I thought I would write about a few properties I have seen recently that strike me as either extremely overpriced or possibly even underpriced (if there is such a thing in this market).
301 Rhode Island St #B-17 in Potrero Hill $989k (reduced from $1.039M). I thought this loft was really overpriced at its original listing price, and I still do at its reduced price. The square footage is not listed, but based on the photos and floor plans at this building (which I will say has commanded a premium vs other lofts in the area), this 1 bedroom “penthouse” (so are all top floor units in this unit on 2 stories penthouses?) is nicely staged and shows well I am sure. But I see another price reduction coming.
4029 Balfour Ave in Oakland $1.125M (reduced from $1.225M). This looks like a remodel/flip gone bad. Paying $850k for it in November 2006, the owners likely threw significant money at the interior remodel and thought they would make a nice profit. The facade and specs of this house are not those of a $1M+ home — in any market. This home is in a good Oakland neighborhood near Lakeshore Ave, but not spectacular by any means. I have watched this property relisted over and over on craigslist since December. This home looks like one that is “worth” half of what they are asking. I am not kidding. (I don’t usually report on Oakland, but since I follow that market closely I thought I would throw this in there)
310 Townsend St #104 in South Beach $710k. This new listing struck me as a strangely low price for this building. I have viewed units in this conversion building before when it was originally opened and the pricing was fairly high and typical for South Beach condos/lofts. This unit seems to offer fairly good value in this market with 2 beds/2 baths, a den, 1200+ sq ft, and parking. The price/sq ft is very low for the area, especially new construction/conversion, at $587. Granted, the unit is on the 2nd floor, likely has zero or minimal views, and comes in a building with very little amenities. But the HOA is a low $334/month – less than half of the amount of the new high-rise towers in Rincon Hill for comparison. It’s across from CalTrain, steps to AT&T Park, and part of a tasteful brick & timber conversion. Not bad.