Guess who's back? Our old friend the unsellable 1626 Alameda Avenue! It now sports a shiny new lower price ($925,000) to go with its new MLS(r) ID (40453300) and its new agent (Andrea Gordon, picking up after Carol Burnett; whose site is down; here's a cached copy).

Please refer to the original post for details, or Chez Neumansky's detailed tour summary for a first-hand account of the place.

There's been a fair amount of activity lately, what with the renewal of the irresponsible tax credit and idiot agents cheering for the second coming. Here's a messy summary of interesting happenings in our little town.

• 452 Santa Clara: here's a bank that's not messing around. 31 photos, nice property, 2,800+sqft Victorian fourplex, REO, listed super aggressively for $400,000. It'll be gone for way over asking in just a few days.
• 2267 Clinton is back, yet again, with a puny price drop (now down to $1,369,000). The idiot perma-sellers will never get their asking price and are wasting everybody's time. Remember this is the listing that claimed rents were rising just a year ago in spite of a mountain of evidence to the contrary.
• 3246 Liberty is a very pretty, large bungalow in a part of town that has people go ga-ga and overpay on a regular basis. This is one of the larger houses on that block, and it's priced comparably to what smaller bungalows were listed for this year ($599,000). Still too much, but some idiot buyer will probably pay that much.
• 1312 San Antonio is an expensive Tudor on a tiny lot in an excellent Gold Coast location. A short sale at $819,000 (previous transaction $869,000 in late 2005), it's unlikely to sell for over $800,000.
  
• A cute little Victorian 891 Oak Street just dropped its price from $575,000 to $475,000 in one fell swoop after remaining unsold for over a year. It's now a short sale.
  
• The unsellable duplex at 1626 Alameda Avenue dropped its price by a whole $1,000, to $942,000. Lovely price history:

03/24/09 -- $1,145,000 to $1,095,000
05/12/09 -- $1,095,000 to $1,049,000
06/23/09 -- $1,049,000 to $999,000
07/23/09 -- $999,000 to $950,000
08/25/09 -- $950,000 to $945,000
09/21/09 -- $945,000 to $943,000
10/25/09 -- $943,000 to $942,000

• 1304 Morton is finally pending! What price did the stubborn kitchen-pimping sellers accept? We shall see.
  

A glance at Zip Realty will indicate the market is still littered with listings in various stages of foreclosures, and the market appears to be poised for a second wild ride starting early next year with tens of billions of dollars in bad loans coming home to roost (notice the inverse shape of the graph below and the Case-Shiller home price index):



Yes, I did use the word "idiot" an inordinate number of times in this post.

Rumor has it listing your house with one (or more) 8s in the price brings good luck. Or something. The sellers of 1112 Union St aren't taking any chances with their (new) price of $738,888. In addition to a prime location, this property has the following specs:

3 bedrooms, 1 bathroom, 1,450 sqft, 3,625-sqft lot, MLS(r) #40421736, $738,888 ($518 / sqft)

[...] craftsman's jewel of yesteryear. [...] wonderful example of old world craftsmanship [...] highly finished wood trims and handcrafted built-ins, clinker brick & stone fireplaces, to the gourmet cooks kitchen and period bath you will be amazed at the level of exquisite detail. [...] relax with a glass of wine in the jetted spa or entertain on your expansive hand laid brick patio. [...]

It's currently for sale on Zillow for $749,000, but the local MLS(r) listing does not show a price drop, so who knows what the story is.


The house appears to be absolutely gorgeous inside and out, except for the Terminator kitchen, but de gustibus etc.:


That said, it's on the small side, only has one bathroom, and the lot is tiny. And at $518 / sqft it's still significantly overpriced. The sale history suggests the sellers should have some room to drop the price to where it belongs, unless they've financed all those renovations by borrowing against the house.

Last sale and tax info

Sold 04/24/1998: $217,000

2008 Property Tax: $3,750

Let's hope all those 8s bring good luck, because they're going to need it.

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 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

Calling all fine neighborhoodlums, today's good-sized Colonial on a miniature lot has a lot to recommend it: location, location, location, size, the whole neighborhood's extraordinary curb appeal, and an interesting pricing strategy.

