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.

The little bungalow on a little lot at 1312 Mound Street is back as MLS(r) #40437110 for $499,000, $39,000 more than the price at which it failed to sell a year ago. The agent is either not very creative or not very motivated to go beyond real estate 101 platitudes in the new description, other than the Morse code punctuation:

Location Location Location. .. .. 3 bedroom 1 bath with hardwood floors and backyard with low maintenance. ..

Please refer to the original post for details.

An old acquaintance just came back: 3257 Adams Street is back as MLS(r) #40434225 with a new price: $550,000, down from $639,000.

I don't mean to brag, dear sellers, but if you were willing to sell for $550,000 and had read my original post, you may have sold it in weeks instead of, you know, not selling after almost a year and being stuck with a still-too-high asking price coming into the slow season.

Date	Event	Price
Oct 15, 2009	Listed	$550,000
Sep 25, 2009	Delisted	*
Jul 16, 2009	Price Changed	*
Jul 16, 2009	Relisted	*
Jul 06, 2009	Delisted	*
Jun 25, 2009	Listed	*
Jun 21, 2009	Delisted	*
Mar 20, 2009	Listed	*
Mar 09, 2009	Delisted	*
Dec 09, 2008	Listed	*

An aggressively-priced bungalow just appeared on the market this week. 1726 Eagle Avenue has the following specs:

3 bedrooms, 2 bathrooms, 1,491 sqft, 3,750-sqft lot, MLS(r) #40434309, $381,200

Granite kitchen with all appliances all remodeled. Laminated floors, painted, new bathrooms. There are new double pane windows. There is also a separate non conforming unit with separate entrance in the rear.

The aggressive, non-round asking price suggests a bank is likely involved in the transaction on the sell side, which is supported by the recent history:

Date	Event	Price	Appreciation	Source
Oct 16, 2009	Listed	$381,200	--	EBRD #40434309
Jul 17, 2009	Sold	$592,285	45.3%/yr	Public Records
May 06, 1998	Sold	$9,000	-39.4%/yr	Public Records
Oct 28, 1991	Sold	$237,000	11.5%/yr	Public Records
Apr 21, 1989	Sold	$180,000	--	Public Records

But if the house was sold for $237,000 in 1991 (the $9,000 transaction in 1998 is likely a non-arms-length transfer between relatives, although I don't know that for a fact), and if the July 17, 2009 transaction is what it looks like, i.e. a bank taking the house back, how exactly does one justify adding on so much to the loan balance that one winds up losing a house that should be 2/3 paid off?

A short post to start the week. 2619 Edison Court just came on the market today with the following specs:

2 bedrooms, 1 bathroom, 986 sqft, 3,528-sqft lot, MLS(r) #40430318
LOCATION1 LOCATION1 LOCATION. [...] BUNGALOW ON QUIET CUL DE SAC

It looks quiet all right, what with a schoolyard less than a block away.

What's the price tag on this lovely, sub-1,000-sqft 2-bedroom bundle of joy?

Only $710,000, or a mere $720 / sqft, which is more than twice the going rate for 94501 these days. Sure, some prestigious school is a block away, which might please neurologically deficient parents enough to plunk down two Ivy League college educations in excess of what they should be paying for the privilege of driving their Dodge Caravan only one block to take their rugrats to Edison Elementary. But even accounting for the Edison School premium, this property is overpriced by at least one small condo's worth.

You might think this insanity might be due to an inexperienced agent working with demented sellers, but agent Alice Garvin has been working in the industry since 1971 (which explains the all-caps listing). With that kind of longevity it's only fair to assume she's not completely incompetent to the point of pricing a property at twice the market rate. That leaves us with the demented seller option, which includes the common we-liberated-equity-so-we-need-to-sell-for-a-lot subclass.

Date	Event	Price
Sep 20, 2009	Listed	$710,000
May 15, 2007	Sold	$600,000
Aug 03, 2000	Sold	$350,500

This one will be interesting to watch.

Another lovely example of home-buying savvy came on the market this week. The medium-sized bungalow at 1528 Pacific Avenue (right next door to perennially unsold 1526 Pacific) has the following medium-sized specs:

2 bedrooms, 1 bathroom, 1,018 sqft, ~4,400-sqft lot, MLS(r) #40429842, $422,500 ($415 / sqft)

Old Alameda charm. Newer eat in kitchen with solid surface counters. Large master bath. Newer roof. Full basement for extra storage, work shop. [...] To be sold strictly as is. Buyer must provide a loan approval from Wells Fargo or subsidiaries.

Interestingly, if you want to buy this house, you're locked into a mortgage with a Wells Fargo affiliate (or an all-cash transaction, I suppose, although those are considerably less profitable when the seller writes the loan). It makes sense for Wells Fargo to try to wring as much revenue out of the sale if they wrote the note that was used to purchase this little house the last time around:

Property History for 1528 PACIFIC Ave

Date	Event	Price
Sep 17, 2009	Listed	$422,500
Jun 15, 2009	Sold	$499,900
Jun 08, 2006	Sold	$597,000
Sep 17, 1999	Sold	$231,000

What kind of an idiot pays $597,000 for a 1,018-sqft 2-bedroom bungalow in an average neighborhood?

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.

Randomly capitalized words are a well-known characteristic of copy penned by real estate professionals. Capitalizing random phrases in otherwise normal copy is a slightly less common variant, but it packs a punch. Today's EAST END bungalow at 3104 SAN JOSE AVE is such an example:

2 bedrooms, 1 bathroom, 1,200 sqft, 3,800-sqft lot, MLS(r) #40425935, $475,000

CRAFTSMAN bungalow, desirable EAST END. Hardwood floors throughout, architectural details include built-in
shelves flanking wood-burning fireplace, built-in china in formal dining room, tray ceilings. [...] Fenced/ landscaped yard, sprinklers. OPEN SUNDAY 2-4

(no photo yet)

Listed at $475,000 ($396 / sqft), it'll probably go pretty quickly, even though it's still too much money for a house on a small lot with only one bathroom. Unless it's a short sale, in which case we'll probably see it on and off the market. It's not identified as a short sale, but given the following, it's a possibility:

Property History for #40425935

Date	Event	Price
Aug 22, 2009	Listed	$475,000
Apr 30, 2004	Sold	$575,000
Nov 20, 1997	Sold	$228,000
May 14, 1991	Sold	$35,000

$100,000 off in 5 years. Nicely done.

