How Much is this House Worth?

Home prices in the United States increased 1.3 percent in April, according to the S&P/Case-Shiller Home Price Report released Tuesday.

Home prices in the San Francisco area have improved 3.4 percent since March, said the report.

The report also noted that the upswing in prices comes after seven consecutive months of falling home prices nationwide.

“With April 2012 data, we finally saw some rising home prices,” says David M. Blitzer, Chairman of the Index Committee at S&P Indices.

The measurement is considered one of the best indicators of home values because it’s based on repeat sales rather than median prices.

Although one month does not make a trend, particularly during seasonally strong buying months, higher home values are still good news for homeowners and sellers with the combination of rising positive monthly index levels and improving annual returns.

But what do think about home prices on the Coast?

Let’s start with this El Granada house located at 990 Avenue Alhambra Ave.

Take a virtual tour of this Eichler-style ocean view home one block from Surfer’s Beach. The 1,350-square-foot home with carport garage is listed for $649,500. Then let us know in the Comments section below how much you think this 3 bedroom, 2 bath home in El Granada is really worth.

In 2006, the house was estimated at $807,000, according to data on Zillow.com. A look at the tax history shows that after the sale of the house in 2004, the tax assessment went from $290,938 in 2004 to $700,000 in 2005.

Still, is the house worth the asking price of $649,500? Or do you think it’s less? With home values nationwide increasing 1.3 percent, according to the S&P/Case-Shiller Home Price Indices report, perhaps you think this house is worth more? Should potential buyers expect to overbid on the asking price? If so, by how much?

If money were no object, tell us in the Comments what you would pay for this Coastside home currently on the market for $649,500.

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