The owners of 24 Moonlight Court bought their place in 1996 for $289k. And they're hoping to sell for $738k in 2008. Unfortunately, they have a neighbor that bought in 2005, paid $700k and put $0 down. Looks like those neighbors will be setting the comp, as these places look pretty darn similar. How low will #28 go?
24 MOONLIGHT CT, South San Francisco, CA 94080
asking $738,000
28 MOONLIGHT ST, South San Francisco, CA 94080
asking $589,000
Monday, March 31, 2008
Saturday, March 15, 2008
$970000 ATTENTION REAL ESTATE AGENTS
A post from craigslist. Bought in 2005 for 950k? Then why do you owe over a million now? Pay option or HELOC? Either way...
$970000 ATTENTION REAL ESTATE AGENTS
Reply to: hous-606407274@craigslist.org
Date: 2008-03-14, 2:22PM PDT
Location - 'PENINSULA'
I am a licensed agent and would like to short sale my home without a lot of fanfare. I owe $1,030,000.00 and it is coming out on comps at a little above $900 or so. I live here and don't want to have a bunch of foot traffic right now, but if you are serious we can set up a time for you to come and look. Here are the stats:
1) Bought in 2005 for $950,000
2) 3 bd 2.5 bath
3) 1700 sq ft
4) Hardwood floors
5) 2 car garage
6) Backs up to hillside with MILLION dollar view
7) Fireplace
8) Special features installed by me i.e. can lights, all through home music
9) Needs updating
You must see the home to appreciate its potential. Contact me back here for further discussion. Thank you
Thursday, March 13, 2008
1049 SHELL BLVD #11, Foster City, CA 94404
Foreclosure in Foster City? 1b/1b - 825sf.
List Price: $329,888
Sold for $302,500 in 2001
Description
7 offers, highest and best offer submitted for lender's approval. Short sale prop. Subj. To lender approval of price/terms/commission. Bright and spacious, top floor end unit! Tastefully updated with granite counter tops, stainless steel sink, newer appliances and pergo floors in kitchen. Woodburning fireplace in livingroom. Washer and dryer in unit and lots of storage closets.
List Price: $329,888
Sold for $302,500 in 2001
Description
7 offers, highest and best offer submitted for lender's approval. Short sale prop. Subj. To lender approval of price/terms/commission. Bright and spacious, top floor end unit! Tastefully updated with granite counter tops, stainless steel sink, newer appliances and pergo floors in kitchen. Woodburning fireplace in livingroom. Washer and dryer in unit and lots of storage closets.
Wednesday, March 12, 2008
San Mateo County housing sales still dropping
From InsideBayArea.com...
22 percent fewer homes sold in February in comparison to last year
By Tim Simmers, BUSINESS WRITER
Article Created: 03/12/2008 02:39:49 AM PDT
Home sales continued to fall in San Mateo County in February, as tighter lending standards and waning consumer confidence pulled buyers from the market.
Home sales sagged 22 percent compared with February 2007, according to the San Mateo County Association of Realtors.
The median price of a single-family home rose slightly to $913,450 in February, up from $870,000 in February 2007.
"Buyers are feeling uncomfortable with the market, and their confidence in the economy is low," said Denise Aquila, a real estate agent with RE/MAX Today in San Carlos. "It's very frightening to think of buying now, and in two years the house is worth less than you paid for it."
Aquila said lenders' guidelines and rates are changing daily, causing confusion for buyers. Throw in high gas prices and relentless company layoffs, and buyer confidence is on the decline, Aquila said.
As foreclosures continue rising around the county — they were up threefold in January — home prices continue to be dragged down dramatically in blue-collar areas such as Daly City, San Bruno and South San Francisco.
In Daly City, the median price of a home in February was $577,450, down more than $150,000 from $743,000 in February 2007. The median price in South San Francisco was $608,500 in February, down from $766,250 in February 2007.
The median price is the midpoint of theprice range, with half the homes selling for more than the median figure and half selling for less.
Though the county is less affected than counties in the East Bay and Central Valley, the mortgage crisis continues to hurt local contractors, real estate agents, loan companies, lumber companies, hardware stores, painters and anybody else who depends on home sales for a living.
