The Price of History in Today's Real Estate Market

My sister Martha, who attended St. Mike's and Powers in Flint, is taking a somewhat unusual approach to selling her house in Tacoma, Washington. She's auctioning it off herself. It's a huge place, but her children are grown and she and her husband really want something smaller. They've found that selling a massive historic residence isn't exactly easy in this market.

Kathleen Cooper of the Tacoma News Tribune reports:

These days, home auctions typically are associated with foreclosed or bank-owned homes. But home auctions were increasing even before the real estate market busted. The National Auctioneers Association, based in Kansas, tracked homes sold by auction between 2003 and 2008, and saw a 7 percent to 8 percent increase each year.

“Auctions work in good times and bad,” association spokesman Chris Longly said Thursday. Auctions offer the certainty of a time and date of sale. They also are a way for more unusual properties, like historic homes, to find out what price the market will bear.

Gary Gestson, a Realtor with Maryland-based HistoricHomeTeam.com, said Thursday that owners crafting their own auction is somewhat unusual, because the pool of buyers for historic homes is small.

“Maybe six out of a thousand qualified buyers will be interested in your home,” he said. “Marketing is the key. If you market to Tyvek and particle board people, you’ll be frustrated.”

Martha's experience has left me wondering what a house like this would be worth in Flint or San Francisco.

Read more here: http://www.thenewstribune.com/2012/01/06/1971410/a-bit-of-tacoma-history-goes-on.html#storylink=misearch#storylink=cpy

The Value of Vacant Lots in Flint and San Francisco

I wanted to update this July 27 post on the value of vacant lots in San Francisco because I have some convenient photographic evidence of how construction crews do their work in such close confines. It wasn't hard to find; there are two projects blocking the sidewalks of Cortland Avenue, just a couple blocks from my house, in the Bernal Heights neighborhood. One happens to be right next to a legendary local bar called Wild Side West.

The house next to the bar is basically just a floating shell now. It's cheaper to keep some portion of the exterior intact because then it's considered a remodel rather than a new structure when it comes to permits.

A block down the street an entirely new house is going up in the narrow space between two buildings.

The girders are going up today.

Not exactly a tranquil time for the neighbors as the new house takes shape.

Here's the original post:


Despite almost 15 years in San Francisco, the real estate market here continues to confound me. While Flint struggles to mow its ever growing supply of vacant lots, San Francisco continues to sell its increasingly rare empty spaces. For insane prices. The 25 X 70 vacant lot pictured above at 842 Moultrie in Bernal Heights is yours for just $399,000. I'm assuming the basketball hoop is not included.