Bottoming Out in Hercules?
Since we’re all trying to guess the bottom, here’s a development that may be of note: a home for sale for $99,000 in Hercules. Actually, to be honest, the listing uses the dreaded words, “major TLC,” and the next cheapest home is $139,000, so this house is probably just freakishly low. Still, it’s kinda scary; during the boom, I remember people buying expensive houses and spending months doing stuff like digging trenches in the back yard to correct problems.
Anyway, prices in Hercules are low enough that folks might want to consider buying as an investment. The town itself had zero murders and 24 robberies in 2007, with a population of 19,488 as of the 2000 census, and it’s about a half-hour maybe a 45-minute-to-one-hour drive from San Francisco. Anybody tempted to invest in an El Cheapo house to rent out? Here are a few listings, including the $99,000 house.
221 Carson Street, Hercules: 4 bedrooms/3 baths, 2,171 sq ft, $99,000. Woodburning fireplace, $75 monthly homeowners’ association fee. You know a listing is from hunger when the best thing the agent can say is that it would be a great deal for a soils engineer. The following listings are much more realistic examples of low prices in Hercules:
114 Glenwood, Hercules: 1 bedroom/1 bathroom, 688 sq ft, $139,000, HOA dues $219. Yeah, it’s tiny, but the price isn’t exactly huge. The listing says it’s a well-maintained unit with upgrades including granite counters, and has high vaulted ceilings and a balcony overlooking the pool. in kitchen & bath. Loft provides second bedroom or office. High vaulted ceilings, in-unit laundry, balcony off master overlooks pool and common area. I’m guessing this is one of the first condo communities (in those days they were called Planned Urban Developments: this PUD’s for you!) hereabouts, because it was built in 1985.
127 Tuscany Court, Hercules: 1 bedroom/1 bath, 693 sq ft, $154,900. The HOA is $173. This place has a fireplace, private decks and vaulted ceilings. (The agent lists “neutral colors” as one of the assets. Can anybody explain this to me? I thought those vivid yellows and oranges and blues were all the thing these days, plus, how hard is it to paint?)
62 Glenwood Avenue, Hercules: 1 bedroom/1 bathroom, 688 sq ft, $159,900. And the HOA is $275, eek. There is a fireplace in the living room. This is a foreclosure listing. (Photo: slushpup.)
Red said:
“TLC” isn’t the right term, quite, on that $99k home… a quick look at the aerial… looks like the whole hillside behind is breaking loose. Wow. Doesn’t look like digging a few ditches is gonna do it.
July 7, 2008 1:20 PM
Janis Mara said:
Ahahahahaha well I guess that explains it! Perhaps “massive cash infusion and major geologic excavation” would be more accurate?
July 7, 2008 1:49 PM
San Mateo Home Sellers in Trouble said:
Erm, considering that you have to cross a bridge to get to San Francisco the drive is definitely more than 30 minutes. Heck, I used to live in El Cerrito and the drive was more than 30 minutes because of the stupid MAZE around Emeryville.
July 7, 2008 3:53 PM
Janis Mara said:
Right you are, SMHSIT! I live in Richmond myself, can’t believe I pegged the drive at a half-hour, esp. considering as you say, the Transit Hell of the Maze, which I think is one of the worst commute zones in the country. Change made!
July 7, 2008 3:59 PM
Michelle said:
So it looks like the neighbor house was already excavated due to the hillside damage? First of all this listing looks like the house is from 1989 and I would have said it was a newer home, what with the tile roof and all. The listing price dropped from 539K to 99K between Oct 07 and now, in one fell swoop. And whats up with all these HOA dues with single family homes? They all seem a little steep.
July 7, 2008 5:34 PM
Janis Mara said:
Hi there, Michelle! Hey, here’s my theory, what do you think? I was thinking that since these are old homes, maybe upkeep is high, hence the high dues?
July 7, 2008 6:39 PM
David said:
This is where I put in another plug for San Leandro, or even Oakland. Commuting on 580 is a relative breeze compared to the mess that is 80 from Berkeley and north.
If I take the express bus to/from SL, I’m on the freeway for 33 minutes flat. Not much different from driving, except for the toll in the am makes it a bit longer.
Come on, you know you want SL. Livin’s easy, cheap, weather’s nice, can commute to the peninsula too, easy access to both airports, but only 10 minutes from OAK…
You won’t find a condo for $135K though.
July 7, 2008 10:10 PM
Janis Mara said:
Don’t think I’m not tempted! But I recall when I would drive to work in Hayward from Richmond (don’t work there any more) the traffic was lined up SOLID on 580 going into San Francisco in the morning. Looked just as nasty as the maze, no? Or am I missing something?
Tell us about your neighborhood. Like, is there a movie theater? Restaurants? More details!
July 8, 2008 2:25 PM
citizenlen said:
Major TLC is an understatement. The house is about to be swallowed up by the hill just like it’s neighbor which is completely demolished. The house on the right has been abandon as well because of the landslide. The whole block is a major natural disaster waiting to happen. A $200-300k construction loan won’t even cover the geological engineer and workers hired to fix this mess.
July 18, 2008 6:57 PM
citizenlen said:
Just wanted to add: NO insurance will cover you if you purchase this house. I’m sure the home insurance for the entire neighborhood has skyrocketed.
July 18, 2008 6:59 PM