Got Falling Real Estate? An Oakland Eyesore

Reading Tracy Taylor’s A Building So Beautiful It Has to Bode Well for Oakland  prompted me to write about several properties I see on my way home from work. If you take Oakland’s 14th Avenue exit off of 580 W and drive south (down 14th), you’ll pass Highland Hopsital on your right and then a curious scene will emerge on the hill to your left: a bunch of falling real estate. Literally. Three homes on Wallace St. in Oakland’s San Antonio District are cracked and sliding off the hill. Uninhabited for a number of years now, the three homes had to be abandoned by their owners due to foundations damaged by moving down the slope. However, according to an inside source, though several investigations were done to determine the cause of the houses’ movement, engineers have not been able to figure out just what has caused this unfortuante (and heartbreaking for the owners and neighbors) situation. From what I hear, the city is finally agreeing to pick up the tab to demolish the homes (since the homeowners’ insurance has not covered it). Yet with Dellums’ recent call to trim the city’s budget due to the deficit, could this promise be in jeopardy?

Pictured below is a side view of one of the properties that shows the tilt downward:

A Building So Beautiful It Has to Bode Well For Oakland

Somehow I have managed not to see Oakland’s new Cathedral of Christ the Light in the flesh, or in photographs, until today when I dropped in to Curbed SF.

I am literally awe-struck. This is one very, very beautiful building.

Designed by international architects Skidmore Owings & Merrill, the cathedral, which is in a prime spot on the edge of Lake Merritt, is being consecrated today. I can’t help but think that this gorgeous building will be good news for Oakland — and I don’t just mean in terms of the gospel of St John.

[Photos credit: Inhabitat.]

For Sale: A Few Thousand Trees — and a House if You Can Find it

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:

Moral Hazard Redux: Why Bail Out the Banks?

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.)

Parties, Politics and Prius’: The Essence of Berkeley in Northbrae

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?

The Second Great Depression and How to Survive It

Last week’s meltdown of the financial markets is going to change the world as we know it. As fellow blogger Brenda Keener said in a post yesterday, some are speculating that global markets are in a state of collapse that rivals that of the Great Depression of 1929.

A friend of mine went to her bank (Washington Mutual) Friday and discovered a line of people waiting to withdraw their money going out the door and snaking around the block. Talk about your Great Depression. Is it time to show the film clip from “It’s a Wonderful Life” when Jimmy Stewart, playing a banker, explains to a mob trying to withdraw their money, “I don’t have your money in a safe. It’s in Joe’s house, and Bob’s house….”

I agree with Brenda that the U.S. economy is not going to collapse, and with MDAccount, who doesn’t think unemployment will be anywhere near the 25 percent it was in the first depression. (It’s around 7 percent in California now.) That said, things are going to be less than comfortable for a while. What can we do to ride it out as best we can?

Some excellent tips: Frequent commenter Brendan said in response to an earlier post, ” Read the rest of this entry »

10 Reasons to Love (and Perhaps to Live in) Berkeley

Three years this summer; that’s how long I have lived in Berkeley. So, as the chillier autumnal air creeps over me’ windowsill, I see no more fitting way to mark this anniversary than with a round-up of what — in no particular order — makes this city so special.

1. UC Berkeley (above right) All university cities are to some extent defined by their colleges. Berkeley happens to have a first-class one to boot. And while we may not be supping with Nobel Prize winners on a regular basis, we, the unassociated, benefit with a vibrant student culture; intellectual pickings day and night; and the general air of a place where wise thoughts are being thought at all times.

2. Tilden Regional Park (above left): Inspiration Point, doggy paradise, walking, cycling and hiking trails, great big gulps of gorgeous Eucalyptus scented air, and views to die for. On your doorstep.

3. Alice Waters: You may only eat at Chez Panisse once in a blue moon, but its owner’s influence, in the Bay Area and across the world, cannot be underestimated. Whether this daughter of Berkeley is transforming our kids’ school lunches or urging us to slow down, it’s all good.

4. Adventure Playground at the Berkeley Marina: This extraordinary place has to be seen to be believed. Equipped with real hammers, nails, saws and paintbrushes, children as young as seven, largely left to their own devices, build the playground of their dreams (rather than have it imposed on them by risk-averse adults). They say the inspiration was found in Europe, but I’ve never seen anything like this there.

5. Berkeley Bowl: No apologies for another foodie entry — it’s one of the reasons we love to live (and nosh) here. This verging on anarchic market is nothing short of superb. The freshest, most delicious produce, much of it local, a huge range of deli goods and great prices ensure it’s frequented by gourmets of all shades — whether home cooks, renowned food connoisseurs or top chefs. And now we’re getting a second one.

