Results tagged “Clinton” from Knife Catchers
Look who's back! Lagoon-access Victorian triplex 1904 Clinton has been relisted at a lower price ($899,000 down from $949,000, or $351 / sqft; MLS(r) #40431282) with a new agent, our good buddy Jose Cerda-Zein. Please refer to the original post for specs.
One factor that might be contributing to this property not selling is the fact it's been chopped up into three small units--neither of its two buyer pools can possibly be interested. Investment property buyers don't really want a luxury home in a prime location with three small units in it, because it doesn't make sense to pay a large location and architectural premium for three little apartments. And well-heeled Victorian aficionados interested in a lagoon property don't want a triplex; they want a large single-family home that's ready to move in as is.
So much for my prediction this thing would sell quickly.
One factor that might be contributing to this property not selling is the fact it's been chopped up into three small units--neither of its two buyer pools can possibly be interested. Investment property buyers don't really want a luxury home in a prime location with three small units in it, because it doesn't make sense to pay a large location and architectural premium for three little apartments. And well-heeled Victorian aficionados interested in a lagoon property don't want a triplex; they want a large single-family home that's ready to move in as is.So much for my prediction this thing would sell quickly.
While we're revisiting old favorites, I submit that the overpriced cut-up Victorian jigsaw puzzle (9 units? Give me a break) at 2267 Clinton will be on the market well beyond its owners' lifetimes. Heck, the way it's going, the owners' children might die of old age still clinging to their $1.5M price point.
It's back as MLS(r) #40402191, at the new,low, low price of $1,425,000.
Based on the MLS(r) photos, there isn't much left of the property's much-vaunted Victorian character. Carpet, carpet everywhere, and not an unrented square inch to breathe. The (terrible) MLS(r) photos suggest some of the units are empty (so much for $114,600 yearly income), the two photographed kitchens look incredibly cheap, characterless and cramped, and other than the picture and chair rails and some woodwork that would take some effort to remove, there doesn't seem to be anything remotely Victorian left in this once-glorious carved-up house. And remember these are the official, cherry-picked photos aimed at representing the house in its best light to prospective buyers.
I am thoroughly underwhelmed. I could see paying $600,000 for the (enormous) building, lot and location, maybe, and spend another $200,000 turning it back into a real house. Not a penny more.
Update 1/8/10: And again, for a little less this time ($1,369,000).
It's back as MLS(r) #40402191, at the new,
Based on the MLS(r) photos, there isn't much left of the property's much-vaunted Victorian character. Carpet, carpet everywhere, and not an unrented square inch to breathe. The (terrible) MLS(r) photos suggest some of the units are empty (so much for $114,600 yearly income), the two photographed kitchens look incredibly cheap, characterless and cramped, and other than the picture and chair rails and some woodwork that would take some effort to remove, there doesn't seem to be anything remotely Victorian left in this once-glorious carved-up house. And remember these are the official, cherry-picked photos aimed at representing the house in its best light to prospective buyers.
I am thoroughly underwhelmed. I could see paying $600,000 for the (enormous) building, lot and location, maybe, and spend another $200,000 turning it back into a real house. Not a penny more.
Update 1/8/10: And again, for a little less this time ($1,369,000).
Today's new listing is a pretty Victorian on the lagoon on the 1900 block of Clinton. Handy if you need to run to the hospital. The specs:
4 bedrooms, 3 bathrooms, 2,563 sqft, 7,420-sqft lot, triplex, MLS(r) #40389387, $949,000
Gorgeous "turn of the century" victorian on lagoon on gold coast [...] Owners unit is 2 bedr/1 bath w/formal dr, sunporch,etc. All units have access to backyard, deck and lagoon. Updated triplex with original charm. [...] One of a kind! Must see
It's certainly pretty, although I'm not sure I like the siding. It's also across the street from a large, formerly gorgeous white Victorian on a corner lot that's falling to bits slowly but surely:
I haven't seen the inside, so I can't vouch for its condition, but the outside is nice, it has direct lagoon access and a big lot, and it's fairly large, so $949,000 ($370 / sqft) is probably enough to make it move quickly. I don't know if they're going to get it, though, since the house sold for "only" $700,000 in late 2007, near the peak of the market, at a time when house prices were actually higher than they are now; this suggests there might be something funny going on with the property. But again, I haven't seen it (or the disclosures), so it's hard to tell.
