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Nearly same sized home, different conditions, different market values, same city

By
Real Estate Agent with Alain Pinel BRE 01367196

Today, I posted my newest listings, and can't help but be amazed at the wide disparity between these properties. Nearly the same size house and lot, they can't be any more different than they are today. And their prices reflect that. Both located in the beautiful and picturesque city of  Alameda.

Encinal house 

The owners have upgraded and remodeled this home that they bought 4 years ago. They painstakingly developed a xeriscape-inspired landscape for their beautiful gardens, added three fountains and a medititation nook as a tribute to feng shui principles of harmony with the elements.

Along the way, they put a new wood shingle roof to conform with the Cape Cod architecture, remodeled and upgraded the kitchen with granite counter tops and stainless steel appliances, put in motorized and retractable awning over the spacious deck that overlooks the garden, refinished the plank wood floors.

This home is simply brimming with curb appeal and charm, and is listed at $525,000.

 

Schiller house  

On the opposite end of the spectrum is a once-nice Spanish bungalow that time forgot. The elderly widow just couldn't afford the upkeep on her own. Over a period of time, the property suffered, and the condition of the house shows it. There's no heat, no cooling. The roof leaks. There are peeling paper and cracked plaster throughout the house. There are holes in the ceiling, walls and floors. The rear stairs are rickety. It's chockfull of stuff including abandoned cars. The basement and garged are piled high with boxes of books, old clothes, and unusable appliances.

This is a home waiting for a contractor since the repairs are beyond what a handyman can do. It is listed at $350,000.

Comments(6)

Cindy Leiterman
Resource One Realty, LLC - Green Bay, WI
Green Bay, WI

That sure is a disparity in the quality of the homes.  In my area, we have the same situations.

Thanks for sharing.

Oct 13, 2008 11:31 AM
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Hi Pacita

Location along does not set the price, big factors to consider are condition, features and staging.

Good luck and success

Lou Ludwig

Oct 13, 2008 11:50 AM
Stephen Kappre
KW Hometown - Mantua, NJ
Helping You Home

hmmm - I'm still laughing at 2 bed / 1 bath for $350k in run down condition.  We have some high real estate in Nj, but its peanuts in comparison.  Best of luck. 

Oct 13, 2008 03:14 PM
Pacita Dimacali
Alain Pinel - Oakland, CA
Alameda/Contra Costa Counties CA

Steve

I used to live in Florham Park NJ, Hauppaugue NY, Dallas TX, Tallahassee FL, Orlando FL ---- and I was in shock, too when I moved to the Bay area of California. It was difficult to imagine that the cost of a fixer in my town is the cost of a fabulous home elsewhere.

Lou and Cindy,

Yes, location is still key....but how it's presented is still makes the deal. I staged a fixer not too long ago, and that sold quickly!

Oct 13, 2008 05:11 PM
Angelia Garcia
Pure Realtors - Dallas, TX

Hi Pacita,

when did you live in Dallas, TX?

Oct 15, 2008 09:08 AM
Pacita Dimacali
Alain Pinel - Oakland, CA
Alameda/Contra Costa Counties CA

Hi, Angelia

I lived at The Gables on Cole Ave in 1999-2001 before moving to California. Loved Dallas for, believe it or not, the fabulous selection of restaurants, including the Mansion at Turtle Creek. At least I can say I've dined at one of the best restaurants in the country!

Oct 15, 2008 10:07 AM