Serious Slash and Burn in Oakland

While price reductions are becoming more the norm these days in Oakland, it’s truly startling when you look back over the sales history for some homes.

1131-34th-st.jpg

Take 1131 34th St. a 3bd/1ba 1465 SF bungalow  (above). Currently listed for $289,000, it has been reduced from $299,900. Yeah, I know 10k is not a big reduction but it’s the sales history that took me for a ride, check it out: 

09/18/2007 $461,250 -11.9%/yr
08/14/2006 $530,000 194.4%/yr
05/15/2006 $405,000 49.9%/yr
08/25/2000 $40,000 -2.7%/yr
11/26/1997 $43,150 26.7%/yr
08/26/1994 $20,000 -8.5%/yr
01/26/1990 $30,000 -3.6%/yr
09/23/1988 $31,500

$530k barely a year and a half ago?? You’ve got to be kidding me. Predatory lending, anyone? If this one doesn’t take the cake, I don’t want to know what does. 

cropped-oakwood.jpg

Then there’s this Montclair home (above) on  6400 Oakwood Dr. a 3bd/2.5ba 1544 SF for $524,900. Again, while the reduction from $550,900 is not outrageous by any means, it’s previous high sale of $900,000 (October 2006) puts the pricetag in perspective. It’s listed as a fixer, but what would need nearly half a million dollars in fixing I can’t guess. Perhaps it’s close to $1M sale was yet another example of a seriously bloated housing bubble.

For those of you house-hunting or just biding your time, what are some of the deepest cuts you’ve seen? (I was just kidding earlier when I said I didn’t want to know what takes the cake. Let me know. Really. Please. Thanks!)