Whatever the case may be, though, I suspect the owners realized you can't make a $700,000 triplex cash-flow-positive no matter how you slice it, especially if you've added the mortgage by upgrading a bunch of things (emphasis added):
At any rate, their expectations have dropped a hair, as evidenced by their sub-$1M list price. It'll be interesting to see what happens.
Whatever the case may be, though, I suspect the owners realized you can't make a $700,000 triplex cash-flow-positive no matter how you slice it, especially if you've added the mortgage by upgrading a bunch of things (emphasis added):
The owners also appear to have set a "Make me move" price on Zillow (a cool million, natch), and put it up as a FSBO on Zillow as well, which suggests they may have wanted to bail very shortly after they bought the house.Home Description
Triplex with 2 1 Bedroom units on the 1st floor and a 2 Bedroom on the upper floor. Located directly on the lagoon with its own pier and deck on the water. Great Views. New roof & double-pane windows, oak floors refinished, upgraded electrical, freshly repainted, insulated.
Provided by the owner
At any rate, their expectations have dropped a hair, as evidenced by their sub-$1M list price. It'll be interesting to see what happens.
Today's newest Victorian has a mysterious obsession with water.
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.
Update 4/25/09: Price dropped to $995,000 several weeks ago.
6 bathrooms, 4,501 sqft, 12,660-sqft lot (!), MLS(r) #40378361, $1,150,000
Great water income property. [...] 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 [...]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:
(note the model in front demonstrating one of the "6 off street parkings." in her spiffy new white Dodge)
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.
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 who's not too happy about this listing?Last sale and tax info
- Sold 03/21/1997: $56,500
- 2008 Property Tax: $5,218
Update 4/25/09: Price dropped to $995,000 several weeks ago.
WTF is up w/ those abbrev. posts on MLS(r) sites? Today's listing has "ez acces to parks."
I remember seeing this mini Vic on the market not that long ago, and indeed it has sold twice over the past 3 1/2 years, not counting its latest run-in with the bank (data courtesy of the excellent Bay Area Sold Homes site):
The earlier transaction made the agent proud:
We sold it for way over asking! Yay us! Of course that was the responsible thing to do, since $475,000 for 888 sqft (a mere $535 / sqft) is such an incredible deal. Things had turned sour a couple of years later, as the property sold for $525,000 (a steal at $591 / sqft) after being listed for $549,000 in late 2006; it didn't sell until August, 2007 (my emphasis):
And now, guess what, we're in foreclosure (screenshot edited for size; removed one panel). It sure didn't take long.
Darwin: 1, dumb homebuyers: 0.
Now we're down to $311 / sqft, which is still on the high side, but considerably more reasonable. Expect a bidding war and a quick sale over asking for this widdle guy.
Oh, and those other handkerchiefs on Lincoln struggling in the $400k-$500k range? They're toast with a new comp like this.
This is an excellent development. Watch for more of these in the scary upcoming holiday season.
Update 12/11/08: Sold for $400,000.
Excellent Home buying opportunity [...] Adorable 1 bed and 1 bath fully detach victorian nestled on a traquil tree line st with ez acces to parks, [...] one of the LOWEST priced homes is Alameda and a great condo alternative on a Huge lot.This abbreviated listing is for an abbreviated home with the following abbreviated specs:
1 bedroom, 1 bathroom, 888 sqft, 3,750-sqft lot, $276,500, MLS(r) #40368605 and #346373
(map)
I remember seeing this mini Vic on the market not that long ago, and indeed it has sold twice over the past 3 1/2 years, not counting its latest run-in with the bank (data courtesy of the excellent Bay Area Sold Homes site):
08/12/2007 | 2253 Clinton Avenue | $525,000 | 1 | 888 | 1895 | Alameda | 94501 |
05/29/2005 | 2253 Clinton Avenue | $475,000 | 1 | 888 | 1995 | Alameda | 94501 |
We sold it for way over asking! Yay us! Of course that was the responsible thing to do, since $475,000 for 888 sqft (a mere $535 / sqft) is such an incredible deal. Things had turned sour a couple of years later, as the property sold for $525,000 (a steal at $591 / sqft) after being listed for $549,000 in late 2006; it didn't sell until August, 2007 (my emphasis):Open Homes for the Weekend of Oct. 7 and 8, 2006
Information on open homes listed below was gathered by the Alameda Sun for the purposes of providing prospective real estate buyers a place to start their search. The Sun does not guarantee the accuracy, timeliness or completeness of the information. To list your property on this page or www.alamedasun.com, call 263-1472.