6. Moe’s Books: The tragedy is that I can only list this literary institution, the city having bid farewell to several great book stores in the past few years, most notably the much lamented Cody’s. Moe’s has been around since the heyday of the beatniks. Let’s hope it has many more birthdays to celebrate.

7. Berkeley High School (above left): How encouraging that another educational establishment makes the grade. Parents have been known to lie about their place of residence and beg, borrow or steal to secure an out-of-district transfer for their munchkin to attend this highly respected school — which ranks a more than respectable 286th out of 1,300 in America’s Top High Schools list.

8. Tree huggers: OK, so you may not want to spend your days suspended from a giant oak tree growing increasingly smelly. But aren’t you glad there are still people out there willing to suffer for a cause and stand up to The Man occasionally on your behalf? They are inevitably Berkeleyians.

9. Berkeley Repertory Theater: Consistently high standard of productions in an intimate setting. And once in a while they get to show Broadway how it’s done.

10. Peet’s Coffee (above right): Alright already, I know it’s a foodie one again, but surely coffee deserves its own category. And this really is excellent coffee. The stores are always inviting, even if you do have to form an orderly queue for your morning brew, and it’s the one thing Bay Area expats invariably say they miss the most. (Good thing they can order it online.)

That’s it. I fully expect people to disagree with some of my choices and look forward to hearing what theirs would be — if they are inclined to share.

[Photo credits: Tilden -- www.flickr.com/photos/maplebed; UC -- www.berkeley.edu; Berkeley High -- http://bhs.berkeleyschools.org/; Peet's -- /www.peets.com]

Update: Just spotted this rather OTT column on Berkeley Bowl, published in the LA Times today. Hat-tip Eater SF.

Oakland: Great Deals I Wish I Had Waited For

I bought my Oakland house near the height of the housing bubble, circa 2006. Since then, I’ve watched with chagrin as housing prices drop like bombs all around. Still, many of the homes I’ve seen take the steepest dives have been in dire need of repair, homes that should never have gone for above $400k max, even during an overpriced housing market. So it’s given me some comfort to know that while my home price has dropped (got the assessor’s statement over the summer, wow) homes that I viewed as a “step-above” mine still had not dropped to the price I paid for my tidy craftsman bungalow (the sweet 1913 home my inspector said was solid and incredibly well-maintained). Well, today I start crying into my beer, ‘cuz I’ve found some homes that are in more desirable neighborhoods than mine and are approaching (or are at) the price I paid two years ago. Wail. Here they are:

1267 Bates Rd. is described as a “bright, sunny and cheerful” 1920’s Mediterranean in the Trestle Glen neighborhood. Priced at $529,000 it’s the lowest listing I’ve seen for Trestle Glen. Nearby properties have sold in at least the $600-$700k range; once you cross over Holman Rd. on the map you’re getting into million dollar listings.

1131 Excelsior Ave. pictured above is a 3bd/1ba 1667 SF home in lower Crocker Highlands close to the 580 freeway.  It’s been reduced from $550,000 to an even $500,000 and has been on Redfin for 119 days. The property style is listed as “traditional” and I’m not sure what that means: from the picture it looks like a house you’d find in the French countryside, replete with a sloping roof that you could easily imagined thatched.  Just for added flair, it has a row of impeccably trimmed lollipop tree-bushes in front. The fact that it’s been on the market for almost 4 months is odd; anyone know the story? 

Finally we have 8888 Skyline Boulevard , a  2bd/2ba A-frame that will be auctioned off “to the highest bidder” on October 9th at 12pm. It’s minimum price is $449,000. While there are no photos (and I could not find any while googling either, so please let me know if you find some) it is described as having an in-law unit that rents for $850/month. So will it come with the renter? That’ll do nicely for the mortgage payment if so.

As Wall Street Plunges, Expect More Super Homes to Hit The Market

I can’t decide whether I feel sorry for investment bankers or not.

All the investment bankers I know work their butts off: putting in such long hours, often including evenings and weekends, that their personal lives are more or less in tatters. Non-existent social life, strained marriages, kids who don’t recognize them… you know the sort of thing.

But the one thing these people have — or at least had — in common was wealth. We’re talking serious money with  numbers on their end-of-year bonuses most people don’t see in a lifetime.

Now many of the banks are falling like pin bowls on a strike out  — Lehman being only the latest in a string of collapses. A key reason, according to NPR’s business expert, is that these bankers “made a lot of dumb decisions”. Which begs the question: why were they being paid so much money?

But this is not a economics blog, and the reason I bring up this subject is that with investment bankers losing their livelihoods, you can expect to see more super high-end homes coming on the market. The following listings may have come about as a direct result of Wall Street’s meltdown:

The question is: who is left out there who can afford to buy them?

