Knife Catchers

For some reason, a lot of 1940s houses are coming on the market. Today's ugly 1949 building is a bungalow with "huge potential":

2 bedrooms, 1 bathroom, 1,260 sqft, 4,000-sqft lot, MLS(r) #40382108, $419,900
Great east end location. Needs TLC, but huge potential. [...]

First of all, it's not really an east end location--it's on the west side of Broadway. Second, I fail to see how a n ugly 1940s-era bungalow in bad shape need of "TLC" on a small lot right by Otis has "huge potential." Third, if it needs TLC, why the hell did you buy it for...

Last sale and tax info

Sold 10/07/2005: $560,000

2008 Property Tax: $7,236

and quickly proceed to do very little to fix it up and unleash its huge potential? Might it be because you paid way too much and ran out of money?

There appears to be an infinite supply of idiots running around loose and buying houses in Alameda. Be careful out there.

Few interesting new listings means few new posts. The most exciting new property to hit the market this week is this remarkably boring wartime west-ender at 221 Central:

4 bedrooms, 2 bathrooms, 1,323 sqft, 5,280-sqft lot, MLS(r) #40381893, $599,000
Charming [...] Bungalow with a porch, hardwood floors, [...] kitchen with solid counter tops. Separate Garage/Workshop. [...] backyard with fruit trees and fenced front yard.

Zip Realty says it's a short sale, and it sure looks like it: 

Last sale and tax info

Sold 05/05/2005: $600,000

2008 Property Tax: $7,750

Why anybody would pay $600K ($447 / sqft) for a 1943 bungalow in that location is a mystery.  Expecting essentially the same price 3 1/2 years later in this market (with a listing date in late November on top of that) just makes no sense at all, even with solid counter tops and a white picket fence. Drop it $150K and get it over with.

This cute blue property at 2017 Lincoln has been on the market for ages, but I missed its débutante ball in mid-May and didn't write about it then. Poking around on Zip Realty, its scarlet "Short Sale" badge drew me in, so here goes.

3 bedrooms, 1 1/2 bathrooms, 1,443 sqft, 5,320-sqft lot, MLS(r) #40344005, $560,000

Come see this home. Fully loaded with [...] located within a stroll's distance to park street alameda theatre!!!

(Never mind that some people can't stroll.)

Here's a family portrait of our fully-loaded property standing next to its older sibling:

It's reasonably sized and at $388 / sqft not grotesquely overpriced compared to other listings on the market (note that I didn't say it was reasonably priced). Its price was dropped to $560,000 from $649,000 back in early August, and it's still sitting around waiting for a buyer. I don't know when it became an official short sale, but $560,000 is 11% more than the previous sale price, which suggests the loan balance has grown either due to a gnarly negative-amortization mortgage with very low pick-a-payments and/or a HELOC gone wild.

Last sale and tax info

Sold 10/29/2004: $509,000

2008 Property Tax: $6,77

The property appears to be very close to its neighbors, in spite of a large-ish lot, and right across the street from something that looks like a high school, so the location is less than ideal if you value peace and quiet, but then again if that's the case you're probably not shopping on Lincoln anyway. The location + short sale + left on the shelf + economy + holiday season combo puts the odds of a quick sale pretty close to nil.

This week's Victorian made me laugh.

4 bedrooms, 3 bathrooms, 2,494 sqft, ~6,000-sqft lot, 3 units (2x 1BR, 1x2BR), MLS(r) #40380511

Darling Victorian Triplex [...] Magical garden w/ space galore! [...] units all with large kitchens and lots of original details. A must see!

It certainly doesn't look like a house that started out as a triplex--more like a high-basement cottage whose lower half was put to use. I'm happy to be corrected if that is indeed one big Victorian with 2,494 sqft of above-ground living space (thanks to reader T. Fergusen for the tip; I might verify it if the agent holds an open house).

What made me laugh, exactly?

They're asking $1,150,000 ($461 / sqft). Assuming 6.5% interest and 10% down, we're looking at a $6,500 mortgage, with another $1,000 for property tax. How exactly do you expect to cover that with 2 1-bedroom and 1 2-bedroom units' rents?

