Posts Tagged ‘Albany’

Deal or No Deal RESULTS: Albany Opportunity

Wednesday, August 26th, 2009

Cirios Verdict: NO DEAL (Click here for the original Deal or No Deal post)

The subject is a dated home in Albany, CA. The home only has one bathroom and is close to numerous apartment complexes. In its current state, the home has only average curb appeal.

Albany is a middle class neighborhood just north of Berkeley. It has become a very popular suburb of San Francisco as it is more affordable than the North and South Bay. In addition, schools are above-average and it is a short ride on BART to the city and other job centers. The subject’s immediate neighborhood is one of the least desirable in Albany.

Positives: One more bedroom than most homes in the area

Negatives: Needs updating / close to apartment complexes

Verdict: No Deal

The subject is a dated home in Albany, CA. Home sales are picking up as more homes qualify for FHA financing. However, the subject has a very poor location in the neighborhood as very few people want to live near apartment complexes.

Address: 731 Stannage Ave., Albany, CA 94706
List Date: 08/13/2009
Current List Price: $499,900
Cirios Value: $480,000
List Price vs. Cirios Value: 3.9% over-listed

For a complete Cirios Valuation, click here for our CLEAR report, or on the image to the right.

Have a home you’d like Cirios to use for our next House of the Week?

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Deal or No Deal: Albany Opportunity

Thursday, August 20th, 2009

In a market where updated, well-priced, move-in ready homes are few and far between, the opportunity to buy fixer uppers is considerable. Current mortgage outlets, namely the US government, are reticent to give out loans on homes that need some work, which creates an opportunity for all-cash investors to buy homes that need some upgrades, do the work and resell them to homeowners looking for a turnkey home. (click to enlarge images)

731 Stannage Ave in Albany appears to be just this sort
of opportunity. Located in Albany, a quiet suburb just
north of Berkeley with extremely good public schools,
this home is in need of a face lift. Just look at those carpets. Structurally, it appears to be sound, so repairs would be kept to cosmetic items: New counters, carpets/flooring, paint, bathroom and some landscaping.

With some TLC, this home could very very attractive.

But at just under $500,000, this is not an investment for the faint at heart. Is the risk worth the reward? Is 731 Stannage a DEAL OR NO DEAL?

Address: 731 Stannage Ave., Albany, CA 94706
(MLS Listing)
Status: ACTIVE
Bedrooms: 3; Bathrooms: 1
Living Space: 1,302 sq ft
Lot Size: 3,800
List Date: 8/13/2009
Original List Price: $499,000
Current List Price: $499,000
MLS no.:40424505

Real Estate Agent Comment: STYLISH OLDER HOME IN NEED OF SOME WORK, GREAT ALBANY LOCATION, SPACIOUS ROOMS, FIREPLACE IN
LIVING ROOM, FORMAL DINING, BASEMENT, TANDEM GARAGE, GOOD SIZED YARD TOO, TAKE A LOOK.

DEAL or NO DEAL?
Comment below and tell us what you think!

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