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.

The most recent Case-Shiller data for May '09 was widely misreported as showing the first increase in home prices in ages (see Calculated Risk's writeup about why the reports are erroneously focusing on the non-seasonally-adjusted numbers), and I suppose that inspired some folks to price their tiny handkerchiefs like it's 2006. Today's mini-home at 1619 Oak Street has the following specs:

3 bedrooms, 1 bathroom, 883 sqft, 2,448-sqft lot, $435,000 ($493 / sqft)

Cozy 3 bedroom 1 bath home blocks from Alameda's downtown Park Street. This home features an updated kitchen, new roof (6/09) and new carpet & kitchen flooring (7/09). Enjoy its convenient location and take a stroll to shopping, restaurants, library and theater. www.1619oak.com For more information on this house or for information on similar homes in Alameda give me a call at 510.205.1781.

$493 / sqft for a minuscule 3-bedroom bungalow with nothing to recommend it on the outside (or on the inside; it looks like a cheap early 1990s condo redo inside, complete with rental-grade carpet and bottom-of-the-line kitchen)? Where do I sign?

Update 11/29/09: Down to $370,000.

Ms. Bobbi Vogel is a very personable, hard-working agent who seems to get a lot of overpriced listings. Today's Craigslist post isn't even on the market yet, but you can already tell it's doomed to drop at least once it it wants  to sell.

2 bedrooms, 1 bathroom, 834 sqft, 2,700-sqft lot, $499,000

Adorable little bungalow, completely renovated from the foundation up to the roof! Although it is only 834 square feet, it's a spacious little place with an open floor plan. Both bedrooms are a nice size, open and bright kitchen with all new appliances and tile flooring. This little place even has a formal dining room with ample room for a good size table. Cute yard just waiting for your green thumb! Look for an open house soon!

Oops, sorry:


Of course the owners may not have the luxury of being able to take a loss:

Last sale and tax info

Sold 09/08/2006: $445,000

2008 Property Tax: $5,828

But I'd guess that's already happening. Buying a tiny house in an ok neighborhood at the top of the market and proceeding to sink a bunch of money into it to renovate it from top to bottom is rarely a winning proposition. What possesses anybody to spend $534 / sqft on a sub-900-sqft fixer, I have no idea. The same faulty brain that makes them believe the same dollhouse is now worth $598 / sqft, I suppose.

Update 5/12/09: Bobbi Vogel has a sense of humor and updated the Craigslist post. That made me laugh out loud, so thanks for the chuckle:

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.

By popular demand, here's a little something about 2066 Eagle, which just came on the market. Reader Sue pointed out some moving-out activity a few weeks back and suspected it was coming on the market, and sure enough, here it is. Here are the specs:

3 bedrooms, 1 1/2 bathrooms, 1,406 sqft, 3,910-sqft lot, MLS(r) #40406852, $699,000

Pride of ownership throughout! Architectural details in Formal Living & Dining Rooms, Hardwood Floors, Beautifully landscaped corner lot, Electrical upgrades. Interior Photos April 25th. Open House May 3, 2 - 4:30

In case you were wondering, $699,000 for 1,406 sqft works out to about $497 / sqft, which is about 30% overpriced. I'm getting a bit peeved that I have to do the agent's comparative market analysis all the time, but here goes:

• Alfresco bungalow a block away, corner lot, essentially the same size house (but smaller lot), priced $200,000 less
• Bungalow Boulevard beauty in the premium East End, 3230 Sterling, priced at $525,000 
• Another Bungalow Boulevard beauty, 3240 Sterling, sold in the low $500s
• Two larger bungalows on Fairview and Pearl were duking it out in the high $500s last year
• The poor (smaller) REO at 2170 Pacific is still sitting around unsold at $460,000
  

How exactly do all these comps (and I'm missing a bunch because I'm in a bit of a rush) add up to a list price of $699,000 for 1,406 sqft on less than 4,000 sqft on one of the few decent blocks of Eagle Avenue, of all places?

It doesn't, that's how.

Of course, it's possible that $699,000 is the minimum price the owners need to pay back HELOC-fueled landscaping and electrical upgrades. I don't know--I'm just trying to find a rationale for this craziness. If they haven't gone wild "liberating equity" they should be able to sell without owing the bank anything, given:

Property History for 2066 EAGLE Ave

Date	Event	Price
Apr 25, 2009	Listed	$699,000
Jun 29, 2001	Sold	$400,000
Jun 13, 2000	Sold	$290,000

We shall see. Zip Realty's interest indicator is very high for this property, but I suspect it's probably a combination of resurgent real estate mania and swine flu. There's no way this is selling for the list price.

Update 9/5/09: Dropped to $670,000, then to $649,500.

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.

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)

---

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:

On cold, rainy days like today, tiny blue-gray bungalows like the new listing at 3227 Madison look even more forlorn, even when their lots are so small you must be sharing in every moment of your neighbors' lives.

2 bedrooms, 2 bathrooms, 975 sqft, 1,848-sqft lot, MLS(r) #40395442, $559,000

[...] charming two bedroom, two bath home with a bonus room, [...] with built-ins, new roof in 2006, new sewer lateral in 2005

I'd like to know where they found the space to put the bonus room.

$559,000 for 975 sqft on less than 2,000 sqft of land comes out to an outrageous $573 / sqft, but the owners might not have a choice if they don't want to write a big check at closing (especially if they "extracted equity" to pay for the new roof and sewer lateral):

Last sale and tax info

Sold 12/14/2004: $500,000

2008 Property Tax: $6,667

If this doesn't make the case that paying too much, even when low interest rates make the monthly payment "affordable", is always an idiotic, irresponsible idea, I don't know what ever will. 

