Alison Ching
Recent posts
June 29, 2008
The latest publication of Alameda sales in SFGate shows the most sales recorded in one week for this city I’ve seen since last summer. Sixteen residential sales were recorded between May 16th and May 23rd, with over a third of these under $600k. The number of homes sold in each price range is as follows:
Under $300k=2
$301-$400k=2
$401-$500k=1
$501-$600k=1
$601-$700k=3
$701k-$800k=2
$801-$900k=2
$901-$1M=1
Over $1M=1
Check out this blog Knife Catchers: A blog documenting the implosion of one of the largest housing bubbles in US history with a focus on Alameda real estate. The above link takes you to a post on April 19th 2008 and features 3226 Central Ave., one of the homes sold below. Apparently the list price was $959,000. At the time, Knife Catchers didn’t think it would sell unless significantly reduced. However, not only did the home sell fairly briskly (in about 30 days) it sold for close to asking (approximately reduced by 50k). How’s that for an imploding market?
Alameda Sales
63 Britt Court $665,000, sold 05-19-08, 3 bdrms, 1489 sq. ft., 1997
3226 Central Avenue $908,500, sold 05-22-08, 3 bdrms, 2541 sq. ft., 1902
3273 Encinal Avenue $525,000, sold 05-23-08, 2 bdrms, 763 sq. ft., 1941
3455 Hazel Lane $430,000, sold 05-20-08, 3 bdrms, 1334 sq. ft., 1973
381 Hollister Avenue $750,000, sold 05-16-08, 4 bdrms, 2219 sq. ft., 2005
1254 Park Avenue $925,000, sold 05-20-08, 8 bdrms, 2584 sq. ft., 1910
950 Shorepoint Court #200 $270,000, sold 05-21-08, 1 bdrms, 741 sq. ft., 1972
1421 Versailles Avenue $634,000, sold 05-23-08, 2 bdrms, 1388 sq. ft., 1932
455 Central Avenue #A $339,000, sold 05-23-08, 1 bdrms, 420 sq. ft., 1912
1316 Clinton Avenue $770,000, sold 05-16-08, 2 bdrms, 1460 sq. ft., 1906
26 Gonsalves Court $1,320,000, sold 05-22-08, 5 bdrms, 3646 sq. ft., 1997
1103 High Street $840,000, sold 05-23-08, 4 bdrms, 2361 sq. ft., 1925
8 Kinkaid Square $850,000, sold 05-20-08, 3 bdrms, 2724 sq. ft., 2005
1142 Peach Street $666,000, sold 05-23-08, 3 bdrms, 1242 sq. ft., 1900
950 Shorepoint Court #222 $309,000, sold 05-20-08, 2 bdrms, 951 sq. ft., 1972
1327 Webster Street #B306 $282,000, sold 05-21-08, 1 bdrms, 701 sq. ft., 1970
June 25, 2008
It’s now officially summer, traditionally the time for homes to get spruced up and go on the market in droves. It’s also the first summer in a buyer’s market for many years and buyers are bargain hunting. One of the Oakland neighborhoods that saw its value shoot up during the housing bubble is the Laurel. With wonderful bungalows at the foot of the Oakland Hills, the Laurel offers not only great homes but convenience to shopping on MacArthur Ave. and proximity to the 580 freeway to the south and further up, the Warren freeway to the north.
Perusing throught the listings I was pleased to see that many homes in the “lower” Laurel seem to be pricing “right”. The homes I’ve highlighted below range from $277,500 to $474,000 and all are 2/1’s except for 4010 Brown Ave., which is a 3/2. Compare this to sales in the fall of 2007 contained in my post What Does Fair Mean? A Closer Look at the Laurel.
As you drive north into the ”upper” Laurel and towards the Oakland Hills, prices jump up to the 500k range, and once into Laurel Heights, there is at least one listing in the 600k range. Closer to the hills=higher prices; well, no surprise there. However, I wonder if these prices will hold since several of the listings I highlight in the upper district already have price reductions and all below have been on the market more than 40 days. Plus, while the homes are lovely from the photos, they are relatively small (all around 1000 SF). What do you think: are these homes priced “right”?
