There’s an exciting new home for sale in Berkeley folks. And here’s what it looks like:
You won’t find any further visual clues on the listing either. It should be a feast for the eyes when it opens to the public, though: a mid-century modern designed by the distinguished Ratcliff architectural practice, set on 36,000 sq ft of wooded land on Panoramic Way. Price: $1,795,000 ($619/sq ft).
Update:Redfin’s tech-savvy Bahn thought to scroll around a little on the Google image above and came up with this — a tantalizing glimpse of the house:
Back in May, Redfin readers said loud and clear that they opposed Congress’ bailing out homeowners struggling to pay their mortgages.
“If I can’t pay my rent I don’t get to keep my apartment and nobody is going to bail me out. Why should I be forced to pay their mortgage?” asked Greg.
Well, now it appears that Congress is going to bail out the financial institutions that made these dire mistakes in the first place. Or rather, we, the taxpayers, are going to do so. The country’s financial survival is at stake, we are told, so in this case, is it necessary? Folks on angryrenter.com don’t think so; they say it’s welfare for Wall Street.
Readers (among them David, dg, morgan and sb) have argued in the past that if buyers facing foreclosure aren’t punished, they might feel they can do it again with impunity (“moral hazard.”) Does this apply to the financial institutions? Or is there no choice in order to keep world financial markets alive? (Photo: digitalshay on flickr.)
DataQuick released its report on August home sales last Friday. Statewide, almost 38,000 homes sold, down a bit from July, but up 13.6% over this same month last year. The sad news was that 46.9% of those sales were foreclosures and that the median price is down 35% over a year ago. And, according to their report, “Adjusted for inflation, mortgage payments are back to where they were in late 2001.” As for the Bay Area stats, DQ reports that 7,232 homes sold in August, with a median price of $447,000 (down 31.8% over last year). “Bargain hunters scooped up distressed properties” in both Solano and CoCo counties, where foreclosure rates were 61.8% and 54.5% respectively.
“The Financial Meltdown Explained” over at the Online Journal, may be overly simplistic, but it’s laid out in simple terms in a straightforward way that we can explain to our [older] children. They may take liberties and use words like “crooks” and “fraud” and “scheme” a bit too often, but they are just putting down on paper, what many are muttering under their breath.
Glad to hear that the U.S. is not the only neglectful first-world government that has faced major financial crisis in recent decades. “Stopping a Financial Crisis, the Swedish Way” chronicles a 1992 crisis in Sweden and the actions that government took on behalf of its taxpayers. Congress could learn a lesson from our European brethren.
A bit of enlightenment and vitriol from Leonce Gaiter over at OpEdNews.com. “The Elephants Among Us Chickens” dissects the argument from the powers-that-be that this current mess we find ourselves in is due only to home buyers not those running the financial institutions or the government. He says, “It reminds me of the old depression era cartoon that showed a gigantic celebratory elephant cavorting in a chicken coop. The caption quoted or paraphrased Dickens: ’Every man for himself,’ said the elephant said when he danced among the chickens.”
Hilarious post on The Front Steps last week while I was at the Redfin meeting in Seattle. Kenneth Kohlmyer has the sense of humor I need right about now. “Saw some interesting numbers today. The Data Quick numbers came out for August. They basically indicated that the Bay Area is going to cease to exist. Apparently, we are all going to get sucked down a rather large submerged drain. A gigantic rubber stopper is located in the silt about 600 yards to the northeast, off the coast of Treasure Island. A strategic command unit of trained bear underwater demolition aquanauts is standing by, ready to pull the plug at a moment’s notice.” Gotta love his perspective.
I am sick of bad news so I decided to post instead something akin to what I might get from reading a romance novel set in Renaissance Europe, in some monarch’s luxuriant court. In other words, mindless, pointless, self-indulgent escape. You know the kind: all glitz, silk brocade, big feasts overflowing on gold plates. Stuff so rich it makes your teeth ache. It’s a fun diversion, so settle back with some bon-bons and a glass of champagne… and enjoy.