5654 Margarido Drive is described as a “majestic” English Tudor style 4/ 4.5, 4,300 sq ft home in Oakland’s Claremont Pines neighborhood. Designed by E Geoffrey Bangs, it includes professionally landscaped gardens with hot tub, an au-pair suite, butler’s pantry and library. (And, as you know, libraries are de rigueur these days.) Price: $2,400,000 ($558/sq ft).

40 N Hill Court is a “stunning” contemporary 5/3.5, 5,390 sq ft home with views in Oakland’s Hiller Highlands ‘hood. It boasts dramatic architectural details, 16 ft ceilings, walls of glass, and ebony hardwood floors (but, rather suspiciously, no photos on its listing). Price: $2,695,000 ($500/sq ft). Worth noting that it last sold in August 2007 for $2,175,000.

720 Channing Way, near Fourth Street in West Berkeley (pictured above), is a 3/1.5 converted machine shop which oozes post-industrial style, and would probably suit a seriously creative artistic type rather than a creatively serious investment banker. There are curved glass-brick walls, 15-18 ft ceilings, and ample room to carve out an artist’s studio/gallery, offices, or even a restaurant — the commercial kitchen is already in place. Price: $2,400,000 ($578/sq ft).

Oakland Summer Sales Round-Up

With summer officially coming to a close in the next week, I thought I would look back over my postings from the period from May-August and see what’s sold, what’s still on the market and what’s still fuzzy. The good news is there are still sales happening, by golly. The bad news is that there appears to be more homes still sitting on the market as well as homes that have been pulled from the market (and not necessarily because they’re pending, although some might be).  While some (hopefully, many?) of the “Off Market” listings may be in escrow, I’m guessing that a number of them have been pulled by their owners/realtors in order to re-price, re-market and re-introduce them later.  Still others (not necessarily those below) may be going into foreclosure.

Sold

4661 Park Blvd. List: $769,900 Sold: $760,000 (June) see “Oakland Price Reductions”
638 Brooklyn List: $539,000 Sold: $515,000 (August) see “Oakland Price Reductions”
4132 Balfour Ave. List: $900,000 Sold: $890,000 (June) see “Oakland and Piedmont New Listings…”
1837 E 15th St. List: $529,000 Sold: $500,000 see “Oakland New on the Market”
313 Warwick Ave. List: $799,000 Sold: $775,000 see “Oakland New on the Market”
1088 Clarendon Crescent List $995,000 Sold: $950,000 see “Oakland New on the Market”
2459 E 21st St. Sold: $207,500 see “Oakland and Emeryville Foreclosures for Sale”
2266 E 20th St. 2/1 Sold: $330,000 (June) see “Oakland and Emeryville Foreclosures for Sale”
2343 Mastlands 4/3 List: $699,000 Sold: $680,000 see “Oakland and Emeryville Foreclosures for Sale”

Off Market, Status: Pending? Waiting? Going into Foreclosure?

9043 Broadway Terrace 4bd/3.5ba List: $1,895,000 see “Oakland and Piedmont New Listings…”
3700 Lundholm Ave. 3/2 $429,900 see “Oakland: Bank-Owned Listings”
2754 Kingsland 4/2 List: $354,900  see “Oakland: Bank-Owned Listings”
3287 Arizona St. List: $548,000 see “Let’s Compare in the Laurel”
3251 Wisconsin St. List: $569,000 see “Let’s Compare in the Laurel”
3812 Harbor View Ave. List: $590,000 see “Let’s Compare in the Laurel”
1115 Dartmouth St. 5/1 List: $899,000 see “Albany on the Market”
904 Jackson St. 2/1.5 $595,000  see “Albany on the Market”
918 Taylor St. 2/1 List: $875,000 see “Albany on the Market”
1108 Kains Ave. 4/3 List: $825,000 see “Albany on the Market”

Still On the Market

954 Kains Ave. 3/1 List: $600,000 Reduced twice from $700,000 and $650,000  see “Albany on the Market”
891 61st St. 3/1 (Foreclosure) $279,900 see “Oakland and Emeryville Foreclosures for Sale”
825 30th St. 2/1 (Foreclosure) $249,990 see “Oakland and Emeryville Foreclosures for Sale”
Lower Laurel see “Let’s Compare in the Laurel”
3046 Georgia St.  2/1 List: $250,000 see “Let’s Compare in the Laurel”
3531 Laurel Ave. 2/1 List: $289,900see “Let’s Compare in the Laurel”
3425 Suter St. 2/1 List: $329,000see “Let’s Compare in the Laurel”
3801 Brown Ave. 2/1 List: $399,900 see “Let’s Compare in the Laurel”
10782 Hellman St. 4/2 $433,900 Chabot Park see “Oakland: Bank-Owned Listings”
1401 Excelsior 3/1 $519,900 Lower Glenview/Bella Vista see “Oakland: Bank-Owned Listings”
1065 55th St. 2/1 $319,900 see “Oakland Price Reductions”