2 bedrooms, 1 bathroom, 1,389 sqft, 1,980-sqft lot, MLS(r) #40376605, $588,000

Alameda's Gold Coast calls those who want a fine neighborhood AND a classic Colonial Revival. [...] small lot has an afternoon sun-drenched garden. Nice sized rooms on both levels [...] surrounded by many of Alameda's large stunning properties.

From the outside, it's pretty and certainly holds its own against its neighbors; at least as much as the big Craftsman right next door to the Zeus temple building a couple of blocks away, if it weren't for the tiny lot and possible garagelessness. But what's of interest is that the asking price is almost reasonable given the area ($423 / sqft), and is strategically below $600,000, which seems to be the sweet spot for "starter homes" in Alameda--except it's a lot larger and/or in an arguably better neighborhood than most of its sub-$600K brethren. Another notable tidbit is that $600,000 is precisely what the owner paid four years ago, almost to the day:

Last sale and tax info

Sold 10/19/2004: $600,000

2007 Property Tax: $7,644

The list price is also less than the current Zestimate of $615,000, the much-maligned inaccuracy of which some agents are very willing to ignore when it serves their interest.

Unless there's something truly wretched about this property, I expect it won't last terribly long.

Update 2/22/09: Thanks to readers bespoke and Alameda Realtor, who pointed out this property is back on the market as MLS(r) #40396374, at a lower price ($565,000).

Update 3/21/09: Dropped to $549,000. Death by a thousand price cuts. Maybe next time the owner will buy a property with a garage (or at least a driveway) and more than 24 inches separating it from its neighbor.

One of four listings to hit the market all at once this week, 1724 Alameda Avenue is also the most interesting. I wasn't able to find any public domain pictures, so I'll probably shoot a couple this weekend and post. First, the specs:

4 bedrooms, 1 bathroom, 2 stories, unfinished basement, 2,652 sqft, 13,200-sqft lot, MLS(r) #40373116, $899,999

Sonoma in Alameda? [...] 4 bedroom Italianate style home [...] huge double lot with gardens, it also includes a spa like studio cottage. Main house needs cosmetics.[...]

You read right. 13,200-sqft lot, in a great location, where they truly aren't making any more land. Built in 1889, it's also been owned by the same folks for a long time, judging by the low property tax ($1,774) and absence of sale history on its Zillow page.

I took a look at this property; the lot is so big you can't really take good pictures of the building without trespassing, which I wasn't interested in doing, so here's what you can see from the street:

$339 / sqft for a big, beautiful house with bonus cottage on a giant lot in the Gold Coast means it's not going to last.

I always get very excited when a Victorian or a Gold Coast house comes on the market. The way I see it, there isn't much point in owning your own home in Alameda unless it's a Victorian (or a really nice Craftsman). So when I saw this new one show up today I thought "Yay! a Gold Coast Victorian!". 1833 San Antonio Avenue, Alameda has the following mouth-watering specs, in addition to a great address and a respectable MLS(r) #40367794:

3 bedrooms, 1 1/2 bathrooms, 2,192 sqft, 4,320-sqft lot (per public records)
4 bedrooms, 2 1/2 bathrooms (per other places I was chastised for mentioning)

Beautiful, spacious home [...] Gold Coast. Granite, stone, marble, custom paint and moldings [...] Pocket doors, formal dining room [...] a home you have to visit the inside to really appreciate. [...]

Then I saw the street view photo. They're not kidding about the "home you have to visit the inside to really appreciate," wonky grammar notwithstanding. What happened to all the siding?

Then I saw the price: $1,175,000, or $536 / sqft, which is way too high.

Then I saw the sale history and did some math.

Last sale and tax info

Sold 03/19/2004: $660,000

2007 Property Tax: $8,48

$660,000 to $1,175,000 in 4 1/2 years represents a rate of appreciation of about 17% y-o-y, every year, since it was last purchased. I realize the owners may have done significant improvements to the place, but nearly doubling the price of a home? Give me a break. If it was such a wreck they did bring it back to life, why on earth did they pay $660,000 for it in the first place?

Update a few hours later: I drove by and confirmed the street view photo. There's no siding on the front of the house, even though there is some on the east side of the house. The bulgy tower seems out of place, even though towers are common in houses from that period; it just looks funny all naked like that without any wood siding, especially compared to two dozen Vics on the same block in full wood siding attire. And if you chance on the photos that just appeared on various MLS(r) sites, which EBRD objects to my posting here, you'll see the inside has essentially zero Victorian character (but a lot of Terminator-clad kitchen toys).

