td class="xl24" x:num="141608.52399254625" align="right">$141,609</td>
  <td class="xl25" x:num="" align="right">5.4</td>
 </tr>
 <tr style="height: 12.75pt;" height="17">
  <td style="height: 12.75pt;" x:num="" x:fmla="=A15+1" align="right" height="17">1991</td>
  <td class="xl24" x:num="151055.98906854991" align="right">$151,056</td>
  <td class="xl25" x:num="" align="right">4.2</td>
 </tr>
 <tr style="height: 12.75pt;" height="17">
  <td style="height: 12.75pt;" x:num="" x:fmla="=A16+1" align="right" height="17">1992</td>
  <td class="xl24" x:num="161112.37482832468" align="right">$161,112</td>
  <td class="xl25" x:num="" align="right">3.0</td>
 </tr>
 <tr style="height: 12.75pt;" height="17">
  <td style="height: 12.75pt;" x:num="" x:fmla="=A17+1" align="right" height="17">1993</td>
  <td class="xl24" x:num="173840.25243976232" align="right">$173,840</td>
  <td class="xl25" x:num="" align="right">3.0</td>
 </tr>
 <tr style="height: 12.75pt;" height="17">
  <td style="height: 12.75pt;" x:num="" x:fmla="=A18+1" align="right" height="17">1994</td>
  <td class="xl24" x:num="186845.19109169772" align="right">$186,845</td>
  <td class="xl25" x:num="" align="right">2.6</td>
 </tr>
 <tr style="height: 12.75pt;" height="17">
  <td style="height: 12.75pt;" x:num="" x:fmla="=A19+1" align="right" height="17">1995</td>
  <td class="xl24" x:num="201998.95526433157" align="right">$201,999</td>
  <td class="xl25" x:num="" align="right">2.8</td>
 </tr>
 <tr style="height: 12.75pt;" height="17">
  <td style="height: 12.75pt;" x:num="" x:fmla="=A20+1" align="right" height="17">1996</td>
  <td class="xl24" x:num="218380.91333863829" align="right">$218,381</td>
  <td class="xl25" x:num="" align="right">3.0</td>
 </tr>
 <tr style="height: 12.75pt;" height="17">
  <td style="height: 12.75pt;" x:num="" x:fmla="=A21+1" align="right" height="17">1997</td>
  <td class="xl24" x:num="234031.61613467542" align="right">$234,032</td>
  <td class="xl25" x:num="" align="right">2.3</td>
 </tr>
 <tr style="height: 12.75pt;" height="17">
  <td style="height: 12.75pt;" x:num="" x:fmla="=A22+1" align="right" height="17">1998</td>
  <td class="xl24" x:num="250792.21469234" align="right">$250,792</td>
  <td class="xl25" x:num="" align="right">1.6</td>
 </tr>
 <tr style="height: 12.75pt;" height="17">
  <td style="height: 12.75pt;" x:num="" x:fmla="=A23+1" align="right" height="17">1999</td>
  <td class="xl24" x:num="272202.85949350556" align="right">$272,203</td>
  <td class="xl25" x:num="" align="right">2.2</td>
 </tr>
 <tr style="height: 12.75pt;" height="17">
  <td style="height: 12.75pt;" x:num="" x:fmla="=A24+1" align="right" height="17">2000</td>
  <td class="xl24" x:num="297155.49852922821" align="right">$297,155</td>
  <td class="xl25" x:num="" align="right">3.4</td>
 </tr>
 <tr style="height: 12.75pt;" height="17">
  <td style="height: 12.75pt;" x:num="" x:fmla="=A25+1" align="right" height="17">2001</td>
  <td class="xl24" x:num="318770.25612630782" align="right">$318,770</td>
  <td class="xl25" x:num="" align="right">2.8</td>
 </tr>
 <tr style="height: 12.75pt;" height="17">
  <td style="height: 12.75pt;" x:num="" x:fmla="=A26+1" align="right" height="17">2002</td>
  <td class="xl24" x:num="339938.08955452405" align="right">$339,938</td>
  <td class="xl25" x:num="" align="right">1.6</td>
 </tr>
 <tr style="height: 12.75pt;" height="17">
  <td style="height: 12.75pt;" x:num="" x:fmla="=A27+1" align="right" height="17">2003</td>
  <td class="xl24" x:num="369320.31712382479" align="right">$369,320</td>
  <td class="xl25" x:num="" align="right">2.3</td>
 </tr>
 <tr style="height: 12.75pt;" height="17">
  <td style="height: 12.75pt;" x:num="" x:fmla="=A28+1" align="right" height="17">2004</td>
  <td class="xl24" x:num="400054.77123692597" align="right">$400,055</td>
  <td class="xl25" x:num="" align="right">2.7</td>
 </tr>
 <tr style="height: 12.75pt;" height="17">
  <td style="height: 12.75pt;" x:num="" x:fmla="=A29+1" align="right" height="17">2005</td>
  <td class="xl24" x:num="434601.27312779066" align="right">$434,601</td>
  <td class="xl25" x:num="" align="right">3.4</td>
 </tr>
 <tr style="height: 12.75pt;" height="17">
  <td style="height: 12.75pt;" x:num="" x:fmla="=A30+1" align="right" height="17">2006</td>
  <td class="xl24" x:num="468027.74319481861" align="right">$468,028</td>
