Asking Price: $1,049,000
Sq. Ft.: 2,305
$/Sq. Ft.: $455
Lot Size: 2,396 Sq. Ft.
Year Built: 1923
On Redfin: 177 days
Down Payment: $210,000
Income Requirement: $262,000
Monthly Nut: $6,700
Description: Check out this fantastic ocean and bay view peninsula home PLUS INCOME! Front house is a two story two bedroom two bathroom home. The entire second level is master bedroom with a giant ocean and bayview patio and enormous bath with a sauna! Rear building has a one bedroom and studio unit. Rents coming in at $2050/month. That offsets over $380,000 of mortgage at 5%!
It seems potential buyers have been checking out this "fantastic ocean and bay view peninsula home" for quite some time now. And yet a sale eludes this guy.
With photos like these, I simply can't figure out why. Check out this kitchen:
I have to admit this view from that "giant" patio is incredibly impiressive:
Or this shot of the two rental properties in back:
The exterior may look like Ted Kaczynski's cabin fell over, but the gorgeous interior speaks for itself!
But, hey, cut this listing agent some slack--ever since the real estate market bottomed in
Especially when you're only asking $1,049,000. I mean, a million bucks is small potatoes for a baller realtor like this.
And speaking of a million bucks, according to this incredibly savvy listing agent if you buy this property it will actually only cost you $669,000. You see, according to the listing description, "Rents coming in at $2050/month...offsets over $380,000 of mortgage at 5%!"
Well that's an interesting way to look at things! I guess banging hookers for the rest of your life instead of getting married offsets wedding costs, but I digress.
So, all you have to do is run a veritable boarding house and the price is magically slashed by $36%! [Of course, they might as well have calculated the offset "savings" at -111.1% because there's no way in holy hell you'll find a 5% jumbo loan today. The FHA's not even drunk enough to touch that one.]
With a bargain like that, I'm shocked there has been no interest in this gem!
I mean, come on! The asking price has been slashed aggressively--down a whole 11% in six months. What a steal!
Dec 18, 2009 - Price Changed $1,049,000
Oct 14, 2009 - Relisted
Oct 09, 2009 - Delisted
Sep 25, 2009 - Price Changed $1,119,000
Jul 01, 2009 - Listed $1,185,000
Dec 14, 2005 - Sold $935,000 (0.5%/yr)
Aug 05, 2004 - Listed
Aug 29, 2003 - Sold $925,000
Interestingly, the 2003 owner was unable to capitalize on the rampant, batshit insane housing bubble run-up. A year after purchasing for $925,000, he tried to sell it. So far, so good--paint-by-numbers bubble flipping. But after 16 months on the market (remember, this is near the apex of The Great Housing Bubble! Studios with murphy beds never spent more than a week on the MLS) he sold to today's current seller for $935,000--a meager $10,000 profit. Not enough to cover even a fifth of sales commissions).
This place must be a real shithole.
The current seller, ironically, has fallen into the same trap as the previous one: He overpaid for an undesireable property, in an undesireable configuration (who the fuck wants to spend all that dough to be landlord to a bunch of other people while you live in a tiny-ass 2-bedroom?) in a very desireable area. No big deal...unless you have plans to sell for a profit someday.
Plus, I'm assuming since today's seller and agent are too ashamed to include any photos it's still a steaming dump inside, making a sale even more difficult.
Hell, even crazy-ass Epraisal and Cyberhomes refuse to buy into this "million-dollar-home" horseshit:
Eppraisal - $466,262 (low) $548544 (mid) $630,825 (high)
Cyberhomes - $681,615 (low) $757,350 (mid) $870,952 (high)
LOL! It's obvious (to everyone but the seller) that he's in a race against time and cruel, frigid reality. The previous seller was lucky to get away with only a small loss after his colossal investment mistake, and I hope this guy is as fortunate.
Maybe 2009 will be remembered as the year we put the worst behind us economically, and '10 will be the year of recovery and a return to 10x income housing prices. Then, I imagine, it truly will be a happy new year for this seller.