Update 10/26/08: Price dropped to $1,095,000 on 10/22.

Update 2/3/09: It's back.




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This property threatened to come on the market back in March via semi-cryptic craigslist posts. It's finally made it onto craigslist again, with few details. The address isn't given, but my sources tell me it is located at 1025 San Antonio. The listing is still a little coy (see bold passages below; my emphasis):

$799000 "Gold Coast" Craftsman on the Island of Alameda! (alameda) (map)

---

Reply to: nick.falconio@prurealty.com ^[?]
Date: 2008-09-02, 9:53PM PDT

This is a rare opportunity to purchase a beautiful Craftman home in one of the most desirable areas in the East Bay - before it is offered to the general public! This home is on a beautiful tree-lined street and is comprised of four bedrooms, two baths, refinished hardwood floors, original paneling and wainscoating, tiled fireplace, built in buffet and may other original details. There is an attached one car garage w/bonus room above! Outside is a delightful rear garden area with potting shed and patio. If you're looking to own a home on Alameda's Gold Coast, don't miss this opportunity!

I am offering this home first to buyers who ARE NOT being represented by a real estate agent, and who are pre-approved by a lender. Please contact me directly for a private showing before I offer the home to the general public. I can be reached at (510)986-2008

Nick Flaconio,Realtor
Prudential California Realty
nick.falconio@prurealty.com

Aside from spelling his own last name two different ways, Nick is very cagey about this house and not telling you where exactly it is. I think it's the brown Craftsman next to the Greek revival compound extraordinaire (drool) below:

There's no sale history on Zillow, so one assumes the house has been in the same family for a long time and might even be owned outright. You can't beat the location, and (assuming I have the right house) the following specs make it competitive, at $339 / sqft:

This property (most likely 1626 Alameda Avenue, based on my recollection and public records) keeps coming on the market and disappearing. The phone number is always a Santa Barbara area code (805), and the description is USUALLY IN ALL CAPS. I have talked to at least one agent who's told me this has been happening for years without a sale.

The specs courtesy of Trulia:

1626 Alameda Avenue, Alameda CA 94501

4 br  5 ba  4,416 sqft  

Multi-Family Home

Year Built: 1908 

A picture courtesy of yours truly:

Here's the craigslist post that appeared today:

$1145000 TURN OF THE CENTURY MANSION ALAMEDA GOLD COAST (alameda) (map)

---

Reply to: hous-815953936@craigslist.org ^[?]
Date: 2008-08-27, 5:43PM PDT


THIS SPACIOUS (4416 SQ. FT.) TURN OF THE CENTURY PROPERTY OFFERS LOADS OF LOVELY SPACE FOR EXTENDED OR SINGLE FAMILY LIVING PLUS THERE IS LEGAL RENTAL POTENTIAL. IT HAS SIX BEDROOMS, SIX BATHS, COVED CEILINGS, HARDWOOD FLOORS, POCKET DOORS AND DECORATIVE FIREPLACES. HUGE UPDATED KITCHEN WITH ALL MODERN APPLIANCES. THERE IS A FINISHED LIVING ATTIC CONVERSION DONE WITH PERMITS AND A FINISHED BASEMENT DONE WITH PERMITS AND USED AS A DEN PLAYROOM OR OFFICE. THE HOUSE HAS BEEN EARTHQUAKE RETROFITTED AND IS NOT ON BRICK FOUNDATIONS. A LOVELY BRICK PATIO COURTYARD GARDEN IS AT THE REAR OF THE HOUSE AND HAS A CHARMING WISTERIA COVERED GAZEBO WHICH IS GREAT FOR OUTDOOR ENTERTAINING. THERE ARE TWO SINGLE CAR GARAGES AND OFF STREET PARKING FOR ANOTHER TWO VEHICLES. EASY WALK TO BUS LINES CONNECTING TO BART AND FERRY AND DIRECT SERVICE TO DOWNTOWN SAN FRANCISCO. YOU ARE IN THE FINEST FRANKLIN SCHOOL DISTRICT AND JUST AROUND THE CORNER FROM FRANKLIN PARK. A HOUSE ON THE PARK HAS CURRENTLY SOLD FOR 1,289,000 SO PRICES HAVEN'T DROPPED MUCH IN ALAMEDA!!! WHY FIGHT THE COST AND AGGRAVATION OF COMMUTING WHEN YOU CAN LIVE THE GOOD LIFE IN ALAMEDA'S LOVELY GOLD COAST DISTRICT CALL 805 927 1058 FOR MORE INFORMATION AND AN APPOINTMENT TO VIEW ALAMEDA AVE. at GRAND ST.