  <td class="xl25" x:num="" align="right">3.2</td>
 </tr>
 <tr style="height: 12.75pt;" height="17">
  <td style="height: 12.75pt;" x:num="" x:fmla="=A31+1" align="right" height="17">2007</td>
  <td class="xl24" x:num="503044.56306648365" align="right">$503,045</td>
  <td class="xl25" x:num="" align="right">2.8</td>
 </tr>
 <tr style="height: 12.75pt;" height="17">
  <td style="height: 12.75pt;" x:num="" x:fmla="=A32+1" align="right" height="17">2008</td>
  <td class="xl24" x:num="553873.10568348621" align="right"><b>$553,873</b></td>
  <td class="xl25" x:num="" align="right">4.9</td>
 </tr>
</tbody></table>&nbsp; <br /><br />Real estate is such a great investment.<br /><br />]]></description>
            <link>http://www.knifecatchers.com/blog/2008/11/come-and-get-it127-central-ave.html</link>
            <guid>http://www.knifecatchers.com/blog/2008/11/come-and-get-it127-central-ave.html</guid>
                            <category domain="http://www.sixapart.com/ns/types#category">Listings</category>
                            <category domain="http://www.sixapart.com/ns/types#category">Overpriced</category>
                                        <category domain="http://www.sixapart.com/ns/types#tag">94501</category>
                            <category domain="http://www.sixapart.com/ns/types#tag">Central</category>
                            <category domain="http://www.sixapart.com/ns/types#tag">ranch</category>
                        <pubDate>Thu, 06 Nov 2008 20:53:47 -0800</pubDate>
        </item>
                <item>
            <title>Yes we can--1600 Pennsylvania Avenue, Washington, DC</title>
            <description><![CDATA[This <a href="http://en.wikipedia.org/wiki/White_House">large French/Colonial style home</a> just came on the market today. Here are the specs:<br /><br /><blockquote>5 bedrooms, 35 bathrooms, 55,000 sqft<br /></blockquote>It does look nice, and the lot is huge:<br /><br /><span class="mt-enclosure mt-enclosure-image"><img alt="250px-WhiteHouseSouthFacade.JPG" src="http://www.knifecatchers.com/blog/2008/11/05/250px-WhiteHouseSouthFacade.JPG" class="mt-image-center" style="margin: 0pt auto 20px; text-align: center; display: block;" height="185" width="250" /></span>I'm not sure what's up with the 35 bathrooms considering it only has 5 bedrooms.<br /><br />The sale history is interesting:<br /><br /><blockquote>11/1/1800: $232,371 </blockquote>You'd think it'd be paid off by now and the owners would have some room to negotiate on the price, but it appears its current occupants added <a href="http://www.csmonitor.com/2008/0423/p01s01-uspo.html">$311 billion to the mortgage balance</a>, probably maxing out their HELOC. One hopes the buyers can get themselves a good deal and refrain from borrowing too much against the assessed value.<br /><br /><br /><br /> <div><br /></div>]]></description>
            <link>http://www.knifecatchers.com/blog/2008/11/yes-we-can1600-pennsylvania-av.html</link>
            <guid>http://www.knifecatchers.com/blog/2008/11/yes-we-can1600-pennsylvania-av.html</guid>
                            <category domain="http://www.sixapart.com/ns/types#category">Listings</category>
                                    <pubDate>Wed, 05 Nov 2008 13:42:02 -0800</pubDate>
        </item>
                <item>
            <title>Bridge of sighs--36 Sea Bridge, Alameda, CA</title>
            <description><![CDATA[Our old pal <a href="http://www.knifecatchers.com/mt/mt-search.cgi?search=ringo+liu&amp;IncludeBlogs=1">Ringo Liu</a> is back on <a href="http://sfbay.craigslist.org/eby/reb/901027040.html">craigslist</a> with a vengeance and a new passel of <a href="http://www.knifecatchers.com/blog/2008/09/the-800k-bargain140-justin-cir.html">unsellable</a> overpriced <a href="http://www.knifecatchers.com/blog/2008/07/must-see1004-begonia-drive-ala.html">loss leaders</a>. Today's fine specimen is...<br /><br /><blockquote>2 bedrooms, 2 bathrooms, 1,694 sqft, $740,000<br /></blockquote><br /><blockquote><h2>$740000 36 Sea Bridge (alameda) (map)</h2>
<hr>
Reply to: <a href="mailto:toringoliu@aol.com?subject=$740000%2036%20Sea%20Bridge%20%28alameda%29">toringoliu@aol.com</a> <sup>[<a href="http://www.craigslist.org/about/help/replying_to_posts" target="_blank" title="How do I reply?">?</a>]</sup><br />
Date: 2008-10-31,  3:05PM PDT<br />
<br />
<br />