What is it about big lots and "magical gardens" in the west end that causes owners to lose their minds over the value of their properties? What is it about the current market that leads people to believe they'll be able to unload their houses at these delusional prices, especially considering many of the comps haven't exactly set the market on fire?

This property has no business being priced in the seven digits.

Not much grows on the ugly west side of this lovely island, probably due to its recent past as a contaminated military base. Other than McMansions, that is. Today's huge property has the following specs:

4 bedrooms, 3 bathrooms, 3,179 sqft, 4,160-sqft lot, MLS(r) #40380296, $929,000
(public records say 3 bedrooms, 2 1/2 bathrooms)

[...] highly sought after Plan 9 [...] features a dramatic entry w/vaulted ceilings and exterior balcony. [...] beautifully upgraded w/ granite counters, maple cabinetry, upgraded flooring, [...] Developer has SOLD OUT of this model!

There isn't much land around this thing, and it makes you wonder how exactly the 3,179 sqft is used--is every bedroom a 25x25 ballroom?

Look on the bright side of life, though--this is a sought-after, sold-out model! I wonder if they'll throw in the de rigueur SUV (or truck) parked in front.

The sale history suggests the seller is expecting to get out from under this anvil with some money left in the bank, maybe so they can make the payments on that shiny black Armada with alloy wheels:

Last sale and tax info

Sold 04/07/2005: $856,500

2008 Property Tax: $11,892

But who knows, maybe that price doesn't include the "upgrades" and they're already upside down after agent commission.

There's a special place in hell for folks who build, buy and sell these monstrosities. They're going to be in good company.

The real estate market has slowed down considerably now that Halloween and the election have passed. Not much is selling, and most of the transactions that do happen close below their last listed price:

Alameda Home Sales Trends

Written by Alameda Sun    Published: Thursday, 06 November 2008

All real estate transactions listed below were supplied to the Alameda Sun by Chuck Bianchi [...] This information is deemed reliable but not guaranteed. Sales records from Oct. 13-Nov. 2, 2008 Address Type Price 19 Purcell Drive Townhouse Below  1971 Gresham Drive House Below  3216 Monte Vista Ave. House Below  644 Waterfall Isle House Below  8 Redondo Court Condo Same 609 Sheffield Road  House Above  960 Shorepoint Court #101 Condo Below  1013 Pearl St. House Below 2960 Gibbons Drive House Same 1310 Eighth St. House Below  1113 Rosewood Way House Below  5 Jouett Square House Below  2029-B Otis Drive Condo Below 2508 Crist St. House Below  3215 Fairview Ave. House Below 3 Killdeer Court House Same  1414 Gibbons Drive House Below 3266 Cape Cod Court Townhouse Below 1345 Fountain Street House Above 3259 Sterling Ave. House Above  3335 Solomon Lane Townhouse Below 960 Shorepoint Court #200 Condo Above Number of sales above asking price 4 Number of sales at asking price 3 Number of sales below asking price 15

Not surprisingly, new listings are rare, and the few that do appear have been particularly uninspired. Maybe in a bid to drum up excitement, today's little West End wartime bungalow was listed three times, by the same agent, with three different MLS(r) numbers (349522, 40379715, 20835333).


The specs:

3 bedrooms, 1 bathroom, 1,050 sqft, 5,280-sqft lot, built in 1945, $525,000 ($500 / sqft)

The location is boring. The specs are boring. The property looks boring. The price is excessive. A perfect recipe for a quick sale, wouldn't you think?

Even the sale history is boring:

Last sale and tax info

Sold 08/05/1977: $50,000

2008 Property Tax: $1,824

Assuming the property sells for $525,000 (bear with me here), we're looking at almost 8% y-o-y appreciation every single year since 1977. Not only is it unreasonable, given the multiple recessions and housing busts that have happened between 1977 and now, that's also not as good as the S&P 500 for the same period, and stocks don't require new tile or roofs. It's also not even as good as inflation over that time period--by my count, annualizing the 9 months' worth of CPI we have for 2008, inflation alone (not appreciation) would bring this home's price to about $554,000.