The house is a huge rambling mess. It seems to have started out as a duplex and morphed into a boarding house over the years, with multiple rooms rented to separate tenants. The basement "unit" is only of legal height if you're a garden gnome. There are bathrooms everywhere, of questionable legality, including one right off the main level kitchen, from which it is separated by only a louvered folding door. Better be comfortable showering while someone's making breakfast. That main level kitchen has two sinks, for whatever reason, and a hodgepodge of tiled counters jutting out from the middle of the room in weird configurations. There doesn't seem to be a single level floor anywhere in the house. Ugly, old, dirty carpet covers about half of the floors, including the bathrooms. In the upstairs unit, a water heater hides in a closet whose door was sawed off at the bottom--in the dining room, right by the fireplace. There's a semi-random sun porch on the upstairs floor that also serves as a landing for the outside stairs running the entire height of the house, from the ground level to the attic apartment (which also appears to be non-permitted). There is no front yard, and the back "yard" is a minuscule plot of pavers with a lot of trellis work holding up some vegetation. There's hardly enough room for a picnic table and a barbecue grill. The house's only redeeming qualities are its location and concrete foundation.

Does anybody know what's going on with this property?

Zillow shows 2 "anomalous" (non-arms-length, probably) transactions in the 1990s:

Sale History
05/20/1999:	$184,000 *
05/13/1996:	$152,000 *
No other sale data is available
* Transaction not included in Zestimate.

Update 10/9/08: I don't know what's going on this week, but it's been a particularly absurd few days. This property is now listed with an agent (Carol Burnett), an MLS number (#40374667), and a VERY LOUD DESCRIPTION IN ALL CAPS:

GOLD COAST COLONIAL REVIVAL DUPLEX OR FAMILY HOME WITH ART STUDIO ATTIC [...] BASEMENT. HISTORICAL ELEGANCE NESTLED IN THE SERENITY OF ALAMEDA'S EXCLUSIVE NEIGHBORHOOD, BOTH LUXURY AND SPACIOUSNESS [...] ORIGINAL DETAILS,TRANQUIL BACK YARD.

Update 12/31/08: Cute typo brings price up to over 1 billion dollars ($1,145,000,000). Maybe TARP can help?

START YOUR NEW YEAR RIGHT BY BUYING THIS VERSATILE PIECE OF PROPERTY. THIS HOUSE IS GREAT FOR LARGE OR EXTENDED FAMILIES OR LEGAL RENTAL UNIT. SIX BEDROOMS, SIX BATHS TWO LARGE PARLOURS AND TWO BEAUTIFUL DINING ROOMS WITH MANY ORIGINAL FEATURES INCLUDING HARDWOOD FLOORS, COVED CEILINGS, POCKET DOORS AND BAY WINDOWS GIVE THIS HOME THE AMBIENCE YOU WANT FOR ENTERTAINING. LOVELY BRICKED IN COURTYARD GARDEN WITH WISTERIA COVERED GAZEBO COMPLETES THE PICTURE FOR EASY LIVING. THERE IS A FINISHED BASEMENT (DONE WITH PERMITS) AND TWO SINGLE CAR GARAGES WITH OFF STREET PARKING FOR ANOTHER TWO VECHICLES. EASY WALK TO PUBLIC TRANSPORT CONNECTING TO ANYWHERE IN THE BAY AREA. BEST PART, THIS PROPERTY IS LOCATED IN THE EXCLUSIVE FRANKLIN SCHOOL DISTRICT EXCELLENT SCHOOLS WITH NO FEES. CALL 805 927 1058 FOR APPOINTMENT TO VIEW

Update 3/7/09: Back on the market at the same price, same all-caps listing, new agent. MLS(r) #40398582.

Update 3/23/09: Miraculously, the price dropped to $1,095,000. We have two MLS(r) numbers: 40374667 and 40398582.

Update 9/28/09: Death by a thousand price drops. I'm particularly impressed by the last two--$5,000 and $2,000 all at once! So far the price is down $202,000 (18%) from the initial list price.

