Results tagged “Bayport” from Knife Catchers

This blog hasn't been updated very regularly, but that doesn't mean I haven't been watching the market get all giddy with spring fever and the irresponsible tax credits that have been doled out by various entities that sometimes really can't afford it. Predictably, the giddiness and market distortions have caused prices and sales to rise in the first half of 2010 (view the original chart here):

One thing that's struck me over the past few weeks is how inflated the newer listings seem to be on a price per square foot basis. So I fired up the ol' spreadsheet to see if I was imagining things, and lo and behold, there's an amusing relationship between price per square foot and days on market:


The graph shows the average price per square foot for 94501 as of 7/23/2010 (thanks Redfin for the downloadable data), plotted against days on market. The blue bars (left in each pair) show the cumulative average (e.g. "<=30 days" includes listings on the market between 1 and 30 days). The red bars show the average for each band excluding previous bands (e.g. "<= 30 days" means 15 to 30 days, "<=15 days" means 8 to 14, etc).

It's not terribly surprising that older listings tend to have a lower price per sqft, if only because they're more likely to have had a price reduction; that said, one might also expect the reverse, i.e. the listings that stay on the market for a long time are disproportionately likely to have a high price per sqft. So this result is by no means self-evident.

By and large the data does indicate that the listings that have appeared on the market recently tend to have been priced using either the obscene gauge or the moron method.

Quite a few of these are, not surprisingly, bubble purchases coming home to roost: 3030 Thompson is an old acquaintance of ours; 3115 Fairview was bought for way too much in 2006 and is back for about $100K less, but still too much; 1100 Post one of those suicidally ugly post-war houses on that little stretch that curb appeal and interior design both forgot, is listed for more than its previous sale price, way too high but people inexplicably still fall for the old ugly-but-gorgeous-deep-down-inside trick; 2288 Chipman is one of them Bayport albatross that shouldn't have been built (or bought) in the first place.

Paying too much for housing and subprime lending: it's the new black.

Somehow, in the tsunami of Bayport houses coming back on the market in great distress just two or three years after they were first built, I missed 268 Bryant. I won't bore anybody with a long discussion and stick to the facts.

5 bedrooms, 4 bathrooms, 3,743 sqft, 5,381-sqft lot, MLS(r) 40425512, $975,000

Entering through the elegantly arched front doorway and beautiful entry with soaring ceilings and welcoming living room you know you are home! Sophisticated, tranquil and spacious, [...] exquisite residence [...]

This property was listed about 3 months ago for $998,000 and recently dropped a hair to $975,000.

It was first sold in 2005 for $1,071,000, and given the competition just around the corner, I don't see how it can possibly sell for near asking.

Today's new Bayport McMansion is a fine, fine example of what not to do during an asset bubble. 318 Lina Avenue has the following specs:

4 bedrooms, 3 bathrooms, 3,150 sqft, 3,840-sqft lot, MLS(r) #40435548, $825,000 (plus $119 / mo HOA dues)

Exceptional price for this stunning Malpeque model at Bayport. Highly upgraded w/ onyx and wood flooring, Thermador S/S appliances, maple cabinetry throughout, [...] surround sound and so much more. ..

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The sale history speaks for itself:

Date	Event	Price
Oct 23, 2009	Listed	$825,000
Dec 20, 2006	Sold	$1,136,000

That's 27% off the initial price. Not bad.

Yet another Bayport house was (re)listed this week. 380 Hollister Avenue has the following specs:

3 bedrooms, 2 1/2 bathrooms, 2,361 sqft, 3,289-sqft lot, MLS(r) #40431306, $779,000 ($330 / sqft)

Over $70K in upgrades, [...] loft and MB retreat [...] many exquisite features: granite kit C/T, SS appliances, [...] m/bath marble C/T, surr sound, upgraded flooring, custom paint and shutters, beautiful yard w/ functioning gas firepit. [...]

Finally a listing that's not afraid to describe those ugly Nazi appliances as what they are.

This property was unsuccessfully listed at the same price a few months ago (then known as MLS(r) #40398972).