Here’s a condo in the Marina, a sweet pad with high gloss floors, a gorgeous kitchen, fireplace, Bay view, and hey, did I mention Marina?
It’s also steep. For $1,100,000, 1450 Green St. #5 is just a 1/1 unit, and a TIC at that. You will need to pass an “interview” with the Kings and Queens already in the court and dish out over $500 a month in HOA fees.
South of Market has lots of pricey swank. Here’s a loft at 767 Bryant, #210. You get the soaring ceiling, all that glass looking out at the city, high end appliances, and a patio. Buy this and get a 2/3 unit, over 2000 square feet for $910,000 plus close to $600 a month in HOA. Steep!
Also living royally are the residents of Rincon Hill, perhaps out most famous new building which seems to rise out of the Bay and, with its towering height (if I may extend the metaphor), rules the SF skyline.
Here’s a 2/2 at 425 1st St., #3703 which lists at $1,375,000. Its neighbor, slightly smaller, also a 2/2 is #1802, which lists for $1,299,000. Also on the market is a 1/1, #1805, listing for $699,999.
All of these units offer views to break one’s heart. Surely our bon-bons and champagne will taste better looking at this?
But folks, the HOA is close to or over $700! Will anyone be able to afford champagne? If not, no worries! In the words of one thoroughly too-many-feasts- to think-straight Queen, “Let them eat cake.”
I sometimes wonder what to believe when it comes to speaking about Global Warming. I just finished reading a very disturbing but not unbelievable story about polar bears becoming cannibalistic because of the ice melting and contributing to their losing their natural habitat, which in turn messes up the ecologically available food supply.But then I read the Farmer’s Almanac which paints an entirely different picture for the United States. It says we had one of the coldest winters in a long time last winter and that we can expect another cold winter this year.It’s not ‘global’ warming then is it, if we are going to be colder? It sounds more like the continents are switching roles. Are we not going to be considered ‘sunny California’ in the future? Will it become ‘sunny Antarctica’?
Also another ecological dilemma I do find curious (although it has nothing to do with global warming) is a shortage of salt. Because I live in the East Bay, not far from the local salt ponds, it has become a ritual to remember to turn on the inside air circulation of my car as soon as I approach the Dumbarton Bridge and not turn off the inside circulation until I am well past Sun Microsystems and on Marsh Rd., ready to merge onto 101 because of the smell of the salt ponds (especially in summer) which is where you find brine shrimp (aka: Sea Monkeys, remember them?).
It is mind-boggling to see all the salt there now, especially in the bay right next to Sun Microsystems. When I worked there it was beautiful blue sea water and now it is blinding white and yucky muddy brown salt. I preferred the water, but what the hey!
On my trip to Bonaire last summer there was a nice big salt mine operation going on there. Where does that salt go? They have apparatus for loading up ships to haul it out. Although I do admit it is a very small island and probably expensive to ship the salt out of there, Bonaire looks like it could use the money because I would guess that the island’s income depends mostly on tourism. Do they use the salt in Venezuela which is just 50 miles off the coast of Bonaire? I think I will investigate where that salt goes, just out of curiousity.
I have been to the salt factory in Newark and it is fascinating. Plus there are some geocaches (one of my favorite fun outdoor activities) there that I have found. There are a lot of houses for sale in the Fremont, Newark, and Union City areas of the East Bay right now and because they are close to the Bay these cities have a pretty temperate climate all year round. Not too hot in summer and not too cold in winter. Plus the prices do tend to be cheaper than on the Peninsula. You just have a bit of a commute if you work on the Peninsula and live in the Tri-Cities. But with the temperate climate (whether it is helped/hurt by global warming or not) we certainly do not need the salt for our roads right now.
REAL ESTATE TERMINOLOGY: Frontage – A term used to describe or identify that part of a parcel of land or an improvement on the land that faces the street or a body of water. The term is also used to refer to the lineal extent of the land or the improvement that is parallel to and facing the street.