Price Reduced: 03/24/09 -- $1,145,000 to $1,095,000
Price Reduced: 05/12/09 -- $1,095,000 to $1,049,000
Price Reduced: 06/23/09 -- $1,049,000 to $999,000
Price Reduced: 07/23/09 -- $999,000 to $950,000
Price Reduced: 08/25/09 -- $950,000 to $945,000
Price Reduced: 09/21/09 -- $945,000 to $943,000


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A house on Palmera Court was for sale for ages a couple of years ago, and I don't know if it ever sold. But today, a new Palmera Court mansionette appeared on the market (MLS #40337069) for a price that might actually get it sold, $1.15M:

Mediterranean Elegance - Gold Coast Spanish Colonial Revival, by noted architect Andrew T. Hass as his residence. Serene setting replete w/vintage houses & period streetlights. Spacious rooms w/natural light, hrdwd flrs, ornate corner fireplace, country kitchen, FM & yard w/patio garden & fountain.

(no photo yet) (boring)


The specs are appealing, except the lot is a bit small:

List Price: $1,150,000
ZipRealty will give you up to $6,900 cash back.*

Bedrooms:	3
Full Baths:	2
Partial Baths:	1
Square Feet:	2,482
Lot Size:	4,620 Sq. Ft.
Year Built:	1924
Listing Date:	04/17/08
On Market:	0 day
Type:	SFR
Status:	ACTIVE
MLS #:	40337069

Off the top of my head I don't remember a single time in the past 3 years when so many high-end Gold Coast homes were for sale at the same time. We have three homes on St Charles, Mr Big on Hawthorne, this home, 1600 Dayton (MLS #40315927) as well as the more ordinary (and I suppose less-Gold-Coasty) 909 San Antonio, 2049 San Antonio and a bunch of others.

There is no sale history for this house, so I suspect it might have been owned by the same person for ages with a ton of equity (perhaps 100%), hence the realistic price. Good job pricing nice homes right. Let's see how it goes (and please post some pictures soon!)

This big Craftsman (MLS #40336984) just came on the market today at $1.33M:

Simply beautiful gold coast craftsman--four bedrooms, three and a half baths, living room, dining room, library, eat-in kitchen, family room area, private yard with lawn and "sport court." newer foundation, roof, stove, fridge, heating system, new water heater. 7500 sq. Ft. Lot. Large basement!

The specs: 4 bedrooms, 3 bathrooms, 2,687 sqft, 7,500-sqft lot, $1,330,000

Who knew there'd be so much turnover on that block (all on the same side!). Especially this soon:

Last sale and tax info

Sold 06/16/2006: $1,285,000

2007 Property Tax: $13,416

$50K premium over asking price 2 years ago = no money for you, Mr Seller.

Update 4/30/08: Drove by tonight and saw a "SALE PENDING" sign outside. That was FAST!

This large Gold Coast home came on the market about 3 months ago (MLS #40317490), on January 10:

Large home in Gold Coast;3 car garage;fabulous entryway, graceful stairway, large LR, & formal DR. Period details, redwood wainscoting, open floor plan; ideal for entertaining. Newly refinished hardwood floors on 1st & 2nd stories. 2 bonus rooms on 3rd floor and a partial basement.

Its price dropped from $1,398,000 to $1,298,000 in early March, 2008.

In the process of writing about another large Gold Coast property, I did some digging on 1234 Hawthorne Street, a beautiful, enormous 8,020-sqft mansion that's been on and off the market for a little while (MLS #40321930).


This house was on the market in 2007 for $2,250,000 with listing id 40251111 (which may or may not be the MLS id):

It actually started at $2,400,000, but the only trace I found was in Google's cache of a postlet listed on Propsmart:


It's now (April 2008) down to $1,900,000 and not really moving all that much as far as I can tell.

What's troubling is the murky legal wrangle that may or may not be associated with the current owners. Please note: This is NOT VERIFIED INFORMATION, ONLY A LIST OF DATA PUBLICLY AVAILABLE ON PUBLIC WEB SITES. THE AUTHOR OF THIS POST IS NOT RESPONSIBLE FOR FACTUAL ERRORS AND WILL POST ANY AND ALL CREDIBLE CORRECTIONS PROVIDED TO HER IN A TIMELY MANNER.

