If your question pertains to the city of Alameda, and not the county of Alameda, the comparable search should yield some results in the vicinity. But if you're looking only in very specific city blocks, then it's possible that you won't find comps.

Do note though, that a 48% drop in price in one year is unrealistic in this city where property values are holding firm. Granted that there may have been some reduction in market values today compared to 2-3 years ago, we don't and haven't seen such a drastic drop that you're speaking of. What we are seeing is that the prices seem to be reverting to 2005-6 levels. And... it's all relative as to where the properties are located.

If you are thinking of buying in Alameda, or if you are in contract on a property in Alameda, do try to find an appraiser who is intimately familiar with this town. One of the challenges we faced with out-of-town appraisers is that they sometimes use comps from one end of the city to the other. In Alameda, as small as this island is, homes on the east end are generally priced higher than on the west end.

If you're moving to Alameda soon, welcome!

Fri Jun 27 2008, 08:22

I was wondering if this was a general question or did you have an area you where thinking dropped 48% in value. In Alameda prices for single family homes have not dropped a huge amount but condos and 2-4 unit properties have dropped some and the market for condo buyers is much better than a few years ago.

Troy

Thu Jun 19 2008, 15:52

Very Carefully! :) Appraisers have more than one type of method. Your Realtor will be able to work with a licensed appraiser to determnine FMV. Best of Luck! the Coach (grew up in Alameda, where are u speaking of?)

Wed Jun 18 2008, 13:17