"Banks are dumping foreclosed homes on the market in Daly City and San Bruno, just to get them off the books," Aquila said. "That's pushing down the value of homes in the neighborhoods of the foreclosures."
"The areas where first-time home buyers stretched to get in are really hurting," said Tom Diridon, a broker with Carlmont Associates in Belmont. "A lot of those people shouldn't have been first-time buyers."
Parts of East Palo Alto and eastern San Mateo are also seeing home prices fall due to foreclosure problems, he said.
In Belmont, where 25 or 30 homes typically sell in a month, only five sold in February, Diridon said.
The average number of days a house spent on the market in February jumped to 84 countywide, up from 69 in February 2007. Many offers accepted are below the asking price, the report shows. In many cases, the selling price is down 10 percent or more, especially in working-class neighborhoods.
The median price of a condominium in the county was $485,000 in February, down from $558,000 in February 2007.
22 percent fewer homes sold in February in comparison to last year
By Tim Simmers, BUSINESS WRITER
Article Created: 03/12/2008 02:39:49 AM PDT
Home sales continued to fall in San Mateo County in February, as tighter lending standards and waning consumer confidence pulled buyers from the market.
Home sales sagged 22 percent compared with February 2007, according to the San Mateo County Association of Realtors.
The median price of a single-family home rose slightly to $913,450 in February, up from $870,000 in February 2007.
"Buyers are feeling uncomfortable with the market, and their confidence in the economy is low," said Denise Aquila, a real estate agent with RE/MAX Today in San Carlos. "It's very frightening to think of buying now, and in two years the house is worth less than you paid for it."
Aquila said lenders' guidelines and rates are changing daily, causing confusion for buyers. Throw in high gas prices and relentless company layoffs, and buyer confidence is on the decline, Aquila said.
As foreclosures continue rising around the county — they were up threefold in January — home prices continue to be dragged down dramatically in blue-collar areas such as Daly City, San Bruno and South San Francisco.
In Daly City, the median price of a home in February was $577,450, down more than $150,000 from $743,000 in February 2007. The median price in South San Francisco was $608,500 in February, down from $766,250 in February 2007.
The median price is the midpoint of theprice range, with half the homes selling for more than the median figure and half selling for less.
Though the county is less affected than counties in the East Bay and Central Valley, the mortgage crisis continues to hurt local contractors, real estate agents, loan companies, lumber companies, hardware stores, painters and anybody else who depends on home sales for a living.
"Banks are dumping foreclosed homes on the market in Daly City and San Bruno, just to get them off the books," Aquila said. "That's pushing down the value of homes in the neighborhoods of the foreclosures."
"The areas where first-time home buyers stretched to get in are really hurting," said Tom Diridon, a broker with Carlmont Associates in Belmont. "A lot of those people shouldn't have been first-time buyers."
Parts of East Palo Alto and eastern San Mateo are also seeing home prices fall due to foreclosure problems, he said.
In Belmont, where 25 or 30 homes typically sell in a month, only five sold in February, Diridon said.
The average number of days a house spent on the market in February jumped to 84 countywide, up from 69 in February 2007. Many offers accepted are below the asking price, the report shows. In many cases, the selling price is down 10 percent or more, especially in working-class neighborhoods.
The median price of a condominium in the county was $485,000 in February, down from $558,000 in February 2007.
Wednesday, March 5, 2008
1751 Pierce St, San Mateo 94403 - What's the story?
I'd love to know the details on this one. 1751 Pierce is for sale again... REO. Listed at $605,000. Is someone really willing to pay that for this house? I can't imagine.
A little history:
sold for $130,000 - 1/24/03
sold for $799,000 - 6/27/06 (WTF?)
foreclosed - $618,300 - 1/30/08
now listed - $605,000 - 3/5/08
I can't find the info online, but I've seen this house before, and I'm pretty sure they've been trying to sell since last summer. I'm 100% sure that this listing is more than 5 days old (which is what the count is at right now).
At $605k... if you put down $120,000 (20%) and got a 6% 30 yr fixed loan for the rest, your monthly payments would be about $3,000. Is there anyone with this type of money that's willing to live on Pierce St?