I was intrigued by my fellow blogger Jenny Pisillo’s entry First Hand Account: My Visit to a Home Auction where she details her experience of bidding on a condo she’d been eyeing. Curious about upcoming auctions in Alameda County, I checked out the website that both Jenny and Susan Brady have cited: Real Estate Disposition Corporation. When you get to the site, you’re greeted by a banner proclaiming “Public Lender Foreclosure Auctions” and “All Homes Must Be Sold” and “EZ Financing”. While four auctions have already passed (or are in progress as of this writing, e.g. the Merced and Surrounding Areas auction was scheduled for today) there are two more to come: San Jose and Surrounding Property Areas is this Saturday, September 27th and Stockton and SPA’s is on Sunday, September 28th. I went through the San Jose auction list to see if there were any Alameda County properties and found a sprinkling in San Leandro, San Lorenzo, Livermore and Pleasanton (see below). If you’re interested in either of the auctions, you’ll need to inspect the properties and then reigster on the REDC website. Since REDC holds these auctions nationwide, this is one method of researching and buying a second home or rental property in another state. Plus, there’s a Southern California auction coming up this November, so if you miss the North Cali auctions you might want to check that one out.
San Leandro
356 Caliente Dr. 2bd/2ba Condo 1060 SF Starting Bid: $69,000 Previously Valued To: $333,900 16850-16852 Ehle St. 4bd/2ba Duplex Starting Bid: $149,000 Previously Valued To: $485,000
San Lorenzo
457 Crespi Place 3bd/2.5ba Duplex 1370 SF Starting Bid: $139,000 Previously Valued To: $496,970 17609 Wickman Place 2bd/1ba Duplex 1168 SF Starting Bid: $69,000 Previously Valued To: $377,400
Pleasanton
6859 Vale Court 3bd/1.5ba 1372 SF Starting Bid: $259,000 Previously Valued To: $606,420 3022 Yuma Way 3bd/1.5ba Townhome 1130 SF Starting Bid: $99,000 Previously Valued To: $406,000
Livermore
846 Via Granada 3bd/2ba 1174 SF Starting Bid: $99,000 Previously Valued To: $656,000 4143 Camrose Ave. 3bd/3ba 2872 SF Starting Bid: $319,000
There’s something about the Northbrae neighborhood that makes me think I’m in Berkeley’s heartland. It could be the way homeowners wear their politics on their sleeves with banners for their local councilors or favored presidential candidate scattered liberally among the begonias; or the high number of Prius sightings; or the block parties one stumbles across — or maybe just the hotch potch of people, architectural styles and income levels all living seemingly happily under the same sun. Very Berkeley.
In any event for some reason there are a lot of fresh Northbrae listings this week — and they all come in at under $600/sq ft.
1829 Monterey Avenue (above, left and right), a 3/2 stucco traditional, looks good on the outside and has some nice original features. But the layout is unorthodox, with a master bedroom and tiny bathroom making up the entire second floor. There’s a garage/studio conversion and a pleasant back yard. Price: $995,000 ($565/sq ft).
What 1024 Sierra Street (above) lacks somewhat in charm, it makes up for in space. This 6-bedroom house (one of which at least has great views) also has an enormous family room below ground. Price: $1,100,000 ($396/sq ft).
The 2/1 Craftsman bungalow at 1168 Colusa (above left) will make the perfect starter home for someone. It needs some TLC, having not been on the market for 60 years, but there is definitely something to work with, not least a private garden presided over by a magnificent persimmon tree just waiting for the touch of a green-thumbed visionary. Price: $699,000 ($573/sq ft). While 1438 Edith Street (above right) will suit someone who relishes garage space. Two (one double) come with this 2++/1 house on a mini-hill which also has a large bonus room under its eaves. Price: $749,000 ($597/sq ft).
1225 Monterey Avenue (above) a 2/1 traditional bungalow built in 1921, is close to the wonderful Monterey Market and boasts a lovely open-plan kitchen which gives onto a particularly lush garden. Price: $719,500 ($566/sq ft).
Finally, a mystery. While on my Northbrae stroll I snapped a picture of this incredibly sweet-looking powder-blue house (right) that is also for sale. Trouble is I can’t remember which street I was on and cannot find a listing that matches. Any clues readers?