1437 Morton St. $259,000 Sunday 2-4 1433 Morton St. “B” $315,000 Sunday 2-4 955 Shore Point Court #212 $325,000 Sunday 2-4 2133 Santa Clara Ave. #212 $398,000 Sunday 2-4 1533 Pacific Ave. $450,000 Sunday 2-4 2137 Otis Drive #209 $475,000 Sunday 2-4 1816 Chestnut St. $495,000 Sunday 2-4 1033 Verdemar Drive $520,000 Sunday 1:30-4:30 1033 Verdemar Drive $520,000 Saturday 1:30-4:30 2253 Clinton Ave. $549,000 Sunday 2-4
And now, guess what, we're in foreclosure (screenshot edited for size; removed one panel). It sure didn't take long.
Darwin: 1, dumb homebuyers: 0.Now we're down to $311 / sqft, which is still on the high side, but considerably more reasonable. Expect a bidding war and a quick sale over asking for this widdle guy.
Oh, and those other handkerchiefs on Lincoln struggling in the $400k-$500k range? They're toast with a new comp like this.
This is an excellent development. Watch for more of these in the scary upcoming holiday season.
Update 12/11/08: Sold for $400,000.
In honor of our new Lifers category, we present to you a large Victorian on Clinton Avenue, which seems to have been on the market forever. Its 5,348 sqft have been chopped up into eight units. One site I'd never seen before has this to say:
The property is listed at $1,495,000, down from its previous $1,559,000 since mid July. There is no record on Zillow or Trulia even of the property's existence, so one assumes it's been owned by the same family for decades (or at least since before the earliest record in Zillow's dataset):
This property is a Lifer on this blog because it was Alameda Sun's Property of the Week back in April, 2007:
I have found no evidence of the property being on the market prior to April, 2007, but I have memories of it in 2006. Can anyone confirm this?
In the meantime, this property is enjoying some measure of fame in China.
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Are they seriously calling the top floor, presumably former attic a "Penthouse apt"?Beautiful 8 units--Rising rents. 1 large two bdrm, 4 one bdrms, 3 studios Roof in '02, foundation 1999-2000, updated electrical, new sewer, sep. meters [...] Tastefully painted halls, attractive, durable hall carpet. Most apartments have updated kitchens with granite counters. [...] moldings, skylights. Penthouse apt is one bdrm is large with skylights. [...] Front yard is landscaped and sprinklered. [...]2267 Clinton Yesterday's Charm, Today's Lifestyle
The property is listed at $1,495,000, down from its previous $1,559,000 since mid July. There is no record on Zillow or Trulia even of the property's existence, so one assumes it's been owned by the same family for decades (or at least since before the earliest record in Zillow's dataset):
The Loopnet page gives a breakdown of the income you can expect this property to generate:
But if you finance this puppy at 7% with 20% down, you're stuck with yearly costs of about $112,680 ($8,000 monthly mortgage + about $1,390 in property tax every month, assuming $1,495,000 value and average 1.16% property tax), which means you're about $25K in the red every year. What an amazing investment indeed.
Financial Summary Actual
Year: 2007 Scheduled Gross Income: $101,460 Operating Expenses: $16,070 Net Operating Income: $87,130
This property is a Lifer on this blog because it was Alameda Sun's Property of the Week back in April, 2007:
I have found no evidence of the property being on the market prior to April, 2007, but I have memories of it in 2006. Can anyone confirm this?
In the meantime, this property is enjoying some measure of fame in China.
Announcement: read about EBRD, Inc.'s DMCA content removal complaint against this blog
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