Sunny one level House in great location. Remodeled Kitchen. Updated
bath w/ skylight. Elegant Wood floors. 2 patio doors. High catherdal
ceiling. Sunnny floor plan with atrium. Cul-de-sac. private backyard w/
hot tub. Spacious front driveway. Steps to lagoon path, school &amp;
shopping. No bonds.<br /><br /><span class="mt-enclosure mt-enclosure-image"><img alt="36-sea-bridge-alameda-craigslist.jpg" src="http://www.knifecatchers.com/blog/2008/10/31/36-sea-bridge-alameda-craigslist.jpg" class="mt-image-center" style="margin: 0pt auto 20px; text-align: center; display: block;" width="300" height="225" /></span></blockquote>You might think $437 / sqft isn't too bad, and it's certainly a bargain compared to <a href="http://www.zillow.com/homedetails/36-Sea-Brg-Alameda-CA-94502/24865640_zpid">two years ago</a>:<br /><br /><blockquote><h3>Last sale and tax info</h3>
		
			<dl class="infoList"><dt>Sold 09/08/2006: $842,000
			 	
				</dt><dt>2008 Property Tax: $10,248</dt></dl></blockquote>You read right, somebody paid almost $500 / sqft for a boring late-1970s rancher in a <a href="http://maps.google.com/maps?f=q&amp;hl=en&amp;geocode=&amp;q=36+sea+bridge,+alameda,+ca&amp;sll=37.0625,-95.677068&amp;sspn=45.822921,79.628906&amp;ie=UTF8&amp;ll=37.743171,-122.240393&amp;spn=0.005616,0.00972&amp;t=h&amp;z=17">tightly-packed neighborhood</a> filled with boring 1970s ranchers. <br /><br />Why Ringo Liu doesn't mention the potentially appealing fact this property is within walking distance from Alameda's giant golf course is a mystery. Maybe people have learned that "near the golf course" also means "near the Oakland airport."<br /><br /> <br />]]></description>
            <link>http://www.knifecatchers.com/blog/2008/10/bridge-of-sighs36-sea-bridge-a.html</link>
            <guid>http://www.knifecatchers.com/blog/2008/10/bridge-of-sighs36-sea-bridge-a.html</guid>
                            <category domain="http://www.sixapart.com/ns/types#category">94502</category>
                            <category domain="http://www.sixapart.com/ns/types#category">Loss leaders</category>
                            <category domain="http://www.sixapart.com/ns/types#category">Overpriced</category>
                                        <category domain="http://www.sixapart.com/ns/types#tag">94502</category>
                        <pubDate>Fri, 31 Oct 2008 22:58:57 -0800</pubDate>
        </item>
                <item>
            <title>Leonard homes--23 Leonard Court, Alameda, CA</title>
            <description><![CDATA[Today's <a href="http://sfbay.craigslist.org/eby/reb/901130263.html">sub-$500K Craigslist post</a> on Leonard Court (<a href="http://maps.google.com/maps?f=q&amp;hl=en&amp;geocode=&amp;q=23+leonard+court,+alameda,+ca&amp;sll=37.0625,-95.677068&amp;sspn=44.60973,78.486328&amp;ie=UTF8&amp;z=16&amp;g=23+leonard+court,+alameda,+ca&amp;iwloc=addr">where is that, again?</a>) is described as a "great opportunity."<br /><br /><blockquote>2 bedrooms, 2 bathrooms, 1,035 sqft, 2,250-sqft lot, $134 / month HOA, $499,000 $482 / sqft)<br /><br />This well-priced detached two bedroom two bathroom home on Harbor Bay in the tranquil Normandy development offers a great opportunity at $499,000.<br /><br />The single story home is located on a tree lined court, within steps to the community pool and park. Shopping, bayside trails, and ferry service to San Francisco are all within a half mile.<br /><br />The home's open and functional floor plan features vaulted ceilings and a unique open hallway that enhances the living space. Everything is located on a single floor for convenient living.<br /><br />The master suite has a full bath and sliding glass doors that open to the sunny patio. The kitchen features tile floor and counters with modern appliances and a breakfast nook.<br /><br />Both bedrooms sport newly installed carpet and the living/dining area and hallway are enhanced with newly installed high quality flooring.<br /><br />Also featured is an attached 2 car garage with laundry hookups and direct access to the kitchen.<br /><br />All these great qualities add up to a special opportunity to own a detached home on Harbor Bay!<br /></blockquote><br /><span class="mt-enclosure mt-enclosure-image"><img alt="23-leonard-craigslist.jpg" src="http://www.knifecatchers.com/blog/2008/10/31/23-leonard-craigslist.jpg" class="mt-image-center" style="margin: 0pt auto 20px; text-align: center; display: block;" width="350" height="262" /></span>Was it a great opportunity <a href="http://www.zillow.com/homedetails/23-Leonard-Ct-Alameda-CA-94502/24872304_zpid">two years ago</a>, too? <br /><br /><blockquote><h3>Last sale and tax info</h3>
		
			<dl class="infoList"><dt>Sold 08/01/2006: $590,000
			 	
				</dt><dt>2008 Property Tax: $7,358</dt></dl></blockquote> I'm getting really tired of agents calling overpriced properties (we're still talking about half a million dollars for a hair over 1,000 square feet, for goodness' sake) "great opportunities" just because they're listed for less than their previous excessive price. A "great opportunity" is a house whose price is not only affordable but on the low side compared to similar properties, or comparably priced but special and desirable in some way. An unremarkable little house on a handkerchief-sized lot that happens to be somewhat less overpriced than it was a couple of years ago does not qualify.<br /><div><br /></div>]]></description>
            <link>http://www.knifecatchers.com/blog/2008/10/leonard-homes23-leonard-court.html</link>
            <guid>http://www.knifecatchers.com/blog/2008/10/leonard-homes23-leonard-court.html</guid>
                            <category domain="http://www.sixapart.com/ns/types#category">Listings</category>
                            <category domain="http://www.sixapart.com/ns/types#category">Loss leaders</category>
                            <category domain="http://www.sixapart.com/ns/types#category">Overpriced</category>
                                        <category domain="http://www.sixapart.com/ns/types#tag">94502</category>
                            <category domain="http://www.sixapart.com/ns/types#tag">Leonard</category>
                            <category domain="http://www.sixapart.com/ns/types#tag">Normandy</category>
                        <pubDate>Fri, 31 Oct 2008 18:57:36 -0800</pubDate>
        </item>
                <item>
            <title>Victorian water closet--2140 Clinton Ave, Alameda, CA</title>
            <description><![CDATA[Today's newest Victorian has a mysterious obsession with water.<br /><br /><blockquote>6 bathrooms, 4,501 sqft, 12,660-sqft lot (!), MLS(r) #40378361, $1,150,000<br /></blockquote><blockquote>Great
water income property. [...]&nbsp; 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 [...]&nbsp;
	
