Recently in Sold! Category

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.

Hi everybody!

1304 Morton Street finally sold in early December for $938,000, according to Redfin.

In summary:

• April 2008: 1304 Morton St appears on the market, listed at $1,250,000
• July 2008: the price is dropped to $1,199,000
  
• September 2008: the price is dropped to $1,150,000
• March 2009, almost a year after the initial listing, the property is relisted for $975,000
• August 2009: the price is dropped to $949,999
• December 2009: the property closes for $938,000

The extent and quality of the renovation work on top of the previous sale price (above $500,000) means the now former owners likely didn't make their money back on the transaction.

The moral of the story? Don't over-improve, and don't spend 6 figures on your kitchen.

That's a $312,000 price drop from the initial list price (about 25%) and 20 months on the market. I trust Redfin won't begrudge me a full history:

Date	Event	Price	Appreciation	Source
Dec 02, 2009	Sold (MLS)	$938,000	--	Inactive MLSListings #80911577
Nov 12, 2009	Delisted	--	--	Inactive MLSListings #80911577
Sep 22, 2009	Delisted	*	--	Inactive EBRD #4
Aug 21, 2009	Price Changed	*	--	Inactive EBRD #4
Aug 21, 2009	Price Changed	$949,999	--	Inactive MLSListings #80911577
Mar 10, 2009	Listed	*	--	Inactive EBRD #4
Mar 06, 2009	Listed	$975,000	--	Inactive MLSListings #80911577
Jan 01, 2009	Delisted	*	--	Inactive San Francisco MLS #1
Nov 21, 2008	Delisted	*	--	Inactive EBRD #3
Nov 20, 2008	Delisted	--	--	Inactive MLSListings #2
Jul 22, 2008	Listed	*	--	Inactive San Francisco MLS #1
Jul 21, 2008	Price Changed	--	--	Inactive MLSListings #2
Jul 19, 2008	Price Changed	*	--	Inactive EBRD #3
Jun 11, 2008	Price Changed	*	--	Inactive EBRD #3
Jun 11, 2008	Price Changed	--	--	Inactive MLSListings #2
May 02, 2008	Listed	*	--	Inactive EBRD #3
Apr 25, 2008	Listed	--	--	Inactive MLSListings #2

A short post about a property that's already sold, for a change. 3365 Washington Court has the following specs:


As you can see from the map (although the marker is off by a block or two) this property is located in a very prime area, practically on the bay, with "spectacular" views. It's good-sized on a decent-sized lot. Yet it failed to fetch a million dollars by quite margin, and not for want of trying:

And...

The property finally sold for $925,000, an 18% discount off its initial list price.Could we be returning to the day when a million-dollar house was actually a million-dollar house?

The sale history on Zillow shows one recent transaction in 2002, for $609,000.

According to multiple sources, this property finally sold for $600,000. That's $9,000 + probably $30,000 or so in commissions below the previous transaction price, and a whole 31% off the last list price.

The moral of the story? If an agent tries to talk you out of lowball offers, or says she doesn't want to insult the seller, fire her at once.

3260 Briggs Avenue recently came on the market with the following specs:

3 bedrooms, 1 bathroom, 1,221 sqft, 10,150-sqft lot(!), MLS(r) #40434872, $725,000 ($594 / sqft)

Incredible opportunity property. Three bedroom, 1 bath crafstman [...] Needs work, but great location and huge yard. Contact the city to get details on subdividing the lot to build another residential building on it.

View Larger Map

The extra-large lot is obviously the justification for the excessive, almost $600-per-sqft asking price. The last recorded sale was over 30 years ago, so one would hope this house is paid off and the sellers can drop their price closer to where it belongs.

Last sale and tax info

Sold 12/01/1976: $57,000

2009 Property Tax: $2,072

Update 10/25/09: The MLS(r) photos suggest this place needs not just "work" but a complete redo inside.

Update 12/6/09: Dropped to $649,000 in mid November.

Update 3/2/10: Sold for $595,000 on 12/28, an 18% drop from the original asking price.

