patrick.net
An Antidote to Corporate Media
1,364,863 comments by 15,735 users - Ceffer, Kepi, TheAntiPanicanLearingCenter online now
« First « Previous Comments 8 - 12 of 12 Search these comments
bdrasin
@
2009 Aug 27, 7:43am
Ok, just got off the phone with the agent - seemed like a nice guy (but don't they all). The SFR was built in the 1920s and is about 1400sft. The duplex was added in the 1970s and all of the work is warrented (for what that is worth), each of the apartments in it are about 1000 square feet, with 'large bedrooms and limited common area', maybe good for renting to students. I asked him why so cheap, he said it was a court ordered sale and he couldn't say anything more than that. I think he got the idea that I wasn't really interested in buying.
dont_getit
@
2009 Aug 29, 2:11am
Doesn’t “court confirmation†mean you have to go to court and bid on it? Could that price be just the minimum bid?
Agree, its bidding war! You might go to court if you have time and see whats going on, but I would stay away even bidding min, because its hard to walk away from final $100 increment.
bdrasin
@
2009 Sep 1, 1:41pm
http://www.2910king.com/ is across the street. It is 3x 1/1 units and 1 3/2 unit. According to the disclosures, the 3/2 is renting for 1750, two of the downstairs ones rented for 825 and 1100 respectively. If we assume 1k/month for the vacant unit that leaves a total income of 4675/month or 56k/yr. The asking price of 645000 means a 8.6% rent/asking price ratio, close to the 'safe' ratio on patrick.net front page.
It really looks to me like at least for multi-family homes in this particular neighborhood prices are falling to the levels dictated by rental income potential. A good sign.
It’s my dad's property that he owned with too many family members. He is ill and needs 24 hr care so the property is being sold with the assisance of the court system. The homes were respectably built with care. At one time the back unit housed UCB students so its excellent rental property. Go by and see it and plz bid high :)! As you know, healthcare costs are skyrocketing
Patrick
@
2009 Oct 13, 1:28am
I'm sorry your dad is ill. Such things will happen to all of us, and that gives a lot of needed perspective.
I'm really glad that there's at least a glimmer of dialogue between potential buyers and sellers here though. It's great that there's no realtor in the way, filtering your remarks.
« First « Previous Comments 8 - 12 of 12 Search these comments
This seems like a really low price for what it is:http://www.redfin.com/CA/Berkeley/2909-King-St-94703/home/657545A duplex with 2 3/1 units and an extra 2/1 on the same property for $525k. Â 2 bedroom units in this neighborhood rent for 2k no problem (2 blocks from Ashby Bart). Â Even assuming only 60k rental income thats well over 10% of the purchase price. Â I ride by the house on my bike often and there is nothing obviously wrong with it...I wonder why so cheap? Â It sound like a can't lose proposition at the price.