Year	Price	Inflation %
1977	$53,250	6.5
1978	$58,050	7.6
1979	$64,790	11.3
1980	$71,290	13.5
1981	$74,753	10.3
1982	$77,661	6.2
1983	$81,429	3.2
1984	$88,798	4.3
1985	$95,170	3.6
1986	$101,004	1.9
1987	$110,801	3.6
1988	$120,131	4.1
1989	$130,493	4.8
1990	$141,609	5.4
1991	$151,056	4.2
1992	$161,112	3.0
1993	$173,840	3.0
1994	$186,845	2.6
1995	$201,999	2.8
1996	$218,381	3.0
1997	$234,032	2.3
1998	$250,792	1.6
1999	$272,203	2.2
2000	$297,155	3.4
2001	$318,770	2.8
2002	$339,938	1.6
2003	$369,320	2.3
2004	$400,055	2.7
2005	$434,601	3.4
2006	$468,028	3.2
2007	$503,045	2.8
2008	$553,873	4.9

 

Real estate is such a great investment.

This large French/Colonial style home just came on the market today. Here are the specs:

5 bedrooms, 35 bathrooms, 55,000 sqft

It does look nice, and the lot is huge:

I'm not sure what's up with the 35 bathrooms considering it only has 5 bedrooms.

The sale history is interesting:

11/1/1800: $232,371

You'd think it'd be paid off by now and the owners would have some room to negotiate on the price, but it appears its current occupants added $311 billion to the mortgage balance, probably maxing out their HELOC. One hopes the buyers can get themselves a good deal and refrain from borrowing too much against the assessed value.

Our old pal Ringo Liu is back on craigslist with a vengeance and a new passel of unsellable overpriced loss leaders. Today's fine specimen is...

2 bedrooms, 2 bathrooms, 1,694 sqft, $740,000

$740000 36 Sea Bridge (alameda) (map)

---

Reply to: toringoliu@aol.com ^[?]
Date: 2008-10-31, 3:05PM PDT


Sunny one level House in great location. Remodeled Kitchen. Updated bath w/ skylight. Elegant Wood floors. 2 patio doors. High catherdal ceiling. Sunnny floor plan with atrium. Cul-de-sac. private backyard w/ hot tub. Spacious front driveway. Steps to lagoon path, school & shopping. No bonds.

You might think $437 / sqft isn't too bad, and it's certainly a bargain compared to two years ago:

Last sale and tax info

Sold 09/08/2006: $842,000

2008 Property Tax: $10,248

You read right, somebody paid almost $500 / sqft for a boring late-1970s rancher in a tightly-packed neighborhood filled with boring 1970s ranchers.

Why Ringo Liu doesn't mention the potentially appealing fact this property is within walking distance from Alameda's giant golf course is a mystery. Maybe people have learned that "near the golf course" also means "near the Oakland airport."

Today's sub-$500K Craigslist post on Leonard Court (where is that, again?) is described as a "great opportunity."

2 bedrooms, 2 bathrooms, 1,035 sqft, 2,250-sqft lot, $134 / month HOA, $499,000 $482 / sqft)

This well-priced detached two bedroom two bathroom home on Harbor Bay in the tranquil Normandy development offers a great opportunity at $499,000.

The single story home is located on a tree lined court, within steps to the community pool and park. Shopping, bayside trails, and ferry service to San Francisco are all within a half mile.

The home's open and functional floor plan features vaulted ceilings and a unique open hallway that enhances the living space. Everything is located on a single floor for convenient living.

The master suite has a full bath and sliding glass doors that open to the sunny patio. The kitchen features tile floor and counters with modern appliances and a breakfast nook.

Both bedrooms sport newly installed carpet and the living/dining area and hallway are enhanced with newly installed high quality flooring.

Also featured is an attached 2 car garage with laundry hookups and direct access to the kitchen.

All these great qualities add up to a special opportunity to own a detached home on Harbor Bay!

Was it a great opportunity two years ago, too?

Last sale and tax info

Sold 08/01/2006: $590,000

2008 Property Tax: $7,358

I'm getting really tired of agents calling overpriced properties (we're still talking about half a million dollars for a hair over 1,000 square feet, for goodness' sake) "great opportunities" just because they're listed for less than their previous excessive price. A "great opportunity" is a house whose price is not only affordable but on the low side compared to similar properties, or comparably priced but special and desirable in some way. An unremarkable little house on a handkerchief-sized lot that happens to be somewhat less overpriced than it was a couple of years ago does not qualify.

