THE SECOND STORY | July 10th, 2009

It’s like watching the yellow pages pass by…

A year or two ago in the annual Alameda 4th of July Parade there was a ‘float’ (actually a truck with a bunch of people on it having a good time) that had a sign that read “Shameless self-promotion!” And so it was this year with the Alameda parade! It certainly had one of the largest gatherings of entries yet it moved right along, had some great entertainment (how about the Lincoln Middle School Marching Band – a huge group that sounded great, looked good in their black t-shirts, and they really walked the route!). Maybe it was the result of the economic times, but many commented that more businesses were parading their names along with promotional materials than in recent memory. A great time was had by all!

Alameda real estate this week….
Maybe the third time is the charm…. 933 Shoreline Drive #305 is back on the market. The first buyers backed out because of a rental restriction adopted by the HOA in the past year that states owners must own for at least two years before they can consider renting, and then subject to not exceeding a specific percentage of rental units within the complex. The second buyers also loved the property but they could not get FHA financing on the building (minimal down payment on their part but reserve funding did not meet FHA standards). So I put it back on the market on Wed eve, we have one offer on the table and supposedly a second showing up on Friday.

Is is being foreclosed on? Or is it going short? I’m aware of a situation regarding a property that was put on the market for about 60K less than it was purchased for in recent years. As has been the custom, also in recent years, the loan (note) has/had been sold to various lenders. The problem becomes magnified when those lenders include ones that have gone under and/or been absorbed by others. The right hand doesn’t know what the left hand is doing to whom and by whom. So when a notice of default (NOD) is filed against an owner/property by one of those banks that kind of doesn’t exist, what’s going on? Clearly somebody is foreclosing on the property. The owner and the agent have a challenge in getting to whoever is in charge. What a mess. And this is not an isolated case.

Here are a couple of articles I thought were interesting…

Is there a new rush of foreclosures coming to market?

What’s with jumbo mortgages?

Active listings 173, 172 last report
Pending listings 92, 93 last report

Highest priced NEW listing
Lowest priced NEW listing

Tuesday Tour 10, with 2 repeats

New 15 The house at 1221 Sherman does not show up as New on the market because it had an extra zero put into the listing price, making it over 24 MILLION. Once the error was noted, there was a price change to over 2.4M and it never got into the listings as new, just as the price change, a quirk of the MLS. I saw it on the broker tour. We’ll leave it at that.

BOM (back on market) 4

Price changes 6

Pending 13 The house at 1810 Clinton I mentioned last week does now have a pending sale that is supposed to forestall a foreclosure. Let’s hope it all works out, as best possible for all the parties.

Sold 11

Expired 3

Withdrawn/cancelled 8

Alameda real estate awards this week….remember this is only my perspective.

Cute/charming

Get me to rehab this is a sad story….in 2006 this sold for 750K. It is comprised of two houses on one lot: a major fixer Victorian with two units in the front house and a detached two level cottage. Serious work was needed. Then a huge fire got the front house. It’s slowly been rebuilt but it’s still got a long way to to go and now it’s bank owned and on the market.

Got me a makeover

Get me a facelift

That’s a wrap! Have a good weekend!

Carry on! marilyn

Published by

Marilyn

I arrived in Alameda in 1973, as a new bride...with husband Carl Schumacher, both of us from Newport Beach. He was embarking on his career as a Naval Architect (i.e. yacht designer) under Gary Mull. Please see the 'ABOUT ME' page in this website! www.MarilynSchumacher.com to see how it has all turned out! I'm so blessed!