Most expensive short sales in San Mateo county

77 MADERA AV, San Carlos, CA 94070
Asking - $1.7M
Looks like they owe - $1.3M (from Prop Shark)
Not sure what that means, description clearly says it's a short sale.

1272 CRESTVIEW DR, San Carlos, CA 94070
Asking - $1.19M
Looks like they owe - $734k?
Again, not sure about this. Looks like they bought in 2002, and owe way less than they are asking. Description clearly says short sale.

1227 SHAFTER ST, San Mateo, CA 94402
Asking - $1.099M
Looks like they owe - $454k
How is this possibly a short sale? They ref'd it in 1997.

2460 PARK RD, Redwood City, CA 94062
OK, this one is an REO, but we'll put it on the list. Data makes almost no sense to me. Would love to know what's going on here...
Asking - $1.05M
Bought in 2005 for $1.4M. Prop shark says the mortgage was only $242k!
Then refinanced a total of $1.26M later in 2005.
Then foreclosed upon for $1.08M in mid 2007.
DOM = 130 days!

1009 CROCKER AVE, Southern Hills, CA 94014
Another REO.
This one is big and ugly. Who's gonna pay $969k for this?
Bought for $910k in 2004. Mortgage was only for $682k (ARM).
It went back to bank in March for $935k. Maybe it was interest only? And they were never paying any principal this whole time? Seems hard to believe... but how else do you get these numbers? Maybe they took out another loan that Prop Shark doesn't show? I'd love to know the details to some of these situations.

11 BERESFORD CT, San Mateo, CA 94403
Asking - $899k
Last sold in 2007 for $1.1M
But it really looks like this was last sold for $659k in 2003. The other transactions all have the same people or a trust. Not sure. Regardless... if it's a shortsale at $899k, this isn't a good situation.

1062 SONOMA AV, Menlo Park, CA 94025
Asking $898k
Last sold for $680k in 2003! Zero down, 80% ARM, 20% fixed. I don't see any refinancing... are you telling me these guys have been living in a house that they can't afford... for 5 years?

3228 ST PATRICK CT, South San Francisco, CA 94080
asking $888k

210 PINE AV, South San Francisco, CA 94080
asking $825k

699 SYLVAN ST, Daly City, CA 94014
asking $800k
Last Sale: 12/23/05
Sales Price: $1,075,000

438 NORTHWOOD DR, South San Francisco, CA 94080
asking $800k
Last Sale: 12/09/05
Sales Price: $875,000

33 N GRANT ST, San Mateo, CA 94401
REO
asking $779k

746 FIESTA DR, San Mateo, CA 94403
asking $769k
Last Sale: 04/14/06
Sales Price: $821,000

Bank owned in Burlingame

Yup, it can happen even there... funny that the description doesn't mention that it was foreclosed upon...

918 CAPUCHINO AVE, Burlingame
12/20/2007 $819,871 Trustee's Deed upon Sale Resale California Reconveyance Washington Mutual Bank Fa


Let's follow it and see what happens!

WTF

234 HARRISON AVE, Redwood City, CA 94062
List Price: $410,000


Sales History
Date Price
Jul 06, 2006 $575,000
Nov 02, 2006 $675,000

Event date 11/2/2006
Sale amount $675,000
1st party Prasad,Ajay
2nd party Oshea,Michael
Owner address 234 Harrison Ave
Redwood City, CA
94062
Lender # 1 New Century Mortgage
Loan amount # 1 $540,000
Rate type # 1 Variable
Lender # 2 New Century Mortgage
Loan amount # 2 $135,000
Rate type # 2 Fixed

Cash out refi

1166 VIRGINIA AVE Redwood City, 94061

Current owner bought this place in 2005 -
Sale amount $750,000
Lender # 1 Washington Mutual FSB
Loan amount # 1 $562,500
Rate type # 1 Variable

Mortgage of $562k, but refinanced in 2006 to a fixed rate $700k loan. Wonder what they did with the $138k cash.

Event date 11/29/2006
Lender # 1 World Savings
Loan amount # 1 $700,000
Rate type # 1 Fixed

Now they are trying to sell for $879,500. The home is a 3/2 with 1600sf. Not sure if they'll get $879k.

A block away is another house that's for sale... and these guys look like they are in trouble. This second home isn't a comp for the first though, just another interesting piece of property.

