Results tagged “short sale” from Knife Catchers
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.
Some sellers don't mess around when it comes to pricing their properties aggressively. Not enough of them, mind you, but the new listing at 2151 Alameda Avenue gets points for trying extra hard. The property has the following specs:
You read right; this property is listed for $300,000. Of course there are no interior pictures in the MLS(r) listing, so who knows what condition it's in and how much work it needs. But considering its previous sale price, this certainly qualifies as an almost bargain, at 57% off:
Of course we'll have a feeding frenzy and this property will sell for way over asking, which will prompt enlightened local real estate agents, buoyed by the recent increase in the Case-Shiller index (full data set in Excel format), to call the bottom of the market and a return to good times.
3 bedrooms, 1 bathroom, 1,596 sqft, MLS(r) #40431652, $300,000 ($188 / sqft)
[...] Contractors Special. Great Alameda Location with Living Room & Fireplace, Family Room, Victorian Style Home, Close to Town!!
You read right; this property is listed for $300,000. Of course there are no interior pictures in the MLS(r) listing, so who knows what condition it's in and how much work it needs. But considering its previous sale price, this certainly qualifies as an almost bargain, at 57% off:Property History for 2151 ALAMEDA Ave
| Date | Event | Price |
|---|---|---|
| Sep 29, 2009 | Listed | $300,000 |
| Aug 22, 2005 | Sold | $705,000 |
Of course we'll have a feeding frenzy and this property will sell for way over asking, which will prompt enlightened local real estate agents, buoyed by the recent increase in the Case-Shiller index (full data set in Excel format), to call the bottom of the market and a return to good times.
Remember how, three or four years ago, housing bears were being mocked for missing out on the opportunity of a lifetime to get into the market and buy a house before everybody got priced out forever?
Well, those chickens are coming home in droves, with yet another Bayport McMansion coming back to the market just three years after it was purchased--again. You can read the specs on the original post.
Today's updated listing on Craigslist describes the house like this:
It's now listed for $675,000 (still with the old MLS(r) #40390663, which isn't active as far as I can tell), down from $695,000 back in January, down from $830,500 when it closed escrow almost exactly three years ago.
Well, those chickens are coming home in droves, with yet another Bayport McMansion coming back to the market just three years after it was purchased--again. You can read the specs on the original post.
Today's updated listing on Craigslist describes the house like this:
Beautiful Classic Colonial in prestigious Bayport Development of Alameda Ca. This home comes with a multitude of upgrades. Custom tile in entryway, French Doors that open up to a private office or Formal Dining room. Designer lights over Kithen breakfast counter. Fireplace in Family room with additional lighting. Finshed side and back patio with custom pavers. Beautifully landscaped yard with automatic sprinklers. Custom paint. Master Bedroom suite with private patio. Lots of Upgrades. Great Value! This is a Short Sale that has been lender approved for the price. BPO's have already been done. Can close escrow in less than 30 days!!
It's now listed for $675,000 (still with the old MLS(r) #40390663, which isn't active as far as I can tell), down from $695,000 back in January, down from $830,500 when it closed escrow almost exactly three years ago.
Everybody probably knows about the enormous house on a giant lot at 1221 Sherman, which recently dropped its price by almost $1M all at once.
Turns out it's a short sale, at least according to Redfin.
What really has me scratching my head is this:
Bought 17 years ago, this house should be half paid off. Back then, loan underwriting still followed some standards, by and large, so let's assume a classic 80% LTV mortgage, rounding up to a $600,000 loan. 17 years later, the owners might owe $400,000. Yet here we are with a short sale listed at $1,569,000, which suggests about $1.2M or more has been added to the loan balance. I shudder to think that the initial list price ($2,488,905) was actually the current balance.
So I ask, how is that possible??!
Turns out it's a short sale, at least according to Redfin.
What really has me scratching my head is this:
Property History for 1221 Sherman St
| Date | Event | Price |
|---|---|---|
| Jul 16, 2009 | Price Changed | $1,569,000 |
| Jul 07, 2009 | Listed | $2,488,905 |
| Mar 20, 1992 | Sold | $739,000 |
Bought 17 years ago, this house should be half paid off. Back then, loan underwriting still followed some standards, by and large, so let's assume a classic 80% LTV mortgage, rounding up to a $600,000 loan. 17 years later, the owners might owe $400,000. Yet here we are with a short sale listed at $1,569,000, which suggests about $1.2M or more has been added to the loan balance. I shudder to think that the initial list price ($2,488,905) was actually the current balance.
So I ask, how is that possible??!
928 San Antonio has been on the market and dropping its price in dribs and drabs for many months now. It has returned as MLS(r) #40423686 and a sad note in the listing--the seller is ill and presumably has to sell in the worst possible combination of circumstances.
Perhaps this should serve as a cautionary note for everyone else against buying hard-to-sell houses (this property looks like a "spite house" with no garage or driveway) at the top of the market. Illness and accidents don't discriminate and strike down without warning.
Here's a handy-dandy checklist of red flags that mean "do not buy":
Remember that what looks less-than-ideal to you very likely looks less-than-ideal to most people too. Those people are the ones you'll try to sell your house to. Don't compromise on stuff you can't change.
I'll close this sad listing with a pictorial summary of all that went wrong with this property even before she got sick. Good luck.
Perhaps this should serve as a cautionary note for everyone else against buying hard-to-sell houses (this property looks like a "spite house" with no garage or driveway) at the top of the market. Illness and accidents don't discriminate and strike down without warning.
Here's a handy-dandy checklist of red flags that mean "do not buy":
- The market is trapped in a collective frenzy of overpaying.
- A property you're interested in has incurable defects:
- The lot is too small. If you catch yourself saying "Hrm, this lot really is a little on the small side" or "I wish the yard were larger", the lot is too small. Walk away.
- There's no garage and no reasonable way of building one on the lot. A tent doesn't count. A carport barely counts. A driveway isn't quite enough. No garage and no driveway means "run away." Building a garage is expensive and a pain in the rear. Best to get one already built that comes with the house.
- There's too much traffic. It's loud, it's dangerous if you have pets or children, and it makes it a pain to leave the house in the morning when you're already late for work.
- The house is too small. Unless you're single with no children and no possibility of living with someone else at any point (widowed and resigned, or pathologically misanthropic), or really nostalgic about your cramped quarters when you were attending NYU, less than 800 sqft just doesn't cut it.
- The house is too big. I like excessive, decadent white elephants as much as the next gal, but the great majority of people not only do not need 4,000+ sqft of living space, they don't want it. It's a pain to clean, maintain, re-roof, re-foundationize, heat, cool, and so forth.
- You're in your 20s or 30s, recently married, and the house only has 1 or 2 bedrooms and 1 bathroom. I hate to generalize, but babies happen, and when babies happen, people lose their minds and want to buy a bigger house. The last thing you want to do with a new baby is go through the stress of selling, buying and moving, and tackle the extra expense of a bigger mortgage, and the extra extra extra expense of baby and mom/dad taking extra time off (babies are expensive), all at the same time. Rent for a while, or buy just a little too much house now (well, not now, wait another year or two, but you get the idea) so you can actually fit baby comfortably later.
Remember that what looks less-than-ideal to you very likely looks less-than-ideal to most people too. Those people are the ones you'll try to sell your house to. Don't compromise on stuff you can't change.
I'll close this sad listing with a pictorial summary of all that went wrong with this property even before she got sick. Good luck.
My oh my, prices have been busy dropping left and right while I wasn't paying attention writing about them. Here's a selective summary.
There are more, of course, but more on that later.
- The ugly custom Scarface house at 514 Westline Drive dropped its price multiple times. It's now a new (hah) listing with MLS(r) #40421430, priced at $1,098,000, and a short sale. Its last sale date when it was brand new just three years ago was $1,488,000. I guess that wasn't one of those lucky 8s. Assuming it sells for the current list price, that's a 26% loss, in case your calculator is broken.
- A newish listing at 1221 Sherman St, huge and overrun by expensive clutter inside and out, was initially listed for a hilarious $2,488,905 (note the extra five bucks tacked on at the end there) with MLS(r) 40418269 and dropped its price by almost a million all at once in mid July, to a still-too-high $1,569,000. The description is amusing as well:
[...] Lots of living space; great for entertaining: wedding, tea party, wine tasting... [...]
Given how often people tend to have weddings, it makes you wonder if the agent is suggesting a side business for the would-be owners to help pay the oversized mortgage. Dan and Irene have a writeup on their blog that seems to agree with my horror at the clutter oozing from the MLS(r) photos. Packing and moving all that stuff out is going to cost a fortune. And as for the initial $2.5M price tag, perhaps the owners and the agent realized that of those few people who can drop that kind of money on a house, not a whole lot of 'em decide to live in our little town. The highest-priced sales I can remember are the enormous bocce ball court on St Charles and the gigantic, fantastically laid-out Victorian compound at 1723-1725 Central, and those were only about $2M (each, sadly). Update: a short sale (?!?).
- The apparently unsellable "mansion" at 1626 Alameda Avenue miraculously dropped its price and now stands unsold at $950,000. Dan and Irene have a writeup on this one as well that points out some serious potential issues with the property's permit history, among other things.
- The super-classy trailer park Victorian at 1609 Lincoln (the one with the coin-op laundry facilities) has dropped to $899,000. It's been on the market for ages now. $899,000 is only $9,000 over the last purchase price back in 2005.
