May 22, 2008
Oakland Price Reductions: Homes in the 400, 500 and 700k Range
Here are my pix for this week’s Oakland Price Reductions.
This adorable bungalow at 1065 55th St. (pictured right) is a 2bd/1ba with 1092 SF. Currently $419,000, it’s been reduced from $429,000. The home is in North Oakland and described as on the Emeryville border, with the Earth map showing it a good 4 blocks south of Powell St. It sold for a high of $525,000 in October 2006 and its last sale was in July 2007 for $416,250.
On the Glenview District’s main drag, 4661 Park Blvd. has 3bd/1.5ba and 1638 SF. The listing depicts some gorgeous interior pix: light-filled and spacious looking. While listed as a brown-shingle Craftsman (yummy, one of my favorite styles) there are no exterior pix shown here. The home is currently listed for $769,900 and was just reduced 30k from $799,000. It’s most recent sale was in August 2005 for $722,500.
A somewhat plain exterior (white paint and dry-looking grass) at 638 Brooklyn Ave. may be hiding a gem of an interior. This 3bd/2ba 1551 SF Craftsman bungalow is in a cool neighborhood, Haddon Hill, which is the hilly area overlooking Lake Merritt east of the water. Close to the Lakeview/Grand Ave. shopping district, farmer’s market and a couple fun theaters (Parkway Theater and the Grand Lake) the price could make someone very happy: now $539,000 it was reduced from $569,000. Knowing that it sold in June 2006 for $701,000, this makes $539k sound pretty good to me, but let me know your thoughts.
gfw said:
I don’t mean to be bitter and mean, but a house in that area, even if it is tricked out, cannot go, in this market, for over 350k. So if you want to make money flipping… properties like this are a no-go.
Try to find shitters in good neighborhoods!!!
May 23, 2008 2:57 AM
gfw said:
Sorry– I was talking about the house at 1065 55th St., but it goes for most Oakland fixers on the market right now…
May 23, 2008 3:00 AM
mrbogue said:
gfw: agreed the price should come down. on the positive note it is walking distance to Arizmendi’s and KFC.
i’ve also noticed that the traffic in the adjacent strip mall died out ever since CompUSA closed. I travelled down there one afternoon recently and it was pretty much dead, with the exception of a large number of thug-looking types “just hanging out” obviously not shopping.
They better get a replacement store in there pronto, or else the place might go the way of MB mall/El Portal Plaza in the late 80’s early 90’s.
May 23, 2008 8:39 AM
Alison said:
GFW: huh, I would hardly call 1065 55th St. a “shitter” or a fixer…perhaps its not in a great neighborhood but it looks well-taken care of and even a bit remodeled. This would be a good first-time home for folks, not a flipper candidate. But I agree that the price must come down… and most likely will in this market.
May 27, 2008 7:12 PM