Sunday, March 2, 2008
Completely remodeled in Redwood City
3531 HIGHLAND AV, Redwood City, CA 94062
4b/3b, 1360 sf (lot is 7000sf), built in 1959,
This home was purchased for $887k on 9/1/06.
The house was 'completely remodeled', and now the owner is trying to sell for $1,389,000. How much did the remodeling cost, and how does this person think they are going to get $500,000 more for this house than they paid? Maybe they will. Let's see if we can find some comps...
766 CANYON RD, Redwood City, CA 94062
Listed for $1,169,000
4b/3.5, 2450sf (6000sf), built in 1956
1821 KENTFIELD AV, Redwood City, CA 94061
Listed for $1,087,000 (reduced from $1,138,000)
4b/3b, 2560sf (lot is 6000sf), built in 1987.
3746 FARM HILL BL, Redwood City, CA 94061
Listed for $1,099,000
4b/3b, 1850sf (8500sf), built in 1957
220 YARBOROUGH LN, Redwood City, CA 94061
Listed for $1,128,900
4b/2.5b, 2000sf (4600sf) built in 1985
Short sale in South San Francisco
38 NORTHCREST DR, South San Francisco, CA 94080
Sold on 9/2/05 for $888k (100% financing, 80% variable, 20% fixed)
Just listed short sale for $750k.
Sometimes I need to step back and look at these things from a distance. The payments on a $888k mortgage at 6% are just over $5,000 per month. If you're willing to spend 33% of your pre-tax income on your house - then you have to be making $180,000 per year to afford the payments.
Saturday, March 1, 2008
Another loss in Burlingame
Wow, this is the second one that I've found. I'll keep my eye out for more. Next thing you know, prices will actually drop in San Carlos!
1324 MONTERO AVE BURLINGAME, CA 94010
Apr 01, 1999 $685,000
Jun 17, 2005 $1,350,000
Jan 23, 2008 $1,164,000
-13.7% from 2005.
The purchase in 2005 was made with a 5% down-payment... Countrywide financed the rest... 1.28 million dollars via 2 variable rate loans (75% and 20% of total purchase price).
1324 MONTERO AVE BURLINGAME, CA 94010
Apr 01, 1999 $685,000
Jun 17, 2005 $1,350,000
Jan 23, 2008 $1,164,000
-13.7% from 2005.
The purchase in 2005 was made with a 5% down-payment... Countrywide financed the rest... 1.28 million dollars via 2 variable rate loans (75% and 20% of total purchase price).
Homes sold
Let's look at some recent sales on the peninsula. I'm guessing that some of these might be short sales or foreclosures, but i don't have the time to dig right now. So I'll just post the recent sale dates/amounts and leave the details for later...
26 LONGVIEW DR DALY CITY, CA 94015
Jan 30, 2006 $765,000
Jan 31, 2008 $660,000
-13%
39 MORTON DR DALY CITY, CA 94015
Oct 04, 2007 $693,177
Jan 30, 2008 $520,000
-25%
WOW. This is the first serious loss I've seen in Burlingame so far.
1110 BAYSWATER AVE APT 206 BURLINGAME, CA 94010
Jul 06, 2006 $650,000
Jan 29, 2008 $588,000
-9.5%
217 MILTON AVE SAN BRUNO, CA 94066
Jul 22, 2005 $675,000
Jan 31, 2008 $485,000
-28%
1227 SHELTER CREEK LN SAN BRUNO, CA 94066
Aug 19, 2005 $365,000
Feb 04, 2008 $279,000
-23%
(Shelter Creek... if you bought there in 2005,2006,2007... you've lost a lot of money.)
Here's a foreclosure that's kind of interesting...
116 ROSILIE ST SAN MATEO, CA 94403
Dec 26, 1997 $415,000
Aug 07, 2006 $1,065,000
Jan 11, 2008 $810,001
Jan 31, 2008 $955,000
-10% (from 2006 sale)
224 DUNDEE DR SOUTH SAN FRANCISCO, CA 94080
Jul 18, 2003 $485,000
Oct 12, 2007 $618,450
Feb 01, 2008 $515,000
-16%
737 LARCH AVE SOUTH SAN FRANCISCO, CA 94080
Sep 01, 1999 $285,000
Dec 23, 2004 $600,000
Jun 15, 2005 $740,000
Jan 18, 2008 $638,025
Feb 01, 2008 $520,000
-29% from 2005 sale.