- The oddly-shaped 709 Haight Avenue is sticking to its highly-successful strategy of multiple, itty-bitty price drops:
07/21/09: $419,900 to $414,900
07/21/09: $414,900 to $399,000
07/29/09: $399,000 to $389,000
We know how well that worked out back when it was$624,900$614,900$609,900$589,900$569,900$504,900.
- The giant red-tagged wreck at 855 Cedar Street dropped its price from $935,000 to $885,000. There is no chance in hell this is selling for a penny over $500K, and even that would be completely insane given how much work it will require. Check out the big photos on Zillow to get a sense of how ruined this property is. I walked by a few months ago and was struck by what looks like years, if not decades, of complete neglect and abandon, sealed by the red tags on the boarded-up front door. It's a real shame, because the woodwork in the interior photos looks as though the house could be truly magnificent (not to mention huge; 4,810 sqft of living space on a big lot). This one breaks my heart a little. Zillow has it listed at $790,000, so at this rate there's hope for a more reasonable price in 10-12 years or so.
There are more, of course, but more on that later.
Ms. Dimacali will probably get on my case for this, but her protestations do not invalidate the fact that paying $470 / sqft in 2006 for a tiny condo in an unremarkable 1960s complex was massively, inexcusably stupid. Today's little short sale condo at 339 Broadway is a fine example of the kind of idiotic purchases that litter this blog:
Actually, it's the bank's loss, not the seller's, unless you're being persnicketily accurate and admit that the bank owns your house until it's paid off. The forgiven debt isn't taxable as income anymore these days, another brilliant idea pushed through Congress by the real estate lobby. The seller is only losing sleep and their FICO score.
The Craigslist post photos suggest the unit is already vacant, or occupied by the tidiest person in the world:
Which reminds me of...
This widdle condo sold for far too much just three years ago:
A low-interest, fully-amortizing mortgage is probably in the $2,000-$2,500 / month range for that purchase price depending on down payment and PMI. Add in $289 / month in HOA dues and $500 / month in property tax, and you're looking at a monthly outlay in the $2,800-$3,300 range. For 955 square feet. Meanwhile, you could rent bigger units up and down the waterfront in the same area for about $1,500 a month.
I suppose this helps answer the question I posed a little while back--what will happen to all those condos?
2 bedrooms, 2 bathrooms. 955 sqft, MLS(r) #40403295, $325,000, $289 / month HOA dues
Resort and leisure lifestyle in the Laguna Hacienda condominium complex —mere steps from the beach and a short walk to Alameda Town Centre shopping center with easy access to public transportation. This condo has a wide balcony, and overlooks the courtyard, the pool and the lagoon. Amenities include six community laundry rooms for free use by residents. Covered parking with storage.
Condo features hardwood floors in the entry and kitchen. Some upgrades include newer appliances, mirrored closet doors, ceiling fans. Wood-burning fireplace. Security system.
This is a short sale. Seller’s loss, buyer’s gain.
Actually, it's the bank's loss, not the seller's, unless you're being persnicketily accurate and admit that the bank owns your house until it's paid off. The forgiven debt isn't taxable as income anymore these days, another brilliant idea pushed through Congress by the real estate lobby. The seller is only losing sleep and their FICO score.
The Craigslist post photos suggest the unit is already vacant, or occupied by the tidiest person in the world:
Which reminds me of...This widdle condo sold for far too much just three years ago:
Last sale and tax info
- Sold 04/28/2006: $448,500
- 2008 Property Tax: $5,909
A low-interest, fully-amortizing mortgage is probably in the $2,000-$2,500 / month range for that purchase price depending on down payment and PMI. Add in $289 / month in HOA dues and $500 / month in property tax, and you're looking at a monthly outlay in the $2,800-$3,300 range. For 955 square feet. Meanwhile, you could rent bigger units up and down the waterfront in the same area for about $1,500 a month.
I suppose this helps answer the question I posed a little while back--what will happen to all those condos?
Sometimes I wonder if the Treasury is printing money to make up for the massive wealth destruction occurring all over the country as the excesses of the housing bubble are being wrung out of the system. Of course, none of the money being lost was ever real money, and it's painfully clear nobody likes what the Treasury is doing. Today's McMansion in the West end is a subprime example of foresight and excellent money management:
They're so sure it "[w]on't last long" they raised the price by $100,000 the day it was listed. Or maybe the initial list price was a Freudian typo.
At $270 / sqft, it's still too much, of course, especially considering how small the lot is. And $790,000 is a lot of money, regardless of how big the house might be. Now that lending has returned to reasonable standards, anyone buying this property would have to have between $80,000 and $160,000 in cash and $200,000 or more stable yearly income. Considering how well the economy is doing in California, I'm sure the sellers will find dozens of qualified buyers in no time flat.
To all the Alameda real estate agents who say things like...
lying through your teeth making provably false statements being ignorant idiots working.
(Thanks to Sam Bezi for this post's title)
Update 4/10/09: Also known in the local MLS(r) as #40404344.
4 bedrooms, 2 1/2 bathrooms, 2,925 sqft, 3,760-sqft lot, MLS(r) #80914276,$690,000$790,000
Award winning design [...] shows like model. Over $15,000 in kitchen upgrades and $22,000 in countertop and flooring upgrade. Beautiful Bamboo flooring, [...] Stainless Steel appliances, Thermador built-in refrigerator, double oven, caesar stone counters [...] Won't last long!
They're so sure it "[w]on't last long" they raised the price by $100,000 the day it was listed. Or maybe the initial list price was a Freudian typo.My favorite part, though, is the lovely bath the owners are taking on this property: $298,500 (27%) in 30 months or so--that's about $10,000 per month going "poof" since they purchased the property. Assuming they've been making regular payments since they moved in, this is roughly the same as paying $15,000-$18,000 a month in rent, with the added bonus of a couple of blown FICO scores and (most likely) a stress-related illness or two. But we know full well homeownership is the best way to build wealth.Property History for 310 LINA Ave
Date Event Price Source Mar 20, 2009 Price Changed $790,000 MLSListings #80914276 Mar 20, 2009 Listed $690,000 MLSListings #80914276 Nov 28, 2006 Sold $1,088,500 Public Records
At $270 / sqft, it's still too much, of course, especially considering how small the lot is. And $790,000 is a lot of money, regardless of how big the house might be. Now that lending has returned to reasonable standards, anyone buying this property would have to have between $80,000 and $160,000 in cash and $200,000 or more stable yearly income. Considering how well the economy is doing in California, I'm sure the sellers will find dozens of qualified buyers in no time flat.
To all the Alameda real estate agents who say things like...
the prices in Alameda have always held their values for the most part! We are again seeing some multiple offers on properties!maybe it's time you stopped
(Thanks to Sam Bezi for this post's title)
Update 4/10/09: Also known in the local MLS(r) as #40404344.
Remember 1201 Central, the non-luxurious luxury home that comes with all its appliances, last seen on the market last summer?
It's back as MLS(r) #40400498. The property description is essentially unchanged.
Update 3/18/09: This is indeed a short sale.
It's back as MLS(r) #40400498. The property description is essentially unchanged.
Gorgeous 3 Bed 3 Bath Home! Over 1700 sq ft. Corner location on tree lined Central Avenue. Stone tiled kitchen nook. All appliances stay - washe, dryer, stove, refrig all less than 2 years old. Luxerious His & Hers walk-in closets in upstairs master bedroom - Luxury Alameda LivingThe owners tried $689,000, then $629,000, then took the property off the market. It came back today at $599,000, which is substantially less than they paid for it in 2003, especially if you include 6% commission. It really makes me wonder if they grossly overpaid in 2003, or if they let the property go to pot, or both.
Update 3/18/09: This is indeed a short sale.
I know a lot of buyers have been chomping at the bit for another chance to purchase 409 Shell Gate Road, which was on the market last year. All that pent-up demand, free-flowing credit and strong job market, combined with a realization that now is a great time to buy real estate and invest in your future, almost guarantee it's going to be gone by Sunday.
Well, your wish has come true, and you're getting a second chance! 409 Shell Gate Road is now back on the market, known as MLS(r) #40399644, and listed for a paltry $525,000, or only $349 / sqft for a unique gem of mid-1960s architectural flair.
Please be courteous and try not trample each other as you rush to drop off your signed offer of 15% over asking with 40% down and 815 FICO.
(excuse me)
You may remember that this ugly run-of-the-mill rancher was advertised as follows (emphasis added):
Well, your wish has come true, and you're getting a second chance! 409 Shell Gate Road is now back on the market, known as MLS(r) #40399644, and listed for a paltry $525,000, or only $349 / sqft for a unique gem of mid-1960s architectural flair.
Please be courteous and try not trample each other as you rush to drop off your signed offer of 15% over asking with 40% down and 815 FICO.(excuse me)
You may remember that this ugly run-of-the-mill rancher was advertised as follows (emphasis added):
Hawaii in alameda? This lovely home is a strolling distance to the shore, schools, shops and rest-aurants. It's a spacious 3bd/2baths/2cgarage cozy home. Features central heating, romantic fireplace in livingrm, move in condition. Hurry this won't last.I hope words are nutritious, because that's all a lot of Realtors(tm) have to eat these days.
As promised earlier today, here's a short summary of goings-on at 1616 Cornell Drive, a pointy English Tudor on a corner lot in the East End with the following vitals:
Update 4/9/09: Amusingly, the price was increased to $769,500.