While we're on the subject of financially-inept imprudent home buyers, this week's new post-Victorian "duplex" at 1549 Bay Street stands as another fine example of what not to do when considering a home purchase. First the specs:

3 (or 5?) bedrooms, 1 (or 1 1/2) bathroom(s), 1,398 sqft, 3,300-sqft lot, MLS(r) #40430026, $534,900 ($383 / sqft)

REO bargain priced below comps. Move in condition, [...] Victorian era home with 4 bdrms, 2+ baths, full height attic with extra room, plus a 1 bdrm unit below. [...] a remarkable find.

The discrepancy in the number of bedrooms and bathrooms between the listing and the public records is likely due to a conversion of what once was a modest single-family home to a duplex in 1940, presumably not permitted, which was amnestied by the city in 1999 (permit #B99-1696) but not reflected in the county records To their credit, the house's successive owners over the years appear to have obtained and finaled permits for a lot of the work performed on the house, which sadly can't be said of a lot of properties in Alameda. Of course a permit alone doesn't guarantee quality or durability, but at least it safeguards the next owner from having to clean up the permit history with the city or having to tear down a bunch of unwarranted improvements.

The MLS(r) photos show a pretty house in good condition, but fail to point out its proximity to large-ish buildings on both sides of Bay Street (Pagano's hardware mart on the same side and a market/liquor store across the street).

The tiny 3,300-sqft lot doesn't provide much protection against the elements and the very busy section of Lincoln just a few hundred feet to the north.

Having established all that, then, you may be interested to know the previous owner, just 4 years ago, spent $810,000 to purchase this property ($579 / sqft).

Date	Event	Price
Sep 18, 2009	Listed	$534,900
Jun 04, 2009	Sold	$496,100
Jun 23, 2005	Sold	$810,000
Jun 27, 1988	Sold	$170,000

I wish that were a typo. Maybe it is. Assuming the house sells near asking price, which it just might (although spring fever has died down considerably), we're looking at a 34% drop in value in just 4 years. Alameda is different, innit?

Update 1/10/10: Sold to a newborn sucka for $555,000.

Some people take their street name seriously, and today's listing at 1610 High Street is certainly priced in a manner befitting its location. Let's look at the specs:

2 bedrooms, 1 bathroom, 1,274 sqft, MLS(r) #40428088, $725,000 ($569 / sqft)

[...] charming split level house in the east end of Alameda. Light and airy, with french doors and paned windows. Beautiful moldings and wood work mantel fireplace. [...]

You'd think some folks may have noticed that the days of paying $450 / sqft and up for little houses in substandard locations are, erm, over.


But apparently not. This week's little bungalow at 764 Eagle has the following specs:

2 bedrooms, 1 bathroom, 1,051 sqft, 5,880-sqft lot, MLS(r) #40427485, $469,500 ($447 / sqft)

[...] Spacious Kitchen. Large yard Bright & Sunny Charming Brick Fireplace with beautiful wood. Walk to [...] Webster Street Shops and Restrauants or Marina Village.

Paying that much for only one bathroom on just 1,051 sqft in that high-traffic, not particularly picturesque location is idiotic. Of course some arithmetically-challenged first-time home buyer eager to spend way too much for 30 years for the privilege of saving a few thousand dollars on their taxes next year will probably pay "snap it up" at full price--after all, this house has a history of fostering bad decisions on its owners:

Last sale and tax info

Sold 01/10/2006: $595,000

2009 Property Tax: $7,092

You read right--this little bungalow fetched $566 / sqft just 3 1/2 years ago. It is now for sale for 21% less, and still arguably overpriced by another 30%.

Update 1/10/10: Sold for $460,000 on 11/25/09.

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.

Buyer fever and price insanity are in full swing all right--today's new bungalow at 2810 Calhoun St. takes no prisoners and proudly flirts with $600 / sqft:

2 bedrooms, 2 bathrooms, 928 sqft, 3,108-sqft lot, MLS(r) #40410568, $535,000 ($577 / sqft)

YOU MUST SEE to enjoy this charming, two-bedroom two-bath Spanish influenced California bungalow. Located in a wonderful Alameda East End neighborhood near Otis School. This freshly painted home welcomes you with beautifully refinished hardwood floors throughout. The living room and dining room have dark wood original moldings and baseboards along with a built in china hutch. The kitchen, adjacent family room and second bathroom are additions to the original property extending the living space out to an awesome refurbished deck - perfect for relaxing or entertaining! Priced at $535,000---come make this your home!

I can already hear first-time buyers go "look! we can afford it!" and sign their names on the line that is dotted, not realizing they'll outgrow the sub-1,000-sqft floorplan in a year or two (or a baby or two) and be unable to sell for what they paid for it.

Update 9/19/09: Sold for $510,000 on 7/31/09.

This week has seen what looks like a number of homeowners realizing this is their last chance to sell their homes before the values drop below what they paid when the housing bubble was gaining momentum in the first few years of this century. Interestingly, if you exclude the duplexes, many of them share very similar characteristics: not terribly large, 2 bedrooms, 1 or 2 bathrooms, small-ish lots (the largest lot in the bunch is 4,400 sqft), post-Craftsman construction (late 1920s and younger), Fernside/East-End-ish locations. This means they're all potentially comps for each other, which should exert some pressure on prices.

Here's a summary:

1635 High Street MLS(r) #40409318

2 bedrooms, 1 1/2 bathrooms, 1,758 sqft, 4,141-sqft lot, $725,000 ($412 / sqft)

Stunning Fernside Split Level. Huge LR w/ high barrel ceiling, tall arched windows, balcony & oak floors. Contemporary Kit w/ all the extras. [...] Easy flow to lower level Family/Office area that opens to yard via custom 16' wide glass door system. Many eco friendly upgrades

Last purchase? May 2000, for $425,000.


2951 Windsor Drive MLS(r) #40409450

2 bedrooms, 2 bathrooms, 1,328 sqft, 4,100-sqft lot, $683,000 ($514 / sqft)

[...] contemporary home. 2 bedrooms, 2 baths, 2 fireplaces. Detached multi-purpose room as study/rec/overflow guest quarters. [...] Unique MURANO glass chandelier in dining room. Spacious eat-in kitchen. Nicely landscaped yard w/ sprinklers. [...]

Last purchase? October 2003, $527,500


1820 Cambridge Drive MLS(r) #40409451

2 bedrooms, 1 bathroom, 1,312 sqft, 4,000-sqft lot, $620,000 ($473 / sqft)

Charming split-level English Tudor Revival Cottage nestled on a tree-lined street in Alameda's desirable Fernside neighborhood. Period details throughout. [...]

Last purchase? December 2002, $459,000


This one already got into trouble for being too expensive last time around:

3042 Windsor Drive MLS(r) #40409287

2 bedrooms, 2 bathrooms, 1,520 sqft, 4,400-sqft lot, $564,900 ($372 / sqft)

Fabulous sparkling 2+ bedroom located in the popular Fernside area. Wide plank hardwood floors in living and dining rooms. [...] Corner lot. Great neighborhood. Convenient location. Downstairs room can be used as third bedroom.

Last purchase?

• It apparently went back to the bank in March this year, with a transaction price of $510,300.
  
• Before that, it had been sold in September 2004 for $660,000.
  
• And prior to that it had sold for $259,000 back in January 1996.

Then there's the one that got into trouble for no obvious reason:

537 Palace Court MLS(r) #40408959

5 bedrooms, 2 bathrooms, 2,183 sqft $494,900 ($227 / sqft) 

BANK OWNED. ALAMEDA DUPLEX WITH LOTS OF CHARACTER. 3 BEDROOMS 1 BATH ABOVE 2 BED 1 BATH BELOW, HARDWOOD FLOORS, AND TWO DETACHED GARAGES WITH ONE CONVERSION. [...]

Last purchase? December 1988, $245,000. It went back to the bank last August, with a $546,125 tag.


And finally a handful of sales that probably would have happened anyway:

2843 Madison Street MLS(r) #40409057

2 bedrooms, 1 bathroom, 1,268 sqft, 2,584-sqft lot, $599,000 ($472 / sqft)

[...] Craftsman Bungalow on Cul-de-sac. Fireplace w/ Classic Built-ins, Kitchen w/ Brazilian Green Slate Tile floors, Granite, Viking Range, LG Fridge, Breakfast Nook w/ LCD TV. Bathroom w/ Carrera Marble Floors, Claw Foot tub, [...]

Last purchase? April 1999, $296,000. The super-pimped-out description makes me wonder how much of the equity is left. Add to that a non-bedroom bedroom and a tiny lot, and I'm anticipating a bit of trouble for this one, especially considering how many comps are on the market already.

1311 Fountain Street MLS(r) #40409227

2 bedrooms, 1 bathroom, 1,222 sqft, 3,900-sqft lot, $539,000 ($441 / sqft)

Charming 2/1 home. Hardwood floor refinished. [...] Close to St Philip's Very private backyard retreat w/ Redwood tree, Formal DR w/ built-ins, Eat in kitchen, [...]

Last purchase? September 1985, $130,000

1816 Grand Street MLS(r) #356408

2 units: 1br 1ba and 2br 1ba, 1,497 sqft, $485,000 ($324 / sqft)
 
[...] 2 Units, One 2 Bedroom/1 Bath & 1 Bedroom/1Bath units, Nice Units with Roomy Kitchens, Good Size Livingrooms, Good Size Lot with 5 car carport [...] Well taken care of units, Carpet

Last purchase unknown.

If I were a gambling gal, I wouldn't put money on these guys selling too soon or at full list price: 1820 Cambridge, 2951 Windsor, and especially 2843 Madison. The others will probably go pretty quick, unless there's something really obviously wrong with them.

Update 9/5/09: 1635 High Street sold for $740,000 (!!!)
 
Update 9/29/09: 537 Palace Court sold for $500,000 on 9/9/09.

Sorry for the summary posts lately; I'm not out of the woods yet and can't quite spend the time and energy I used to spend on each individual listing.

This week has been a real treat for non-Victorian aficionados. Here's a quick rundown (no pun intended):

$549,000 2822 Central Ave
2 bedrooms, 1 bathroom, 1196 sqft, 3,500-sqft lot, MLS(r) #40408457 $459 / sqft

Charming craftsman cottage [...] Cozy 2 bdrm,1 Ba located on one level, close to great schools, parks and transportation. Hardwood floors, new interior paint 2009, built in shelves & plate rack in dining Rm. Updated foundation

Nice enough, if boring. Price should come down a bit (small lot, only 1 bath) but probably won't need to.

$395,000 1213 Eagle Ave
2 bedrooms, 1 bathroom, 909 sqft, 3,500-sqft lot, MLS(r) #40408375 $434 / sqft
[...] clean and neat. Back room includes laundry and could make a great office. Full basement has a lot of potential for projects. Nice clean yard [...]

There are also two giant warehouses half a block away. Handy, no? Shouldn't stand a chance at $434 / sqft, but buying fever is back, so it'll probably sell for close to asking.

$530,000 2525 Webb Ave
3 bedrooms, 2 bathrooms, 1401 sqft, 4,400-sqft lot, MLS(r) #40408233 $378 / sqft
Great location, large backyard. Lots of potential.

They forgot to say "Needs work." Sellers are probably trying to save their shirts. I'm not sure I'd want to live  in a place whole interior looks like this for 6 years.

Date	Event	Price
May 04, 2009	Listed	$530,000
Jul 23, 2003	Sold	$468,000
May 12, 1999	Sold	$250,000
Jun 05, 1992	Sold	$170,000

$685,000 2616 Buena Vista Ave
1,850 sqft, 7,000-sqft lot, MLS(r) #40408055 $370 / sqft
Dynamite Duplex in Fabulous Fernside! Classic A&C bungalow in front: unpainted wood details. Frplc, built-ins, hrdwd floors. Eat-in kitchen w/nu stove. Sunny 2/1 back unit has own small garden. [...] Close to Edison School, shops, transit!

Is 2616 Buena Vista really Femside? Lovely inside. Should sell quickly.  Sellers should also have some wiggle room on the price:

Date	Event	Price
May 03, 2009	Listed	$685,000
Feb 28, 1997	Sold	$259,000

$320,000 2418 Marti Rae Court
1 bedrooms, 1 bathroom, 798 sqft, 2,200-sqft lot, MLS(r) #40408315 $400 / sqft
Absolute best urban, island location for this 1 bedroom, 1 bath cottage. Short walk to the heart of Alameda's shops, cafes, restaurants, new movie house, commuter bus and more! Hardwood floors, updated kitchen & lighting, washer/dryer, fireplace and lovely details in this historic cottage.

Listing of the week. I'm not sure "Absolute best urban, island location" is even allowed by NAR rules. What I am sure of is that it's a completely ridiculous statement, unless you can't imagine living more than a block away from a KFC, a gas station, a Jack In The Box, a roach motel, a fire house, and a rock bar (hotel one block north-east).


The location and the street's trailer trash name ("Marti Rae"?) seem to attract savvy buyers:

Date	Event	Price
May 05, 2009	Listed	$320,000
Jun 25, 2004	Sold	$419,000
Mar 06, 2001	Sold	$245,000
Jun 10, 1998	Sold	$137,000
Oct 16, 1989	Sold	$132,500
Dec 16, 1988	Sold	$115,000

Note the negative real appreciation through the 1990s we saw before. This thing has no business being more than $150,000.

Update 9/29/09: Some idiot bought this for $340,000.

It's been a while since we featured an honest-to-goodness bought-at-the-peak-now-what property, and I was getting worried the market was actually going to drown in non-distressed sales, which are a lot less interesting. But 2448 Roosevelt restored my faith in the market's ongoing collapse. The specs:

2 bedrooms, 1.5 bathrooms, 1,385 sqft, 3,800-sqft lot, MLS(r) #40408203, $660,000

This is the home you have been waiting for. [...] Close to beach, South shore shopping, transportation and park. Large living room has beamed ceilings, french doors to outside patio and private backyard. New windows, upgraded electrical.

I don't know about you, but the house I've been waiting for sits on a little more than 3,800 sqft of land, and it's also not $476 / sqft. Some folks need to realize their house isn't actually worth what they paid for it in 2006, not now, not then, not ever.

Last sale and tax info

Sold 09/27/2006: $645,000

2008 Property Tax: $8,060

Drop it to $525,000 and it'll sell in a day. Keep it at $660,000 and watch the selling season fade away as you keep paying your oversize mortgage for another year. Or not.

Update 9/29/09: Sold for $575,000 on 9/1/09.

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.

Majestic, towering pine trees are precious little things, and if you'd like the opportunity to dine alfresco behind one, here's your chance. 1901 Eagle Avenue has the following specs:

2 bedrooms, 1 bathroom, 1,472 sqft, 2,800-sqft lot, $499,000

This charming 1910 split-level Craftsman is nestled behind a majestic pine on a quiet tree-lined street in Central Alameda. With 1472 sq. ft, this home boasts a spacious living room with wainscoting, a beautiful stained glass window, wood burning fireplace and hardwood floors that flow into the dining room. The updated eat-in kitchen has loads of storage and a laundry nearby. A large sunny bedroom and bath are on the first floor. The second floor has a bedroom and cozy attic room with loads of potential. Outside, the sheltered yard offers a quiet place for gardening, relaxing or dining alfresco and the detached garage offers room for a workshop. For the boating enthusiast, the Alameda Marina is just one block away.

You'll have to squeeze a little, though, because the lot is under 3,000 sqft.

Factoring in inflation and agent commissions, it looks as though we're getting back to late 2002 prices:

Last sale and tax info

Sold 12/31/2002: $437,000

2008 Property Tax: $6,134

The property tax seems a little high to me (and delinquent, too), based on the previous sale price; perhaps the property was reassessed for an "equity withdrawal"? The house appears to be in very good shape inside and out, based on the Craigslist post photos, and it's a rare house these days that hasn't paid for its own maintenance. At any rate, it's certainly priced somewhat aggressively at $339 / sqft and will likely sell in short order. It's not priced right, mind you, what with the tiny lot and subprime location (this neighbor isn't looking too proud), just well enough to stand a chance at selling soon.

Update 9/5/09: Sold for $540,000 in May.

A distressed McMansion at 2438 Coral Sea St is back, yet again, with new MLS(r) #40403518 and old price ($799,000). Please refer to the multitude of prior posts for details.

Update 8/30/09: Apparently sold for $750,000.

Update 1/10/10: Actually sold for $700,000.

It was last sold right when it was built:

Last sale and tax info

Sold 09/14/2004: $858,500

2008 Property Tax: $11,934

The pricing strategy appears to be something along the lines of "We're not losing money on this! Let's get a pair of agents who will share a 4% commission and we can break even."

It looks great if you like huge new McMansions that look the same on tiny lots with nice, straight new sidewalks and minuscule green spaces whose personality gets brutally manicured out of them on a regular basis.

Update 8/30/09: Sold for $852,000, less than its 2004 price.

Sorry for the low post volume this week; not very many interesting listings coming on the market. Mostly relists like...

• 1527 Willow St (MLS(r) #40398697, $724,500), covered a month ago;
  
• 1626 Alameda Ave (MLS(r) #40398582, $1,145,000) with a new agent. The listing is always in ALL CAPS regardless of the agent representing the house, so I'm guessing the owner might have some control issues evidenced by their lack of sale in something like 10 years or more of trying to unload their "mansion";
  
• 538 Palace Ct (MLS(r) #40398372, $435,000), a sad, unrecognizably Victorian "duplex" I didn't have the heart to cover last year because it's so sad looking;
  
• 1612 Minturn St (MLS(r) #40398229, $545,000), covered a couple of months ago.
  

One relist I didn't cover is 1611 San Antonio, at the same idiotic high price at which it failed to sell last year:

$1059000 / 4br - Fabulous Gold Coast Property ~OPEN SUN~. 2PM-4:00PM (alameda) (map)

---

Reply to: daveparkrealtor@gmail.com
Date: 2009-03-07, 7:32AM PST


Don't miss this fabulous 4bedroom 2bath turn of the century brown shingle home on a large deep lot in Alameda's exclusive Gold Coast neighborhood.

For more information visit www.1611SanAntonio.com

The listing history is sad (what little you can get from the MLS(r) anyway):

Property History for 1611 SAN ANTONIO Ave

Date	Event	Price
Jan 01, 2009	Listed	$1,059,000
Jan 01, 2009	Off Redfin	*
Sep 18, 2008	Listed	*
Sep 18, 2008	Off Redfin	*
Sep 13, 2008	Price Changed	*
Sep 08, 2008	Relisted	*
Jul 12, 2008	Relisted	*
Jul 10, 2008	Off Redfin	*
Jun 21, 2008	Price Changed	*
Jun 03, 2008	Relisted	*
May 27, 2008	Off Redfin	*
Apr 30, 2008	Listed	*

If I remember correctly, one of the price changes last year was from $1,095,000 to $1,059,000. The Google search results aren't conclusive, but I do remember thinking the price drop was silly:

I couldn't find a sale history for this property, so there should be room to drop significantly. Zillow's mostly useless Zestimates, which are usually much too high, have this house valued at $725,000 as of today, which is about right for...

4 beds, 2.0 baths, 2,148 sq ft, MLS(r) #40387468

I've only seen the outside, but trusted acquaintances tell me the house isn't in good enough condition to warrant a seven-digit price; supposedly lots of little annoyances and signs of age all over. I might just drop by an open house to confirm.

