Results tagged “Morton” from Knife Catchers
Hi everybody!
1304 Morton Street finally sold in early December for $938,000, according to Redfin.
In summary:
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:
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:
Property History for 1304 MORTON St
| 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 |
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.
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.
- 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):
(source: Doctor Housing Bubble)
Yes, I did use the word "idiot" an inordinate number of times in this post.
The "green" eco-friendly house at 1533 Morton Street has been on the market for a while, but only recently did it come to my attention it's highly deserving of a writeup on the blog, so here it is. Touted as a very advanced design with all sorts of ecologically sensible features, from solar panels to recycled or recyclable building materials, 1533 Morton St. has the following specs:
Why would that be? It looks great on paper--big lot, big house, all the right things for the well-heeled, environmentally conscious Bay Area buyer (if you talk to agents they'll tell you those wealthy San Francisco 30-somethings with 1 1/4 children are flocking to Alameda by the boatload), and an arguably reasonable price per square foot (in context; I'd never pay that much for anything, but given the way houses are priced in Alameda, it's priced reasonably well). The agent is clearly targeting that population:
With that in mind, some of the features of the property make you wonder whether they were indeed an enlightened decision on the architect's part:
All that being said, what I would like to know is who in their right mind would buy a high-end-ish eco house on half a lot (with no room for grass or trees), with a big ol' antique owned by someone else in the way of street access. And be willing to deal with the indignities of a monthly $50 HOA fee. If this and the front house were marketed as one of those two-houses-on-one-lot deals, and priced at $990,000 for the pair, it might be different, although I have a hard time imagining how the mortgage works out assuming you rent one or the other; these are pretty distinctive properties catering to a very small pool of potential tenants, so vacancy rates would likely be high.
Did anybody at the design firm that perpetrated this dual monstrosity do a market analysis before creating not one but two unsellable white elephants?
Lastly, one thing that's been bothering me for a long time is how agents for large houses often boast of potential "au-pair" quarters. Who keeps au-pairs in 2009?
3 bedrooms, 3 1/2 bathrooms, 1,500 sqft, ~6,100-sqft lot, MLS(r) #40404178, $899,000At $360 / sqft, it's almost priced correctly, and you'd think with all those green features and potential energy savings, it'd be gone by now. But it's not--it's been on the market for almost 5 months as 8/29/09, and dropped its price from $969,000 to $899,000 on July 1.
ALAMEDA'S 1ST NEW "GREEN" INFILL. [...] UBER ENVIRONMENTAL HOME. NEWLY CONSTRUCTED "SOLAR" l GREEN HOME EMBELLISHES TODAY'S HIGHLY COVETED GREEN DESIGN. [...] GREAT HOME OFFICE, GUEST ROOM OR AUPAIR.
Why would that be? It looks great on paper--big lot, big house, all the right things for the well-heeled, environmentally conscious Bay Area buyer (if you talk to agents they'll tell you those wealthy San Francisco 30-somethings with 1 1/4 children are flocking to Alameda by the boatload), and an arguably reasonable price per square foot (in context; I'd never pay that much for anything, but given the way houses are priced in Alameda, it's priced reasonably well). The agent is clearly targeting that population:
Both the Environmental Home and the immaculately restored Historic Home are located on one large lot, contiguous to the Gold Coast region of Alameda. The highly recognized Alameda Schools are within close proximity, as well as parks, markets, shops and restaurants. Take the Ferry, BART or Bus to San Francisco. Ferry Ride takes only 20 relaxing minutes. A beautiful commute.Maybe the fact that there's a big tall 3,700-sqft house on the narrow 6,100-sqft lot RIGHT IN FRONT OF THIS PROPERTY is giving potential buyers pause (note the helpful sign pointing to today's house on the front lawn; I wonder if you're allowed to keep it after you buy to help direct your friends to your housewarming party):
(photo courtesy of reader C.F. Thanks!)
With that in mind, some of the features of the property make you wonder whether they were indeed an enlightened decision on the architect's part:
In an educated effort, the architect opted to place the home’s public rooms one story above ground in order to take advantage of natural light, heat and views, while the ground level cleverly gives way to the perfect space for au pair quarters, additional family room, gymnasium or a Zen garden retreat. The uppermost level holds spacious, light-filled and naturally air-conditioned sleeping quarters.... or merely an attempt to cope with the inevitability of a very large building mere feet away across the lot, perhaps blocking some of the sunlight during the day? Maybe one of those pesky city regulations requiring enough parking for everyone caused the designer to say "I know! Let's put the maid and the car below the house! That way we have parking, and the solar panels can actually see the sun part of the time! This house will sell in minutes!"