Today's newest Victorian has a mysterious obsession with water.

6 bathrooms, 4,501 sqft, 12,660-sqft lot (!), MLS(r) #40378361, $1,150,000

Great water income property. [...]  victorian w/full basement and finished attic, 3 story water tower for future use, 6 off street parkings, 2 newer units in back [...] on lagoon. Approx. 300' deep [...] 

The public records say nothing about bedrooms; only bathrooms matter in this "water income property" with a "water tower for future use" (is that when the aliens have invaded Earth and turned all our water into liquid hydrogen?) "on lagoon." Regardless, it is a striking building: 


The sale history suggests an intra-family transfer of some kind--a plot of land that size, with lagoon access, was worth far more than $56,500, even without a beautiful Victorian sitting on it.

Last sale and tax info

Sold 03/21/1997: $56,500

2008 Property Tax: $5,218

Without any information about the layout, it's hard to even guess at what kind of income the property might bring in, but at $255 / sqft in that location, it's a steal and should go in a heartbeat, assuming the property's inside matches its exterior. And guess who's not too happy about this listing?

You know the old saw--you're better off with a modest house on a great block than the best house on a sketchy block. Today's repossessed Victorian fixer doesn't have any qualms about admitting it's squarely in the former category:

3 bedrooms, 2 bathrooms, 1,249 sqft, 3,000-sqft lot, MLS(r) #40378425, $394,900

REO bargain priced below comps. [...] fixer needs work but priced to sell! [...] full basement [...] Ideal neighborhood of much more expensive houses makes this a worthwhile investement.

You may remember this property from when it was known as MLS(r) #40287584 and trying to sell itself honorably in the mid $500s (here's the current Trulia page with a wonky prior transaction price of $6,130,182 back in April, 2007):

If you've been to that part of town, you know the only reason the other houses on the block are more expensive is because this one is cheaper, which is not completely tautological--it's like saying the clearance aisle at the Dollar Store is in an ideal store of much more expensive items, as opposed to, say, strolling through Saks and finding an ever-so-slightly scuffed pair of Dior pumps with a 10% off tag.

The sale history is a bit odd:

Sales History

Sale History & Tax Info

Sale History
09/23/2008:	$427,979 *
04/16/2007:	$61,301 *
05/14/1999:	$275,500
No other sale data is available
* This transaction was not used in computing the Zestimate for this house due to anomalies we detected with this transaction. These anomalies can include unusual document or transaction types, sales between possibly related parties, unusually high or low transaction prices, or other data irregularities that might indicate the transaction is not a full-value, arms-length transaction.

Whatever actually happened in 2007, it's certainly remarkable to have added $150,000 to the loan balance in just 9 years and still have a "fixer" that "needs work." Sure, foundations don't come cheap, and the previous listing claimed the property's was just ten years old new, but there's no way this little house got a $150K foundation job, especially considering it had sold for $275K in 1999--I don't know about you, but in 1999 I wasn't about to pay that much for a house I knew needed 10 Honda Civics' worth of foundation work. But then again, maybe the buyer overpaid for a dilapidated hovel and then proceeded to overpay for a new foundation.

The previous listing also noted a remodeled kitchen with new tile floor and cabinets; just how much more work is needed in this house? And if it needed everything redone, why pay that much in 1999?

A closer look at one of the pictures reveals an interesting taste in door and window designs (note there's no date available, so for all I know the picture is old and the house looks much better now; but if that's the case, why use it in the current listing? I drove by on 10/30/08 and the house is indeed boarded up (i.e. the photo below is current as of late October, 2008). It's also around the corner from a nail salon:


The little house four blocks away we looked at a few weeks ago now has a friend in misery. Expect more as the winter frost starts biting.
 