	<br /></blockquote> 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:&nbsp; <br /><br /><span class="mt-enclosure mt-enclosure-image"><img alt="2140-clinton-avenue-street-view.jpg" src="http://www.knifecatchers.com/blog/2008/10/29/2140-clinton-avenue-street-view.jpg" class="mt-image-center" style="margin: 0pt auto 20px; text-align: center; display: block;" width="619" height="347" /></span><div align="center"><font style="font-size: 0.8em;">(note the model in front demonstrating one of the "6 off street parkings." in her spiffy new white Dodge)</font><br /></div><br />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.<br /><br /><blockquote><h3>Last sale and tax info</h3><dl class="infoList"><dt>Sold 03/21/1997: $56,500
			 	
				</dt><dt>2008 Property Tax: $5,218</dt></dl></blockquote>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 <a href="http://www.knifecatchers.com/blog/2008/04/want1304-morton-street-alameda.html">who's not too happy</a> about this listing?<br /><br />]]></description>
            <link>http://www.knifecatchers.com/blog/2008/10/victorian-water-closet2140-cli.html</link>
            <guid>http://www.knifecatchers.com/blog/2008/10/victorian-water-closet2140-cli.html</guid>
                            <category domain="http://www.sixapart.com/ns/types#category">Listings</category>
                            <category domain="http://www.sixapart.com/ns/types#category">Priced to sell</category>
                                        <category domain="http://www.sixapart.com/ns/types#tag">94501</category>
                            <category domain="http://www.sixapart.com/ns/types#tag">Clinton</category>
                            <category domain="http://www.sixapart.com/ns/types#tag">Victorian</category>
                        <pubDate>Wed, 29 Oct 2008 22:57:30 -0800</pubDate>
        </item>
                <item>
            <title>The ugliest house on the block--1406 9th Street, Alameda, CA</title>
            <description><![CDATA[You know the old saw--you're better off with a modest house on a great block than the best house on a sketchy block. Today's repossessed Victorian fixer doesn't have any qualms about admitting it's squarely in the former category:<br /><br /><blockquote>3 bedrooms, 2 bathrooms, 1,249 sqft, 3,000-sqft lot, MLS(r) #40378425, $394,900<br /><br />REO bargain priced below comps. [...] fixer needs work but priced to sell! [...] full basement [...] Ideal neighborhood of much more expensive houses
makes this a worthwhile investement.<br /></blockquote> You may remember this property from when it was known as MLS(r) #40287584 and <a href="http://209.85.173.104/search?q=cache:hN-cLezEn-cJ:www.trulia.com/property/1063395800-1406-9th-St-Alameda-CA+%221406+9th%22+alameda&amp;hl=en&amp;ct=clnk&amp;cd=2&amp;gl=us&amp;client=firefox-a">trying to sell itself honorably</a> in the mid $500s (here's <a href="http://www.trulia.com/homes/California/Alameda/sold/2681156-1406-9TH-ST-ALAMEDA-CA-94501">the current Trulia page</a> with a wonky prior transaction price of $6,130,182 back in April, 2007):<br /><br /><span class="mt-enclosure mt-enclosure-image"><img alt="1406-9th-street-alameda-trulia-cached.jpg" src="http://www.knifecatchers.com/blog/2008/10/29/1406-9th-street-alameda-trulia-cached.jpg" class="mt-image-center" style="margin: 0pt auto 20px; text-align: center; display: block;" width="684" height="447" /></span>If you've been to <a href="http://maps.google.com/maps?f=q&amp;hl=en&amp;geocode=&amp;q=1406+9th+street,+94501&amp;sll=37.0625,-95.677068&amp;sspn=44.388698,59.326172&amp;ie=UTF8&amp;ll=37.775057,-122.269721&amp;spn=0.010872,0.014484&amp;z=16&amp;g=1406+9th+street,+94501&amp;layer=c&amp;cbll=37.771528,-122.270528&amp;panoid=6EdIQDaADv7ZBgLw29LttA&amp;cbp=1,100.08745529467038,,0,5">that part of town</a>, you know the only reason the other houses on the block are more expensive is because this one is cheaper, which is not completely tautological--it's like saying the clearance aisle at the Dollar Store is in an ideal store of much more expensive items, as opposed to, say, strolling through Saks and finding an ever-so-slightly scuffed pair of Dior pumps with a 10% off tag.<br /><br />The <a href="http://www.zillow.com/homedetails/1406-9th-St-Alameda-CA-94501/24862941_zpid">sale history</a> is a bit odd:<br /><br /><blockquote><div class="module-head clearfix">
		<h2 class="">
			
			
				Sales History
	<br /></h2>

		
	</div></blockquote>

	
				
			  



	<blockquote><table class="history" summary="Sale history" id="saleHistory"><caption><span>Sale History &amp; Tax Info</span></caption>
	<tbody><tr class="firstrow">
		<td colspan="2">Sale History</td>
	</tr>
	</tbody><tbody>
		
		
			
				
					