Redfin posts three flavors of the much maligned automated Web valuation tools on their listings (Zillow's, eppraisal's, and Cyberhomes'), and amusingly the odd man out is probably the closest to the real value of this tiny house: as of 2/15/09, eppraisal has this property valued between $198K and $268K, and that's about as much as anyone should pay.

There are plenty of comps and competition on the market at the moment, so I don't see how this house could sell without at least one price drop, given that it's both smaller and more expensive than everyone else.

When it comes to crafting a listing, some agents go to great lengths to maximize the informativeness of the 300 characters allowed by the MLS(r). Others go for the catchy phrase. Today's miniature bungalow is described as "AAA"--Adorable and Affordable in Alameda. How lovely.

1 bedroom, 1 bathroom, 775 sqft, 2,310-sqft lot, MLS(r) #40394794, $380,000

Adorable and Affordable in Alameda - AAA! Cute historic cottage [...] close to shopping, commute, beach and more. Front porch, hardwood, tile and carpet flooring. [...] ready to move in. Backyard faces south for outdoor living.

The agent also maximized her picture allotment--three near-identical photos of the outside, two near-identical photos of the living room furniture, and one photo of a cloudy sky are all you get (at least on the Pacunion page I checked). Maybe the cloud photo is there to highlight the backyard's southern exposure.

One thing the agent doesn't seem to grasp, however, is that "affordable" is usually a relative notion and essentially meaningless out of context. In this particular case, the sub-$400,000 price point loses a lot of its affordability as soon as you realize it's priced at $490 / sqft, in a mediocre location, and sitting on a lot the size of some tool sheds in Marin county.

Just as 2008 seemed to portend a return to 2003 prices, 2002 vintage prices are looking mighty tempting this year:

Sale History
09/20/2002:	$305,000
No other sale data is available

The owners might want to consider taking the plunge and dropping their price all the way down to $300,000 as a symbolic gesture. It may help them sell their blue lunchbox a little faster.

Remember last year when it seemed as if all of "Bungalow Boulevard" (Sterling Ave) was for sale and/or being foreclosed on? It's not quite done yet! A new short sale at 3230 Sterling Ave just showed up. The specs:

3 bedrooms, 1 bathroom, 1,221 sqft, 3,422-sqft lot, MLS(r) #40394300, $525,000

Charming [...] many architectural details [...] built-ins and gum wood trim.

I couldn't find a sale history on Zillow, so why this is a short sale (i.e. the owners owe more than $525,000 on it) is a HELOC gone bad mystery.

For posterity's sake, here's a list of the fallen:

3240 Sterling Ave, the harbinger
3259 Sterling Ave, the one that got away
3247 Sterling Ave, the bigger loss leader

Note if this sells at $525,000, the morons who bought 3259 Sterling for $570,000 last year will be very pleased to have a new comp to help with their investment; this one is 150 sqft larger and has one more bedroom.

Update 3/11/09: Forget about selling at $525,000. The price dropped to $459,000 earlier this month. Another nail in the coffin of 3259 Sterling's equity.

The ugly post-war structure at 3257 Adams has been on the market for a while (2 months per MLS, but I think I remember it being on the market before December of last year), and today its Craigslist headline caught my eye: it comes right out and says "Could use Updating." Maybe that's why there aren't any pictures of the inside anywhere I looked.

The specs:

3 bedrooms, 2 bathrooms, 1,397 sqft, 3,500-sqft lot, built in 1958, MLS(r) #40384483

Three bedroom, two bath home built in 1958. This house feels much bigger because of it's layout. The kitchen has been updated, hardwood throughout, a yard just waiting for somebody handy :) In fact, the whole house could use some TLC! Great location, walk to Otis School, beaches, all shops and restaurants. Check it out...make an appointment :)

(Agent Bobbi: Please note the difference between "its" and "it's")

How much for an ugly 1,397-sqft bungalow that needs updates throughout? Did I hear $420,000?

Try again. The sellers are asking a mere $639,000, or $457 / sqft.

I don't understand why agents are wasting their time taking listings like this that are so obviously overpriced and unsellable; it's not as if December 2008 was a great month to put a house for sale. On top of that, I wasn't able to find a sale history for this property, which suggests the owners might own it free and clear and should have plenty of room to drop their price aggressively. It seems clear from the listing they didn't extract much if any equity to fix up or update their house, except maybe for the kitchen. But of course they could very well have borrowed a lot against it and need a high sale price to come out ahead. Who knows.

Sellers: keep the price as-is, except for the first digit; make it a "4" and sell your house in a week.

Update 3/20/09: Finally a price drop, to a still-too-high $599,000.

Today's bungalow at 562 Lincoln is quite something, judging by its description on craigslist. First, the specs:

2 bedrooms, 1 bathroom, 803 sqft (!), 3,280-sqft lot, MLS(r) #40394216, $450,000

Built in 1924, this simple bungalow was adapted to its owners needs through the years. They enclosed the front porch. They turned the dining room into a bedroom that can be easily restored into a dining room by opening the door separating it from the kitchen.

The detached garage was converted into one large room with its own private bath thus providing private quarters for a member of the household. The total square footage does not reflect this expansion.

The hardwood floors were recently refinished. and new double pane windows were installed.

The fenced yard has several fruit trees and rose bushes. And the carport is covered.

$450,000 for 803 sqft is $560 / sqft, which is about $200 / sqft too high (i.e. the house should be priced around $290,000).

It seems the owners realize the house is way too small for normal human beings to live in, as evidenced by their hijacking of miscellaneous spaces: the dining room is really a bedroom, complete with a super-classy mirrored closet, which is really handy to store your giant napkin, place mat and tablecloth collection:

Some listings make me scratch my head. Today's foreclosure waaaay north on Chestnut has the following specs:

3 bedrooms, 2 bathrooms, 1,022 sqft, 2,485-sqft lot, MLS(r) #40394074, $459,900

[...] sold AS-IS. Hardwood floors. Granite coutertops.