“Lower” Laurel District
3046 Georgia St. 2bd/1ba listed for $277,500. Description emphatically states “NOT A SHORT SALE” and status is “back on the market”. No square footage listed. Previous sale was in Feb 2007 for $470,000.
3531 Laurel Ave. 2bd/1ba 975 SF Listed for $289,900. 1920’s stucco bungalow. Last sale March 2008 for $303, 571.
3425 Suter St. 2bd/1ba 1024 SF. Listed for $349,000. Reduced from $399,000. Last sale was in May 2005 for $525,000. 1920’s craftsman.
3801 Brown Ave. 2bd/1ba 1138 SF. Listed for $399,900. Last sale was in Dec 1999 for $286,000. Victorian with white picket fence.
4010 Brown Ave. 3bd/2ba 1100 SF Listed for $465,000. Reduced from $497,000. Last sale was in Dec 2006 $474,000.
“Upper” Laurel District
Pictured Above: 3287 Arizona St. 2bd/1ba List price $548,000. Reduced from $598,000. 1920’s bungalow, crisp, clean, white, airy-looking interiors.
3251 Wisconsin St. 2bd/1ba 1110 SF List price $569,000. 1930’s Mediterranean. Reduced from $595,000.
3812 Harbor View Ave. 2bd/1ba 1057 SF List price $590,000. Last sale was in July 2004 for $550,000.
June 23, 2008
The Alameda County Fair opened this past weekend when fair visitors were treated to a fireworks display on Friday evening and the annual parade on Saturday. The fair is open daily until July 6th. Monday-Thursday hours are 11AM-10PM; Friday-Sunday hours are 10AM-10PM. Hours will be slightly shortened for the July 4th holiday: 10AM-9PM. Admission is $10 for Adults, $7 for Seniors and $6 for children ages 6-12. Seniors go free on Wednesdays; Children under 6 always free. Parking is an additional $8.
Special Dates:
June 20-22nd: Military Appreciation Weekend. Free admission with a valid Military ID plus free for 1 guest.
June 24th and July 1st: $2.00 Tuesday Admission plus $2.00 off carnival admission.
June 20th, 27th and July 4th: Kids 12 years old and under free.
Plus catch double concerts every night, 6 & 8 PM, free with admission. See Boyz II Men, Eddie Money, Los Lobos and many more!
See the fair website for directions and more information.
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June 21, 2008
Here are the most recent recorded sales in Alameda, Albany, Emeryville and Piedmont listed in SFGate.com. Alameda has six sales recorded, with two under $500k, three betweem $501k and $700k and one above the $1M mark. As per the usual for Albany (small but steady), three sales are shown to have closed from May 8th-May 13th. Emeryville also records three sales for that period. Finally, Piedmont boasts a whopping four sales for the period: two at around $1.3M, one at $1.6M and the fourth at over $2M. The home at 333 Sea View has finally sold, as I first blogged about this property back in December 2007.
Alameda
339 Broadway #218 2bd 1007 SF
Sale Price: $443,500
763 Lincoln Ave. 2bd 959 SF
Sale Price: $480,000
143 Santa Clara Ave. 3bd 1079 SF
Sale Price: $635,000 List Price: $665,000
5 Ellis Ct. 4bd 1860 SF
Sale Price: $700,000
2831 San Jose Ave. 2bd 1224 SF
Sale Price: $525,000 List Price: $540,000
1250 St. Charles St. 4bd 2687 SF
Sale Price: $1,350,000
Albany
1130 Evelyn Ave. 3bd 1809 SF
Sale Price: $997,000
713 Spokane Ave. 1063 SF
Sale Price: $625,000
650 Santa Fe Ave. 3bd 1204 SF
Sale Price: $829,000
Emeryville
1311 65th St.