						<tr>
							<th scope="row">09/23/2008:</th>
							<td>
								$427,979
					            
								   *
								
		    					
							</td>
						</tr>
					
					
				
			
				
					
					
						<tr>
							<th scope="row">04/16/2007:</th>
							<td>
								$61,301
					            
								   *
								
		    													
							</td>

						</tr>
					
				
			
				
					
					
						<tr>
							<th scope="row">05/14/1999:</th>
							<td>
								$275,500
					            
		    													
							</td>

						</tr>
					
				
			
			
		
	</tbody>

	


			

	

	


		

			
				<tbody>
				<tr>
					<td colspan="2">No other sale data is available </td>
				</tr>
				</tbody>
			
			
		

	    
			<tbody><tr>
			    <td colspan="2">* 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.<a href="javascript:void(0)" id="excludetip" onclick="toggle('excludetip');"></a></td></tr></tbody></table></blockquote>Whatever actually happened in 2007, it's certainly remarkable to have added $150,000 to the loan balance in just 9 years and still have a "fixer" that "needs work." Sure, foundations don't come cheap, and the previous listing claimed the property's was just ten years <strike>old</strike> new, but there's no way this little house got a $150K foundation job, especially considering it had sold for $275K in 1999--I don't know about you, but in 1999 I wasn't about to pay that much for a house I knew needed 10 Honda Civics' worth of foundation work. But then again, maybe the buyer overpaid for a dilapidated hovel and then proceeded to overpay for a new foundation. <br /><br />The previous listing also noted a remodeled kitchen with new tile floor and cabinets; just how much more work is needed in this house? And if it needed everything redone, why pay that much in 1999?<br /><br />A closer look at one of the pictures reveals an interesting taste in door and window designs (note there's no date available, <strike>so for all I know the picture is old and the house looks much better now; but if that's the case, why use it in the current listing?</strike> I drove by on 10/30/08 and the house is indeed boarded up (i.e. the photo below is current as of late October, 2008). It's also around the corner from a nail salon:<br /><br /><span class="mt-enclosure mt-enclosure-image"><img alt="1406-9th-street-thumbnail.jpg" src="http://www.knifecatchers.com/blog/2008/10/29/1406-9th-street-thumbnail.jpg" class="mt-image-center" style="margin: 0pt auto 20px; text-align: center; display: block;" width="300" height="259" /></span><div align="center"><font style="font-size: 0.8em;"> (a resized, smaller, cropped thumbnail authorized under the <a href="http://www.knifecatchers.com/blog/2008/08/east-bay-regional-data-inc-thr.html">fair-use doctrine</a>) </font><br /></div><br />The <a href="http://www.knifecatchers.com/blog/2008/09/welcome-back1813-9th-street-al.html">little house four blocks away we looked at a few weeks ago</a> now has a friend in misery. Expect more as the winter frost starts biting.<br />&nbsp;<br /><div><b>Update 11/14/08</b>: Blam, down to $339,900. <br /></div>]]></description>
            <link>http://www.knifecatchers.com/blog/2008/10/the-ugliest-house-on-the-block.html</link>
            <guid>http://www.knifecatchers.com/blog/2008/10/the-ugliest-house-on-the-block.html</guid>
                            <category domain="http://www.sixapart.com/ns/types#category">Listings</category>
                            <category domain="http://www.sixapart.com/ns/types#category">Loss leaders</category>
                            <category domain="http://www.sixapart.com/ns/types#category">Price drops</category>
                                        <category domain="http://www.sixapart.com/ns/types#tag">94501</category>
                            <category domain="http://www.sixapart.com/ns/types#tag">9th</category>
                            <category domain="http://www.sixapart.com/ns/types#tag">bank-owned</category>
                            <category domain="http://www.sixapart.com/ns/types#tag">foreclosure</category>
                            <category domain="http://www.sixapart.com/ns/types#tag">Victorian</category>
                        <pubDate>Wed, 29 Oct 2008 21:38:33 -0800</pubDate>
        </item>
                <item>
            <title>Off the deep end--3231 Fernside Blvd, Alameda, CA</title>
            <description><![CDATA[Fernside strikes again with another obscenely overpriced property, represented by an <a href="http://www.keikosellshomes.com/">agent</a> who really <a href="http://www.knifecatchers.com/blog/2008/04/god-salve-the-queen2615-buena.html">should know better</a>. 3231 Fernside Blvd just appeared (MLS(r) #40378008) with the grotesquely inflated list price of $939,000:<br /><br /><blockquote>(listing) 3 bedrooms, 2 bathrooms, approx. 5,200-sqft lot, $939,000<br />(<a href="http://www.zillow.com/homedetails/3231-Fernside-Blvd-Alameda-CA-94501/24857464_zpid">public records</a>) 2 bedrooms, 2 bathrooms, 1,472 sqft, 5,376-sqft lot<br /><br />40' Deep Water Dock. [...] 3 plus bedroom home with
water view and access [...] Lots of charm
with up-dated kitchen, baths, newer windows and newer roof. [...]<br /></blockquote><br /><span class="mt-enclosure mt-enclosure-image"><img alt="3231-fernside-blvd-street-view.jpg" src="http://www.knifecatchers.com/blog/2008/10/27/3231-fernside-blvd-street-view.jpg" class="mt-image-center" style="margin: 0pt auto 20px; text-align: center; display: block;" height="288" width="514" /></span> <div>Even if there is a third bedroom and an additional, say, 175 sqft, not reflected in the public records, we're talking about $570-$630 / sqft. <br /><br />There seem to be two houses sharing the 3231 number: this property and 3231A, which is home to a <a href="http://www.johngaltcom.com/contactus.html">communications consultancy</a> (<a href="http://www.knifecatchers.com/blog/2008/10/inhouse-counsel1101-college-av.html"><font style="font-size: 0.8em;">another East End home-based business</font></a>). Interestingly, though, both <a href="http://www.sfchroniclemarketplace.com/cgi-bin/article.cgi?f=/c/a/2004/01/18/REHS_alameda.txt">3231</a> and <a href="http://sfchronicle.us/cgi-bin/article.cgi?f=/c/a/2004/08/15/REHS_alameda.txt">3231A</a> have recent, overpriced sale histories. Our property was sold in late 2003, and its neighbor was sold in June 2004, both well north of $600,000.<br /><br /><blockquote><a href="http://www.zillow.com/homedetails/3231-Fernside-Blvd-Alameda-CA-94501/24857464_zpid">3231 Fernside</a> (this property):<br /><dl class="infoList"><dt>Sold 12/02/2003: $690,000
			 	