There's no sale history on Zillow or Redfin other than what looks like a foreclosure transaction back in December, 2008:

Last sale and tax info

Sold 12/16/2008: $357,668 *

2008 Property Tax: $1,400

The property tax amount and the absence of sale history suggest that the last transaction on this property must have occurred a long, long time ago, in a galaxy far, far away.

Which begs the question: how on earth do you foreclose on a property that, by all right, you should probably own free and clear by now? Might that possibly have to do with the "granite coutertops"?

Oh, and whoever is trying to sell this miniature house on a postage stamp lot in a questionable part of town for $450 / sqft is, what's the word again, oh, right, a MORON.

Update 3/2/09: Still on the market. More photos from the Craigslist post:


Update 3/11/09: Price dropped to $437,000 last week.

Update 4/25/09: Price dropped to $394,700. New MLS(r) #40406548 to pretend it's a new listing, and "special buyer incentives":

Charming bungalow with gorgeous hardwood flooring, granite counters & updated baths. Full of light and ready for you to move in. Special buyer incentives (contact listing agent) - make this your new home!!

Update 9/28/09: Sold for $342,000.

This one made me do a double-take.1808 Everett Street (map) recently came on the market, with the following specs:

2 bedrooms, 1 bathroom, 1,236 sqft, 6,000-sqft lot, MLS(r) #40388929 , $649,950

[...] this awesome updated alameda home will be at the top of your list. [...] oversized 6000sqft lot, (almost twice the size of most alameda homes), vinyl siding, [...] double car garage and shop and updated interior, all offered at a competitive price.

1808 Everett is already hardly a prime location, way up there near Clement, but this house also happens to be directly across the street from what looks like a school, which is perfect if you don't care for peace and quiet.

Have I mentioned this nondescript 1,236-sqft bungalow is priced well above $500 / sqft ($526, to be precise), and dares to present itself as priced competitively? It also essentially makes the claim that most Alameda homes are either 3,000 sqft themselves, or (if you interpret the ambiguous grammar the way it's probably meant to be read), located on 3,000-sqft lots, both of which are provably false, and might even constitute false advertising, unless you interpret "almost" very liberally.

It gets better: someone (the owner or agent) actually listed this property on Zillow for...


That's right. Not a Make Me Move(tm) million dollars like, say, that pretty Gold Coast Victorian that's over twice as big, on a bigger lot, in a prime Gold Coast location with lagoon access. Not that kind of million dollars--an actual for-sale million dollars.

Don't believe me? Check out the property's virtual tour:

Agent Pacita Dimacali always amazes me with her seemingly endless ability to be positive and upbeat about the properties she represents, even the barkingest of the dogs. Today's bungalow on Paru is one of those. First, the specs:

2 bedrooms, 1 bathroom, 966 sqft + bonus room, 3,838-sqft lot, MLS(r) #40388323, $499,000

Let me quote the juicier bits in case you can't decipher the scaled-down print in the photo:

Hard to believe....but this delightful Spanish bungalow offers something unique: [...]

[...] overlooking the backyard which is like one, big patio that requires minimal upkeep

[...]  at the fringe of the famed Gold Coast.

The Gold Coast must have a really wide fringe:

But my favorite, by far, is the "one, big patio that requires minimal upkeep" euphemism for "small paved-over backyard":

1312 Mound Street is back, again, as MLS(r) #40386231, listed at $460,000.

Great east end location. [...] Large living room with hardwood floor. Formal dining room. Fireplace. [...] Property is now ready to show & sell.

Note the last sentence, which (unwittingly?) implies the last go-round wasn't exactly a good listing.

Because I suspect we're going to start seeing a lot more of these lists-relists-REO-foreclosure-flips, I'm inaugurating a new category, the "repeat offenders."

It's Black Friday, and so maybe home sellers are counting on the post-Thanksgiving buying frenzy too. That might explain the pricing strategy and timing on this new listing at 1026 San Antonio:

2 bedrooms, 1 bathroom, 1,487 sqft, 4,420-sqft lot, MLS(r) #40382753

[...] bungalow in much sought after Gold Coast. Spacious living room, [...] built-in china cabinet, vintage chandelier [...] Gleaming hardwood floors throughout. 2 cozy bedrooms. New paint in and out, pretty landscaped back yard [...]

For some reason, a lot of 1940s houses are coming on the market. Today's ugly 1949 building is a bungalow with "huge potential":

2 bedrooms, 1 bathroom, 1,260 sqft, 4,000-sqft lot, MLS(r) #40382108, $419,900
Great east end location. Needs TLC, but huge potential. [...]

First of all, it's not really an east end location--it's on the west side of Broadway. Second, I fail to see how a n ugly 1940s-era bungalow in bad shape need of "TLC" on a small lot right by Otis has "huge potential." Third, if it needs TLC, why the hell did you buy it for...

Last sale and tax info

Sold 10/07/2005: $560,000

2008 Property Tax: $7,236

and quickly proceed to do very little to fix it up and unleash its huge potential? Might it be because you paid way too much and ran out of money?

There appears to be an infinite supply of idiots running around loose and buying houses in Alameda. Be careful out there.

Few interesting new listings means few new posts. The most exciting new property to hit the market this week is this remarkably boring wartime west-ender at 221 Central:

4 bedrooms, 2 bathrooms, 1,323 sqft, 5,280-sqft lot, MLS(r) #40381893, $599,000
Charming [...] Bungalow with a porch, hardwood floors, [...] kitchen with solid counter tops. Separate Garage/Workshop. [...] backyard with fruit trees and fenced front yard.

Zip Realty says it's a short sale, and it sure looks like it: 

Last sale and tax info

Sold 05/05/2005: $600,000

2008 Property Tax: $7,750

Why anybody would pay $600K ($447 / sqft) for a 1943 bungalow in that location is a mystery.  Expecting essentially the same price 3 1/2 years later in this market (with a listing date in late November on top of that) just makes no sense at all, even with solid counter tops and a white picket fence. Drop it $150K and get it over with.

