Read This:The following review is just my opinion and only my opinion I am not a professional house appraiser or inspector and I am not a structural engineer. The opinions expressed in this review are based on my own inspection of the property, the publicly available facts from aggregator sites such as Redfin and Zillow and the online permit database for the city of Alameda. I am not responsible for incorrect or missing data that appears in these sources. In fact, its probably best that you just ignore everything you read here as the lunatic ravings of an unbalanced mind.
So I've got the urge to do some knifecatching again....its that time of year and lots of interesting houses have come on the market recently.
Today's house is 2157 San Antonio Ave, a 4 bed 2 bath 2165 sq ft colonial revival built in 1909 on a gorgeous 7500 sq ft lot for sale for $819,000.
You go up the stairs to a little porch, which I forgot to take a picture of, into a HUGE entryway...so huge that it seems like a waste of space (I also forgot to take a picture of it, what can I say I'm rusty).To the left of the big entryway room is this nice formal room that faces the street. This is the only sorta nice entertaining adults room in the house? Which I find kinda lacking as with this floor plan its forced to be the family room also.
Where Irene is standing right off the kitchen is...
One of the full baths....right off the kitchen...This is also not original to the house and also not done with permits. I don't understand the full bath off the kitchen on a floor with no bedrooms? Shouldn't this be a simple half bath? And who wants a stinky bathroom opening into the area where you're preparing food?
Here's a view looking back at the house from the other side of the yard.
Lots of tree's, plants, its a bit wild but it looks really nice.
In the far edge of the backyard is what was at one time a garage and workshop....this building has not been habitable for quite some time and is literally falling down...This would have to be rebuilt if you wanted somewhere to park a car and or motorcycles out of the rain and have a workshop..Its a good sized outbuilding but its a complete scraper and they landscaped the backyard as to make it impossible to get a car back here anymore..To redo this, if the city would let us..I'd estimate at around $20k to do a slab on grade building with electrical.
But its a nice enough bath.
What the reports told us....
After reading the termite and home inspection report I'm a bit befuddled...the house has a TON of deferred maintenance issues. It seems like the majority of the windows are either painted shut, have broken sash cords or dry rot!?!
The inspector says that both heating units need to be replaced and that means asbestos abatement issues...
The chimney is basically about ready to fall down that's going to have to be removed.
There is a ton subterranean termite issues with the house. Termite report was ~$14,000
A lot of dry rot on the exterior where the ground it rotting the siding.
There's plumbing leaks in the bathrooms...
The house has great front and back yards and nice curb appeal. The lack of entertaining space in the house would be a problem for us as well as the no master bath and no safe-dry-secure parking for our motorcycles and car.
Honestly, the place seems overpriced to me. Its not in a super amazing neighborhood. Its a good neighborhood, central-ish Alameda a little more East than us.
Here's my breakdown on what the house needs;
$100,000 to do a correct foundation job
$14,000 in pest work
$20,000 to do a whole hose copper repipe (galv water lines are looking scary to me).
$25,000 to replace both furnaces and do asbestos abatement.
$20,000 to rebuild the garage and regrade the backyard to actually get a car back there.
$20,000 to turn a bedroom into a mid-line master bath.
$5,000 to remove the entire chimney and haul away the bricks.
If you where to buy the house for the listing price and do all the work mentioned above you'd be into the house for at least $1023000. I don't honestly think that neighborhood can really support a $1 million+ house...even with the great yard...in this economy it doesn't seem realistic to me.
So lets see $819,000- all the work that needs to be done is... $615,000.
Think they'd take that much for the place?
What think you dear readers? I'm I totally off my nut with my way of thinking? I unfortunately know how much it costs to fix up old houses so why would I pay more for the house than it would ever be worth after I pay to fix the place up?
It just seems like people are not discounting their prices based on condition do you? Is that $819k a discounted price?