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.)