Update 2/7/09: On Craigslist as a short sale. Amusingly enough, I just realized I covered this property twice. It's so unremarkable nobody cared about it enough to notice the duplication, last of all myself. Note the "oops, we dropped out of escrow" mention at the bottom.

$550000 / 4br - Your Own White Picket Fence – Short sale with fast lender approval (alameda) (map)

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Reply to: hous-1025512062@craigslist.org ^[?]
Date: 2009-02-07, 6:26PM PST


Your Own White Picket Fence – Short sale with fast lender approval

221 Central Avenue
Alameda, CA 94501
Open Sunday 2-4pm

This charming 4br 2ba* bungalow boasts a large 5,280 sq ft* lot and
detached garage/workshop. The home has hardwood floors, tile bathrooms,
solid surface counter tops in kitchen. Large back yard with mature fruit trees.
It needs a bit of TLC, but you can quickly make it all your own.

Close to the bay and open space.


The property was pending, but the buyers cancelled during negotiatons.
A short sale negotiator is ready to respond to your written offer!

Update 2/13/09: Dropped to $499,000.

Update 4/25/09: Dropped to $450,000.

Today's craigslist post touts its long driveway, perhaps for lack of anything else to tout:

$460000 2 Bed 1 Bath Aprox. 1392 SqFt / Large Lot Aprox. 6000 SqFt (alameda) (map)

---

Reply to: susan@staggrealty.com ^[?]
Date: 2008-10-25, 9:15PM PDT


Open House Sunday 2-4PM. Original Charm! The large lot gives a long driveway, with possible class C RV access behind gate. The enclosed front porch waits for those relaxing afternoons. The living room and dining room have hardwood floors, built-in cabinets and seating. Through out the home is original architectural detail. Information deemed reliable, but not guaranteed. It is the responsibility of those who are interested to verify all information. Home being offered by Stagg Realty (510) 773-6160 Susan Stagg/Broker

1185 Broadway at San Jose

I find it interesting the agent devoted so much of the listing to the disclaimer--is there something more to this property than its "Original Charm"? Is that code for "Not updated since before the world knew Nixon was a crook"? It's also unclear why the RV appeal has such a prominent spot in the listing; what percentage of the buyer pool is RV access a selling point for?

The house itself is somewhat decently sized, at 1,392 sqft on a 6,000-sqft lot, but it only has 2 bedrooms and 1 bathrooms. I suppose overnight guests can always sleep in the driveway and shower somewhere private on the 6,000 sqft at their disposal.

There's no sale history on Zillow, which likely accounts for the low list price ($460,000, or $330 / sqft). That said, the price wasn't always this low:

The property has been on the market as MLS(r) #40367294 since the first week of September and already dropped its price twice. RV owners must be a tough crowd.

Update 2/8/09: Sold for $350,000 (24% off).

The third of today's rash of relists is our sweet old friend on Bungalow Boulevard, 3240 Sterling Avenue. The last time we met, last July, it was waiting for a buyer at $525,000, after over 6 months on the market. That buyer evidently never came, and 3240 Sterling is back as MLS(r) #40376648, with a lower list price of $514,900. Having last been purchased for $557,000, it's been in loss leader territory since its second price drop back in February, and this new list price sure isn't helping the seller recoup their money.

Any non-round list price makes me suspicious there might be some foreclosure action going on, so I went over to Zillow to check things out, and sure enough...

Last sale and tax info

Sold 09/17/2008: $483,230 *

2008 Property Tax: $7,078

Transaction Not Included in Zestimate

This transaction was not used in computing the Zestimate for this house due to anomalies we detected with this transaction. These anomalies can include unusual document or transaction types, sales between possibly related parties, unusually high or low transaction prices, or other data irregularities that might indicate the transaction is not a full-value, arms-length transaction.

* Transaction not included in Zestimate. 

I'm beginning to feel a bit like Oscar the nursing home cat.

Update 12/04/08: Dropped to $463,900 this week. Below the foreclosed amount, even.

Today's listing is mysterious (MLS(r) #40375723). The property description has more exclamation points (10) than letters or spaces (9):

Great buy!!!!!!!!!!

The house itself is a hair over 1,000 sqft (on a 2,970-sqft lot), yet it boasts 2 stories, 4 bedrooms and 3 bathrooms. It's currently listed at $545,000. It makes me wonder if it's just a shotgun house that someone stood upright (no good photos available). The public records on Zillow indicate only 2 bedrooms and 1 bathroom, and a bizarrely expensive transaction in 2007:

Sale History
10/04/2007:	$770,000 *
12/29/2004:	$550,000
01/07/1999:	$167,318
05/18/1993:	$149,500
* Transaction not included in Zestimate.

Maybe the 2007 transaction was some intra-family transfer with a fraudulent jacked-up appraisal for tax purposes, although I'm not sure why I'd participate in some funky scheme for the privilege of paying over $7,000 in property tax. Whatever the case may be, there is no way in hell a small bungalow on a small lot on a mediocre part of a sub-prime avenue was ever worth close to $770,000, so something fishy is going on.

Whatever the case may be, though, this great buy is listed for less than was paid for it not just the last time around, but the time before that as well, which is a first on this blog.

Update 1/23/09: Price dropped from $545,000 to $525,000 in mid December.

Update 3/11/09: Price drop bonanza:

$545,000 to $525,000 on 12/19/08
$525,000 to $505,000 on 01/31/09
$505,000 to $495,000 on 02/13/09
$495,000 to $415,000 on 03/02/09

Imagine what a truly fantastic buy this must be now that it's 24% off its "great buy!!!!!!!!!!" price. 

Update 1/10/09: Finally sold on 11/25/09 for $400,000.

A "new" listing caught my eye this week, both because of its "low" price ($460,000) and its familiar address (1312 Mound Street).