Update 10/4/09: Finally a teeny tiny price drop, to $720,000, after about 7 months on the market. "New low price" my foot. ZipRealty has this listing tagged as a short sale (no surprise there).
3 bedrooms, 1 bathroom, 1,487 sqft, 4,040-sqft lot, MLS(r) #40398284, $749,500Nothing terribly interesting about this property other than its excessive price ($504 / sqft), whose only justification is the property's previous sale price under three years ago:
[...] 1929 English Tudor is in the desirable Fernside neighborhood, and walking distance to top-rated schools. [...] fine architectural details, [...] updated kitchen, lots of storage, built-in cabinetry, a wood-burning fireplace [...] much more.
Note to buyers: nothing good comes out of paying too much for your house.Property History for 1616 CORNELL Dr
Date Event Price Mar 05, 2009 Listed $749,500 Nov 17, 2006 Sold $740,000
Update 4/9/09: Amusingly, the price was increased to $769,500.
Update 10/4/09: Finally a teeny tiny price drop, to $720,000, after about 7 months on the market. "New low price" my foot. ZipRealty has this listing tagged as a short sale (no surprise there).
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:
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.
3 bedrooms, 1 bathroom, 1,221 sqft, 3,422-sqft lot, MLS(r) #40394300, $525,000I 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
Charming [...] many architectural details [...] built-ins and gum wood trim.
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.
Earlier today I threatened to post more about recent condo listings, and here's one that has me wondering what is going to happen to a bunch of condos (not just in Alameda, everywhere, really) as the economy continues its unraveling and the real estate market reaches for ever deeper depths.
The unit at hand has the following specs:
The unit at hand has the following specs:
2 bedrooms, 1 bathroom, 864 sqft, MLS(r) #40392938, $284,900 ($336 / sqft)
Bank owned 2 bedroom 1 bath. Condo.
The kind of units I'm wondering about are the small, sub-1,000-sqft (or even sub-900-sqft), 1- or 2-bedroom condos that sold for grotesquely inflated prices between 2004 and 2008 and are (unsurprisingly) going back to the bank or being listed at a loss. I've written about several such examples on this blog.
Assuming a 10% down payment (although perhaps a widowed senior downsizing might have the 20% saved up), an average mortgage on this particular unit would cost you about $1,500 a month, plus probably $100-$250 in HOA dues, plus $200 in property tax (at least), plus insurance, etc. Let's round it up to $2,000 a month to live in that little cubby (a conservative estimate).
For perspective, my rent is considerably less than that, for a much larger unit in a lovely area within easy walking distance of the bay, with much more character and offering amenities of a much higher caliber than this property. And contrary to what real estate agents might tell you, the foreclosure glut is not actually causing rents to rise: the opposite is true. So the more time passes, the less buying a property like this for $275,000-$300,000 makes sense. As it stands, this property would have to sell for no more than $125,000-$150,000 to pencil out and compete with comparable rentals.
If you're an architecture buff or someone with special needs like a ceramic kiln or a giant carrot garden or what have you, I understand the pride-of-ownership, my-house-is-my-home thing has its own appeal beyond strictly financial considerations. But does that really apply to tiny cookie-cutter 1960s condos (which may even have been apartments in a former life) on a high-traffic thoroughfare?
And there's the rub: today's asking price of $284,900 is already 29% less than its previous sale price less than two years ago, and it's even less than the transaction before that (in real dollars):
A lot of sellers are already screaming blue murder when you make an offer at or 10% below their list price; what do you think they'd do if you offered 25% of their asking price? More importantly, (how) can the financial system handle losses of that magnitude?
Update 3/10/09: Down to $269,900.
Assuming a 10% down payment (although perhaps a widowed senior downsizing might have the 20% saved up), an average mortgage on this particular unit would cost you about $1,500 a month, plus probably $100-$250 in HOA dues, plus $200 in property tax (at least), plus insurance, etc. Let's round it up to $2,000 a month to live in that little cubby (a conservative estimate).
For perspective, my rent is considerably less than that, for a much larger unit in a lovely area within easy walking distance of the bay, with much more character and offering amenities of a much higher caliber than this property. And contrary to what real estate agents might tell you, the foreclosure glut is not actually causing rents to rise: the opposite is true. So the more time passes, the less buying a property like this for $275,000-$300,000 makes sense. As it stands, this property would have to sell for no more than $125,000-$150,000 to pencil out and compete with comparable rentals.
If you're an architecture buff or someone with special needs like a ceramic kiln or a giant carrot garden or what have you, I understand the pride-of-ownership, my-house-is-my-home thing has its own appeal beyond strictly financial considerations. But does that really apply to tiny cookie-cutter 1960s condos (which may even have been apartments in a former life) on a high-traffic thoroughfare?
And there's the rub: today's asking price of $284,900 is already 29% less than its previous sale price less than two years ago, and it's even less than the transaction before that (in real dollars):
Yet I submit it stilll needs a further 55% price cut before it makes sense for anybody to buy this property. That would amount to a 70-75% price cut from 2006-2007 prices, which in many cases means a 70-75% loss for the lender.Sales History
Sale History 10/31/2008: $227,435 * 05/22/2007: $399,000 05/09/2003: $265,000
A lot of sellers are already screaming blue murder when you make an offer at or 10% below their list price; what do you think they'd do if you offered 25% of their asking price? More importantly, (how) can the financial system handle losses of that magnitude?
Update 3/10/09: Down to $269,900.
As the new year slowly rolls in, and with the Superbowl is behind us, we're seeing a metric boatload of new listings cropping up left and right. Of course, a lot of those "new" listings are actually relists, but that's par for the course for our lovely used home salespeople ethical real estate professionals, and certainly not a specialty of Alameda Realtors(r)--everybody's been doing it for years.
Amidst the glut, we discern a large number of condominiums, some of which are relists while others are newly minted MLS(r) numbers, such as today's Shorepoint Court unit. The specs:
So you won't be surprised by the property's sale history:
Multiply this situation by several tens of thousands over the whole US and you realize how astonishing the amount of funny money creation and destruction that has happened over the past 5 years or so is.
Watch for more posts about newly-listed condos in the next few days.
Amidst the glut, we discern a large number of condominiums, some of which are relists while others are newly minted MLS(r) numbers, such as today's Shorepoint Court unit. The specs:
2 bedrooms, 2 bathrooms, 1,092 sqft, MLS(r) #40392878, $335,000Nothing particularly remarkable about this unit, and a few other condos in the area have been listed in recent memory, which is not surprising considering the size of the complexes there. A lot of them have been in various states of financial distress, which again is not surprising given how overpriced they were during the boom while remaining within reach of buyers willing to commit 50-70% of their income to a mortgage (as opposed to, say, 120% once their neg-am ARM recasts).
Very good condition.Recently painted interior. Quiet end unit on first floor. Wet bar. [...] One of the best well-kept complexes in alameda.
So you won't be surprised by the property's sale history:
Or by the fact Zip Realty identifies it as a short sale.Last sale and tax info
- Sold 10/01/2004: $405,000
- 2008 Property Tax: $5,428
Multiply this situation by several tens of thousands over the whole US and you realize how astonishing the amount of funny money creation and destruction that has happened over the past 5 years or so is.
Watch for more posts about newly-listed condos in the next few days.
Another day, another pretty, old West end 2-story house going back to the bank. 452 Santa Clara joins 450 Taylor in our rogues' gallery of failed real estate experiments. Here are the specs:
Oh and by the way, $699,900 is still nowhere near cash-flow positive, either, so anyone buying at today's price is just as much of an idiot as the current owner. But I suppose they may have felt they were getting a great deal then too, since it was apparently listed at $895,000. Interestingly the agent's trophy page for the last sale mentions greater square footage, an owner's unit, and a sale price of $820,500.
It's not clear why the public records would show a considerably lower sale price, although it hardly makes a difference since this property doesn't begin to make sense until the price drops to about $450,000-$475,000 ($2,300 monthly mortgage payment with the same assumptions as above). Incidentally, that happens to be exactly the price at which the property sold back in 1999. Imagine that.
4 units (3x1BR 1BA, 1x2BR 1BA), 2,836 sqft, 7,810-sqft lot, MLS(r) #351187, $699,900The property has a long history of multiple sales in the past 20 years, courtesy of Redfin for a change:
Large 4 plex in the heart of Alameda. Victorian Home built in 1900 converted to 4 units. Garage parking in the rear. Separate Meters. Short Sale! Grab this great deal!
Whoever bought it last for $738,454 didn't appear to mind the 11% annual appreciation since the previous sale or the fact that the rental income doesn't come close to covering the costs:Property History for 452 SANTA CLARA Ave
Date Event Price Appreciation Source Jan 15, 2009 Listed $699,900 -- San Francisco MLS #351187 Jan 15, 2009 Listed $699,900 -- MLSListings #80902277 Sep 09, 2004 Sold $738,454 11.1%/yr Public Records Dec 30, 1999 Sold $450,000 51.5%/yr Public Records Sep 15, 1994 Sold $50,000 -36.7%/yr Public Records Oct 26, 1993 Sold $75,000 -24.2%/yr Public Records Dec 18, 1992 Sold $95,000 -30.5%/yr Public Records Jan 31, 1989 Sold $390,000 -- Public Records
Financial Information(for reference, a 6.5%-interest, 80%-LTV loan for a $740,000 house comes out to about $3,700 a month exclusive of property tax).