All that being said, what I would like to know is who in their right mind would buy a high-end-ish eco house on half a lot (with no room for grass or trees), with a big ol' antique owned by someone else in the way of street access. And be willing to deal with the indignities of a monthly $50 HOA fee. If this and the front house were marketed as one of those two-houses-on-one-lot deals, and priced at $990,000 for the pair, it might be different, although I have a hard time imagining how the mortgage works out assuming you rent one or the other; these are pretty distinctive properties catering to a very small pool of potential tenants, so vacancy rates would likely be high.
Did anybody at the design firm that perpetrated this dual monstrosity do a market analysis before creating not one but two unsellable white elephants?
Lastly, one thing that's been bothering me for a long time is how agents for large houses often boast of potential "au-pair" quarters. Who keeps au-pairs in 2009?
1304 MortonSt has been on the market for ages--I first wrote about it in April 2008, and again in March of this year. It still hasn't sold in spite of multiple, significant price drops and an obscenely over-the-top kitchen renovation (I wouldn't be surprised if the sellers paid more for their kitchen than a number of people paid for their condo here just 10 years ago).
It appears the agent still hasn't come to terms with the two most recent price reductions and can't really decide how much the house should be priced, though.
(from today's Craigslist post)
(from the current listing on Redfin as of 8/27/09).
It's nice to see the attention to detail the agent lavishes on a million-dollar listing.
Update 11/13/09: Pending.
It appears the agent still hasn't come to terms with the two most recent price reductions and can't really decide how much the house should be priced, though.
(from today's Craigslist post)(from the current listing on Redfin as of 8/27/09).It's nice to see the attention to detail the agent lavishes on a million-dollar listing.
Update 11/13/09: Pending.
I didn't write about 1531 Morton when it came on the market last Spring, but it's been taunting me for a while. Yesterday's silly Craigslist post pushed me over the edge, so here's a little writeup.
Once upon a time, in 2006, somebody bought a big house on at 1531 Morton Street for $550,000 (Zillow used to show this information, but either they lost it or someone asked them to hide it, because I can't find it anymore). I don't know what shape it was in, but the county records at the time described it as follows:
Over the next two or three years, somebody apparently did lots and lots of work on the house, raising its square footage to 3,720 sqft and adding one bathroom (per Zillow). And because all that hard work shouldn't go unpunished, they listed it in Spring 2009 for well over twice what they paid for it. I don't quite remember what the initial price was, but it's been spotted at $1,169,000 and $1,125,000.
Evidently frustrated that the house didn't sell, somebody yanked it off the MLS(r):
... and proceeded to handle the transaction themselves. It resurfaced as a FSBO on Craigslist yesterday (emphasis mine) for $1,099,000:
And you can imagine where grumpy ol' L. wasn't going to let them get away with this.
Once upon a time, in 2006, somebody bought a big house on at 1531 Morton Street for $550,000 (Zillow used to show this information, but either they lost it or someone asked them to hide it, because I can't find it anymore). I don't know what shape it was in, but the county records at the time described it as follows:
4 bedrooms, 1 ½ bathrooms, 2,662 sqft ($207 / sqft)
Over the next two or three years, somebody apparently did lots and lots of work on the house, raising its square footage to 3,720 sqft and adding one bathroom (per Zillow). And because all that hard work shouldn't go unpunished, they listed it in Spring 2009 for well over twice what they paid for it. I don't quite remember what the initial price was, but it's been spotted at $1,169,000 and $1,125,000.Evidently frustrated that the house didn't sell, somebody yanked it off the MLS(r): ... and proceeded to handle the transaction themselves. It resurfaced as a FSBO on Craigslist yesterday (emphasis mine) for $1,099,000:Exquisitely Remodeled 2,700 sf - 4 Bdrm + 1,200 sf Home Office (alameda)
Date: 2009-08-24, 11:48PM PDT
Reply to: (redacted)
For sale by Owner - Major Price Reduction. Currently offered at $ 1,099,000 for a limited time.