2 bedrooms, 1 bathroom, 1,103 sqft, 2,800-sqft lot, MLS(r) #40374881, $460,000

Great east end location. [...] Large living room with hardwood floor. Formal dining room. [...] Detached garage. Common driveway.

There's no photo yet, but based on the area and description, I suspect this is one of those bungalowy cottages (or maybe a cottagey bungalow). At $417 / sqft, it's less obscenely moronic than other recent listings but still too high for a small house on a postage-stamp lot.

Interestingly, though, this is the second incarnation of our bungalottage (or cottalow). It was recently on the market  as MLS(r) #40352822 and priced at $550,500. There's still plenty of evidence of the old price, including this very blog (scroll down about half-way).

It was also sold not that long ago for $385,000 and another two times between 1999 and 2002:

Sales History

Date Price Appreciation Aug 26, 1999 $210,000 -- Apr 12, 2002 $332,500 19.1%/yr Oct 20, 2006 $385,000 3.3%/yr

I'd bet it would probably fetch its 1999 price again if it came on the market after Xmas 2009, given the way things are going. As it is, though, it will probably break even after commission and such. Good luck. Or not.

Update: I ran into a rental property report site named krunching that shows very interesting numbers. If this property were purchased as a rental, krunching calculates its breakeven sale price should be--guess what--its 1999 price + 10%:

Investment Summary

This investment summary assumes a 30-year fixed loan, 20% down, 7% APR. It uses operating assumptions of 10% management fees, 9% vacancy allotment, 3% repairs. This investment summary assumes that rents increase each year by 5%. This property would need to be purchased for $233,640 in order to generate a break-even cashflow based on prevaliing market rents.

It's not April 1st (I checked), so I can't find any explanation for the pricing strategy on today's itty bitty property. 423 Santa Clara Avenue bills itself as a "sweet little 1 bedroom cottage". I don't know about sweet, but it's certainly little:

1 bedroom, 1 bathroom, 623 sqft, approx. 1,740-sqft lot, MLS(r) #40375010, $425,000

Sweet little 1 bedroom cottage [...] new Roof, new Brazillian Cherry flooring and tile in kitchen & Bath. Granite Counter, new stove, new kitchen cherrywood cabinets. [...] 20 minutes to SF [...]

The price isn't a typo. $425,000, or $682 / sqft. And if they really mean "20 minutes to SF" they must have forgotten to mention the helipad on top of the house.

For the life of me I can't figure out what could justify this demented asking price. Location? Nope. New interior? Maybe a $30K premium, if that. Lot size? Nope. Architecture? Nope.

There's no sale history on Zillow, so one presumes the owners should be able to drop the price to where it belongs, say, $175,000 (not drop it by $175K--drop it to $175K). It's not as if it's difficult to find comparably-sized properties for pricing ideas.

Idiots.

Update 10/27/08: Price dropped to $399,000 and a "MOTIVATED SELLER BRING OFFERS" note. The floors are gorgeous.

Update 2/2/09: Sold for $340,000, 20% off the initial price. If you think that's a bargain, consider that it's still $546 / sqft for a tiny, hard-to-sell one-person residence in the less-than-desirable West end.

Right down the street from a beautiful Victorian that just came on the market is a tiny little cottage with the following specs:

2 bedrooms, 1 bathroom, 930 sqft, 2,303 sqft lot, MLS(r) #40373232

[...] edge of the Gold Coast charming craftsman bungalow, hardwood floors eat-in kitchen, fireplace. Sunny combination living room dinning room. [...] drip irrigation w/drought resistant plants, driveway can double as a patio.

And how much for that sub-1,000 sqft on a lot that's smaller than the house I just mentioned? No less than $550,000, or $591 / sqft. Never mind there are quite a few bigger bungalows in nice neighborhoods listed around the same price. Some of them might even allow you to sit on a patio that you don't park your car on, unlike...

Assuming the landscaping wasn't financed with a big fat HELOC, the owners should have some room to drop the price to where it should be (hint: it starts with a digit that looks a lot like a 3):

Last sale and tax info

Sold 08/30/2002: $380,000

2007 Property Tax: $5,294

Sorry, folks, if I'm going to spend over half a million dollars on a house, I don't want to serve dinner on my coffee table or have a tailgate party on my own patio. Have some dignity.

Update 11/14/08: Cute little price drop to $525,000. (New?) agent Kirk Knight has the unmitigated audacity to say the following:

$525000 Craftsman Thanksgiving Feast (alameda) (map)

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Reply to: kirk@kirksells.com ^[?]
Date: 2008-11-14, 10:08PM PST


Just reduced! Craftsman Thanksgiving Feast

Room for dozens of friends and family to join you for a holiday feast this year and years to come.
Open Saturday & Sunday 2-4 PM or call 510-390-0840 for appointment.

Click image for larger display

Dozens of friends and family for a holiday feast in 930 sqft with only one bathroom. That sounds like loads of fun.

Update 1/22/09: Sold for a still-too-high $500,000.

I don't know if someone actually did to a decent CMA, or if the market beat the astronomical odds of having two sellers with a clue list their homes the same week, but we have ourselves an interesting battle of the Craftsman homes brewing.

To my left, the incumbent, listed on 9/19/08, is 1371 Pearl Street, a large Craftsman with the following specs:

3 bedrooms, 1 1/2 bathrooms, 1,691 sqft, 4,920-sqft lot, finished basement(!), MLS(r) #40370464, $599,000

Charming [...] East End. Large living room [...] brick fireplace box beamed ceiling's and inlaid hardwood floors. [...] finished basement perfect for office [...] Deck off master bedroom [...]

No sale history on Zillow and a very low property tax for 2007 suggest it's been owned for a long time.


