Webster Street Lot For Sale

I was working on Inventory Data for the week and notice Alameda has a vacant lot for sale. The land is currently a City parking lot and home to Alameda’s Farmer’s Market.

It has been on the market for nearly three weeks, the street address is 1435 Webster Street, and according to the listing description the current lease on the lot expires in July 2009. It is being promoted as a site for current or future development.

Since it is was the weekend when I found this listing, I sent an email to WABA to inquire the status of the Farmer’s market and the future of this location. I will also follow up with the City’s Development office and post both responses once they are received.

But given this is a large vacant corner commercial lot, and these are very rare in Alameda’s commercial districts it is not unrealistic that an investor would be interested in development. Which would force the outdoor produce market to move. Although I can not see this happening anytime real soon, but the current owners may not renew the lease if they are trying to sell.

This is zoned C-C, a Community Commercial Zoning District, and has utilities located on the property. I see that it the property is listed by Gallagher & Lindsey and is listed for over a million dollars. With that price tag we will have to see if sells first, before anything could happen.

Now back to the inventory data. The numbers show that inventory is starting to build for the traditional selling season. The inventory has gradually increased for four consecutive weeks in a row and has hit a 17 week high.

Part of the reason for the increase in inventory is sales have slowed. Sixty homes have been on the market for more than 90-days. Sales are just about stagnant, so the next couple of months will give a real indication of how the year will unfold.

23-Mar-09
Total	179
94501	140
94502	39
SFR	103
Condo	47
Multi-Family	28
Short Sale	28
Foreclosure	10
Price Reductions	65
High List	$ 2,345,000
Low List	$ 214,900