Date	Event	Price
Sep 26, 2009	Listed	$779,000
Jul 01, 2009	Delisted	*
Mar 09, 2009	Listed	*
Apr 21, 2005	Sold	$785,000

The great unwinding of the Bayport complex is continuing apace. Today's "esquisite" McMansion at 311 Bryant, which has been on the market for almost two months already, has the following specs:

4 bedrooms, 3 bathrooms, 3,149 sqft, 3,977-sqft lot, MLS(r) #40421484, $955,000

Come and enjoy luxuary living at its best [...] over 100K in upgrades. Hickory Espresso Hardwood floors, granite Counter in Kit. / Cherry Cabinet with Mahogany finish. [...] Surround sound & much, much more.

The Craigslist post is a tad more lyrical, with the randomly capitalized words that sell houses faster:
 

This Italian Malpeque Plan 9 with Approx. 3,149 Sq. Ft. is part of the Cove Collection, 4 bedrooms, 3 baths. It is located within Alameda’s newest Community, Bayport of Alameda. This home features classic architectural design with a multitude of upgrades to satisfy the most sophisticated discriminating buyers. Upgrades start with the Front Door that leads into the upgraded Hickory Espresso Hardwood Floors, beautiful arched doorways throughout, Plantation shutters, Crown Molding, Upgraded gourmet kitchen, with Stainless Steel appliances, Granite countertops, Cherry Cabinets with Old World Mahogany Finish. Family Room comes with a Fireplace & build-in Media Center that leads to a finished and landscaped backyard. Upstairs enjoy the loft with a build-in Media center and a secluded state of the art master suite and master bath with a deep jetted tub that leads to a large walk-in closet.

This monument to decadence and excess has one of the most obscenely tricked-out kitchens I have ever seen:

It will not surprise anyone to read the initial buyers spent way too much in 2005:

Property History for 311 Bryant Ave

Date	Event	Price
Sep 04, 2009	Price Changed	$955,000
Aug 12, 2009	Price Changed	$975,000
Jul 25, 2009	Listed	$995,000
Jun 17, 2005	Sold	$1,017,500

Unfortunately, for this thing to have a shot at competing with the glut of Bayport houses for sale, the price needs to drop significantly more than it has.

Note to Bill and Griselda: it's spelled exquisite with an 'x'.

It might be the end of the selling season upon us forcing people to rush to list their homes, or a full moon, but it seems as though every third house in the Bayport development is for sale for less than it was purchased when it was build just three or four years ago.

Today's listing at 330 Hollister Avenue has the following specs:

4 bedrooms, 2 1/2 bathrooms, 2,219 sqft, ~3,500-sqft lot, MLS(r) #40428585, $638,000

Beautiful home built in 2005 [...] priced to sell! [...] highly desireable Harbor Collection Plan 4 [...] Charming master bedroom suite has walk-in closet and private upper deck with french doors. Close to BART, freeway, shopping, and more.

Close to BART should most definitely be qualified with "by Alameda standards"; if you're unfamiliar with our little town and expect BART accessibility on a par with Temescal in Oakland or the Mission in San Francisco, better look elsewhere.

At $638,000 ($288 / sqft) it's certainly priced aggressively and should be a nice comp resetter. This new price comes out to a $155,500 (20%) price drop compared to its initial sale price of $793,500 less than 4 years ago.

Date	Event	Price
Sep 29, 2005	Sold	$793,500

Add in the 6% agent commission and you're down to a yearly loss that equals what a lot of people earn in the same amount of time.

Well done.

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

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

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

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

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

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.

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.

A side effect of completing a sold-out housing development at the top of a housing bubble is that, when the market turns sour, an entire subdivision is underwater all at once. This week's McMansionette at 310 Bryant Ave has the following specs:

4 bedrooms, 2 1/2 bathrooms, 2,925 sqft, 4,013-sqft lot, MLS(r) #40400068, $799,000

Master developmnt [...] W/ Newer elementary Sch. Spacious Private sunny courtyard & backyard w/ morning & afternoon sun. [...] Extra large master suite. [...] Formal dining rm w/ spacious kitchen & lots of cabinets. Big family Rm. Anderson window.