Fernside strikes again with another obscenely overpriced property, represented by an agent who really should know better. 3231 Fernside Blvd just appeared (MLS(r) #40378008) with the grotesquely inflated list price of $939,000:

(listing) 3 bedrooms, 2 bathrooms, approx. 5,200-sqft lot, $939,000
(public records) 2 bedrooms, 2 bathrooms, 1,472 sqft, 5,376-sqft lot

40' Deep Water Dock. [...] 3 plus bedroom home with water view and access [...] Lots of charm with up-dated kitchen, baths, newer windows and newer roof. [...]

Today's craigslist post touts its long driveway, perhaps for lack of anything else to tout:

$460000 2 Bed 1 Bath Aprox. 1392 SqFt / Large Lot Aprox. 6000 SqFt (alameda) (map)

---

Reply to: susan@staggrealty.com ^[?]
Date: 2008-10-25, 9:15PM PDT


Open House Sunday 2-4PM. Original Charm! The large lot gives a long driveway, with possible class C RV access behind gate. The enclosed front porch waits for those relaxing afternoons. The living room and dining room have hardwood floors, built-in cabinets and seating. Through out the home is original architectural detail. Information deemed reliable, but not guaranteed. It is the responsibility of those who are interested to verify all information. Home being offered by Stagg Realty (510) 773-6160 Susan Stagg/Broker

1185 Broadway at San Jose

I find it interesting the agent devoted so much of the listing to the disclaimer--is there something more to this property than its "Original Charm"? Is that code for "Not updated since before the world knew Nixon was a crook"? It's also unclear why the RV appeal has such a prominent spot in the listing; what percentage of the buyer pool is RV access a selling point for?

The house itself is somewhat decently sized, at 1,392 sqft on a 6,000-sqft lot, but it only has 2 bedrooms and 1 bathrooms. I suppose overnight guests can always sleep in the driveway and shower somewhere private on the 6,000 sqft at their disposal.

There's no sale history on Zillow, which likely accounts for the low list price ($460,000, or $330 / sqft). That said, the price wasn't always this low:

The property has been on the market as MLS(r) #40367294 since the first week of September and already dropped its price twice. RV owners must be a tough crowd.

Today's new listing is a cute, decent-sized home on Otis, east of Park street, built in the 1930s.

3 bedrooms, 2 bathrooms, 1,980 sqft, 5,040-sqft lot, MLS(r) #40377243, $799,000

Georgeous and spacious! [...] original styling and tasteful updates. Move-in condition, excellent layout. [...] serene backyard. Beautiful, recently remodeled in-law cottage [...]  Coveted East End location!

I wonder if the property's ZipRealty agent, Marissa Kjera, is new to Alameda, because that section of Otis is not exactly a "Coveted East End location." It's not bad, if you don't mind the constant flow of commuter traffic to and from 94502 and the Oakland airport, but it's not the East End that drives people crazy. Here's a helpful labeled chart for Ms. Kjera's future listings:

1,980 sqft makes for a nice big house, and $799,000 is a nice big price ($404 / sqft, buyers not found). But what with those pesky agent commissions and the recently remodeled cottage, maybe our sellers can't afford to list it for a more realistic price:

Last sale and tax info

Sold 03/31/2005: $750,000

2007 Property Tax: $9,361

The property tax alone makes me shudder, not covet.

Another relist today! You may remember a hapless condo on High Street, which had been on the market for 7 months back in April. It didn't sell at $745,000, $680,000 or $530,000, even after a year, even though the urgency in the last listing suggested some flexibility on the seller's part:

Must sell now! Right on estuary, large living room, beamed ceilings in master, add'l b/p w/private bath. Corner fireplace, boat dock. Must see this special unit.

It's back as MLS(r) #840945, and of course it's listed at a considerably lower higher price than its last unsuccessful attempt ($589,000), presumably to ruin stoke its chances of selling in this lamentable red-hot end-of-year season.

[...] very unique location perched above the high street bridge [...] very nice view [...] boat parking in the back convienent for sea travelers. [...] top floor with open beam ceilings [...] Nice wet bar used for entertaining purposes.Two master suites, laundry facility,pool table & pingpong.

I don't mean to be cruel, but whoever wrote that pathetic description needs a spanking. Are "Very unique," "Very nice" and "Nice" the best you can come up with? When you note the "nice wet bar" is "for entertaining purposes", exactly what other purpose would a "nice wet bar" serve? Rinsing your gold fish? And the "convienent for sea travelers" bit had me in stitches for a good 7 seconds.