- Tax Amount: $11,074.70
- Gross Rent Multiplier: 26.51
- Rental Income: $26,400
- Net Income: $6,381
- Gross Scheduled Income: $26,400
- Gross Annual Income: $26,400
Oh and by the way, $699,900 is still nowhere near cash-flow positive, either, so anyone buying at today's price is just as much of an idiot as the current owner. But I suppose they may have felt they were getting a great deal then too, since it was apparently listed at $895,000. Interestingly the agent's trophy page for the last sale mentions greater square footage, an owner's unit, and a sale price of $820,500.
It's not clear why the public records would show a considerably lower sale price, although it hardly makes a difference since this property doesn't begin to make sense until the price drops to about $450,000-$475,000 ($2,300 monthly mortgage payment with the same assumptions as above). Incidentally, that happens to be exactly the price at which the property sold back in 1999. Imagine that.
On yet another one of those misspelled street names in 94502 lies today's short-sale duet, which sports not one but two master bedrooms suites.
The MLS(r) listing is amusingly worded:
Maybe the owners are tired of serving two master bedrooms (although I'm not clear on how both bedrooms in a 2-BR unit can be the master), considering:
2 bedrooms, 2 bathrooms, 1,519 sqft, 2,560-sqft lot, MLS(r) #40385586, $499,000
Two master suites grace this bright and sunny Bay Colony duet [...] Very short distance to the ferry, schools, shopping, [...] walking paths along San Francisco Bay.
The MLS(r) listing is amusingly worded:Sunny duet [...] Two master suites and additional ½ bath. [...] This propety has a "long driveway". Vaulted ceilings & lots of windows. Roof two years old. [...]The "propety" has a "long driveway". Not a long driveway, mind you--a "long driveway". I'm not sure why that would be a selling point, with or without the scare quotes. And even if there were a pool of buyers out there with a "long driveway" fetish, $328 / sqft is on the high side for a duet on such a teeny tiny lot.
Maybe the owners are tired of serving two master bedrooms (although I'm not clear on how both bedrooms in a 2-BR unit can be the master), considering:
Assuming the property does sell for $499,000, and subtracting 6% for agent commissions and the price of a new roof (rounding down to net proceeds of $450,000), we're looking at $200,000 up in smoke in less than 4 years. That's just under what most people take home in solidly middle-class 94502. Well done.Last sale and tax info
- Sold 03/25/2005: $650,000
- 2008 Property Tax: $10,280
On a lovely block of St Charles Street stands a medium-sized, distinctive-looking Victorian with the following specs:
I didn't see (or pay attention to) this property when it was on the market, but what I find interesting is that it sold for significantly below its asking price at the time, even though 2004 was a year notorious for demented overbidding. Its previous agent still has the house's antlers on display on her site:
Update 1/12/09: Dropped to $649,500 on 1/2/09.
3 bedrooms, 2 bathrooms, 1,300 sqft, 3,800-sqft lot, MLS(r) #40383248, $679,500If you ask the owner, you get the following specs with a considerably gushier description (I wonder if it's the "mother-in-law" that bumps the Zestimate up to $1,198,654 from $754,000):
In-Law studio unit [...] Can be used for recreation room or Office. [...] bathroom, stove and refrigerator. Partially, improved basement.
5 bedrooms, 2 bathrooms, 2,218 sqftAt-a-Glance Features
Additional Features
**Finished basement: 2 bd/1 large rec room, nonpermitted. **Legal 1 bd 1 bath granny unit w/kitchen.
Home Description
One of few Mansard Cottage style Victorians [...] edge of Gold Coast. [...] Beautiful redwood trim inside. [...] Large kitchen w/island and lots of cupboard space.
It's not every day you see the word "mansard" in a property listing here in town; I can't think of any residential (or formerly residential) buildings other than this house and the big, magnificent, aptly-named Mansard Building at 2233 Santa Clara (map) that would have a real mansard roof:
Mansard, granny unit and mother-in-law or not, though, we have ourselves another fine example of how real estate is always such a great investment (Zip Realty has it listed as a short sale):
Sales History
Sale History & Tax Info Sale History 09/01/2004: $710,000 03/12/2003: $202,000 * 08/09/2000: $100,000 * No other sale data is available * Transaction not included in Zestimate. More info
I didn't see (or pay attention to) this property when it was on the market, but what I find interesting is that it sold for significantly below its asking price at the time, even though 2004 was a year notorious for demented overbidding. Its previous agent still has the house's antlers on display on her site:
1420 SAINT CHARLESIt's hard to get an idea of how overpriced the current listing is with so many different descriptions of what may or may not be living/livable/permitted/improved space. The house itself is cute, although it seems to show its age, and who knows to what standards the non-permitted sections were built. But even for less than its previous price, it's still too damn expensive to make any sense unless you're going to extract rent from granny, your mother-in-law and the basement rats (the ones that live in the unimproved section).
ALAMEDA, CA 94501
SOLD
Listing # 40033062
Mansard Victorian cottage. 3 bedrooms, 2 baths plus lower level all-purpose rooms. Additional living space over the garage. [...] hot tub, gourmet kitchen. [...] long driveway for cars and RV.
[...]
LIST PRICE: $795,000
SOLD PRICE: $ 710,000
Update 1/12/09: Dropped to $649,500 on 1/2/09.
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:
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.
Update 4/25/09: Dropped to $450,000.
4 bedrooms, 2 bathrooms, 1,323 sqft, 5,280-sqft lot, MLS(r) #40381893, $599,000Zip Realty says it's a short sale, and it sure looks like it:
Charming [...] Bungalow with a porch, hardwood floors, [...] kitchen with solid counter tops. Separate Garage/Workshop. [...] backyard with fruit trees and fenced front yard.
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.Last sale and tax info
- Sold 05/05/2005: $600,000
- 2008 Property Tax: $7,750
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.
Update 2/13/09: Dropped to $499,000.$550000 / 4br - Your Own White Picket Fence – Short sale with fast lender approval (alameda) (map)
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 4/25/09: Dropped to $450,000.
This cute blue property at 2017 Lincoln has been on the market for ages, but I missed its débutante ball in mid-May and didn't write about it then. Poking around on Zip Realty, its scarlet "Short Sale" badge drew me in, so here goes.
Here's a family portrait of our fully-loaded property standing next to its older sibling:
It's reasonably sized and at $388 / sqft not grotesquely overpriced compared to other listings on the market (note that I didn't say it was reasonably priced). Its price was dropped to $560,000 from $649,000 back in early August, and it's still sitting around waiting for a buyer. I don't know when it became an official short sale, but $560,000 is 11% more than the previous sale price, which suggests the loan balance has grown either due to a gnarly negative-amortization mortgage with very low pick-a-payments and/or a HELOC gone wild.
3 bedrooms, 1 1/2 bathrooms, 1,443 sqft, 5,320-sqft lot, MLS(r) #40344005, $560,000(Never mind that some people can't stroll.)
Come see this home. Fully loaded with [...] located within a stroll's distance to park street alameda theatre!!!
Here's a family portrait of our fully-loaded property standing next to its older sibling:
It's reasonably sized and at $388 / sqft not grotesquely overpriced compared to other listings on the market (note that I didn't say it was reasonably priced). Its price was dropped to $560,000 from $649,000 back in early August, and it's still sitting around waiting for a buyer. I don't know when it became an official short sale, but $560,000 is 11% more than the previous sale price, which suggests the loan balance has grown either due to a gnarly negative-amortization mortgage with very low pick-a-payments and/or a HELOC gone wild. The property appears to be very close to its neighbors, in spite of a large-ish lot, and right across the street from something that looks like a high school, so the location is less than ideal if you value peace and quiet, but then again if that's the case you're probably not shopping on Lincoln anyway. The location + short sale + left on the shelf + economy + holiday season combo puts the odds of a quick sale pretty close to nil.Last sale and tax info
- Sold 10/29/2004: $509,000
- 2008 Property Tax: $6,77
Some properties seem to get sold over and over. Today's laconic listing at 1256 Broadway is back on the market for the third time in 3 1/2 years. The specs are average:
There isn't much to see on the Google Street View map, and aerially the only notable geographical information about this property is that it sits on a tiny corner lot at the busy intersection of Broadway and Encinal.
The last two sales are so recent they're easy to find on various sites (agent Joe LoParo; SFGate and again in 2006). Interestingly, only the 2005 transaction seems to have left a trace on agent sites.
3 bedrooms, 1 bathroom, 1,327 sqft, tiny approx. 2,600-sqft lot, MLS(r) #40374902, $598,000
(no description at all)
There isn't much to see on the Google Street View map, and aerially the only notable geographical information about this property is that it sits on a tiny corner lot at the busy intersection of Broadway and Encinal.The last two sales are so recent they're easy to find on various sites (agent Joe LoParo; SFGate and again in 2006). Interestingly, only the 2005 transaction seems to have left a trace on agent sites.
Back in 2005, the property was described as:
Sale History 09/01/2006: $645,000 05/17/2005: $520,000 04/22/1997: $135,000
This 3/1 Needs Some TLC But Can Be A Great Family Home Partial Basement.[...]Based on the fire that caused an estimated $75,000 worth of damage in 2006, one imagines it might still need some TLC if it's anything like the other property that suffered $75,000 worth of fire damage around the same time:
Structure Fire on BroadwayDecember, 2006On December 25, 2006 at 5:31 a.m., the Alameda Fire Department responded to a reported house fire at 1256 Broadway. Upon arrival fire crews found fire in a second floor bedroom extending into the attic. The department initially responded with three engines, two aerial ladder trucks, one ambulance and the Duty Chief. Fire crews made an interior attack on the second floor and in the attic area. A second alarm was requested and arrived on the scene. Fire cause is presently under investigation by Fire Investigator Captain Ken Rankin. Structural loss estimated at $75,000 and contents at $10,000.