				</dt><dt>2007 Property Tax: $8,911</dt></dl><a href="http://www.zillow.com/homedetails/3231-Fernside-Blvd-A-Alameda-CA-94501/24857465_zpid">3231A Fernside</a> (the telecoms neighbor):<br /><dl class="infoList"><dt>Sold 06/29/2004: $649,000
			 	
				</dt><dt>2007 Property Tax: $8,470</dt></dl></blockquote>What annoys me most about this idiotic price is that it's almost guaranteed to find a greater fool with a greater wallet willing to pay that much for 1,500 sqft on the water. But who knows--a combination of colder temperatures, a massive credit crisis, and the slow year-end real estate season might bring this property down to earth come January.<br /><br /></div>]]></description>
            <link>http://www.knifecatchers.com/blog/2008/10/off-the-deep-end3231-fernside.html</link>
            <guid>http://www.knifecatchers.com/blog/2008/10/off-the-deep-end3231-fernside.html</guid>
                            <category domain="http://www.sixapart.com/ns/types#category">Listings</category>
                            <category domain="http://www.sixapart.com/ns/types#category">Overpriced</category>
                                        <category domain="http://www.sixapart.com/ns/types#tag">94501</category>
                            <category domain="http://www.sixapart.com/ns/types#tag">Fernside</category>
                        <pubDate>Mon, 27 Oct 2008 17:50:05 -0800</pubDate>
        </item>
                <item>
            <title>Perfect for Willie Nelson--1185 Broadway, Alameda, CA</title>
            <description><![CDATA[Today's <a href="http://sfbay.craigslist.org/eby/reb/893745360.html">craigslist post</a> touts its long driveway, perhaps for lack of anything else to tout:<br /><br /><blockquote><h2>$460000 2 Bed 1 Bath Aprox. 1392 SqFt / Large Lot Aprox. 6000 SqFt (alameda) (map)</h2>
<hr>
Reply to: <a href="mailto:susan@staggrealty.com?subject=$460000%202%20Bed%201%20Bath%20Aprox.%201392%20SqFt%20/%20Large%20Lot%20Aprox.%206000%20SqFt%20%28alameda%29">susan@staggrealty.com</a> <sup>[<a href="http://www.craigslist.org/about/help/replying_to_posts" target="_blank" title="How do I reply?">?</a>]</sup><br />
Date: 2008-10-25,  9:15PM PDT<br />
<br />
<br />