The sale history might be a lesson for future buyers:

Property History for 310 BRYANT Ave

Date	Event	Price
Mar 14, 2009	Listed	$799,000
Aug 19, 2005	Sold	$861,000

But we know all too well home buyers aren't exactly the most prudent type, so somebody will probably think this is a great bargain at $273 / sqft and buy it near list price in the worst down market in US history. Oh well.

 

Not much grows on the ugly west side of this lovely island, probably due to its recent past as a contaminated military base. Other than McMansions, that is. Today's huge property has the following specs:

4 bedrooms, 3 bathrooms, 3,179 sqft, 4,160-sqft lot, MLS(r) #40380296, $929,000
(public records say 3 bedrooms, 2 1/2 bathrooms)

[...] 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!

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?

Look on the bright side of life, though--this is a sought-after, sold-out model! I wonder if they'll throw in the de rigueur SUV (or truck) parked in front.

The sale history 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:

Last sale and tax info

Sold 04/07/2005: $856,500

2008 Property Tax: $11,892

But who knows, maybe that price doesn't include the "upgrades" and they're already upside down after agent commission.

There's a special place in hell for folks who build, buy and sell these monstrosities. They're going to be in good company.

Update 12/28/08: Price dropped to $909,000 a week before Christmas.

I wonder if the old saw about homeowners selling and moving every 7 years is going to have to be amended after this real estate blowup is over. We're certainly seeing a lot of 2005-2006 sales coming back on the market just 2-3 years later.

Today's listing at 398 Hollister is another one of those ugly McMansions in the no-man's-land on the west side of the island. It was built and sold in 2005 and is now back on the market:

4 bedrooms, 2 1/2 bathrooms, 2,361 sqft, 4,127-sqft lot, MLS(r) #40375023, $787,000

Absolutely Immaculate Large Corner Lot Home! [...] Upstairs Loft/ Office Area. [...] Spacious Family Room w/Fireplace. [...] Large Kitchen w/Island and Dining Area. [...] Professional Landscaped Yard, No Rear Neighbors.

It looks as though the owners tried to rent it out:
 
$3,500 per month likely doesn't come close to covering the mortgage and property tax:
 

Last sale and tax info

Sold 04/26/2005: $742,500

2007 Property Tax: $10,564

Here's another gigantic McMansion by the naval base (MLS #40340230):

Beds:	5	Type:	SFR	Sq. Ft.:	3,743	Lot Size:	6,013 Sq. Ft.	MLS #:	40340230
Baths:	4/0	Built:	2005	$/Sq.Ft.:	$280	List Date:	05/02/08	On Market:	86 days

List Price: $1,048,888
Open 6/7 6/8 12-4pm. Immaculate home with tons of upgrades. Largest plan 5in development-plan 12. Huge master suite with 2 closets 1 is walk in.Large corner lot with backyard and separate courtyard. Beautiful stone floors. 1 bedroom downstairs. Fireplaces in living and family rooms.

Alameda's West side, right by the college and the lovely infected superfund area by the naval base, has seen a rash of expensive McMansion developments over the past few years. Some were in full swing right around the time the market crashed, and now we're seeing gigantic luxury eyesores flooding the market and competing directly with the unsold inventory (and each other):

I've been ignoring them mostly because they're such hateful monstrosities, but there are too many of them now for me to miss out on a snarky opportunity. So here goes lovely 2118 Mosley Avenue (MLS(r) #40340226).

Here are the specs: 4 bedrooms, 3 1/2 bathrooms, 3,423 sqft, 5,173 sqft lot, listed April Fool's Day, 2007

[...] Beautiful. Over $100k in upgrades. One of the largest plans [...] Intercom [...] Stainless steel appliances, granite counters, island.[...] Surround sound blt in. [...] Jetted tub in master, loft. 3 car garage. [...]

I suppose it's nice enough if you're into that sort of thing, and it's priced to sell at $283 / sqft:

It seems a lot of McMansions properties in the newly-developed West end are coming on the market these days. Some are brand-new, just-finished homes, and others, like today's listing, are just a couple of years old (MLS #40357950).