The Spite House's neighbor at 1343 Broadway (MLS(r) #40397569 and #40397471) came on the market this week, and I'll post on it when I have a chance to research it a little more. Also watch for a post on strategically-priced, sub-$1M 735 Palmera Court (MLS(r) #40398286), which is listed for considerably less than a neighbor a little while back, and a pointy, overpriced East-Ender at 1616 Cornell Drive (MLS(r) #40398284).

Today's Craigslist post had me in stitches (almost). Here goes, in its entirety, with some highlighting for emphasis.

$485000 / 2br - Sweet and Charming Home with lots of Character! (alameda) (map)

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Reply to: hous-1055041452@craigslist.org ^{[Errors when replying to ads?]}
Date: 2009-02-28, 8:17PM PST


Two bedrooms, one bathroom.
Charming home with lots of character. Built in 1912.
Beautiful refinished wood floor throught the home.
New roof!
New foundation!
Fresh paint!
Great central location in Alameda.
Quiet neighborhood of expensive homes.

*Price for quick sale before listing on MLS.
If interested call Moti at 415-850-4841

The backyard and Home Depot special granite and short backsplash in the kitchen look especially appealing.

If you don't know where 1810 Hibbard is, here's a map with a street view. It looks like a bunch of super classy new construction homes on the west side with three five times as many pickup trucks than cars parked outside of them (I counted them), a big empty lot to the south of this property, and the striking modern sculpture below at the north end of the block:

But that's not what amused me most. This is:

2 bedrooms, 1 bathroom, 744 sqft, 3,564-sqft lot, $485,000

You read right. 744 square feet for $485,000 ($652 / sqft) is "Price[d] for quick sale before listing on MLS."

Maybe whatever is stored in those silos has been wafting down the street and eating away at the owner's brain cells. Or maybe they didn't have enough room for a TV, radio, computer, or newspaper mailbox in their subcompact bungalow to be informed that there are no quick sales anymore (with the occasional exception, and both of those occurred before unemployment hit double digits in California and the S&P 500 hit an 11-year low), and that the kinds of price per sqft that actually sell in Alameda are less than half of their demented asking price.

  

It shouldn't come as much of a surprise that the owners are not quite there. You may remember this property from last year, when it was on the market with a rather colorful description courtesy of Ms. "Sam" McDowell:


If you can't quite make out the description, here's what it says:

Its craftsman architectural integrity has been effectively exploited into a wreck created by the ravage of passing time or human beings????

Sure makes you want to move right in, doesn't it? Yet the current owners did pay $300,000 for it last April:

Last sale and tax info

Sold 04/30/2008: $300,000

2008 Property Tax: $2,099

In other words, this house is probably an attempt at a quick flip that's almost guaranteed to end poorly for the idiot flippers. Assuming they did things right, not luxuriously, and that the Craiglist post is factually accurate (i.e. the "new foundation" is a new foundation, not a cheap perimeter job, and the "new roof" really is a full roof replacement), we're probably looking at $60,000 worth of work given the condition the house appeared to be in.

That said, if the new roof, new foundation, and full rehab listed in the Craigslist post are their work, and if they're done properly (I have my doubts based on the cheap kitchen do-over and what looks like just a coat of paint on the windows, rather than a replacement), I must commend them for restoring what looked like a complete disaster. I'm almost tempted to wish them a break-even sale so they don't get completely turned off from rehabbing old houses in Alameda. It's an expensive hobby in this market, but I can think of much more destructive ways of killing time.

Update 3/9/09: On the MLS(r) as #4039891, same price.

Update 3/10/09: Reader Alyssa (yabbadabba) was kind enough to provide photos of the house taken when it was on the market last year, pre-renovation. Alyssa says:

I had a feeling this house would be flipped.  These are some before photos which show the sad state that the house was in; these photos are from February 2008.  The house looks better now from the photos.

Behold:



Could be worse. Like, say, the side of the house:

Here's a blast from the past. 2438 Coral Sea Street is back as MLS(r) #40396836, at the same price it failed to sell a year ago ($799,000).

To minimize redundancy, please consult the original post for the skinny.

Update 8/30/09: Apparently sold for $750,000.

Update 1/10/10: Actually sold for $700,000.