$68,000 in Pittsburg – Yes, Readers, You Were Right
In June, readers red, colin and dg jokingly called me a knifecatcher. Well, now I see what they were talking about. Looking at recent price reductions, and even newly offered homes, in Pittsburg makes me shiver. $79,900 is not an unusual price. Back in June, $149,900 seemed cheap. (A knifecatcher is someone who buys in a declining market.)
As colin said in a comment last week, a lot of people who bought in Antioch and Pittsburg just a few months back must be kicking themselves for thinking they were getting a bargain.
The median price for vacant Pittsburg houses and condos in 2000 was $139,200, according to City-Data.com. In the Bay Area, I’m guessing the last time there were $79.9K houses was, what, the 1980s?
The $68K home isn’t really fair to mention, because it is quite the fixer. The real estate agent describes it as a “fixer/handyman special,” which is tactful but truthful. Bettah yet is 350 9th Street East at $79.9K, which looks like one good sneeze would bring the whole place down in a pile of shingles.
Pretty soon it’s going to cost more to buy a new car than one of these houses. Considering that house values are bound to rise in, let’s say, 15 years for sure, how low would they have to go before it would be to practically anyone’s benefit to buy? If a house costs, say, $25,000, how could you go wrong? Here’s some details:
1137 Cedar Street, Pittsburg: 2 bedrooms/1 bath, 1,159 sq ft, $79,900. The place looks clean in the photos and is freshly painted – not going to knock your eye out, but certainly nice enough for this jaw-droppingly low price. It’s a foreclosure, of course. Close to freeway and BART.
1030 Cutter Street, Pittsburg: 2 bedrooms/1 bath, 917 sq ft, $79,900. Like the one above, this house doesn’t look bad at all; in fact, it’s a Craftsman bungalow, judging by the photo of the outside. The listing is enthusiastic, and as we’ve seen, it appears that Pittsburg real estate agents are firmly in touch with reality and not trying to gild any lilies. It’s described as a lovely, bright and clean downtown bungalow. REO (meaning foreclosure).
6 W Leland Road, Pittsburg: 3 bedrooms/1 bath, 789 sq ft, $99,900. Though the price is higher than the first two, it’s still shockingly low for the Bay Area, and this place looks nice in the photos. Vaulted/beamed ceilings. REO.
86 Nautilus Place, Pittsburg: 2 bedrooms/1 bath, 817 sq ft, $68,000. REO. It’s a mess. ‘Nuff said.
350 9th Street East, Pittsburg: (Unsure if it’s accurate to describe this place as having bedrooms.) 1,382 sq ft, $79,900, REO. (Photo: MinutesAlone on flickr.)