Sale Price: $355,500
4336 Salem St. 5bd 2712 SF
Sale Price: $680,000
6400 Christie Ave. #5402 565 SF
Sale Price: $293,000
Piedmont
330 La Salle Ave. 3bd 3087 SF
Sale Price: $1,365,000
221 Mountain Ave. 3bd 3375 SF
Sale Price: $2,312,500
15 Littlewood Dr. 4bd 2515 SF
Sale Price: $1,375,000
333 Sea View Ave. 4bd 2165 SF
Sale Price: $1,659,000 List Price: $1,895,000
June 18, 2008
Jerry Brown, Oakland’s last mayor and California’s current Attorney General, had a vision. That vision was condos. Lots of ‘em. All around Oakland. Especially downtown. Why? I think it was a build-condos-and-they-will-come-type-of-thing. Take shiny new condos, add lots of people and presto: get the critical mass needed to “jumpstart” this great diamond-in-the-rough of a city.
So Oakland built condos. Oakland even allowed apartment buildings to be converted into condos. And now we are flooded with them. It seems as though Jerry’s vision and the housing boom that brought us apartments-cum-condos has trainwrecked (is that a word?) into the housing downturn.
Which brings us to: The Uptown. The Uptown (pictured above) is a development on Telegraph between 17th and 21st streets in downtown Oakland. Floating in a sea of brand new condos, V Smoothe (a very savvy local Oakland blogger) has pointed out that the Uptown is special since the development was planned from the start to be apartments. Ok. Fine. Rentals for folks who can’t buy. But these aren’t just any old rentals. They are brand-spanking-new, luxurious even, apartments. Take a look at their current website: for $1580 you can have a studio. Junior-one bedrooms start at $1745; “regular” one bedrooms start at $1895; two bedrooms can be had for $2420. What? Pricey, you say? Perhaps. But you’ll be getting brand new:
Whirlpool sleek white-on-white appliances, custom white finish cabinetry with stainless steel accents, Moon Dust granite counter tops in kitchen and bath, custom top-mounted double stainless steel sinks in kitchens, upgraded fixtures and faucets. Natural maple finish wood laminate flooring in living room and kitchen, updated woven Berber-style carpeting in bedrooms, ceramic tile in baths. Designer pendant and track lighting. In-suite washer and dryer.
So what do you think? Worth it to rent?
And if you still want to buy condos on the cheap, the unincorporated yet “census-designated-place” (never knew there was such a term) of Ashland has a condo development called City Walk up for auction at the end of this month. On Sunday evening, June 29th, 32 units will be presented for sale by auction at the San Mateo Marriott. One-bedrooms start at $145,000. See the Accelerated Marketing Partners website for more information. And if you’re wondering (like I was) where Ashland is, it’s in Alameda County, between San Leandro and Hayward, east of San Lorenzo.
June 14, 2008
The latest edition of SFGate.com shows 70 sales recorded in Oakland from April 30 to May 7th 2008. That’s more than double the number recorded during a period I looked at in the winter (see my post on February 2008 sales in Oakland here). Given that Oakland seems to have the largest volume of sales in Alameda County, I thought it might be interesting to see the breakdown in price for these homes. Thanks to PowerPoint, I was able to whip up the above graph for your analyzing pleasure. Of the 70 sales, the vast majority (60%) are under $499k; approximately 12% are in the $500-599k range and 4% are in each range of $600, $700 and $800k respectively. The stats dip to less than 3% of homes selling in the $900-999k range then shoot back up to 11% of homes selling for over $1 million.
So what do you make of this? As is well-known (and widely discussed on the Sweet Digs blog) the housing implosion has caused home prices to radically drop. Although homes at all prices are experiencing foreclosures, the majority of these are on the lower-end of the price range. In this dataset, the majority of homes sold are under $499k, and the largest subset of these are in the under $399k range. My guess is that the large volume of these sales are due to the bank buying them back. The other phenomenon that may be happening is investment. At the very peak of the bubble, home prices were so high that few homes could be bought to either flip or rent out (as occurred in droves during the climb to the peak). Now I’m wondering if the surge in sales under $399k can be attributed to not only bank buy-backs but to investors hoping to flip and/or rent out.