General Information
City/Town Alameda State CA Zip 94501 County: Alameda SubDiv: ALAMEDA Price: $749,000 Bedrooms: 4 Full Baths: 3 Half Baths: 1	SQFT: 2361 Lot Size: 0.07 Stories: 2 Story Style: mediterranean
REMARKS
Here's a chance for you to own a piece of the prestigious Alameda's Bayport community. New homes, new school, new community for 20% less than the sold prices. This is a Plan 4 model. Builders are currently selling it @ $850K+

At $749,000 for 2,361 sqft, this house is priced aggressively ($317 / sqft). It's still a big chunk of money, but not as big as it could be:

Last sale and tax info

Sold 06/02/2006: $888,000

2007 Property Tax: $12,054

$139,000 + $45,000 commission + $24,000 in property tax = $208,000 that went "poof" in just 2 years. Epic? Almost.

(bonus point if you can elucidate today's silly title)

Update 12/13/08: Sold for $660,000 after 82 days on the market and at least one price drop.

Hot on the heels of today's McMansion comes another nearby (MLS #40349729) for $100K less, i.e. $799,999:

Beautiful house built in 2006 in planned neighbourhood. Bull nose corners, cove ceilings.Upgraded maple cabinetry.Tile floors in entry and kitchen, french doors, Balcony with french doors.Custom interior paint.Pre-wired - surround sound, gas fireplace insert, plantation shutters,Flagstone patio.

There's no photo in the MLS, but Zillow's aerial photos come to the rescue:

I love huge houses on brand new tracts that still manage to be essentially glued to the neighboring structures.

This house and its cousin have different listing agents, but the silly pricing strategy (1 dollar under the next round number), comparable price per square foot ($336 v. $320), shared location and recent sale histories make me suspect a series of transactions gone sour. Behold:

Last sale and tax info

Sold 09/07/2006: $879,000

2007 Property Tax: $11,755

In plain English, that spells "oops."

Update 10/31/08: Spooky price drop to $649,999. The drop history picked up in October: $150,000 and still no bites? $230,000 drop since last sale? That's epic.

09/08: $799,999 to $774,999
10/03: $774,999 to $749,999
10/15: $749,999 to $699,999
10/30: $699,999 to $649,999

Update 11/22/08: Short sale, per Zip Realty.

Update 3/23/09: Still on the market, dropped to $625,000 about 6 weeks ago.

Update 9/5/09: Sold for $635,000 in April. 28% off.

This new McMansion on Jouett Sq (where the heck is that?) just showed up today (MLS #40349789):

Beautiful three year young home. 4bedrooms, 3 bathhs and an office downstairs!Lots of upgrades. custom tiled foyer, custom draperies. gourment kitchen , island with custom granite countertop, stainless steel appliances, and custom cabinets. professional landscaped backyard. Tons of upgrades.

That sounds really nice. The outside, however, remains a mystery, and there are only pictures of the interior, such as this:

The asking price is $899,999, which seems low enough considering the house is 2805 sqft (i.e. $320 / sqft), although the whole 1-dollar-below-$900K is silly and cuts out buyers who search for homes starting at $900K, but agents never learn, and besides there can't be that many folks in Alameda whose starting price is $900K. But the best part is the home's sale history:

Alameda is known for its past and high density of very old (mid-to-late 19th century) Victorian homes. It is also known for having a fair amount of underdeveloped space to its west, thanks to an abandoned army base.


For a little while now, developers have been building "luxury" residences in said west end, such as this property, now for sale for $1,050,000:

MODEL #7 @BAYPORT. OVER $80,000. IN ORIGINAL UPGRADES. GRANITE COUNTERS, ADDITIONAL CABINETRY IN KITCHES TOP LINE GE. PROFILE APPL. BAMBOO FLOORING DWNST. BERBER CARPET UPSTAIRS.FULL HOUSE INTERCOM, STAMPED CONC. PATIOS AND MORE!

THIS MUST BE A HELLUVA HOME TO WARRANT THIS OCEAN OF CAPS. Of course it boasts all the pseudo-high-end features you'd expect from a new McMansion: berber carpets, "TOP LINE" appliances (though thankfully no stainless steel) and a whole quarry's worth of granite: