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On the real estate

Submitted by on 1, December 3, 2008 – 10:00 amNo Comment

Fellowblogger Eve Pearlman over at the Alameda Journal has inspired me to get off my butt to give you a quick report on the real estate situation here on the Island. Apparently, things are still getting worse, but they’re not as bad here as they are in a lot of other places.

Eve reports that prices per square foot have dropped 8.5 percent in the 94502 half of the Island and 4.9 percent in 94501 over the past year. I looked up the latest home sales data on the DQ News website. Here’s the sitch: Median home sale prices were down about 20 percent in October as compared to the previous year, falling from $715,000 in October 2007 to $570,000 this past October.

Still, Alameda fared better than the county as a whole, which saw an average year-over-year drop of 35.65 percent (and Oakland, which saw its home sale prices fall by more than half). And Alameda’s home sales prices are higher than every other city in the county, save Berkeley’s and Pleasanton’s.

DQ News also reports that statewide, foreclosures are down from the previous quarter (though they say this could be due to changes in the way those are reported). Eve’s post quotes John Oldham’s new 94501 Real Estate blog, which lists 13 Alameda foreclosures and 21 short sales on the market as of November 30. Those listings make up about 20 percent of the 168 residential as of that date.

And that brings us to the good news: Bargains! Oldham’s site has the highest and lowest list prices for homes for sale in Alameda; the lowest is just under $200,000. And the Chronicle had this beautifully written piece on Monday about an amazing new phenomenon in Bay Area real estate: Homes listed at under $100,000.

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