The smaller number of homes sold in the $600-999k ranges says to me that folks in this price range are better able to weather the economic downturn. In general, they are foreclosing less but mainly deciding to stay put and waiting to sell until the market begins to climb again.
Homes in the $1 million and above range continue to sell; a “protected class”? To what degree?
What are your thoughts?
List of Sales (click on “More” to see full list)
2033 101st Avenue
$185,000, sold 05-02-08, 3 bdrms, 1048 sq. ft., 1921
1020 102nd Avenue
$215,000, sold 04-30-08, 2 bdrms, 1012 sq. ft., 1941
2181 103rd Avenue
$145,000, sold 05-02-08, 2 bdrms, 855 sq. ft., 1940
2016 106th Avenue
$213,000, sold 05-06-08, 2 bdrms, 1065 sq. ft., 1938
2369 107th Avenue
$180,000, sold 05-01-08, 2 bdrms, 768 sq. ft., 1926
2728 35th Avenue
$550,000, sold 05-06-08
2309 38th Avenue
$270,000, sold 05-05-08, 2 bdrms, 1000 sq. ft., 1923
288 3rd Street #506
$370,000, sold 05-02-08, 1 bdrms, 866 sq. ft., 2006
1609 51st Avenue
$314,000, sold 05-01-08, 2 bdrms, 831 sq. ft., 1907
1301 52nd Avenue
$190,000, sold 05-01-08, 2 bdrms, 845 sq. ft., 1920
1226 53rd Avenue
$80,000, sold 05-02-08, 3 bdrms, 814 sq. ft., 1905
919 53rd Street
$529,000, sold 04-30-08, 3 bdrms, 1286 sq. ft., 1910
3000 55th Avenue
$355,000, sold 04-30-08, 2 bdrms, 1138 sq. ft., 1925
994 55th Street
$241,500, sold 05-01-08, 2 bdrms, 1006 sq. ft., 1912 |
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June 9, 2008
While foreclosed homes have brought economic lows to the country and heartbreak to their current owners, the flip side is that they are now providing a way in to homeownership in the Bay Area for many who thought they could never own. While the process of buying a bank-owned home may seem daunting (the first challenge being sifting through the hundreds, perhaps thousands if you are considering several areas, on the market) it may be well worth it, especially if you qualify for first-time home buying programs. To whet your whistle I’ve sorted through the Redfin listings of Oakland bank-owned homes and chosen a few below. All homes below (with the exception of the Excelsior one) are going for more than $200k off the previous high sale.
The listings I’m highlighting today are all in East Oakland. Maxwell Park and the Millsmont area are historically popular for their proximity to Mills College and family feel. The home at 10782 Hellman St. is listed as in the Chabot Park area; on the map it looks very close to the Oakland Zoo, not as close to Chabot Park but not too far either. Areas near Lake Chabot and the regional park can be hilly with nice views and depending on how close, very green with trees. Finally, the home at 1401 Excelsior Ave (pictured above) is listed as being on Bella Vista Hill, however it seems more like “lower” Glenview, since Bella Vista Ave. is on the other side of the freeway.
2754 Kingsland Ave. Maxwell Park
4bd/2ba 1596 SF
List Price: $354,900
Stucco craftsman bunglaow
Previous high sale: $590,000 October 2005
3700 Lundholm Ave. Millsmont
3bd/2ba 1616 SF
List Price: $429,900
1960’s Stucco
Previous high sale: $745,000 January 2007
10782 Hellman St. Chabot Park
4bd/2ba 2238 SF picture here
List Price: $489,900
Previous Sale: $692,160 November 2007
1401 Excelsior Ave. Bella Vista Hill/Lower Glenview
3bd/1ba 1200 SF
List Price: $519,900
Previous Sale: $448,768 April 2008
Described as an “As-Is” sale.
