Wednesday, December 3, 2008

Magic Number

Alameda House Under $300,000

On Monday, the San Francisco Chronicle wrote an article about homes under $100,000 in the Bay Area and knew immediately that this did not apply to Alameda, but it did get me thinking about the magic number that would get a buyers attention for those looking in the 94501/02.

I pondered what that number would be for our little hamlet and then decided to do a quick search over at ZipRealty and review the current listings by price.

So after I did a quick sort of Single Family Residences, I was surprised to see a home listed at under $300,000 and a second right on that number. These were not Condo or Townhomes but a house with a yard and all the maintenance that goes with home ownership.

The home at 1715 Schiller is listed for $299,500 and is a two bedroom one bathroom 856 square foot Spanish Bungalow with hardwood floors and a fireplace. It says right in the notes it is a fixer and needs a makeover. According to Zillow the property last sold November 10, 1969. The did not have a sale price.

Over at 3016 Lincoln the sellers listed their home right at $300,000. This property is also a two bedroom, one bathroom but has 1,426 square feet. This is short sale so you will have to deal with the bank to make a deal. The agent tells you “Much work is needed to bring this home to its former glory. Amazing bones w/ original woodwork, boxed ceiling w/ original wood paneling in the large dining,” which tells me you need to be a little handy.

In the Condo market, I found one listing, a foreclosure, for under $200,000 at the Park Webster. The 731 square foot unit at 1305 Webster #C203, is a one bedroom and one bath. The Home Owners Dues are $302 per month. The listing agent writes it is priced to sell.

These numbers were a little surprising, but not way out of whack, back in 1999-2000, before the crazy run-up, two bedroom homes in Alameda had moved from the high 200s to the mid 300. So to see homes creeping into pre-2000 pricing is not a shock with what has happen in the housing and credit markets. If we start to see two bedroom homes below $275,000 then I think that would be a Chronicle cover story.


San Francisco Chronicle Article Link

1 comment:

  1. RE: 2016 Lincoln "...which tells me you need to be a little handy" I looked at this. You would have to be a contractor or someone with deep pockets to consider this project, it's pretty trashed and the foundation looks sketchy. Yet the agent at the open house said there were already 5 bids on it.