Tough Search For Alameda Bargain Homes

Everybody loves a bargain, and when it comes to homes people real want to get the best deal possible. This deal hunting is the premise of a Quarterly Report produced by ZipRealty called the “Home Hunter Report,” http://www.ziprealty.com/whitepaper/homehunterreport/thirdquarter2009.pdf, it identifies the Hottest Markets for Home Sales based on sales-to-list price ratio.
The markets are spread out throughout the United States, but California leads the country in areas where sellers are fetching the highest offers.

Phoenix (85035) and neighboring Glendale (85307) join four California ZIP codes – San Diego’s Rancho Bernardo (92127), Los Angeles proper (90022) and its Arleta district (91331) and Oakland (94608) this quarter.
Southern Florida’s Davie (33328), Dallas/Forth Worth’s Grand Prairie (75050), Greater Seattle’s Everett (98205) and New York’s Whitestone, Queens (11357) round out the top ten list.

The 94608 in Oakland was the closest zip code that to Alameda that made the list with sales averaging 105.65% of list price.

So what does this mean for the Alameda market? The “Home Hunter Report” had third quarter sales at 98.08% of list price in the 94501 and the 94502 reported a sales ratio of 98.62%.

Basically the Alameda market is tepid. I took a look at nearly 200 sales going back to June 1 and it showed that you may be able to find a bargain or two, but for the most part if you want to buy on the Island you will need to come in close to asking price. During the four month period the average list price was $580,498 and the average sale price was $569,372. Sellers captured 98.08% of their asking price.

For those looking to buy single family residence the cost is much higher. The 127 sales in four months showed an average list price of $655,330 and an average sale price of $643,929 for a 98.26% ratio.

Condo and Townhomes held well with an average of 98.24% sales ratio. The multi-family market had smallest sales ratio at 95.24%.

There are bargains out there, you just have to look. Here are the Top 10 properties that sold for fewer than 90%.

. Address Type Beds Full Baths List Price Sale Price % . 2269 -2271 PACIFIC AVE MFR 0 0 $635,000 $480,000 75.59% . 2394 MARINER SQUARE DR B-10 SFR 1 1 $165,000 $135,000 81.82% . 1333 WEBSTER ST #A300 CONDO 2 1 $298,000 $250,500 84.06% . 2106 OTIS DR #C CONDO 2 1 $295,000 $250,000 84.75% . 1527 WILLOW STREET MFR 0 0 $699,500 $617,000 88.21% . 735 PALMERA COURT SFR 3 2 $998,000 $889,000 89.08% . 81 MAITLAND DR MFR 0 0 $550,000 $490,000 89.09% . 81 MAITLAND DRIVE MFR 0 0 $550,000 $490,000 89.09% . 928 SAN ANTONIO AVE SFR 2 1 $533,000 $475,000 89.12% . 2218 CORAL SEA ST SFR 4 2 $869,880 $780,000 89.67% .