Definition of Massive: Part 2
Yesterday I wrote about a property in San Leandro that was listed with a MASSIVE PRICE REDUCTION. It turned out that “massive” meant $30,000 or 9%, which is truly middle-of-the-road when it comes to price reductions (with 2-3% being miniscule in my book). Well, It just so happens that one of today’s top ranking properties on our leader board weighs in with a truly massive price reduction. And this time the listing description doesn’t even crow about it!
Now you would expect a home that has been on the market 232 days to have some serious price reductions. And this property, at 1137 34th Street in Oakland, is no exception. There have been 8, count ‘em 8, price reductions for a total of $308,000 or 49%. The current listing price of $320,000 will buy you a turn-of-the-century Victorian on a substandard 4000 sf corner lot. The two-story home, at 2015 sf, sits close to lot line, and there is very little yard all around. (A detached garage in the back takes up a significant portion of the rear yard.) The home has 5 bedrooms and 1.5 baths, which is a bit obsolete in today’s market. But it is in good condition, clean throughout, with 12″ dark wood baseboards, window sashes and crown molding. There are even the original built-in cabinets in the living room. Overall this is a nice property for the price, however I am unsure of the neighborhood conditions.
According to the Sales History, the current price tag is similar to a sale made in 2000 ($300,000), and it is less than all 3 Home Value Estimates (which range from $444,000 to $891,457). The price per square foot ($159) is less than the average of the comparable listings ($235 or nearby similar sales ($194). So, you might want to head on over to see what “massive” will buy you.
