It was listed for $975,000.
We offered $1.1 million.
It went for $1.275 million. That’s $300,000 over the asking price!
Anyhow, we’ve extended our search to the greater Bay Area to include Alameda, Berkeley, and Oakland because my parents are over there = built-in babysitting for that one day when we are hopefully blessed with a bouncing brown baby. We have not lost faith in the city of San Francisco, but want to keep all our options open. I just saw a listing today in Bernal Heights that I am chomping at the bit for.
Anyhow, if we weren’t saving every nickel for our own dream home, I would buy this 1 bedroom bungalow in Alameda as an investment property. Alameda is an easy 25 minute drive from the city with numerous commute options into the city, including bus, boat, and a safe carpool system.
It is a short sale, listed for $250,000. Yes, you read that right. $250,000. With 20% down and a 4.75% 30-year mortgage rate, you can live in it for a smidget over $1,000. This is compared to 1 bedrooms in San Francisco going for 2 – 3.5x that amount.