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5309 Shafter Ave, Oakland, CA 94618

By genesplitter   2011 May 19, 8:14am   2,303 views   9 comments   watch (1)   quote      

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1   genesplitter     2011 May 19, 8:21am  ↑ like   ↓ dislike   quote    

This 2/1 is down the street from us. Apparently is was sold last month, although there was no "for sale" sign (records show it sold in zero days). It also sold for $880,000, which is nearly $300,000 more than my 2/1 a block away. Does anyone know why this house would sell for the equivalent of $769 / sq foot?

2   corntrollio     2011 May 19, 8:30am  ↑ like   ↓ dislike   quote    

It is not a 2/1 any longer. They added another "Dwell-style" structure -- apparently 450 sqft office with half-bath, so it's not useful as an in-law. It looks like the agent wanted to report the sale on MLS as "$15K above asking and sold in 5 days," even though it was an off-market sale. With the extra square footage, it's closer to $550/sqft.

It's also awesome that the realtor's name is Marvin Gardens Real Estate. :)

3   ih8alameda2     2011 May 19, 9:02am  ↑ like   ↓ dislike   quote    

duuuuuuuuude it's rockridge. it should've sold for 2.5million!

all joking aside, it never ceases to amaze me what people are willing to pay to live in rockridge.

4   ih8alameda2     2011 May 19, 9:04am  ↑ like   ↓ dislike   quote    

i mean have you seen that development by alcatraz and benvenue? great location, i used to live on hillegass, but i mean come on, 1 million bucks so you can share a driveway with 6 other homes and literally reach out your window and touch your neighbors house?

5   genesplitter     2011 May 19, 9:07am  ↑ like   ↓ dislike   quote    

The 450 sqft office addition partly clears this up, although as a Rockridge resident I think $880K for this 2/1 is still crazy, and why zero days on market?

6   corntrollio     2011 May 19, 9:12am  ↑ like   ↓ dislike   quote    

genesplitter says

why zero days on market?

Read further in my original response. It was never really on MLS. If you look at Redfin, it was sold on April 7 per public records. Then the realtor posted it on MLS on April 9 and marked it sold on April 14, so it would look like the house sold $15K over asking in 5 days. The MLS listing is fake, "for comp purposes," fake comp purposes, that is.

7   genesplitter     2011 May 19, 9:19am  ↑ like   ↓ dislike   quote    

Oh, now I get it. It's "better" if Rockridge prices keep their "value". This will help when the next 2/1 gets sold, hopefully for a similar price. (help the seller that is). Zillow seems to show a dozen homes in pre-foreclosure and two normally listed homes for sale. Something just doesn't smell right here.

8   totallyscrewed     2011 May 19, 9:27am  ↑ like (1)   ↓ dislike   quote    

Someone got shafted if they actually paid that

Here is an arguably better comp with 4 bedrooms:

9   corntrollio     2011 May 19, 9:49am  ↑ like   ↓ dislike   quote    

totallyscrewed -- what's interesting about 6107 S Rockridge Blvd is that it's the listing agent for 5309 Shafter was the buying agent, and the selling agency for 5309 Shafter was the listing agency.

I don't disagree with your premise, but it's far easier to walk to Rockridge BART, restaurants, and other businesses from 5309 Shafter.

genesplitter -- realtors will often put off-market sales on MLS "for comp purposes," but they usually do it more often when it's a favorable comp, rather than when it's an unfavorable comp. You do have to watch for shenanigans. The most extreme example was on SocketSite -- 2041 Sacramento, where the listing agent fraudulently listed a sale $1.95M, when in reality the property never sold and was being foreclosed at $1.88M:

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