True or False Friday: Answers

stupid.jpgHere are the answers to last Friday’s quiz:

(1) A condo on Russian Hill is poised to go on the market in the next few days. Close to transportation, interior remodel maximizing every inch of space, possible leased parking space, and HOA of under $80 (which includes earthquake insurance). Amazingly, this condo is a studio of just under 300 square feet. Full kitchen, Murphy bed, abundant storage can all be yours for the anticipated asking price of $399,000

Answer: True. This little pied-a-terre was written up on The Front Steps and is located at 1188 Green Street. It really is a unique property and perfect for someone who does occasional business in the city or is on the road a lot. However, the square foot price is high at about $1500/sf, and I would think it unlikely that it would get an offer at this price.

(2) Over in Concord, the highest priced listing is a $5,595,000 McMansion. Ten years old, this hilltop home has 16 rooms, including five bedrooms and eight bathrooms, dramatic foyer with curbed staircase, and a 7-car garage. The gourmet kitchen has two islands, two refrigerators, and two sinks. The master suite is fit for a king, with a bathroom bigger than most living rooms.

Answer: False. Actually this is a bit of a trick question. The description of the home,, located at 4871 Myrtle, is absolutely true, and it is the highest-priced home in Concord, however the price tag is $3,595,000.

(3) Currently, there are 1,347 properties for sale in Oakland, with the median price of a SFR pegged at $418,131, and average DOM being 74 days.

Answer: Sadly, this is true. Oakland has been hard hit by the mortgage crisis. According to the real-time market profile for Oakland on Altos Research, the number of homes currently listed is higher than in May of 2007, traditionally high season for real estate. Prices have plunged and the median has dropped over $50k.

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