November 30, 2007
True or False?
How about we play a new game on Fridays and test your knowledge of the loony local real estate market? I will bring you questions on local real estate, whether it be a listing, a sale, a gimmick, or new point and you tell me if it is true or false? Answers will be provided on Monday. Oh, and no cheating by searching Redfin (or the competitor’s) databases.
(1) A standard attached home in the Sunset District of San Francisco is listed for $629,000. It is 65+ years old, has about 1100 square feet, three bedrooms, two baths, ocean views, and a nice back yard. After two weeks, the agent takes offers. Everyone is astounded when 29 offers flood in and the home goes for over asking. Oh, and did I mention that the roof leaks, there is water damage throughout, as well as mold and dry rot?
(2) A small 750+ sf cabin located above Los Gatos on just over 1.5 acres goes on the market for $422,000. One bedroom, one bath, with rustic features, the home has been well maintained and in the same family since it was built in the 1940s. The home goes unsold in the 90-day listing period.
(3) Foreclosures in Emeryville have reached an all-time high. Approximately 17% of all mortgages that originated in 2005 have defaulted and have been or are in foreclosure at this time and home prices overall have dropped 5.6% in the third quarter of 2007.
Recent Sweet Digs Posts:
Open Houses: Daly City, SF, Mid-Peninsula, Richmond
Recent Home Sales in Santa Clara
Designing Wizardry - Holiday Lights
Craftsman on Kingsland: Today’s Most Popular
SF: Subject to Tenants’ Rights