It can't be fun to have a fire on your first Christmas in your brand new house, especially if you paid too much for it ($486 / sqft) just three months before. Equally fun is putting it back on the market two years later for $47,000 less (plus commissions and fire damage repairs).
Update 11/14/08: Price dropped to $575,000 this week, and this interesting graphic on ZipRealty:
Update 12/04/08: Price dropped to $535,000 this week.
Update 1/22/09: Price dropped to $499,000 on 1/12/09.
Update 9/28/09: Sold for $440,000. Jolly well done.
One of several homes that recently appeared on the market for under half a million dollars, 951 Post Street is an average-spec'ed home on a block filled with some of the most depressing, ugly and urban-sprawly post-war houses in all of Alameda.
It also abortedly abuts Otis Drive. There must have been an outlet into Otis at some point, but now the south end of the road is permanently closed off, so living on that godforsaken block gives you all the traffic noise and none of the convenience afforded by its proximity to Otis.
For some inexplicable reason, though, the house at 984 Post sold for $689,000 in early 2007. I toured that house when it was on the market and thought I would need to order a boatload of Prozac from a Canadian pharmacy from the sheer desolation and boredom that oozed from every square inch of sheetrock.
That said, if you're into sober-to-a-fault 1940s squares, this "cosmetic fixer" can be had for a non-jumbo loan (if you have a down payment; but these days if you don't have one you might as well forget about buying; imagine that!) At $374 / sqft it's a decent start, but you'd have to pay me that much to live there.
The sale history suggests somebody is losing money on the transaction no matter what (the 2006 sale looks like a non-arms-length transaction); at least they had the sense to price the property below $500K.
Update 9/5/09: Sold for $395,000 in May, 2009.
3 bedrooms, 1 bathroom, 1,324 sqft, 4,250-sqft lot, MLS(r) #40370111, $495,000This isn't a photo of the house in question, but the whole block looks like this:
Excellent opportunity to be in Alameda community [...] Cosmetic fixer [...]
It also abortedly abuts Otis Drive. There must have been an outlet into Otis at some point, but now the south end of the road is permanently closed off, so living on that godforsaken block gives you all the traffic noise and none of the convenience afforded by its proximity to Otis.For some inexplicable reason, though, the house at 984 Post sold for $689,000 in early 2007. I toured that house when it was on the market and thought I would need to order a boatload of Prozac from a Canadian pharmacy from the sheer desolation and boredom that oozed from every square inch of sheetrock.
That said, if you're into sober-to-a-fault 1940s squares, this "cosmetic fixer" can be had for a non-jumbo loan (if you have a down payment; but these days if you don't have one you might as well forget about buying; imagine that!) At $374 / sqft it's a decent start, but you'd have to pay me that much to live there.
The sale history suggests somebody is losing money on the transaction no matter what (the 2006 sale looks like a non-arms-length transaction); at least they had the sense to price the property below $500K.
Update 9/25/08: It's a short sale. Who would have thought!
Sale History 01/31/2006: $300,000 * 08/05/2004: $545,000 09/13/1999: $265,000 06/14/1995: $195,000 * Transaction not included in Zestimate.
Update 10/13/08: Price dropped to $395,000 (thanks to homeseeker for the tip)$495000 Opportunity in East End (alameda) (map)
Reply to: hous-855262067@craigslist.org [?]
Date: 2008-09-25, 3:53PM PDT
Excellent opportunity in East End. Cosmetic fixer in need of a vision. 3 bedrooms, 1 bathroom, family room, 2 fireplaces 2 car garage. Short Sale Open Sunday September 28, 2-4 For more information call Claudia 339-4729 @Coldwell Banker
Update 9/5/09: Sold for $395,000 in May, 2009.
Another day, another short sale. This Victorian-era duplex on Pacific just came up on the MLS(r) under #40368754. The specs:
4 bedrooms, 2 1/2 baths, 2,704 sqft, 3,750-sqft lot, $599,999It doesn't look like much.
Short Sale, this is as good Opportunity to have ownership on this Duplex, [...] 2 bed 1 bath each unit in very good condition, plus Studio on the attic [...] rented for $800.00 won't last long call me today
Annoying capitalization aside, the listing puts forward part of the amazing income this property generates. Assuming the two 2+1 units bring in $1,400 each, we're talking $3,600 a month in income, against roughly $3,200 a month in mortgage + $500 in property tax and $500 set aside for maintenance, or a net $7,200 loss every year. No wonder the morons owners are losing the house to a short sale.
Another piece of good news for the market.Last sale and tax info
- Sold 04/10/2006: $797,000
- 2007 Property Tax: $9,811
Reader Mark94502 alerted me of shenanigans concerning a little Craftsman at 523 Central Avenue (MLS #40338053), so here's what I found.
3 bedrooms, 1 bathroom, 1,198 sqft, 3,300 sqft lot, listed on or around 4/1/2008
I didn't pay much attention to it when it first came on the market over four months ago, and I guess I missed out on the excitement. It first came on as a regular listing, asking $550,000, but in the past 4 months it has come out as a short sale and undergone three price drops: $550,000 to $525,000 in early May, $525,000 to $499,950 in mid May, and $499,950 to $450,000 in early August.
It's very cute on the outside; there are no extra photos on the public MLS sites, maybe as a money-saving scheme for the agent. At $376 / sqft, it's much more likely to sell assuming the inside isn't a wreck.
Interestingly, it was purchased six years ago, well before prices peaked, yet it's a short sale. Perhaps refi-mania?
It's very cute on the outside; there are no extra photos on the public MLS sites, maybe as a money-saving scheme for the agent. At $376 / sqft, it's much more likely to sell assuming the inside isn't a wreck.
Interestingly, it was purchased six years ago, well before prices peaked, yet it's a short sale. Perhaps refi-mania?
Last sale and tax info
- Sold 05/20/2002: $365,000
- 2007 Property Tax: $5,203
Hot diggity. This one didn't last terribly long.
That said, it's still cheaper than what the poor sap investor speculator idiot sucker owner paid less than 2 years ago:
fixing enjoying its pretty pocket doors and lovely gingerbread. And I'm getting negative real returns on my invested cash thanks to those same idiots.
Grr.
On a related note, I was tempted to label this as "epic," but I'll keep that category for truly abysmal failures--$130,000 in 21 months just ain't big enough.
At $350 / sqft, it's getting closer to what a Bay Area house should cost (and I mean Bay Area, i.e. places where you can get to the bay without driving for an hour), although just under $700K is hardly cheap.$690990 Must sell - bring all offers!! 3/2 in Alameda (alameda) (map)
Reply to: hous-764906077@craigslist.org
Date: 2008-07-22, 1:32AM PDT
Great home with spacious lot in a quiet, tree-lined neighborhood. Close to great schools, golf course, lagoons, parks and grocery store.
126 Cardigan Way
Alameda, CA
Home Features:
• 3 Bedrooms, 2.5 Baths
• 1972 Sq Ft Living Space
• 3150 Sq Ft Lot
• Spacious Backyard
• Newly Remodeled Kitchen
• New hardwood floors
• Updated Interior paint.
• Very clean throughout.
This is a SHORT SALE and is being sold "as is."
Feel free to contact me if you have any other questions. Thank you.
Fax all offers to listing agent Fax # 925-664-1432
For more info. Contact REALTOR® Listing Agent Darius Cerezo
Cell: (408) 886-4013
That said, it's still cheaper than what the I might be in a particularly cranky mood this week, but my first instinct when I see these kinds of disasters is "serves those idiots right." The problem is that those idiots are the ones who drove up the prices well beyond what I'm willing to pay, so now I have to wait for my pretty Victorian instead of spending all my timeLast sale and tax info
- Sold 10/13/2006: $819,000
- 2007 Property Tax: $9,913
Grr.
On a related note, I was tempted to label this as "epic," but I'll keep that category for truly abysmal failures--$130,000 in 21 months just ain't big enough.
This market unwinding is getting to a point where I can barely keep up. I don't think a week has gone by without at least one short sale coming on the market for months.
Today's new distressed sale is a cute bungalow at 2170 Pacific, listed at $525,000 (MLS #40355271):
It isn't clear to me why you would Pergo over hardwood floors instead of refinishing them, but that's beside the point.
Nothing too fancy about the home, and accordingly there's nothing epic about the short sale:
And so it goes.
Update 8/20/08: Agent Pacita Dimacali emailed me this update and asked me to post it for everyone's benefit until the blog's registration issues are solved and she can actually post herself. Here goes:
Today's new distressed sale is a cute bungalow at 2170 Pacific, listed at $525,000 (MLS #40355271):
California bungalow.3 BR/1BA corner lot near downtown.Wood floors, even under Pergo. Updated kitchen w granite counters.Double pane windows, plantation shutters.Kitchen/laundry appliances stay.Bonus room in finished basement.Neat/clean,move in condition.Short sale subject to lender approval(reader-provided photo. Thanks!)
It isn't clear to me why you would Pergo over hardwood floors instead of refinishing them, but that's beside the point.
