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OT Ballers: Hume Castle in Berkeley, CA hits market at $5 million
Posted on 4/7/16 at 12:21 pm
Posted on 4/7/16 at 12:21 pm
I'm no real estate mogul, for $5 million for this place is half of what I would have guessed.
LINK
LINK
quote:
The Gothic masterpiece at 2900 Buena Vista is tucked away behind a gate and shrouded in oak and olive trees. Many residents don't even realize it exists. Built in the style of a 13th century French monastery, this magnificent home looks as if it belongs perched on a European hillside.
13
Posted on 4/7/16 at 12:22 pm to HoustonGumbeauxGuy
What's the catch? Because at a glance that place looks like it should be way more than $5 million. Especially in California.
Posted on 4/7/16 at 12:22 pm to HoustonGumbeauxGuy
That's a pretty shitty view
Posted on 4/7/16 at 12:22 pm to HoustonGumbeauxGuy
Dang, that is beautiful.
Posted on 4/7/16 at 12:23 pm to AbitaFan08
quote:
What's the catch? Because at a glance that place looks like it should be way more than $5 million. Especially in California.
My thoughts exactly
Posted on 4/7/16 at 12:23 pm to HoustonGumbeauxGuy
quote:
I'm no real estate mogul, for $5 million for this place is half of what I would have guessed.
Me too, watching Flip or Flop I see a lot of shite houses in California go for $300k plus.
Posted on 4/7/16 at 12:27 pm to FelicianaTigerfan
It's hazy/foggy in the pic, but I bet it's badass on a clear day. I think you can just make out the Bay Bridge in the window on the left of the corner. That's probably Angel Island in the one right of the corner.
No clue why this place is only $5 million. $1 million gets you a shoebox.
No clue why this place is only $5 million. $1 million gets you a shoebox.
Posted on 4/7/16 at 12:34 pm to HoustonGumbeauxGuy
quote:
$5 million
Is this for a fractional ownership? why so low?
Posted on 4/7/16 at 12:36 pm to HoustonGumbeauxGuy
Thats way too cheap. The Pennington estate in BR was going for twice that. Maybe this place is haunted?
Posted on 4/7/16 at 12:37 pm to DirtyMikeandtheBoys
It was built in 1929, but allegedly has been completely updated.
It's just north of UC-Berkeley and just below Tildon Park. Maybe this place is built on the same fault line that runs under Memorial Stadium.
It's just north of UC-Berkeley and just below Tildon Park. Maybe this place is built on the same fault line that runs under Memorial Stadium.
Posted on 4/7/16 at 12:39 pm to HoustonGumbeauxGuy
No thanks I'm holding out for Hearst Castle.
Posted on 4/7/16 at 12:44 pm to AbitaFan08
Looks like it was made with cinder blocks 
This post was edited on 4/7/16 at 12:47 pm
Posted on 4/7/16 at 12:44 pm to HoustonGumbeauxGuy
5mil thats it?
Posted on 4/7/16 at 12:46 pm to HoustonGumbeauxGuy
It'll probably sell today at that price
Posted on 4/7/16 at 12:47 pm to DirtyMikeandtheBoys
quote:
Is this for a fractional ownership?
Timeshare. Brilliant idea.
Posted on 4/7/16 at 12:56 pm to White Roach
quote:
No clue why this place is only $5 million. $1 million gets you a shoebox.
I'm sure the owner is trying to dump it quickly. Some options:
1. Owner owes bookie/mafia/whomever a lot of money
2. Owner is listed in the Panama Papers and is trying to get out of town and dump all assets before the SHTF
3. Owner died leaving to kids/grandkids. Heirs have their own houses or can't afford to live there
3b. Heirs are having to pay inheritance/estate tax and can't afford it. Selling the house will cover these expense.
3c. Heirs fighting over inheritance and/or the house, so the primary benefactor is selling to spite the rest.
Posted on 4/7/16 at 12:57 pm to HoustonGumbeauxGuy
Might pick that one up for my vacation home. Need something small and cheap for that.
Posted on 4/7/16 at 1:04 pm to weaveballs1
The only other thing I can think of is that the SF Bay Area real estate market is unlike any other market I'm aware of. A house never (rarely, if ever...) sells for its asking price. Everyone knows they have to overbid the asking price. Sometimes to the tune of 25 or 30%. It's nuts.
If a seller really wants $X for his/her property, they have to list at $X-Y. The reason? The buyers are conditioned to expect to pay at least 10% or 15% over the list price. When they see a house listed at $X, they assume the winning bid will be $X+Y. If that number is out of their price range, they won't even bother looking at it.
Buying a house out there can be brutal. Both of my sisters have bought homes and paid about 33% and 20something% over the listed price. It's easy to say you won't play the game, but if you don't, you'll be renting the rest of your life.
If a seller really wants $X for his/her property, they have to list at $X-Y. The reason? The buyers are conditioned to expect to pay at least 10% or 15% over the list price. When they see a house listed at $X, they assume the winning bid will be $X+Y. If that number is out of their price range, they won't even bother looking at it.
Buying a house out there can be brutal. Both of my sisters have bought homes and paid about 33% and 20something% over the listed price. It's easy to say you won't play the game, but if you don't, you'll be renting the rest of your life.
Posted on 4/7/16 at 1:08 pm to White Roach
quote:
It's hazy/foggy in the pic, but I bet it's badass on a clear day. I think you can just make out the Bay Bridge in the window on the left of the corner. That's probably Angel Island in the one right of the corner
I just don't see the appeal of having a view of a urban area. That view of a valley in Montana or Smokey Mountains would be great though
Posted on 4/7/16 at 1:09 pm to DaTroof
quote:
Looks like it was made with cinder blocks
'that guy' has arrived.
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