Remember this stunning Bernal Heights home that we submitted this offer letter for?
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.
Oh my, the Alameda bungalow is adorable! Tiny but adorable!! And that price – amazing. I think the whole buying and selling houses thing is so, so stressful. It’s very hard not to get emotionally attached when you find a house you love. And the market is so crazy now that bidding wars like the one you had to endure seem to happen a lot. Good signs for the economy and the country but still a pain to have to go through! Have a great weekend!
hi mo! yeah it is pretty crazy. we are pushing through, though, i have this feeling we are going to find something before the end of the year.
Feelings of great ambivalence. On one hand I’m super happy to hear that it’s possible to make such a profit in 2013! On the other hand I’m sick because I plan to move back home next year and buying a home at that price is out of the question. Unless of course I can make a huge profit selling our home in Virginia. Very unlikely.
andrea, it’s a bubble right now. my east bay agent says that the market will slow down in the winter time and she expects homes to go for either asking or less! good news! i think things will be much better by the time you move back home. i really do.
What a cute home! As soon as we can I am ready to downsize! Probably another 6 years or so.
yes downsizing is good, michelle. it’s good for the soul. i’m in nyc right now and i am inspired by how everyone lives in such small dwellings here in the city!
I can’t believe in how much less the house is that is just 25 minutes away!
I loved the house you put the offer on. It was so beautiful. I can’t believe that you put in an offer over asking and you *still* didn’t get it. UGH!! I really hope you find your new home very, very soon! I have my fingers crossed for you!! –Lisa
lisa, i just found out today from my agent that not only was the winning offer $300k over asking but they put $900k down. how is that possible?!?!?!
That’s the worst! It sucks to have your hopes set on a house you love then not get it. We had that happen when we moved here and a house I fell in love with got snatched up. We eventually found a great deal on a shortsale. All the floors had to be redone along with the stairs and the whole place painted but it was worth it considering the price we paid.
Well here’s to hoping that you’ll find a house even more gorgeous and at a better price!
that is so great that you were able to get in on a short sale. it’s just like the 1 bedroom bungalow i mentioned above. what a great situation for the purchasing party.
Oh so adorable. Perfect for a single person or even a younger couple who wants a tiny little lovenest. Searching for homes is so frustrating. I went through that last year. It still does boggle my mind a bit the prices vary from area to area. Will keep my fingers crossed for you. The perfect home is on its way to you.
thanks stevie. i have a feeling that we’re honing in on something and will probably find a home before the end of the year. just a feeling!