(no subject)
OK, most of you know how obsessed I am with real estate and the whole mortgage fiasco we're in the middle of, and if you have no interest in me ranting about it ignore this now. Anyway one of the message boards I read suggested that to really see how quickly the bottom is falling out of the bay area market you should check out south Oakland. This is of course great interest to me cause it's going to have an impact on Alameda if Oakland becomes a giant sucking ball of foreclosure. So I fired up redfin.com and holy shit, it looks like banks own all of Oakland south of High Street. I mean it is amazing, absolutely amazing. Block after block of bank owned properties, and the banks aren't happy about it, they are slashing prices. Then I noticed these two:
1266 83RD Ave
1246 77TH Ave
There are now houses within 5 miles of my apartment that are less then $100K. I'm absolutely stunned, and there's more. Past sales on the first place:
Sep 27, 2005 $418,000
That's a %76 price decline in less then 3 years
Then the second:
Jun 08, 2006 $430,000
Dec 03, 2007 $330,000
76% in 2 years, and a 70% decline in the last 6 months.
This isn't a neighborhood I'd actually live in, this part of Oakland has become really scary lately, but I'm just flat out amazed at how fast this is all unwinding. I'm trapped between being excited about the prospect of Bay Area housing becoming affordable again, and fear that we're going to see an economic fall out thats going to make us long for the dot com implosion.
1266 83RD Ave
1246 77TH Ave
There are now houses within 5 miles of my apartment that are less then $100K. I'm absolutely stunned, and there's more. Past sales on the first place:
Sep 27, 2005 $418,000
That's a %76 price decline in less then 3 years
Then the second:
Jun 08, 2006 $430,000
Dec 03, 2007 $330,000
76% in 2 years, and a 70% decline in the last 6 months.
This isn't a neighborhood I'd actually live in, this part of Oakland has become really scary lately, but I'm just flat out amazed at how fast this is all unwinding. I'm trapped between being excited about the prospect of Bay Area housing becoming affordable again, and fear that we're going to see an economic fall out thats going to make us long for the dot com implosion.