May 29, 2008
Everytime I go to a social gathering these days (from BBQ’s to weddings to birthdays) two life-changing events keep popping up: having babies and buying a home. Sure, having kids and nesting into a home are nothing new under the sun, but in the Bay Area with home prices and cost of living the way they are, I find that both events take on a new significance, e.g. “Wow, you can afford to have a baby/buy a house in the Bay Area?” But now that the market is easing up, I’m hearing more and more couples (and single folks) talking about undertaking two of the possibly biggest steps of their lives and often in quick succession.
Enter: first-time homebuyer programs. As prices come down, they’re becoming all the rage for newbie homeowners, especially those who never thought they could own and/or will be newbie parents looking to nest. Although these programs have been around for awhile, they didn’t make as much sense when the market was booming since the stringent ceilings on income were incompatible with the actual market prices of homes (e.g. very low incomes qualified for many programs yet these same incomes could not afford the bubble’s mortgages).
Programs are generally available in every city and interestingly can be combined. For example, you could get a loan through Acorn Housing (a national non-profit), pay below-market APR, pay no mortgage insurance and then get down-payment assistance through CalHFA (a state program) or your city’s program (for example, Oakland has a down payment assistance program which pays either $10,000 or 6% of the purchase price, whichever is greater). Each program has its own income and family size requirements so you will need to do your research. Ideally, you should attend a workshop held by your city, a lender, or one of the many non-profits dedicated to housing counseling. Not only will these types of workshops give you information about each program, they should be able to refer you to knowledgeable loan officers at eligible lenders.
Here is a sampling of some of the programs available:
Acorn Housing This is a non-profit with service offices across the country. They provide home-buying counseling and workshops as well as special loans to those who qualify. Highlights: below-market APRs, no mortgage insurance, lower down payments and closing costs.
CalHFA A state agency, CalHFA provides mortgage products, down payment assistance, and special programs for those who are buying in areas needing revitalization, as well as unique programs for teachers and individuals with disabilities.
Neighborhood Assistance Corporation of America A national non-profit, this organization’s tagline touts “America’s Best Mortgage Program”, and it just may be since it requires no down payment, charges no closing costs or fees, has below-market mortgage rates and has “no requirement for perfect credit”. While there is no income limit (very interesting!) there are maximum purchase prices.
Oakland The Town offers both a Mortgage Assistance Program (a $75,000 loan with no payments due until the home is sold again) as well as down payment assistance ($10,000 or 6% of the purchase price, whichever is greater).
City of Alameda Loans from $50,000 to $80,000 available to use as down payment or towards closing costs.
Emeryville Provides down payment assistance for both regular properties as well as “Below-Market-Rate” properties. Special assistance for City of Emeryville employees as well as teachers.
Dublin Loans available for up to 10% of the purchase price (15% for Below-Market-Rate units). Those who live or work in Dublin have priority as well as individuals with disabilities, seniors, or people needing to relocate due to housing demolition or condo conversion.
Pleasanton Pleasanton’s program consists mainly of Below-Market-Rate units. They had a down payment assistance program but funds were not available as of February 1st, 2008. However, the website states to “check back periodically” as the status may change.
Livermore Provides loans up to $30,000 for low and moderate income borrowers.
May 27, 2008
Well, I don’t believe in Santa Claus or the Easter Bunny anymore and lately I wouldn’t believe in homes selling for above asking in the Bay Area either. Especially in Oakland, as the Town has taken a hard hit with hundreds of foreclosures and sellers in “good” neighborhoods taking large losses. But I found a couple that sold above asking (published in SFGate’s most recent edition). And I mean, just a couple; well, actually, three. Here they are:
1348 Trestle Glen Rd. 3bd/1ba 1739 SF Sold for: $989,000 Asking Price: $959,000 (Trestle Glen Area; pictured right)
1551 Excelsior Ave. 2bd 1060 SF Sold for: $605,000 Asking Price: $579,000 (”Lower” Glenview)
6841 Elverton Dr. 2bd 2989 SF Sold for: $1,335,000 Asking Price: $1,295,000 (Oakland Hills)
May 22, 2008
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.