That’s right, folks, there is an abundance of homes available in the Peninsula cities of Redwood City, San Carlos, Belmont and San Mateo, and the prices are significantly lower than last year. In fact, just one year ago, I wrote a post where the lowest priced SFR sold in the RWC/SC/Belmont area for $705,000. Now the lowest list price for a SFR is $234,900 for a 760 sf home in Redwood City, and the lowest priced listing overall is $210,000 for a condo in San Mateo.
Redwood City is seeing the biggest spread in price range, with small east side properties (many short sales) starting in the mid-$200′s and pricing out at $3,000,000 up in Emerald Hills. San Mateo has the most listings, with 63 more than its closest competitor. It also has the most bank-listed foreclosures. San Carlos has the least stale listings, with only 47% of listings on the market more than 31 days. Belmont takes the prize on the over/under—and I’m not talking betting terms here—with 27 properties under $1mil and 28 over $1mil in price, while San Mateo has 274 (82%) of its listing priced under $1mil.
The breakdown for each city (# of listings, SFR/Condo, price range, DOM) follows after the jump.
Not only is that the state of my health these days, but it’s also my state of mind. I wake up every morning thinking that we will have turned the corner on the mortgage and credit crisis, only to read that another financial institution is in trouble and the government has invested in very costly buckets to bailout every Tom, Dick, and Harry. Every news agency, media outlet, blogger, and water cooler huddle is discussing the topic. And, in general, most of the people are making more sense of it all than I could. The words tend to run together and after a few grafs all I see is blah, blah, blah….
I do feel that it is important to keep up on this topic, however, particularly with an election coming up. Democrats and Republicans are jockeying for position and higher ground, which complicates the matter considerably. For further qualified and/or interesting enlightenment on the subject, I recommend the following:
Fall is finally here and it seems like sellers are trying to move their property before the winter months descend upon us in another 3 months or so. Let’s hope this trend continues for those of us still sitting and waiting for the perfect home at that perfect price
My picks of the week:
15 Joan Ave, Novato – 3 beds, 1.5 baths – $349,000: A single family home for a condo price. This 1,100 SF home sits on a good size lot of almost 7,500 SF. Not a ton of pics of the inside, but the one peering into the kitchen doesn’t look too bad. This is the first price reduction since it listed about a month ago for $399,000. Short sale here, as the owner last paid $575,000 in 2004. The owner before that shelled out $433,500 in 2003. Ouch.
260 Bolinas Rd, Fairfax – 2 beds, 2 baths – $499,000: This was a price drop pick several weeks ago but it looks to me that the owners are very aggressively reducing the ask in homes to move the property soon. Last listed for $569,000, this is another over 10% reduction. The home value estimates from Zillow, eappraisal, cyberhomes have the bottom of the range to be in the $530K – $600K range. Maybe this is worth another look.
133 Convent Ct, San Rafael – 5 beds, 3.5 baths – $1,595,000: For those in a higher price point, this is another $100K slash on this house in the Dominican area of San Rafael. Lots of house for the buck. You get over 3,000 SF and about 1/3 of an acre. This translates to just above $500 per SF, which isn’t shabby. First listed back in July for $1,795,000. Owner paid about $1.2 MM back in 2004.
15 Live Oak Way, San Rafael – 4 beds, 5 baths – $2,850,000: Ok, this may be out of most of our price range but this price reduction definitely belongs as a pick of the week. On the market since April, this is the first price cut. And what a price cut it was… a cool $1,000,000 knocked off the original ask of $3,850,000. That’s an over 25% reduction. Over 5,000 SF brand new home on 7+ acres with green building techniques in mind – too bad I don’t see this type of dramatic reductions more often in my price range.
I am sick of bad news so I decided to post instead something akin to what I might get from reading a romance novel set in Renaissance Europe, in some monarch’s luxuriant court. In other words, mindless, pointless, self-indulgent escape. You know the kind: all glitz, silk brocade, big feasts overflowing on gold plates. Stuff so rich it makes your teeth ache. It’s a fun diversion, so settle back with some bon-bons and a glass of champagne… and enjoy.
