Thursday, February 12, 2009

Close to Shopping

I live just two blocks off Park Street and love the proximity to shopping, restaurants and the Theater, living this close to the business district is a real lifestyle that I enjoy enormously.

So if you are like me and appreciate this lifestyle boy is there is a deal for you that entered the market this week. Not only is it close to shopping, transportation and is a stones throw to a coffee shop it is listed for under $200,000 and is currently the lowest listing on the Island.

Now the catch! You will be living basically behind the Marketplace, 1629 Foley, backs up to the former car dealership building with the backyard sharing the building wall. If you do not know where Foley is the street is one block east of Park Street, and runs between Buena Vista and Tilden Way. The property is adjacent to a parking lot that belonged to the Chevy dealer.

This one bedroom, one bathroom, 756 square foot home obviously has some challenges as you read the description.

Agent Description: Small bungalow, big rehab, on commercially zoned side of the street, behind the Alameda Marketplace. Seller will not carry paper. Sold strictly 'as is'. Buyer to verify zoning, use, lot line for easement, ability to close financially w/any offer.

My translation is the place needs a lot of work, it small and we can not guarantee how you can use the property. We need money and will not negotiate on any repairs or concessions. If you think that this is something you are interested in check with the City Planning Department on the zoning.

The most interesting thing to me about the listing is the price. On December 3, 2008 Post, I wrote about 715 Schiller that was listed for $299,500 and is a two bedroom one bathroom 856 square foot Spanish Bungalow. That was under $300,000, so to see a home now available for under $200,000 two months later is amazing. The next closes priced home is 609 Haight for $397,000.

I think that this property is a special case, but a very interesting anomaly in the market. For those who are renting this could be a bargain if you are handy. I looked at the online photos and saw a couple of nice features, like built-ins and big backyard. It also has a lot of down side, like the cyclone fence that borders the parking lot next door or no front yard landscaping. But for a mortgage payment around $900 per month, it may be worth the trade off for some.

Besides, it close to shopping.

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