To my right is 3215 Fairview Avenue, a far-East-End Craftsman with the following specs:

3 bedrooms, 2 bathrooms, 1,665 sqft, approx. 4,790-sqft lot, split level, MLS(r) #40371023, $599,000

[...] craftsman [...] one of Alameda's most sought after neighborhood

The sale history is somewhat recent, but suggests the owner has maneuvering room:

Last sale and tax info

Sold 02/22/2001: $400,000

2007 Property Tax: $5,882

Pearl has a basement and seems to be in beautiful condition judging by the photos on the property site. Fairview has the extreme East End appeal that makes people lose their minds and overbid like crazy.

I don't know which one will sell first, but they're certainly priced somewhat reasonably for this market ($354 / sqft and $360 / sqft, respectively), and directly in competition with one another. My guess would be that Fairview will sell for more money and/or sooner, because of its location.

What is certain is that the fixers in the neighborhood are in for a serious reality check.

In the continuing "maybe it wasn't such a good idea to buy an overpriced property we can't afford" saga, today we (re)introduce 1813 9th Street, a small, unassuming house at the north end of 9th street. The specs are unimpressive:

2 bedrooms, 1 bathroom, 986 sqft, approx. 5,220-sqft lot, MLS(r) #40370885, $375,000

GOOD CURB APPEAL, HARDWOOD FLOORS, [...] WELL-PRICED HOME IN A DESIRABLE AREA.

Good curb appeal and desirable area are all in the eye of the beholder.

I'd personally describe it as "blends in with the elements," which I suppose is curb appeal for the privacy-minded.

At $375,000 ($380 / sqft) it is significantly overpriced, but considerably less so than it was the last time it sold:

Sale History
05/05/2008:	$441,150 *
01/11/2005:	$550,000
10/01/1999:	$215,000
No other sale data is available
* Transaction not included in Zestimate

That's right: somebody paid $558 / sqft for that nondescript little box in a nondescript neighborhood.

I really hope the idiots who approved those loans, and the idiots who signed their names at the bottom, really enjoy the financial ruin they so richly deserve.

Little by little, it seems the market is being reshaped by repossessed/foreclosed houses that were sold for too much money a couple of years ago. Another one of those just hit the market, a little Craftsman at 1107 High Street. The specs:

2 bedrooms, 1 bathroom, 1,071 sqft, 3,430-sqft lot, MLS(r) #40370821, $529,900

Charming Arts & Crafts bungalow [...] original details and some updating. [...] open/ spacious feel. Nicely finished hardwood floors, built-in cabinets. [...] workshop/storage in rear. Don't miss this one.

At $495 / sqft, it's significantly overpriced, but it appears to be close to the foreclosed amount:

Sales History

Sale History & Tax Info

Sale History
07/22/2008:	$544,541 *
09/27/2006:	$615,000
10/03/2000:	$311,000
No other sale data is available
* Transaction not included in Zestimate

You can't blame the bank for trying to make its money back. Oh wait, yes, you can, since they had no business making that loan to begin with. $615,000 for a sub-1,100-sqft bungalow is complete insanity, and $529,900 is not much better.

Update 12/11/08: Sold to another moron for way too much money, $535,000.

A little bird told me the new listing at 517 Taylor, a West-End bungalow on a stretch of tightly huddled-up homes, might be a foreclosure (MLS(r) #40368965). The specs are bleh:

2 bedrooms, 1 bathroom, 1,615 sqft, 3,772-sqft lot, $563,900

(no description as of 9/12/08)

It's a large home for a 2+1 floor plan, but the lot is small (most of them are on that block of Taylor), so $349 / sqft is a bit high, especially considering the last sale amount (presumably the balance of the loan in default that's being foreclosed upon):

Historical home sale price (1):	$324,350
Prior sale date:	Jul 31, 2008

I didn't find any other sale information anywhere. What I did find is that 517 Taylor is or was the address for a flooring business--I doubt the warehouse was there, so it was probably a home-office/administrative address sort of thing.

West Side Flooring 517 Taylor Ave Alameda, CA 94501

Business Summary | Business Detail  Write Review Contact West Side Flooring Phone: (510) 865-6510 Business Profile for West Side Flooring Services: Floors, Flooring & Flooring Contractors

I get the feeling this will be priced around $499,000 before you know it.

Update 11/26/08: Dropped to $519,900.

$519900 BAnk Owned West End bungalow waiting for some TLC (alameda) (map)

---

Reply to: hous-935229516@craigslist.org ^[?]
Date: 2008-11-26, 11:18AM PST

Details

Photo Gallery

View Rooms

94501-Alameda (West End)

FOR SALE $519,900

[...]

	Details
	Address: 517 Taylor Type: Residential Style: Single Story Bedrooms: 3 Bathrooms: 2 Suite: No Living Area: 1,615 square feet Year Built: 1915 More Details

	Description
	This is a very spacious home for the price. Kitchen is still in decent shape and has a nice large living room with nice wood detailing. The carpets have been pulled back and it looks like hardwood floor in living room and dining room. Close to the shoreline path. Build some sweat equity in this home and bring it back to its former glory. Close to schools Webster St. shopping district and great multi-use bayview paths. More Description

Brokered and Advertised by Bayside Real Estate LID 2032418

Information is deemed to be correct but not guaranteed.

taylor at 5th   google map   yahoo map

• it's NOT ok to contact this poster with services or other commercial interests

This week's recent sales on SFGate showed a small bungalow I hadn't noticed when it was on the market, 1541 Paru Street. The specs are, ahem, cozy:

1 bedroom, 1 bathroom, 952 sqft, 2,058-sqft lot

thumbnail from Alameda Sun not MLS site (why)

This little house just sold for $355,000, which is encouraging considering the obscene asking prices we've been seeing on other small properties.

What's also encouraging is that it was once listed for $429,000, when it was Alameda Sun's Home of the Week. This means someone lowballed and the seller (get this) accepted the 17%-off bid instead of chasing the market down for months. We need more sellers like that.

The sale history doesn't reveal anything scary, so one hopes everyone's reasonably happy with the transaction.