Nothing too fancy about the home, and accordingly there's nothing epic about the short sale:
Sale History |
|
05/17/2006: |
$600,000 |
|---|---|
04/30/1998: |
$116,000 * |
11/01/1996: |
$189,500 |
And so it goes.
Update 8/20/08: Agent Pacita Dimacali emailed me this update and asked me to post it for everyone's benefit until the blog's registration issues are solved and she can actually post herself. Here goes:
2170 Pacific – withdrawn/cancelled from the MLS. Short sale not approved by Downey Savings Bank.
When I got the listing, I had prepared the required short sale package (copies of 2 most recent pay stubs, W2s, bank statements, hardship letter, authorization for me to contact the lenders) and promptly sent them to the lenders. Nearly 2-3 weeks later, they call me to tell me that they won’t even look at the package unless I have an order.
So I worked very hard, fast and furiously, in getting the property ready for sale. Got the family to de-clutter, clean (they decided to move, instead). Staged it a bit. Paid for the pest inspection. Held broker’s tour and open houses. Promoted the heck out of it on the net. Got an offer in 2 weeks’ time.
Carefully prepared the package again, tabbed and indexed, and fed ex’d to the banks.
Two weeks later, I get a call from Downey Savings (1st loan) who said they sold the note to Deutsche Bank, and their policy is NOT to approve ANY short sales. Good grief--- they could have told me that the first time I contacted them! Second bank will take 15% of the balance of the loan, but sellers have to pay the difference. If the sellers could afford to pay, they wouldn’t be doing a short sale instead.
Downey Savings also will not approve deed in lieu of foreclosure because there’s a second loan.
Thus, this will be foreclosed. So there was no need to keep it active.
Sellers were convinced by their previous agent to buy this house when I listed it two years ago….but this is a classic case of 100% down, stated income fiasco.
Update 12/20/08: Bank turned down an offer to buy and elected to foreclose instead. See you soon, little house.
Update 12/31/08: Repo'ed and back on the market as MLS(r) #40387173, for $525,000. It didn't sell the first time at that price, so what makes the bank think it'll sell now?
Update 2/8/09: Price dropped to $460,000 at some point.
Update 9/29/09: Sold for $407,000 on 9/2/09.
This new listing is a mystery and bashfully conceals its exact whereabouts:
I have principles. Not buying stupidly high-priced real estate is one of them. Do I qualify?
$400000 Short sale in bayfarm island, Principles only!!! (alameda)
Reply to: oliver4homes@gmail.com
Date: 2008-07-09, 6:25PM PDT
Short sale in bayfarm island, Not on MLS yet. 2 bed, 1 bath, located in bayfarm island, ~4200 sq ft. on Garden rd. Not on the market yet, sold $580,000.00 in 2006. Any questions or to arrange a private showing please
contact buyer's agent oliver lou @kroll realty
Buyers with agents please don't call, unless you will want me to represent you on this special deal!!!
oliver4homes@gmail.com
(510) 760-4384
I have principles. Not buying stupidly high-priced real estate is one of them. Do I qualify?
It's easy to see how folks who bought overpriced homes between late 2004 and last summer could wind up in short sales: they bit off (way) more than they could chew, and by the time their ARM resets and they really, really can't afford the payments (i.e. right about now), their home value has dropped 10-20% and they're screwed.
It's a little harder for me to fathom what the heck happened to this property (MLS #40353580) on Broadway, which recently appeared for $799,000:
(no photo yet).
What boggles my mind is that the owners bought this home 17 years ago (i.e. their mortgage should be more than half paid off) for a hair over a quarter mil:
Yet they're in a short sale situation and listing the home for $799,000, which means the outstanding balance is north of $800,000.
What in the holy hell does one do to add $523,000 (188%) to one's principal? Certainly not fix up said house, which needs "some TLC"--in Alameda parlance, that means "Tons of Labor, Chump" (or "Terrifying Labor Costs").
Sadly, this isn't the sole example of inexplicable financial disaster. Let them fall, I say.
It's a little harder for me to fathom what the heck happened to this property (MLS #40353580) on Broadway, which recently appeared for $799,000:
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"Short Sale" 3 story victorian home. Needs some TLC. | ||||||||||||||||||||||||||||||
(no photo yet).
What boggles my mind is that the owners bought this home 17 years ago (i.e. their mortgage should be more than half paid off) for a hair over a quarter mil:
In other words, under non-egregious circumstances, they should owe about $120K (plus interest, of course), and have a $1800-a-month mortgage payment (plus $400 a month for property taxes), which is pretty cozy for a very large Victorian house.Last sale and tax info
- Sold 08/19/1991: $277,000
- 2007 Property Tax: $4,942
Yet they're in a short sale situation and listing the home for $799,000, which means the outstanding balance is north of $800,000.
What in the holy hell does one do to add $523,000 (188%) to one's principal? Certainly not fix up said house, which needs "some TLC"--in Alameda parlance, that means "Tons of Labor, Chump" (or "Terrifying Labor Costs").
Sadly, this isn't the sole example of inexplicable financial disaster. Let them fall, I say.
The past couple of weeks have seen a flurry of new listing activity: as of today, 6/25/08, 19 new properties had been listed on the MLS for 7 days or less, and that's just in 94501. To be fair, quite a few of them don't appear to be distress sales, including a couple of big proud Victorians, and I do pick and choose which ones I write about.
That being said, there are still a lot of screwy transactions to pick from. Today's selection is a 1922 "Victorian" on the north end of Saint Charles, listed at $659,000 (MLS (r) #40351721):
This block of Saint Charles is not one of the most desirable parts of town. It's not as hideous as Clement or Blanding, but it's also nowhere near as nice as most areas 5 blocks or more south of it. Given its location, $413 / sqft is a little steep, but then it appears the owners don't have much of a choice:
That being said, there are still a lot of screwy transactions to pick from. Today's selection is a 1922 "Victorian" on the north end of Saint Charles, listed at $659,000 (MLS (r) #40351721):
Handsome home [...] Great light throughout, roomy 2-story layout, deep lot w/ plenty of off-street parking. [...]There's no photo, just a silly artist's rendering, and I couldn't spot a property that looked like the hand drawing on Google Street View or Live Maps' Bird's Eye View, so this is all we have to work with:
This block of Saint Charles is not one of the most desirable parts of town. It's not as hideous as Clement or Blanding, but it's also nowhere near as nice as most areas 5 blocks or more south of it. Given its location, $413 / sqft is a little steep, but then it appears the owners don't have much of a choice:Last sale and tax info
- Sold 08/15/2005: $690,000
- 2007 Property Tax: $8,598
Update 7/27/08: This is now advertised as a short sale, and got its price radically slashed in a rash of massive price cuts.
Update 12/11/08: Back on the market as MLS(r) #40384740, listed at $457,000. Zillow shows no transaction since the last listing, and the property description is essentially unchanged (including the "short sale" note), so it's the same listing, as opposed to a flip after a quick sale last summer. Why the owners think they'll have more luck selling during the holidays, in this economy, for $58,000 more than they failed to sell last summer, is anybody's guess.
DescriptionThat's $250 / sqft and a $291,000 (42%) loss since the last sale 3 years ago, not counting any commission paid. Yikes.
24 hrs notice to tenantsshort sale [...] Please do not disturb occupants, showing by appointment only.
Price dropped from $659,000 to $475,000 in late July
Price dropped from $475,000 to $399,000 in mid August (thanks Mark94502 for pointing this out)
Update 12/11/08: Back on the market as MLS(r) #40384740, listed at $457,000. Zillow shows no transaction since the last listing, and the property description is essentially unchanged (including the "short sale" note), so it's the same listing, as opposed to a flip after a quick sale last summer. Why the owners think they'll have more luck selling during the holidays, in this economy, for $58,000 more than they failed to sell last summer, is anybody's guess.
24 hrs notice to tenantsShort Sale Handsome home [...] Great light throughout, roomy 2-story layout, deep lot w/ plenty of off-street parking. Please do not disturb occupants, showing by appointment only.
This teensy brown shingle property recently came on the market (MLS #40350923).
There is no description in the MLS listing, so I'll just stick to the public records data:
Various places on the Web (no link until EBRD shenanigans are resolved) say the square footage is 931 rather than 831, and that the house has three bedrooms rather than 2. This might mean a 10x10 3rd bedroom was added at some point.
So, you ask, how much is this little bundle of joy? You might think it hovers around $350,000, assuming $400 / sqft or so minus a small penalty for being so small and located in such a bleh part of town.
So you wouldn't be surprised to find out it's currently listed for $675,000, i.e. $725 / sqft.
Interestingly, it was already overpriced the last time it was sold, just as the market boom was ramping up:
Gack.
Update 7/27/08: Someone ran out of crack and massively dropped the price all at once from $675,000 to $499,000
Update 8/22/08: Another big drop to $425,000. That's still $456 / sqft (or $511 / sqft depending on whose sqft you pick), so I suspect it'll have to try again.
Update 9/30/08: Dropped to $399,000, with a free and delicious zeugma:
Update 11/14/08: What do you know, it's now a short sale.
Update 12/04/08: Dropped to $359,000 yesterday. That's 47% off the initial list price from almost 6 months ago.
Update 9/6/09: Dropped to $319,900 this weekend.
