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.