Sales History

Sale History & Tax Info

Sale History
08/12/2008:	$355,000
04/04/2006:	$267,500
09/30/1992:	$156,000
No other sale data is available

Announcement: read about EBRD, Inc.'s DMCA content removal complaint against this blog

Another adorable bungalow on Bungalow Boulevard! It feels like the whole adorable street is being sold off this year. This little guy at 3259 Sterling has the following publicly-available specs (MLS(r) #40366431; no link until EBRD issues are resolved):

2 bedrooms, 1 bathroom, 1,073 sqft, 3,422 sqft lot, $562,000

Adorable bungalow on picutesque Sterling Ave. [...] Craftsman with tons of original detail [...] Updated kitchen and bath, [...] Perfect location on cozy street [...]

Now the street is "picutesque." That must mean "so cute you are compelled to take photos." But at least they didn't use the word "sweet."

At $562,000, it's right in the middle of the other two bungalows on Sterling, but it's quite a bit smaller (the other two are both 1,194 sqft, or 10% larger), and at $524 / sqft it's just way too expensive. I would personally price it at $499,000 and sell it in one weekend, but then, I'm not the owner. Neither would I buy it, even at that price, but that's beside the point--it's just overpriced by about $120 / sqft. Drop it to $440,000 and you might just get rid of it.

Nothing special about its sale history:

Last sale and tax info

Sold 12/24/2001: $384,000

2007 Property Tax: $5,512

My main beef (other than the amount itself) is that the $562,000 price means a 7% y-o-y appreciation, and that's just greedy. You should have sold it 2 years ago.

Update 11/7/08: Sold for $570,000.



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Reader BigDot asked about 152 Santa Clara (MLS(r) #40352991), a property that completely went by me when it first appeared on the market in late June, so here's what I found. First, the publicly available specs:

3 bedrooms, 1 bathroom, 1,091 sqft, 6,204 sqft lot, built in 1945

Magnificent gardens [...] charming Cape Cod Bungalow nestled on a 6,204 sq.ft. lot; [...] lovely large studio [...] pond with waterfall [...] updated kitchen, bath, fireplace, dual pane windows, high ceilings it is truly lovely

How much is loveliness? A mere $850,000, or $779 / sqft.

There's nothing obvious in the sale history to justify such an obscenely high asking price--it was last purchased for under $450,000, so unless the sellers put in $400,000 worth of improvements (and it would take a rare brand of idiocy to spend $400K to improve a tiny bungalow in the ugly West End that's barely even worth that much to begin with) it's probably just another delusional asking price:

Last sale and tax info

Sold 08/20/2002: $433,000

2007 Property Tax: $5,925

Watch for considerable price drops or relists on this truly lovely bungalow, because at $850,000, it ain't going nowhere. For the record, $850,000 gets you a nice 2-story Victorian in the East End that's over twice as big as this.

Update 9/25/08 (thanks D. for the tip): Price dropped to a still-too-high $749,000.

Update 10/6/08: Relisted as MLS #40373840 at $675,000. Psst, morons: this house has no business being a penny over $400,000.

Update 11/3/08: Relisted as MLS #40379085 at $625,000. This is called "chasing the market down" and it rarely ends well.


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Sterling Avenue is known as "Bungalow Boulevard" (at least that's what a listing on that street said), and a cursory look at a map bears this out. This means two things: one, the street looks all quaint and pretty; two, the comps are right under your nose. And given the difficulty 3240 Sterling had selling earlier this year, it doesn't bode well for today's new listing, just across the street (MLS #40348386, 3247 Sterling).

FIRST TIME OPEN! SAT&SUN 6/14-15 2-4pm. Amazing wood & beautiful built-in cabinetry in this terrific Craftsman bungalow with 2+ bedrooms & 2 baths (bed/bath on main level; Master Suite on Upper Level). Formal Entry, Living & Dining Rooms w/Hardwood Floors & period details. Fireplace; Detached garage

At 1,437 square feet, and what seems like a larger (or improved) interior space, its neighbor is not exactly a comp, but the lots appear to be identical:

Property Information
Street Number:	3240
Apt Number:
Street:	Sterling Ave
City:	Alameda
Zip Code:	94501
Beds:	2
Baths:	1
Year built:	1920
Sqft:	1,194
Lot Size:	3,422

Property Information
Street Number:	3247
Apt Number:
Street:	Sterling Ave
City:	Alameda
Zip Code:	94501
Beds:	2
Baths:	1
Year built:	1918
Sqft:	1,437
Lot Size:	3,422

What's more interesting is that unlike its neighbor at 3240, today's listing is starting at $608,000, below its previous purchase price. Perhaps the owners took note of their neighbor's tribulations and price drops and decided to spare themselves the trouble?

Sales History
Historical home sale price (1):	$629,000
Prior sale date:	Jul 31, 2006
Change since this sale (1):	NA
Historical home sale price (2):	$475,000
Prior sale date:	Jun 18, 2003
Change since this sale (2):	+32%
Historical home sale price (3):	$104,000
Prior sale date:	Nov 10, 1998
Change since this sale (3):	+505%

You'd think by now sellers would have gotten the message that the days of 15 offers above asking are over. Hell, NAR is calling it a buyer's market, a it's got to be true. So one has to wonder about the cheeky "Flexibility: Firm" on today's Craigslist post (MLS #40333, which sounds wrong):

In beautiful East End of Alameda, this lovely Bungalow is move-in ready.Has large Family Room, Security System, Dual-Pane windows, Hardwood floorsAnd many upgrades. Call Agent for more information.

The house is almost 2000 sqft, which is nice, but only 2+1, on a small < 4000 sqft lot. The"firm" price:

is only $719,000, or $365/sqft, so on the face of it it's in line with those few homes that are selling these days.

Let's see what happens. The seller is going to need that firm price, and then some:

Last sale and tax info

Sold 10/20/2006: $715,000

2007 Property Tax: $2,564

Update 9/7/08: So much for firm.

Last sale and tax info

Sold 04/22/2008: $700,000

2007 Property Tax: $8,841