Open House Sunday 2-4PM. Original Charm! The large lot gives a long
driveway, with possible class C RV access behind gate. The enclosed
front porch waits for those relaxing afternoons. The living room and
dining room have hardwood floors, built-in cabinets and seating.
Through out the home is original architectural detail. Information
deemed reliable, but not guaranteed. It is the responsibility of those
who are interested to verify all information. Home being offered by
Stagg Realty (510) 773-6160 Susan Stagg/Broker
<br />
<br />1185 Broadway at San Jose <br /><br /><span class="mt-enclosure mt-enclosure-image"><img alt="1185-broadway-craigslist.jpg" src="http://www.knifecatchers.com/blog/2008/10/26/1185-broadway-craigslist.jpg" class="mt-image-center" style="margin: 0pt auto 20px; text-align: center; display: block;" height="199" width="300" /></span></blockquote> I find it interesting the agent devoted so much of the listing to the disclaimer--is there something more to this property than its "Original Charm"? Is that code for "Not updated since before the world knew Nixon was a crook"? It's also unclear why the RV appeal has such a prominent spot in the listing; what percentage of <a href="http://jscms.jrn.columbia.edu/cns/2005-11-15/reimer-biodiesel">the buyer pool</a> is RV access a selling point for?<br /><br />The house itself is somewhat decently sized, at 1,392 sqft on a 6,000-sqft lot, but it only has 2 bedrooms and 1 bathrooms. I suppose overnight guests can always sleep in the driveway and shower somewhere private on the 6,000 sqft at their disposal.<br /><br />There's no sale history on <a href="http://www.zillow.com/homedetails/1185-Broadway-Alameda-CA-94501/24859215_zpid">Zillow</a>, which likely accounts for the low list price ($460,000, or $330 / sqft). That said, the price <a href="http://www.google.com/search?q=%221185+broadway%22+alameda&amp;ie=utf-8&amp;oe=utf-8&amp;aq=t&amp;rls=org.mozilla:en-US:official&amp;client=firefox-a">wasn't always this low</a>:<br /><br /><span class="mt-enclosure mt-enclosure-image"><img alt="1185-broadway-old-prices.jpg" src="http://www.knifecatchers.com/blog/2008/10/26/1185-broadway-old-prices.jpg" class="mt-image-center" style="margin: 0pt auto 20px; text-align: center; display: block;" height="471" width="500" /></span>The property has been on the market as MLS(r) #40367294
                       since the first week of September and already dropped its price twice. RV owners must be a tough crowd.<br /><br />]]></description>
            <link>http://www.knifecatchers.com/blog/2008/10/perfect-for-willie-nelson1185.html</link>
            <guid>http://www.knifecatchers.com/blog/2008/10/perfect-for-willie-nelson1185.html</guid>
                            <category domain="http://www.sixapart.com/ns/types#category">Listings</category>
                            <category domain="http://www.sixapart.com/ns/types#category">Price drops</category>
                                        <category domain="http://www.sixapart.com/ns/types#tag">94501</category>
                            <category domain="http://www.sixapart.com/ns/types#tag">Broadway</category>
                            <category domain="http://www.sixapart.com/ns/types#tag">bungalow</category>
                        <pubDate>Sun, 26 Oct 2008 00:27:51 -0800</pubDate>
        </item>
                <item>
            <title>Coveted--2241 Otis Drive, Alameda, CA</title>
            <description><![CDATA[Today's new listing is a cute, decent-sized home on Otis, east of Park street, built in the 1930s. <br /><br /><blockquote>3 bedrooms, 2 bathrooms, 1,980 sqft, 5,040-sqft lot, MLS(r) #40377243, $799,000<br /><br />Georgeous and spacious! [...] original styling and
tasteful updates. Move-in condition, excellent layout. [...] serene backyard. Beautiful, recently
remodeled in-law cottage [...]&nbsp;
Coveted East End location!<br /></blockquote> <br /><span class="mt-enclosure mt-enclosure-image"><a href="http://maps.google.com/maps?f=q&amp;hl=en&amp;geocode=&amp;q=2441+OTIS+DR+Alameda,+CA+94501&amp;sll=37.775837,-122.280536&amp;sspn=0.01077,0.020728&amp;g=538+palace+court,+alameda,+ca&amp;layer=c&amp;ie=UTF8&amp;ll=37.762081,-122.245002&amp;spn=0.010772,0.020728&amp;z=16&amp;cbll=37.756588,-122.24675&amp;panoid=bQtpRWp3_Z0rZLji6xEwYA&amp;cbp=1,47.23494518908285,,0,4.16095715272306"><img alt="2441-otis-drive-street-view.jpg" src="http://www.knifecatchers.com/blog/2008/10/23/2441-otis-drive-street-view.jpg" class="mt-image-center" style="margin: 0pt auto 20px; text-align: center; display: block;" height="310" width="500" /></a></span>I wonder if the property's ZipRealty agent, Marissa Kjera, is new to Alameda, because that section of Otis is not exactly a "Coveted East End location." It's not bad, if you don't mind the constant flow of commuter traffic to and from 94502 and the Oakland airport, but it's not the East End that drives people crazy. Here's a helpful labeled chart for Ms. Kjera's future listings:<br /><br /><span class="mt-enclosure mt-enclosure-image"><img alt="covetedness-map.jpg" src="http://www.knifecatchers.com/blog/2008/10/23/covetedness-map.jpg" class="mt-image-center" style="margin: 0pt auto 20px; text-align: center; display: block;" height="499" width="500" /></span>1,980 sqft makes for a nice big house, and $799,000 is a nice big price ($404 / sqft, buyers not found). But what with those pesky agent commissions and the recently remodeled cottage, maybe our <a href="http://www.zillow.com/homedetails/2441-Otis-Dr-Alameda-CA-94501/24859461_zpid">sellers can't afford</a> to list it for a more realistic price:<br /><br /><blockquote><h3>Last sale and tax info</h3>
		
