It Might Be Time To Adjust That Algorithm (And A Few Expectations)August 14, 2008
It’s a fully detached single-family ‘total fixer’ in Bayview. It’s listed at $149,000. The current “zestimate?” $519,000.
Keep in mind that it is a probate sale and we don’t yet have an actual sale price. But remember, friends don’t let friends get zillowed.
UPDATE (8/15): From a tipster, “was listed in May for $270,000” (but never sold).
∙ Listing: 2025 Keith (2/1) – $149,000 [MLS]
Comments from Plugged-In Readers
and the Realtor can’t even include a photo…..not worth his time at such a low price to do any marketing what-so-ever?
EEESHHH…you Realtors are spoiled rotten.
370K of instant equity!
Still too expensive. Hell you can get a total-fixer in Detroit for $1 these days!
Joking aside, because of Prop 13 we are going to see a lot of these homes in the next 10 years. Plenty of SFHs with the original owner. They couldn’t afford to move into a smaller place since property taxes would kill them. At the same time, they couldn’t afford to keep up a place that is much larger then they need.
I’m wondering how many places in traditional family neighborhoods fit this pattern. A few these coming online every week for the next decade will not help keep prices up.
Yes, I’m a bear.
There’s no photo because it’s a complete dump and should be torn down.
Are you quoting the MLS listing? 😉
Plenty of SFHs with the original owner. They couldn’t afford to move into a smaller place since property taxes would kill them. At the same time, they couldn’t afford to keep up a place that is much larger then they need.
You don’t seem aware that long-term owners with a low base rate of property taxes can keep that basis while selling a large home and buy a smaller one in SF or in several other counties, like Alameda, Contra Costa, and San Diego.
You don’t seem aware that long-term owners with a low base rate of property taxes can keep that basis while selling a large home and buy a smaller one in SF or in several other counties, like Alameda, Contra Costa, and San Diego
You can do that once after u hit 55. If you need to do it again at 70/75/80 .. then you really cant afford to move.
That basis can also be inherited. But let’s not get into retirement planning here.
My point is that forecasting trends is complex and multi-factoral. As a contrarian, I’m kinda happy to see all these newly-minted bright-eyed bears.
re retirement planning:
Prop 13 and the other props that affect the transfer of that basis (not from elsewhere into SF by the way) really are a huge factor in retirement planning. One more distortion caused by this.
The initial price for a probate sale is often just to start the bidding.
Here is a MapJack of the place:
1097 SF lot. Tiny. Awful location. Not worth squat.
Even looking at it through mapjack I feel the need for a kevlar jacket.
The new Range Rover in the driveway completes the picture.
You know its in the hood when the car is worth more than the house!
The Bayview seems to be chasing the prices down.
I’m surprised these places are commanding even 50K.
UPDATE: From a plugged-in tipster, “was listed in May for $270,000” (but never sold).
Time for a real estate haiku:
Lonely District Ten
Prices shudder in the breeze
Fixers need love too
I contacted the real estate company and the first realtor that was listed on the sign was….shall we say, not very helpful.
When i asked for another realtor, he was only marginally more helpful.
All they kept saying was it should be torn down; is un-livable and the only bid they received was $5k. There is absolutely NO yard…….NONE.
Problem is, it is nearly impossible to get a demo permit and w/o a yard, how would you have your rear set back (w/o filing for a variance)?
The lot is 25×44
Zillow estimates, of course, are not worth the ether than are written on.
The assessed tax value of this property is $17,549. I’d say it is worth a bit more than that, if the house can be rebuilt within its current footprint.
This house may have had more value in the past, if it would have been used for loan fraud, but otherwise, it is hard to say what this house was worth last year, or is worth now.
As a neighborhood resident to the location of this house I can say that the huose would almost have to be a tear down. I dont even think a contractor could do a cheap remodel and flip it as anything truly livable. I wont even bother to argue the assinine comments about kevlar, but will agree with Jason. Because of the awkward lot, variances would almost absolutely be required and not sure what requirements would be required for the parking situation or if there are any. The house has been unoocupied for at least 10 years, has no garage, or driveway for that matter and I’d presume would require new mechanical, electrical, plumbing throughout. As for pictures I wouldnt expect more than just the one, and even that one required extensive cutting back of the trees you see as they had fully grown over the house.
We missed it when it sold, but the sale of 2025 Keith closed escrow on 3/03/10 with a recorded contract price of $130,000, slightly below Zillow’s 2008 “zestimate” of $519,000.
Comments are closed.