There is no description in the MLS listing, so I'll just stick to the public records data:
Public Facts:
- Single family
- 2 beds
- 1.0 bath
- 831 sqft
- Lot 3,000 sqft
- Built in 1906
So, you ask, how much is this little bundle of joy? You might think it hovers around $350,000, assuming $400 / sqft or so minus a small penalty for being so small and located in such a bleh part of town.
So you wouldn't be surprised to find out it's currently listed for $675,000, i.e. $725 / sqft.
Interestingly, it was already overpriced the last time it was sold, just as the market boom was ramping up:
Last sale and tax info
- Sold 04/11/2003: $369,000
- 2007 Property Tax: $5,045
Gack.
Update 7/27/08: Someone ran out of crack and massively dropped the price all at once from $675,000 to $499,000
Update 8/22/08: Another big drop to $425,000. That's still $456 / sqft (or $511 / sqft depending on whose sqft you pick), so I suspect it'll have to try again.
Update 9/30/08: Dropped to $399,000, with a free and delicious zeugma:
Motivated seller with unique interior and spacious backyard.I wonder if you get the seller's unique interior for free when you buy the house. I don't think I'd want it. Besides there's another house on Lincoln with the seller's interior splattered all over the walls.
Update 11/14/08: What do you know, it's now a short sale.
Update 12/04/08: Dropped to $359,000 yesterday. That's 47% off the initial list price from almost 6 months ago.Update 9/6/09: Dropped to $319,900 this weekend.
I just saw this Santa Clara listing in the real estate section of this week's newspaper. It's "coming soon" according to the broker's Web site and so there is no price or MLS number, but the pedigree, size, location and picture already have me salivating.
Update 6/19/08: Was I ever wrong. Listed at $799,000 today (MLS #40350649). But it's a short sale, so I wasn't really wrong...
Update 9/18/08: Some idiot paid $705,000.
Update 10/10/08: I finally found an account of what caused some of the damage this property suffered:
Surprise, it looks like another one of those bought-near-the-peak-let's-get-out-of-our-loan sales:Public Facts:
- Single family
- 3 beds
- 2.0 bath
- 2,225 sqft
- Lot 5,600 sqft
- Built in 1887
My guess is an asking price of $959,000. Let's see what happens.Last sale and tax info
- Sold 10/21/2005: $899,000
- 2007 Property Tax: $10,944
Update 6/19/08: Was I ever wrong. Listed at $799,000 today (MLS #40350649). But it's a short sale, so I wasn't really wrong...
Stately 3 bedroom, 2 bath Eastlake Victorian-era home. Formal Dining Room, Parlor and New Kitchen. Perimeter Foundation replaced in 1994. New Roof installed in 2007. Plenty of original detailing. The property does need new paint & TLC.Update 6/22/08: By all accounts, the house needs a LOT of TLC.
Update 9/18/08: Some idiot paid $705,000.
Update 10/10/08: I finally found an account of what caused some of the damage this property suffered:
Structure Fire on Santa Clara AvenueDecember, 2006On December 11, 2006 at 7:26 p.m., the Alameda Fire Department responded to a reported structure fire in a three-story Victorian residential home at 1410 Santa Clara Avenue. It was upgraded to a 2nd alarm with a total of four engines, two ladder trucks, three ambulances and two Chief Officers responding.
Upon arrival, crews found smoke showing from the attic. Further investigation uncovered fire traveling within the interior walls of the second story, up into the attic and spreading to the exterior rear eaves of the structure. The occupants were confirmed to be clear of the structure. The fire companies simultaneously attacked the fire, ventilated the building and controlled the utilities. The interior fire was quickly knocked down by AFD crews, followed by salvage of the interior contents and overhaul of the second and third floors to confirm full extinguishment of the resident’s property. Loose, blown-in insulation from the attic space contributed to the interior structure damage during the overhaul operation.
The initial damage assessment is estimated for $75,000 to the structure and $20,000 for the contents. Fire Captain Michael DeGrano assisted AFD Crews with the fire investigation to determine the cause and origin of the fire. There were no firefighter or civilian injuries reported. Both occupants from the residence were displaced and arranged to stay with the next-door neighbor.
The Alameda Police Department assisted with traffic control. Alameda Power & Telecom responded to the scene for assistance with the utilities. Oakland Fire Department provided two engines, one ladder truck and a Battalion Chief for coverage at Stations One and Two.
Hot on the heels of today's McMansion comes another nearby (MLS #40349729) for $100K less, i.e. $799,999:
I love huge houses on brand new tracts that still manage to be essentially glued to the neighboring structures.
This house and its cousin have different listing agents, but the silly pricing strategy (1 dollar under the next round number), comparable price per square foot ($336 v. $320), shared location and recent sale histories make me suspect a series of transactions gone sour. Behold:
Update 10/31/08: Spooky price drop to $649,999. The drop history picked up in October: $150,000 and still no bites? $230,000 drop since last sale? That's epic.
Update 3/23/09: Still on the market, dropped to $625,000 about 6 weeks ago.
Update 9/5/09: Sold for $635,000 in April. 28% off.
Beautiful house built in 2006 in planned neighbourhood. Bull nose corners, cove ceilings.Upgraded maple cabinetry.Tile floors in entry and kitchen, french doors, Balcony with french doors.Custom interior paint.Pre-wired - surround sound, gas fireplace insert, plantation shutters,Flagstone patio.There's no photo in the MLS, but Zillow's aerial photos come to the rescue:
I love huge houses on brand new tracts that still manage to be essentially glued to the neighboring structures.This house and its cousin have different listing agents, but the silly pricing strategy (1 dollar under the next round number), comparable price per square foot ($336 v. $320), shared location and recent sale histories make me suspect a series of transactions gone sour. Behold:
In plain English, that spells "oops."Last sale and tax info
- Sold 09/07/2006: $879,000
- 2007 Property Tax: $11,755
Update 10/31/08: Spooky price drop to $649,999. The drop history picked up in October: $150,000 and still no bites? $230,000 drop since last sale? That's epic.
09/08: $799,999 to $774,999Update 11/22/08: Short sale, per Zip Realty.
10/03: $774,999 to $749,999
10/15: $749,999 to $699,999
10/30: $699,999 to $649,999
Update 3/23/09: Still on the market, dropped to $625,000 about 6 weeks ago.
Update 9/5/09: Sold for $635,000 in April. 28% off.
This listing just came on the market 3 days ago, around April 10th, but I could swear I'd seen it before. At any rate, there's no photo yet, but here are the specs:
I didn't realize an agent would allow a house to be both "cozy" and "spacious." But there's going to be a spacious gap in the seller's bank account considering the following:
Update 10/9/08: It's back on the market as MLS(r) #40374485, with the same inane "Hurry this won't last" description, and the same silly $599,000 price.
Update 10/26/08: Price dropped almost $5,000 to $594,300 on 10/22. I scoff.
Update 11/10/08: Now officially a short sale.
3 bedrooms, 2 bathrooms, 1,503 sqft, 5,000-sqft lot, MLS(r) #40335733, $599,000
Hawaii in alameda? This lovely home is a strolling distance to the shore, schools, shops and rest-aurants. It's a spacious 3bd/2baths/2cgarage cozy home. Features central heating, romantic fireplace in livingrm, move in condition. Hurry this won't last.
I didn't realize an agent would allow a house to be both "cozy" and "spacious." But there's going to be a spacious gap in the seller's bank account considering the following:$94,000 under + $35,940 commission = $129,940 lost in 18 months. Whoaaaaaaaa.Last sale and tax info
- Sold 10/02/2006: $693,000
- 2007 Property Tax: $4,381
Update 10/9/08: It's back on the market as MLS(r) #40374485, with the same inane "Hurry this won't last" description, and the same silly $599,000 price.
Update 10/26/08: Price dropped almost $5,000 to $594,300 on 10/22. I scoff.
Update 11/10/08: Now officially a short sale.
When this listing showed up in my email, I knew the address looked familiar (MLS #339629, listed at $658,000):
What I don't understand is how one can wind up in a short sale situation given the sale history below:
Update 5/7/08: Strangely enough, I just found this property in my "reductions" list on Zip Realty under MLS #40313376 for $699,000, and the price drop history shows no sign of the $685,000 price.
Update 7/27/08: Still on the market. Whee.
Update 2/2/09: Sold right before Christmas for $650,000.
This home is a real charmer, in one of the most deirable areas in town. It shows pride of ownership. The Kitchen and Baths have been tastefully remodeled, new hardwood floors & doors & windows. Private room for guest or au-pair is not warranted. Possible short sale.I had indeed seen it before, at a more Fernside-compliant price:
What I don't understand is how one can wind up in a short sale situation given the sale history below:
If $658,000 is less than what is owed, it means over $489,000 has been added to the loan balance. I understand catastrophic injury or illness-related expenses do happen, but half a million? Why not just move to Canada?Last sale and tax info
- Sold 09/19/1985: $169,000
- 2007 Property Tax: $3,928
Update 5/7/08: Strangely enough, I just found this property in my "reductions" list on Zip Realty under MLS #40313376 for $699,000, and the price drop history shows no sign of the $685,000 price.
| Bedrooms: | 3 |
| Full Baths: | 2 |
| Partial Baths: | 0 |
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| Square Feet: | 2,000 |
| Lot Size: | 4,000 Sq. Ft. |
| Year Built: | 1935 |
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| Listing Date: | 12/10/07 |
| On Market: | 149 days |
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| Type: | SFR |
| Status: | ACTIVE |
| MLS #: | 40313376 |
ZipRealty Price Track:
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Price Reduced: 02/19/08 -- $829,000 to $799,000 Price Reduced: 04/03/08 -- $799,000 to $699,000 |
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Update 7/27/08: Still on the market. Whee.
