Oakland and Emeryville Foreclosures for Sale
Redfin regularly adds new features to the site. Today I’m excited to try out the “foreclosures” checkbox on the search page. I simply checked “
house” and “condo” under “Property Type”; then checked “Bank-listed foreclosures” under “Include”. In the search box I typed “Oakland” and voila: I pulled up 167 foreclosures for sale in Oakland (and some strays got in
as well with a couple Berkeley, San Leandro and Emeryville properties to boot). I went through the list to find good picks; in the end I picked by neighborhood since most of the properties do not have photos listed. One thing I noticed that seemed odd: many of the foreclosed properties were recently sold and then put right back on the market (for example, see 2459 E 21st St., which is listed as being sold in March 2008 only to be on the market now). Others sold for $1000 and then were put back on the market such as 2901 MacArthur Blvd. #301, a 2bd/1ba condo listed for $273,000. What gives there? Let me know if you have any insight to this phenomenon, thanks!
Emeryville
891 61st St. $279,900 3bd/1ba 1385 SF; $202 per s/f. A-Frame craftsman built in 1906. Previous sale: $202,500 in Dec 2005
825 30th St. $249,990 2bd/1ba 1064 SF, $245 per s/f Previous sale: $227,015 Dec 2007
Oakland
2459 E 21st St. $213,750 2bd/1ba 981 SF Bungalow Craftsman, shingle Previous sale: $323,175 March 2008; I don’t get it: it just sold a month ago and is back on the market for 100k+ off??
2266 E 20th St. $359,900 2bd/1ba 1228 SF Clapboard house; Previous sale: $465,000 in October 2007
6072 Valley View Rd. $649,000 2bd/1ba 1564 SF $415 per s/f Previous Sale: $700,000 in Sept 2006
2343 Mastlands Dr. $699,900 4bd/3ba 2150 SF $326 per s/f Previous sale: $680,000 in August 2007; previous high sale of $950,000 April 2006 see photos here
David said:
It “sold” at auction to the lender for the loan amount, now it’s REO, and the bank put it back on the market immediately.
May 4, 2008 7:46 PM
Alison said:
Hi David: ok, that makes sense. Thanks for the insight!
May 5, 2008 8:15 AM
Philip Kaake said:
Hi Alison: I hat to be the one always calling attention to incorrect information however I looked at this figure and knew something was wrong with it right off the bat. I do not know where redfin pulls it’s information from however when I did the search as you had mentioned in your article I come up with 48 properties. I cross referenced this with the MLS (I am an agent). When I search for REO properties Detached and Condos I get 461 properties when I search for just detached I get 433 properties.
A foreclosure is listed as an REO or “Real Estate Owned” in the MLS. In my latest blog I give some other definitions and information that is not so widely talked about when making offers on these types of properties.
http://www.kaakeproperties.com/blogs/home.aspx
May 5, 2008 12:02 PM
San Mateo Home Sellers in Trouble said:
Here’s one in Oakland that made me chuckle:
http://www.redfin.com/CA/OAKLAND/1151-60TH-AVE-94621/home/1964793
Last sale: Feb 19, 2008 $328,255 (to a bank)
Current listing: $97,500
May 5, 2008 5:43 PM
David said:
Wow. That’s some massive appreciation on that oakland house. 16% in 14 years? Whew. Sub 1% annualized, compared to inflation of around 3% annualized in the same time. That’s a nice real price decline.
Of course part of it might be the savings you have in home payments are spent on your funeral expenses.
May 5, 2008 8:31 PM
Alison said:
Hi Philip: hmmmm…. I tried the search several times (type in “Oakland” in the search listings box, then just check off condo, house and “bank-listed foreclosures”) and the pop-up still says “167 results in Oakland for bank-listed foreclosures”, so I’m not sure why you are getting only 48 properties…. Then, as far as getting data from the MLS: wow, 461 properties is A LOT…. I’m going to email the powers-that-be at Redfin and ask them why our search only shows 167…..Thanks for the heads up!!!
Hi San Mateo and David: thanks for the comments. Unfortunately, there are a lot of homes like this in Oakland, especially East Oakland. While the market overvalued homes all over the country and especially as we know the Bay Area, I still can’t get over how tear-downs, fixer’s and other run-down homes were able to fetch 100’s of 1000’s of dollars over their prices from just 10 years ago….again, particularly apparent in East and West Oakland…
May 7, 2008 8:22 AM
Alison said:
Hi Philip:
here are some links regarding where Redfin gets its info, including foreclosures and FSBO’s. As always, thanks for your comments.
http://blog.redfin.com/blog/2008/04/all_the_homes_for_sale_well_nearly_all.html
http://www.redfin.com/about/press/releases/Redfin-Adds-Foreclosure-and-For-Sale-By-Owner-Inventory/
May 12, 2008 10:43 AM