26 LONGVIEW DR DALY CITY, CA 94015
Jan 30, 2006 $765,000
Jan 31, 2008 $660,000
-13%
39 MORTON DR DALY CITY, CA 94015
Oct 04, 2007 $693,177
Jan 30, 2008 $520,000
-25%
WOW. This is the first serious loss I've seen in Burlingame so far.
1110 BAYSWATER AVE APT 206 BURLINGAME, CA 94010
Jul 06, 2006 $650,000
Jan 29, 2008 $588,000
-9.5%
217 MILTON AVE SAN BRUNO, CA 94066
Jul 22, 2005 $675,000
Jan 31, 2008 $485,000
-28%
1227 SHELTER CREEK LN SAN BRUNO, CA 94066
Aug 19, 2005 $365,000
Feb 04, 2008 $279,000
-23%
(Shelter Creek... if you bought there in 2005,2006,2007... you've lost a lot of money.)
Here's a foreclosure that's kind of interesting...
116 ROSILIE ST SAN MATEO, CA 94403
Dec 26, 1997 $415,000
Aug 07, 2006 $1,065,000
Jan 11, 2008 $810,001
Jan 31, 2008 $955,000
-10% (from 2006 sale)
224 DUNDEE DR SOUTH SAN FRANCISCO, CA 94080
Jul 18, 2003 $485,000
Oct 12, 2007 $618,450
Feb 01, 2008 $515,000
-16%
737 LARCH AVE SOUTH SAN FRANCISCO, CA 94080
Sep 01, 1999 $285,000
Dec 23, 2004 $600,000
Jun 15, 2005 $740,000
Jan 18, 2008 $638,025
Feb 01, 2008 $520,000
-29% from 2005 sale.
Things that caught my eye today...
Here are some of the houses that caught my eye. I'll dig into them some more as time permits. These short sales should be interesting to watch...
295 WYANDOTTE AV, Daly City, CA 94014
sold for 800k on 7/6/07
just listed short sale for 579k
279 ACTON ST, Daly City, CA 94014
sold for 750k on 1/26/06
just listed short sale for 650k
436 CHESTER ST, Daly City, CA 94014
sold for 750k 1/31/06
just listed short sale for 650k
610 SKYLINE DR, Daly City, CA 94015
sold for 469k on 4/30/03
just listed short sale for 399k
And here's something else to watch...
42 BISMARK ST, Daly City, CA 94014
sold for 630k on 3/19/03
just listed for 798k.
NOT A SHORT SALE... even says so in the description. But look a little deeper and you see that the current owner finance 598k of that 630k purchase price. 504k is a variable rate loan. Rates back in March 2003 look like they were just under 6% (got this from a quick google search so i may be totally off the mark) Monthly payments on this house, assuming 6%... $4,000 or thereabouts. Remind me to follow up on this one and see how it turns out!
295 WYANDOTTE AV, Daly City, CA 94014
sold for 800k on 7/6/07
just listed short sale for 579k
279 ACTON ST, Daly City, CA 94014
sold for 750k on 1/26/06
just listed short sale for 650k
436 CHESTER ST, Daly City, CA 94014
sold for 750k 1/31/06
just listed short sale for 650k
610 SKYLINE DR, Daly City, CA 94015
sold for 469k on 4/30/03
just listed short sale for 399k
And here's something else to watch...
42 BISMARK ST, Daly City, CA 94014
sold for 630k on 3/19/03
just listed for 798k.
NOT A SHORT SALE... even says so in the description. But look a little deeper and you see that the current owner finance 598k of that 630k purchase price. 504k is a variable rate loan. Rates back in March 2003 look like they were just under 6% (got this from a quick google search so i may be totally off the mark) Monthly payments on this house, assuming 6%... $4,000 or thereabouts. Remind me to follow up on this one and see how it turns out!
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