Update 2/2/09: Sold right before Christmas for $650,000.
Usually, you hurry to buy something when it's 1) a bargain or 2) very rare and unusual and in high demand, or both. A short-sale fixer on a postage-stamp lot (3510 sqft) that looks the same as over a dozen homes within walking distance doesn't qualify (MLS #: 40333297):
Update 4/9/2008:
Update 4/22/08: The craigslist post is now titled "Waiting for an offer...East End FIXER!!"
Cute bungalow in the Fernside! 3 bedrooms and 2 baths, garage converted to a living space, hardwoods throughout. The kitchen has been updated and actually quite roomy! Nice size yard, fenced with plenty of room for a nice outdoor living space..once you decide what to do with it :)
Terms?
No kidding.Asking Price: $649,000.00Flexibility: VERY flexibleAdditional Pricing Information: POssible short sale...bring your best offer!!
Last sale and tax info
- Sold 07/28/2006: $670,000
- 2007 Property Tax: $8,245
Update 4/9/2008:
Holy something, Batman.PricingAsking Price: $560,000.00Flexibility: VERY flexibleAdditional Pricing Information: SHORT SALE!!!! HURRY
Update 4/22/08: The craigslist post is now titled "Waiting for an offer...East End FIXER!!"
Pricing
Asking Price: $549,000.00
Flexibility: VERY flexible
Additional Pricing Information: SHORT SALE!!!! HURRY
This "exquisite" home just showed up on Craigslist. To be fair, it does look great, and you can't beat the location.
STUPEND0US, spacious and bright Colonial Revival Home combines Old World charm with modern lifestyle. Many achictectural details intact.
It's a nice big house that seems to be in great shape, and it comes with a spa, gazebo, built-in speakers, and various other amenities.I hope the "owners" enjoyed their stint in their stupend0us h0m3, because...
Note the striking similarity with today's list price. Scoff, scoff, scoff. Am I that petty? I guess I am.Last sale and tax info
- Sold 08/29/2006: $899,000
- 2007 Property Tax: $2,953
Update: The house is indeed really nice inside, with great hardwood floors and a TON of space in the full basement and attic. The seller was transferred out of town, hence the sale.
Update 3/19/2008: Price dropped to $865,000. Took about a month.
Update 4/1/2008: Price dropped to $849,000.
Update 5/9/2008: Back on the market for a day or two now after disappearing for a few weeks.
Update 5/18/2008: It's now officially a SHORT SALE!
Update 6/2/08: After not showing up on Craigslist for a bit, the listing reappeared.
Update 6/11/2008: Ditto.
Update 7/16/08: Apparently sold for $820,000.
Alameda is known for its past and high density of very old (mid-to-late 19th century) Victorian homes. It is also known for having a fair amount of underdeveloped space to its west, thanks to an abandoned army base.
For a little while now, developers have been building "luxury" residences in said west end, such as this property, now for sale for $1,050,000:
THIS MUST BE A HELLUVA HOME TO WARRANT THIS OCEAN OF CAPS. Of course it boasts all the pseudo-high-end features you'd expect from a new McMansion: berber carpets, "TOP LINE" appliances (though thankfully no stainless steel) and a whole quarry's worth of granite:
For a little while now, developers have been building "luxury" residences in said west end, such as this property, now for sale for $1,050,000:
MODEL #7 @BAYPORT. OVER $80,000. IN ORIGINAL UPGRADES. GRANITE COUNTERS, ADDITIONAL CABINETRY IN KITCHES TOP LINE GE. PROFILE APPL. BAMBOO FLOORING DWNST. BERBER CARPET UPSTAIRS.FULL HOUSE INTERCOM, STAMPED CONC. PATIOS AND MORE!
THIS MUST BE A HELLUVA HOME TO WARRANT THIS OCEAN OF CAPS. Of course it boasts all the pseudo-high-end features you'd expect from a new McMansion: berber carpets, "TOP LINE" appliances (though thankfully no stainless steel) and a whole quarry's worth of granite:Though barely 18 months old, this property already has a blemished title, as it last sold when it was but a babe in mid-2006, but its owner is trying to get rid of it for (surprise) his/her purchase price + agent commission:
Last sale and tax info
- Sold 07/12/2006: $980,000
- 2007 Property Tax: $4,904
I wonder who was able to justify the development of a large high-end McMansion development in a small town most Bay Area folks hardly know about at the top of what was already a very obvious bubble about to pop.
Update 12/3/08: Fun! This property just came back on the market as MLS(r) #40383727, listed at $799,000. That's an eye-popping $251,000 (24%) drop from the previous list price, and an almost equally eye-popping $181,000 (23%) "equity" drop. Zip Realty has the listing as a short sale, which won't surprise anybody.
Update 1/10/10: Actually sold for $700,000.
Update 12/3/08: Fun! This property just came back on the market as MLS(r) #40383727, listed at $799,000. That's an eye-popping $251,000 (24%) drop from the previous list price, and an almost equally eye-popping $181,000 (23%) "equity" drop. Zip Realty has the listing as a short sale, which won't surprise anybody.
Over $80,000 in original upgrades. [...] top of the line GE Profile appliances, bamboo [...] berber carpet [...] full house intercom/music, stamped concrete patios. Have converted loft to 4th bedroom.Update 2/24/09: It's back! MLS(r) #40396836, essentially the same description, still $799,000.
Over $80,000 in original upgrades. Granite counters, additional cabinetry in kitchen, top of the line GE Profile appliances, [...] berber carpet upstairs (with 15 yr. warranty), full house intercom/music, [...] Have converted loft to 4th bedroom.Update 8/30/09: Apparently sold for $750,000.
Update 1/10/10: Actually sold for $700,000.
Today's fun Craigslist post:
It always amuses me when listings for homes in Alameda mention how close to schools, parks, libraries, shopping and restaurants they are--EVERYTHING is close to schools, parks, libraries, shopping and restaurants! The island is just a few miles across. Must be for the big wave of out-of-towners rushing out to buy vacation homes outside of the city.
New pain is right--public records show:
The listing looks like a FSBO. The seller has to sell without an agent's commission if s/he's going to come close to breaking even--s/he has $710,000 + about $20,000 in property tax + new pain, crown modling and refinished floors, none of which is free.
The outlook is grim.
Update 1/12/2008, new craigslist post (my emphasis):
If it's such a great investment (mentioned 4 times), how come the seller is in short sale?
Update 1/16/08, aka the torture never stops. Old listing is back on craigslist at its original price, $749,000.
Update 1/22/08: price dropped to $649K, and we are told "Lenders are very close to approval." (for the short sale?)
Update 9/1/08: "Sold" (back to the bank is my guess) for $503,000 and change.
1520 Walnut Street AlamedaI guess the police station is an amenity in violent central Alameda.
Well maintained duplex in the heart of Alameda. 2bed/ 1bath. Large lot 9400Sq.Ft.approx. New pain, crown modling. Refinished hardwood floors. Near schools, parks, libraries, police, restaurant, shops, transportation and many other amenities.
$749.000
If you are interested in buying this nice house, please call Trung at 510.289.5559.(English/ Vietnamese)
It always amuses me when listings for homes in Alameda mention how close to schools, parks, libraries, shopping and restaurants they are--EVERYTHING is close to schools, parks, libraries, shopping and restaurants! The island is just a few miles across. Must be for the big wave of out-of-towners rushing out to buy vacation homes outside of the city.
New pain is right--public records show:
- Sold 03/16/2005: $710,000
- 2007 Property Tax: $9,118
The listing looks like a FSBO. The seller has to sell without an agent's commission if s/he's going to come close to breaking even--s/he has $710,000 + about $20,000 in property tax + new pain, crown modling and refinished floors, none of which is free.
The outlook is grim.
Update 1/12/2008, new craigslist post (my emphasis):
Great investment opportunity. Great time to get your hands on an excellent investment in ALameda.
Near all amenities. NEW Library, Alameda HIGh School.
Great investment opportunity to own a well maintained duplex in the heart of Alameda. The duplex feels private and is comfortable year round. The back yard have room to build an addition and possibly more units! Live in one and collect rent from the other. Too much potential, now you have a chance to own this great investment!
Great to live in one and rent the other to help pay mortgage.
$699K Short sale! First come-first serve
2 bed 1 bath/ $1400/each unit
Large lot approx. 9400Ft2
Park like setting
Private units
New paint, crown moldings
Refinished hardwood floors
Bright and comfortable
call Trung Bui
EZ Loan Realty
If it's such a great investment (mentioned 4 times), how come the seller is in short sale?
Update 1/16/08, aka the torture never stops. Old listing is back on craigslist at its original price, $749,000.
Update 1/22/08: price dropped to $649K, and we are told "Lenders are very close to approval." (for the short sale?)
TWo for the price of one. A typical nice condition home in Alameda costs around $650,000.---NOW YOU GET 2 units.!Update 1/27/08: $648K or $649K. I guess you're supposed to pick one.
Update 9/1/08: "Sold" (back to the bank is my guess) for $503,000 and change.
Last sale and tax info
- Sold 07/24/2008: $503,847 * * Transaction not included in Zestimate.
- 2007 Property Tax: $9,246
Miscellaneous