Elegantly remodeled, Pitched Gable Colonial Revival home. 4 Bedrooms, 2 1/2 Bathrooms.
Immaculate restoration includes electrical upgrade, new copper water lines, new dual zone heating system, cork floors at kitchen, wool carpet at bedrooms and fully restored, beautiful oak wood floors.
Designer kitchen equipped with brand new professional applicances and an island with sink.
A delightful deck, located off the kitchen, provides and ideal gathering place for meals and relaxation and overlooks a garden and fountain.
High coved ceilings, an abundance of natural light, spacious living room with bay window and fireplace.
Large, inviting formal dining room with built-ins and another fireplace.
Approximately 2,700 square feet with an additional 1,200 square feet multi-purpose ground floor space ideal for office/game room/family room.
Next to Alameda's Gold Coast neighborhood, in close proximity to parks, markets, shops, restaurants, beaches.
Safe, community living with high performance schools and only 25 minutes away from SF with a beautiful Ferry ride.
Please Call Bud at 510.xxx.xxxx or Sinan at 510.xxx.xxxx to schedule an appointment to view the property or send an e-mail to xxxxxxxx@aol.com
Seller does not warrant nor assume responsibility for the accuracy of square footage or other information provided by Seller or obtained from public records or other sources. Buyer should verify all information through appropriate professional and personal inspections.
And you can imagine where grumpy ol' L. wasn't going to let them get away with this.- How is $1,099,000 a "major price reduction" from $1,125,000? That's 2.3% off, which is less than the seller's agent commission the sellers stand to save by going FSBO.
- What exactly does "for a limited time" mean? Is the seller going to raise the price if it doesn't sell? Or are you actually threatening to take the house off the market and deny Alameda the favor you spent 3 years working on doing our little town?
- If 1531 Morton is "next to the Gold Coast" then everything is next to the Gold Coast. Have some dignity.
- Did you really have to trick out your kitchen with the stone countertops and the extra island sink?
- What economic indicators suggest a 100% markup on a 2006 purchase price is actually realistic?
- Have you looked at how the comps have been doing lately?
Update 8/28/09: Chez Neumansky has some interesting information. In particular, I had no idea 1533 Morton, the "first green infill", was on the same lot right behind this house.
Update 8/29/09: Reader C.F. sent me the following photos of 1531 Morton (thanks!). 1533 Morton is highlighted, as is the sign pointing passers-by to it. After all, when walking around a neighborhood looking for 1533, behind 1531 isn't exactly the most obvious place to look.
Update 8/29/09: Reader C.F. sent me the following photos of 1531 Morton (thanks!). 1533 Morton is highlighted, as is the sign pointing passers-by to it. After all, when walking around a neighborhood looking for 1533, behind 1531 isn't exactly the most obvious place to look.
You may remember the "painted lady" Victorian on Morton that was bragging about its "unheard-of" price (and then its unheard-of price drop). It disappeared without a sale last last year, and with good reason--it was overimproved (if you can say what looked like a $75,000 tricked-out kitchen is "improved") and overpriced.
I heard through the grapevine the owners had bought a new house before selling the Morton property, and were in a bit of a bind.
Well, it's back (MLS(r) #40399138), for the even more unheard-of price of $975,000.
If I may quote myself:
Now consider that Lehman Brothers and relatively easy credit were still around then. The rhetorical question at the top of my original post now seems to be answering itself:
Update 8/27/09: Still on the market for any one of three prices.
Update 11/13/09: Pending.
I heard through the grapevine the owners had bought a new house before selling the Morton property, and were in a bit of a bind. Well, it's back (MLS(r) #40399138), for the even more unheard-of price of $975,000.
If I may quote myself:Assuming an appreciation that matches historic trends (i.e. around 5%), today's price should be about $830,000.It was listed for $1,250,000 at the time, which means it's down about 65% of where it needs to be.
Now consider that Lehman Brothers and relatively easy credit were still around then. The rhetorical question at the top of my original post now seems to be answering itself:
Why can't this house come on the market in a year or two, for $500K less?Update 8/25/09: Still on the market with a really idiotic price drop from $975,000 to $949,999. Not only is "$949,999" a truly meaningless discount from $950,000, it also shuts out all the buyers who start looking at $950,000 using various real estate Web sites. Well done, genius(es).
Update 8/27/09: Still on the market for any one of three prices.
Update 11/13/09: Pending.
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