It's pretty clear anyone taking on this albatross and pricing it well over its previous, unsuccessful list price is either desperate or a moron (or both), and the description certainly does not contradict that contention.

Amusingly, the Zestimate for this property has plummeted from $465,500 in April to $375,000 today, a 20% drop.

Update 10/23/08: The property is now on Craigslist. There's a broker's tour where everyone's invited. Probably to refresh their memory, since the last such tour must have occurred over a year ago.

$589000 *****BEAUTIFUL CONDO WITH GREAT VIEW OF ALAMEDA BRIDGE**** (alameda) (map)

---

Reply to: greg@losnessgroup.com ^[?]
Date: 2008-10-23, 9:15PM PDT

2022 HIGH DR, ALAMEDA CA

PROPERTY AMENITIES


* Beautiful Top Floor Condo with Very Unique View of the Alameda Bridge

* Boat Dock in the back with Two Slots to Park any Boats you Have

* Laundry Facilities Downstairs in the Underground Area

* Recreation Room with Ping Pong Table, Darts, and a Pool Table

* Large Gated Underground Parking with Two Deeded Spaces

* 2 Bedroom 2 Bath Condo Both are Master Suites

* Large Kitchen Overlooking the Family Room

* Patio Overlooking the Water and an Amazing View of the Bridge

* Wet Bar Located in Family Room Perfect for Parties and Entertaining

* 1,450 Square Feet of Livable Space

* Bring Me Your Offers



BROKERS TOUR ON TUESDAY OCTOBER 28TH FROM 10-1PM, EVERYONE IS INVITED



CONTACT GREGORY STEPHENS FOR INFORMATION AND VIEWINGS

Phone #: (408)288-3500ext201 Email: greg@losnessgroup.com



2022 High St at Fernside Blvd

Calling all fine neighborhoodlums, today's good-sized Colonial on a miniature lot has a lot to recommend it: location, location, location, size, the whole neighborhood's extraordinary curb appeal, and an interesting pricing strategy.

2 bedrooms, 1 bathroom, 1,389 sqft, 1,980-sqft lot, MLS(r) #40376605, $588,000

Alameda's Gold Coast calls those who want a fine neighborhood AND a classic Colonial Revival. [...] small lot has an afternoon sun-drenched garden. Nice sized rooms on both levels [...] surrounded by many of Alameda's large stunning properties.

From the outside, it's pretty and certainly holds its own against its neighbors; at least as much as the big Craftsman right next door to the Zeus temple building a couple of blocks away, if it weren't for the tiny lot and possible garagelessness. But what's of interest is that the asking price is almost reasonable given the area ($423 / sqft), and is strategically below $600,000, which seems to be the sweet spot for "starter homes" in Alameda--except it's a lot larger and/or in an arguably better neighborhood than most of its sub-$600K brethren. Another notable tidbit is that $600,000 is precisely what the owner paid four years ago, almost to the day:

Last sale and tax info

Sold 10/19/2004: $600,000

2007 Property Tax: $7,644

The list price is also less than the current Zestimate of $615,000, the much-maligned inaccuracy of which some agents are very willing to ignore when it serves their interest.

Unless there's something truly wretched about this property, I expect it won't last terribly long.

The third of today's rash of relists is our sweet old friend on Bungalow Boulevard, 3240 Sterling Avenue. The last time we met, last July, it was waiting for a buyer at $525,000, after over 6 months on the market. That buyer evidently never came, and 3240 Sterling is back as MLS(r) #40376648, with a lower list price of $514,900. Having last been purchased for $557,000, it's been in loss leader territory since its second price drop back in February, and this new list price sure isn't helping the seller recoup their money.

Any non-round list price makes me suspicious there might be some foreclosure action going on, so I went over to Zillow to check things out, and sure enough...

Last sale and tax info

Sold 09/17/2008: $483,230 *

2008 Property Tax: $7,078

Transaction Not Included in Zestimate

This transaction was not used in computing the Zestimate for this house due to anomalies we detected with this transaction. These anomalies can include unusual document or transaction types, sales between possibly related parties, unusually high or low transaction prices, or other data irregularities that might indicate the transaction is not a full-value, arms-length transaction.