Now that's out of the way, let's see what we find.

First, Googling "1234 Hawthorne" brings up a donation to the democratic national committee by one "Jack Easterbay" on the Huffington Post:

Googling "Jack Easterbay" brings up a helpful correction by Google:

Why, I suppose I did. So what do we get?

Again, I have no proof that the 'Jack Easterday, owner of Homewood Care Center [...] of Alameda [...]  vilified as living "like Louis XIV"' is the same as "Jack Easterbay" listed on the Huffington post as living at 1234 Hawthorne. Maybe there's a completely honest Democrat named Jack Easterbay who works in health care at Westland Med and lives in a huge mansion in Alameda, and a Jack Easterday who was convicted of fraud in relation to healthcare and lives "like Louis XIV" in Alameda. But the convict's story isn't pretty:

[source] Jack Easterday of Alameda, who had been vilified as living "like Louis XIV" during a U.S. Senate hearing last year on tax cheats, could face up to five years in federal prison. He was convicted Wednesday by a federal jury.

The conviction was announced the same day state health officials fined Homewood Care Center, a San Jose nursing home, $100,000 — the highest fine allowed under state law — for substandard care that led to the October death of a 67-year-old man. Easterday,52, is president of Homewood Care Center's parent company, Westline Medical Management.

The conviction, coupled with the fine for the resident's death, raised concerns about the future of Easterday's eight nursing homes in California, which include Oakland Care Center on Webster Street in Oakland, Alameda Care Center on Willow Street in Alameda and Eden West Convalescent Hospital on West Street in Hayward.

An enormous Craftsman on the Gold Coast recently appeared (5+4, 4,400 sqft, double lot, very close to the lagoon, MLS #40335717), asking a mere $2,395,000:

Immaculate Gold Coast home on huge lot. [...] bocce ball court & pool. Renovated throughout. Large gourmet kitchen [...] formal dining room. Huge living room with library and wet bar. 3 fireplaces! [...]

There is no question the house looks magnificent, and the address is as good as it gets in Alameda. That being said, it's not obvious where the market is for these white elephants (this is now the second most expensive residential building on the market in all of Alameda after this huge house with a view, and the most expensive on the main island), considering recent activity in the top tier:

1. A giant Victorian compound at 1723-1725 Central Avenue took months to sell for $2.025M in late January, 2008, barely $50K more than the previous purchase price after 6% commission; it was listed at $2.2M in summer 2007
   
2. 1234 Hawthorne Street (MLS #40321930), possibly the largest single-family home in town (it is twice as big as this property and just a block or two away), was listed at $2,250,000 last year, went off the market over the holidays, came back in January at $1,900,000, and is still sitting there (see some interesting dirt on 1234 Hawthorne)
   
3. 1200 San Antonio Avenue was on the market for ages for $2,595,000 if memory serves, and it didn't sell

1. There's another 4,000-sqft elephant right down the street at 1260 Saint Charles that happens to be bank-owned and not selling, even though it's priced at just a hair over half this home's asking price (MLS #40317490, $1,298,000)
2. A "custom" estate still owned by its original owner (who must be pushing 100 by now) at 1600 Dayton Avenue started out over $2.2M in 2007 and is still languishing at $1.995M (MLS #40315927)
   

We'll have to see what happens.

Update 5/13/08: What happens is a price $200,000 drop from $2,395,000 to $2,195,000 on May 9th.

I was excited earlier this week because a big Victorian (a Marcuse and Remmel, no less) came on the market at $993,000. I've been pining for cool Vics, and this looked like just the ticket, which a drive-by confirmed. Nice specs and pretty pictures:

LIGHT & BRIGHT! TERRIFIC Marcuse & Remmel Queen Anne Duplex in the edge of the Gold Coast. UPPER: 3/2 w/Family Rm, laundry & attic storage. LOWER: Large 2/1 single-level w/Laundry. Both have large kitchens. Existing door between units = 5/3 single home w/lots of plus space. Garage w/workshop space.

Much to my surprise, it showed up on Craigslist today, just 4 or 5 days after it was first listed, with a $60,000 haircut. Yay! That's $12,000 to $15,000 a day. I suppose it could be a typo, but the Craigslist header does match the postlets price, so I have to assume either it's legit or it's been languishing in the MLS with the wrong price for a week. Whee.