1835 ROOSEVELT AVE, Redwood City, CA 94061
4/2.5 with 1670 sf.
Price Reduced: 01/16/08 -- $820,000 to $799,888
Price Reduced: 03/19/08 -- $799,888 to $699,888
On Market: 175 days

These guys paid $702k back in 2005. Zero down, 80/20 with the 80% as an ARM. Nice job. Description says the sellers need to sell, and you should bring them an offer. Can't wait to see what they get.

Balboa Ave

I really like Burlingame. Cute downtown, nice tree lined streets... but it's incredibly pricey to live there.

So, I just noticed that this home is listed -
1345 BALBOA AVE, Burlingame, CA 94010for $1,595,000.

It last sold for $1,385,000 on 06/17/04.
Buyers were : Smyth,Chris & Susan

God bless 'em... they took out 2 mortgages. For a total of 1.1 Million dollars. The first loan (or second really, i guess?) is a fixed rate for $100k. The real first loan is for a cool million, and it's a variable rate loan. I'm dying to know when that loan resets, what were the terms, and how much do these guys make so that they can afford a million dollar loan, but don't have more than $285k to put down for a down payment. Isn't that weird?

Now, it looks like a really nice home. But Balboa Ave is just 1 block off of El Camino, so we're not talking about a home in the hills here...

Let's see what else we can find out. Listing says 'Reduced to sell' yet Zip and Redfin don't show the original asking, and only show it on the market for a day. Thankfully, a google cache of geoffreynelson.com shows a listing price of $1,659,000 on 5/11/2008. So they've dropped the asking at least $65k.

Well, can't seem to find much else. I'll try to keep an eye on it, see what happens.

Bank Owned

I'm starting to see some bank owned properties, so it might make sense to start a real list to keep track.

For now, I'll just post when I get the chance -

941 S DELAWARE ST, San Mateo, CA 94402
REO - Listed for $599k

Last sale - 11/25/2003 - $473,000
Went back to bank - 4/9/2008 - $661,500

How does that happen? Live there 4 years and owe $200k more than when you bought it? I'm guessing it was an option ARM? Or maybe a refi? I don't know too much about how these actually work, so I may be missing something.

Can't wait to see what this sells for. In the old days you'd need $130k down and a six figure salary to afford this house. Nowadays? Who knows.

2736 MONSERAT AV, Belmont, CA 94002

2736 MONSERAT AV, Belmont, CA 94002

Wow. A foreclosure in Belmont? Not showing on redfin when you search for foreclosures...

Price: $701,910
Beds: 3
Baths: 2
Sq. Ft.: 1,190
$/Sq. Ft.: $590
Lot Size: 5,000 Sq. Ft.
Age (Years): 52
Year Built: 1956
Type: Detached Single Family
Stories: 1 Story
Neighborhood: Haskins Estates Etc.
County: San Mateo
MLS#: 781467
Source: MLSListings
Status: Active
On Redfin: 75 days


12/17/2007 $704,429 Trustee's Deed upon Sale Resale Law Offices Of Les Zieve Fremont Investment & Loan

What will it sell for?

8 CAMBORNE AVE, San Carlos, CA 94070

Just want to watch this one.
List Price: $1,198,000

Last Sale: 08/01/05
Sales Price: $840,000

Description
Price reduced! Amazing & dazzling views!! Beautifully upgraded 4bd/2ba 2 story home. Expansive lr & dr ensemble w/elevated hearth fireplace & striking picture windows w/views. Updated granite & maple-finished chef's kit. Light-filled lower-level fam room w/fireplace,full kitchenette and sliding glass door to spa. Level back yard w/view of valley. Close to shopping & major freeways!

Event date 8/1/2005
Sale amount $840,000
1st party Cendant Mobility Finl Corp
2nd party Saffarnia,Shahin Andre
Owner address 8 Camborne Ave
San Carlos, CA
94070
Ownership status UM
Lender # 1 Washington Mutual FSB
Loan amount # 1 $650,000
Rate type # 1 Variable

Event date 6/13/2006
1st party Saffarnia,Shahin A
2nd party Saffarnia,Shahin A
Owner address 8 Camborne Ave
San Carlos, CA
94070
Lender # 1 National City Mortgage Co
Loan amount # 1 $200,000
Rate type # 1 Fixed