Back Below 2005 in Bayview?May 26, 2016
As we wrote about the Bayview home at 1426 Van Dyke Avenue last month (which sparked an interesting and honest dialog about the neighborhood):
“Purchased for $670,000 in 2005, the remodeled…home at 1426 Van Dyke Avenue resold for $630,000 in 2007. And in 2012, the property was foreclosed upon and taken back by the bank.
Listed as a two-bedroom fixer, with 1,200 square feet of finished space and an unwarranted bedroom and bath on the first floor for $577,500 last year, 1426 Van Dyke sold for $490,500 last July.
And having since been remodeled anew, the now four-bedroom, three-bath home has just been listed with “granite counter[s],” “stainless steel appliances,” and 1,600 square feet of finished space for $699,000.”
Briefly in contract two weeks later, at which point the list price was changed to $799,000, the empty home is once again active, available and newly listed for “$599,000.”
Comments from Plugged-In Readers
The listing agent for this place doesn’t seem to know what he or she is doing.
I agree, but to be fair this will either be worth much, much more in ten years if the neighborhood consolidates the changes already under way OR it will be worth less if the neighborhood moves in the opposite direction. Which will it be? I don’t think anyone knows for sure.
If RE slows down in SF they will slow down in BV too. But what could possibly make BV move in the “opposite direction”? Many projects going away. HP and candlestick won’t be abandoned. Hipsters and your professional families still moving in. You think these can just disappear?
Also, agent sounds like a doofus, but this will sell for over $599. Trust me. (Here we go again with those rrreeeaaaccchhhiiinnnggg headlines!)
Also, Bayview has one of the best SF commutes to the peninsula. And all that new office space on the way in Oyster Point, etc. Plus, Caltrain is studying a new station there.
I don’t know. For example, there could be a city administration that doesn’t prioritize this neighborhood. My point was that there’s a lot more variability here than in the Pac Heights. (That’s potential upside as well as risk)
Actually that agent is well know in BV. Cheap-Chinese-Flippur-guy. Don’t know WTF he’s doing with this listing though…maybe weird structural issues, dead bodies in the basement, who knows?
The Bayview real estate market is really unpredictable at the moment. Just the past month, two houses sold for +1 million on Palou street:
– 1363 Palou for 1.225m and 37% over asking
– 1747 Palou for 1.028m and 29% over asking
At the same time, you can find fixers going for under 600k.
While this specific listing agent doesn’t seem to know what he/she’s doing, the range or selling prices can vary quite a bit in this part of town.
And $600k usually means small and total POS fixer needing $120k minimum to make it livable.
For some people $720 is deal for single family home ownership.
$720k is becoming cheap in most of Oakland.
[Editor’s Note: The average sale price for a single-family home in Oakland was $721,500 over the past quarter versus $597,500 in Bayview.]
Reason may prevail with this one. Looks as if there may be structural issues, at least with the facade. It is directly across from a 100 bed shelter that has “activity” all of the time. Bad location in an overheated hood.
As it is with so many listings in Bayview. It’s worth the hassle and real danger at a price, a lower price. Another listing closer to 3rd at. On the same street is pending already I believe.
“directly across from a 100 bed shelter…” Um, completely incorrect. The proposed shelter was blocked by the community and the supervisor. There is no shelter there. Not to mention that the proposed shelter building was down the block.
UPDATE: After an official “8” days on the market at “$599,000,” the list price for 1426 Van Dyke Avenue has just returned to $799,000.
UPDATE: More MLS Tomfoolery Ensures an Over Asking Sale!
Comments are closed.