* Transaction not included in Zestimate. More info

I'm beginning to feel a bit like Oscar the nursing home cat.

Old is the new new, it seems. Out of four new listings on the MLS today, three are relists that were covered on this blog the last time they were active. The largest of all three is a newer home on the west end at 2418 Coral Sea Street. It was previously listed at $849,000, which was already a money-losing proposition from the previous sale price of $877,500, so it's not that surprising that it's been relisted for almost the same price, $829,000 (MLS(r) #40376560). Of course it's not going to sell at that price either, but that doesn't matter.

Good luck, or not.

You may remember 609 Fortress Isle, a lagoon rancher that languished on the market for a while last summer at a grotesquely high $1,199,000. In case you forgot, here's what Craigslist had to say about it:

Description
$290,000 WORTH OF IMPROVEMENTS/UPGRADES/RENOVATIONS!!! Georgeous 3 Bedrooms, 2 Baths Custom Estate on very large Cul-de-sac Lot on the Lagoon will leave you breathless.  Entrance has room for artifacts. Grand room w/ majestic stone, wood burning fireplace. A solid wall of Panoramic windows overlooking large deck & length of lagoon. Upgraded galley kitchen and large BR's. This home is a true showplace. Private Boat Dock, stunning large deck for entertaining with stair lighting ambience. Incredible dining room with panoramic windows, A/C, central heating, track lighting, and skylight. Remodeled kitchen with pergo floors, Andersen Bay Window. Upgraded bathroom with pergo floor, light fixtures, and mirrors. Relaxed Living on the Water! Convenient to Alameda Towne, schools, and transportation. Close to the Beach. Quiet South Shore neighborhood.

Well, it's back (MLS(r) #40376581), and you can have it for...

$850,000.

That's right. A $349,000 haircut all at once. That's 29% off. And yes, it's the same house:

One of the largest lagoon homes on the South Shore, [...] water views from many windows, its own private boat dock and a large sunny wraparound deck, grassy play/garden area. [...] stone fireplace, updated kitchen, bonus sunporch. Many upgrades.

I can only imagine what it must feel like if you were a buyer who lowballed at, say, $1,099,000 and got rejected.

Notably, this is one of three relists in today's batch of four "new" MLS(r) listings (although one of those has apparently been foreclosed on since I wrote about it, so it's technically not a relist, I suppose).

Today's craigslist post describes the property at 1828 9th Street as "A real find," perhaps due to its somewhat hard-to-get-to location. It doesn't describe it as an "overpriced find," lest it scare potential buyers away, but it might as well. Here are the specs:

3 bedrooms (public records) or 2 bedrooms (listings), 1 bathroom, 1,011 sqft, 4,445-sqft lot, MLS(r) #40376427, $519,000

$519000 First Open House Sunday Oct. 19. (alameda) (map)

---

Reply to: hous-884791028@craigslist.org ^[?]
Date: 2008-10-18, 10:18PM PDT

This home hit the market Saturday. A real find. Excellent 2 bedroom bungalow on a quiet street in Alameda. Lots of upgrades and care make this home shine. Just over 1,000 sq. ft. of living space. Hardwood flooring in bedrooms and living room and dining room. Fireplace in living room.
You'll love the gardens on the side and rear. Redwood tree in a quiet setting off the 2-car garage. Lots of parking. Laundry porch over a very useful basement which has a separate room suitable for work and recreation.
Good condition indicated by "termite report" and "home inspection report" available at the property.
Very nice neighborhood.
Check that price! Call for a convenient visit by appointment. 510-508-1215.

Sure, $519,000 is lower than most recently-listed homes on the market, but it only has 1 bathroom, and it's very small; $513 / sqft is much too high.

The sellers might be able to drop the price, assuming they're not too stubbornly set on the magical $500,000 threshold, given:

Last sale and tax info

Sold 04/16/2002: $386,000

2007 Property Tax: $5,458

But then again, they might not have to, considering the Alameda market's remarkable willingness to overpay.