			<dl class="infoList"><dt>Sold 03/31/2005: $750,000
			 	
				</dt><dt>2007 Property Tax: $9,361</dt></dl></blockquote>The property tax alone makes me shudder, not covet.<br /><br />]]></description>
            <link>http://www.knifecatchers.com/blog/2008/10/coveted2241-otis-drive-alameda.html</link>
            <guid>http://www.knifecatchers.com/blog/2008/10/coveted2241-otis-drive-alameda.html</guid>
                            <category domain="http://www.sixapart.com/ns/types#category">Listings</category>
                            <category domain="http://www.sixapart.com/ns/types#category">Loss leaders</category>
                            <category domain="http://www.sixapart.com/ns/types#category">Overpriced</category>
                                        <category domain="http://www.sixapart.com/ns/types#tag">94501</category>
                            <category domain="http://www.sixapart.com/ns/types#tag">Otis</category>
                        <pubDate>Thu, 23 Oct 2008 15:16:48 -0800</pubDate>
        </item>
                <item>
            <title>A condo for seafarers--2022 High Street #B, Alameda, CA</title>
            <description><![CDATA[<a href="http://www.knifecatchers.com/blog/2008/10/ok-coral2418-coral-sea-st-alam.html">Another</a> <a href="http://www.knifecatchers.com/blog/2008/10/like-a-ton-of-bricks609-fortre.html">relist</a> today! You may remember a <a href="http://www.knifecatchers.com/blog/2008/04/whats-up-dock2022-high-street.html">hapless condo on High Street</a>, which had been on the market for 7 months back in April. It didn't sell at $745,000, $680,000 or $530,000, even after a year, even though the urgency in the last listing suggested some flexibility on the seller's part:<br /><br /><blockquote>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.<br /></blockquote>It's back as MLS(r) #840945, and of course it's listed at a considerably <strike>lower</strike> higher price than its last unsuccessful attempt ($589,000), presumably to <strike>ruin</strike> stoke its chances of selling in this <strike>lamentable</strike> red-hot end-of-year season.<br /><br /><blockquote>[...] very unique location perched above the high street bridge [...] very nice view [...] boat parking in the back convienent for sea travelers. [...] top floor with open beam ceilings [...] Nice wet bar used for entertaining purposes.Two master suites, laundry facility,pool table &amp; pingpong.<br /></blockquote>I don't mean to be cruel, but whoever wrote that pathetic description needs a spanking. Are "Very unique," "Very nice" and "Nice" the best you can come up with? When you note the "nice wet bar" is "for entertaining purposes", exactly what other purpose would a "nice wet bar" serve? Rinsing your gold fish? And the "convienent for sea travelers" bit had me in stitches for a good 7 seconds.<br /><br />It's pretty clear anyone taking on this albatross and pricing it well over its previous, unsuccessful list price is either desperate or a moron (or both), and the description certainly does not contradict that contention.<br /><br />Amusingly, the <a href="http://www.zillow.com/homedetails/2022-High-St-APT-B-Alameda-CA-94501/24857499_zpid">Zestimate</a> for this property has plummeted from $465,500 in April to $375,000 today, a 20% drop.<br /> <br /><a href="http://sfbay.craigslist.org/eby/reb/891305828.html">Update 10/23/08</a>: The property is now on Craigslist. There's a broker's tour where everyone's invited. Probably to refresh their memory, since the last such tour must have occurred over a year ago.<br /><br /><blockquote><h2>$589000 *****BEAUTIFUL CONDO WITH GREAT VIEW OF ALAMEDA BRIDGE**** (alameda) (map)</h2>
<hr>
Reply to: <a href="mailto:greg@losnessgroup.com?subject=$589000%20*****BEAUTIFUL%20CONDO%20WITH%20GREAT%20VIEW%20OF%20ALAMEDA%20BRIDGE****%20%28alameda%29">greg@losnessgroup.com</a> <sup>[<a href="http://www.craigslist.org/about/help/replying_to_posts" target="_blank" title="How do I reply?">?</a>]</sup><br />
Date: 2008-10-23,  9:15PM PDT<br />
<br />
2022 HIGH DR, ALAMEDA CA<br />
<br /> PROPERTY AMENITIES<br />
<br />
<br />* Beautiful Top Floor Condo with Very Unique View of the Alameda Bridge<br />
<br />* Boat Dock in the back with Two Slots to Park any Boats you Have<br />
<br />* Laundry Facilities Downstairs in the Underground Area<br />
<br />* Recreation Room with Ping Pong Table, Darts, and a Pool Table<br />
<br />* Large Gated Underground Parking with Two Deeded Spaces<br />
<br />* 2 Bedroom 2 Bath Condo Both are Master Suites<br />
<br />* Large Kitchen Overlooking the Family Room<br />
<br />* Patio Overlooking the Water and an Amazing View of the Bridge<br />
<br />* Wet Bar Located in Family Room Perfect for Parties and Entertaining<br />
<br />* 1,450 Square Feet of Livable Space<br />
<br />* Bring Me Your Offers<br />
<br />
<br />
<br /> BROKERS TOUR ON TUESDAY OCTOBER 28TH 
       FROM 10-1PM, EVERYONE IS INVITED<br />
<br />
<br />
<br /> CONTACT GREGORY STEPHENS FOR INFORMATION AND VIEWINGS<br />
<br /> Phone #: (408)288-3500ext201   Email: greg@losnessgroup.com<br />
<br />

		<table summary="craigslist hosted images">
			<tbody><tr>
				<td align="center"><img src="http://images.craigslist.org/12913b1g6ZZZZZZZZZ8anb66f399f5e1613c4.jpg" /></td>
				<td align="center"><img src="http://images.craigslist.org/1f21g3134ZZZZZZZZZ8anedc6610436c11cbb.jpg" /></td>
			</tr>
			<tr>
				<td align="center"><img src="http://images.craigslist.org/1261g7132ZZZZZZZZZ8anef9b966f3f211800.jpg" /></td>
				<td align="center"><img src="http://images.craigslist.org/1241g7135ZZZZZZZZZ8an8776d9be98a01cb0.jpg" /></td>
			</tr>
		</tbody></table>



<br /><br />2022 High St at Fernside Blvd</blockquote><br /><br /><blockquote><br /></blockquote><br />]]></description>
            <link>http://www.knifecatchers.com/blog/2008/10/a-condo-for-seafarers2022-high.html</link>
            <guid>http://www.knifecatchers.com/blog/2008/10/a-condo-for-seafarers2022-high.html</guid>
                            <category domain="http://www.sixapart.com/ns/types#category">Condos</category>
                            <category domain="http://www.sixapart.com/ns/types#category">Lifers</category>
                            <category domain="http://www.sixapart.com/ns/types#category">Listings</category>
                            <category domain="http://www.sixapart.com/ns/types#category">Overpriced</category>
                                        <category domain="http://www.sixapart.com/ns/types#tag">94501</category>
                        <pubDate>Mon, 20 Oct 2008 22:30:38 -0800</pubDate>
        </item>
            </channel>
</rss>