Is this why home prices got out of control?

FORECLOSURE - 310 WILDWOOD DR, South San Francisco, CA 94080
REO on 12/24/2007. Now listed for $629,900.

Does anyone know Fern King from South San Francisco? If so, I'd love to know the story behind this home. I don't know how much Fern paid for 310 Wildwood, because none of the popular sites seem to have any purchases listed prior to 12/24/2007. What we do know from property shark is that Fern refinanced in March of 2000 for $222k. Not a big deal, right? But then Fern refinanced twice more...

Nov 2003 - $410k
Aug 2006 - $725k

Now, I'm no real estate expert, and certainly no mortgage expert. And this is just info from free web sites. But is there any possible explanation for this? Fern took out at least $500,000 in cash over the course of 6 years. Then on 12/24/2007, Christmas Eve, Fern lost the home to foreclosure. Final bill on the loan - $646,671.

If anyone knows Fern's story, I'd love to hear it.

3550 CARTER Dr #78 , South San Francisco

3550 CARTER Dr #78

Price: $399,000
Beds: 3
Baths: 2.5
Sq. Ft.: 1,644
$/Sq. Ft.: $243


Well, I'm not sure what to say about this listing. According to redfin it sold for over $900k in 2004? Looking at property shark shows that Oliver Reyes is listed as both parties. So maybe this wasn't a sale, but a refinance. The mortgage amount was listed at $408k. So maybe the $900k number was the appraisal used to get the 408k? If anyone knows for sure, I'd appreciate an explanation. I'm no expert at this stuff.

Sales History

Property Tax
Date Price Appreciation
Mar 05, 2002 $375,000
Oct 05, 2004 $928,000

Moonlight Court - UPDATE

UPDATE - Well, I think the owners of 24 Moonlight have started to realize the brutal truth. They've just lowered their asking price to $599k. At this point, they clearly have an advantage over 28 Moonlight, since 24 is not a short sale.

A quick look for other 3/2 w/1500+ sf, shows there are several listed for under $600k. The problem is, most are short sales, so it's debatable whether or not you could actually close at the listing price. Also, 24 Moonlight actually looks like a nicer place than most of the others. So maybe it's the lowest listed, but I still wouldn't buy. Things are dropping in this area. San Mateo county may be the last place in America that hasn't dropped too far, but it's moving down.


Original post -
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

Federal Natl Mtg Assn Fnma owned -

5135 Shelter Creek Ln San Bruno, CA 94066

Beds: 0
Baths: 1
Sqft: 490
Style: Condominium
Year Built: 1972

FNMA owned... I've never seen this before.
Sold For:
$196,000
(01/28/2008)

List Price - $149,900.

Bank owned in San Carlos

1008 HOLLY ST, San Carlos, CA 94070

A broken caps lock and apparently a forgetful mind. This home went bank to the bank on 4/22, but the description doesn't mention that.

Price: $569,900
Beds: 2
Baths: 1
Sq. Ft.: 1,020
$/Sq. Ft.: $559
Lot Size: 5,000 Sq. Ft.

BEAUTFUL REMODELED HOME, WITH TONS OF UPGRADES. THIS SINGLE FAMILY HOME OFFERS TWO BEDROOMS AND ONE BATH. ALSO OFFERING AN UPDATED EAT IN KITCHEN WITH MARBLE, A LARGE LIVING ROOM WITH A WOOD BURNING FIREPLACE, A SEPERATE DINING AREA, AND A REAR FENCED IN YARD. GREAT PRICE FOR A BEAUTIFUL HOME IN SAN CARLOS!

Wow great price & a fantastic mount carmel deal! This is not a short sale!

Yeah, not a short sale... because it's Bank Owned.

258 ELWOOD ST, Redwood City, CA 94062

6/2/2008 $618,608 Trustee's Deed upon Sale Resale California Reconveyance Co Long Beach Mtg Loan Trust 2004-6


258 ELWOOD St Redwood City, CA 94062
Price: $549,900
Beds: 2
Baths: 2
Sq. Ft.: 1,070
$/Sq. Ft.: $514
Lot Size: 6,500 Sq. Ft.

Huge price reduction, Seller very motivated. Just relisted

247 BERESFORD Ave Redwood City, CA 94061

List Price: $799,950
Beds: 3
Baths: 2
Sq. Ft.: 1,320

Sales History
Date Price Appreciation May 13, 2005 $835,000

This owner has some equity. Looks like they took out a $650k ARM... so let's wait and see what this place sells for...

177 BARFORD Ave San Carlos, CA 94070

177 BARFORD Ave San Carlos, CA 94070

Bought for a million (ZERO down), then refinanced -
Lender # 1 First Federal Bank CA
Loan amount # 1 $862,000
Rate type # 1 Variable
Lender # 2 Cal State 9 Cu
Loan amount # 2 $172,000
Rate type # 2 Variable

Now listed for $1.088M. We'll keep an eye out and see what it goes for...

Waterfront in RWC

305 LOUIS Ln Redwood City, CA 94063

This listing says it's 55 days old, but I think it's older than that. There have been a couple listings that have had their DOM's reset lately. Not sure if this is one of them, so I'm posting it here so we can watch it.

Price: $699,900
Beds: 3
Baths: 2.5
Sq. Ft.: 1,390
$/Sq. Ft.: $504

One to watch.

155 N EL CAMINO REAL #00027, San Mateo
155 N EL CAMINO REAL #00027 San Mateo, CA 94401
Price: $299,000
Beds: 2
Baths: 1
Sq. Ft.: 860
$/Sq. Ft.: $348


This unit is in trouble. The owner bought it in 2005, 0 down w/80/20 for $463k.
Listing Price History
Date Price Nov 14, 2007 $405,000
Apr 11, 2008 $380,000
Jul 02, 2008 $299,000

Back to the bank...

145 N IDAHO St San Mateo, CA 94401
went back to the back on 6/30. bank was owed $648k, now listed for $675k.

Listing Price History
Date Price Mar 31, 2008 $725,000
Apr 16, 2008 $699,000
Jun 27, 2008 $675,000


3354 BRITTAN Ave #00009 San Carlos, CA 94070
went back to the bank on 6/23. bank was owed $438k, now listed for ...
Listing Price History
Date Price Nov 23, 2007 $549,000
Feb 15, 2008 $449,000

1415 Roosevelt Ave Redwood City, CA 94061
went back to the bank on 6/13 for $445k.
not currently listed.

709 Fallon Ave San Mateo, CA 94401
went back to the bank on 6/11. sold for $560k.
not currently listed.



1575 Oxford St Redwood City, CA 94061
went back to the bank on 6/19 for $519k, not currently listed.

WTF?

707 MARTINIQUE Dr Redwood Shores, CA 94065

OK, another WTF post. There's no purchase info for this place, but the owners had it pre-2001. In 2001 they refi for $200k. Then in 2006 they refi for $940k. One year later, the property is foreclosed on and goes back to the bank. Where are these people and what is their story?

Now listed for 45 days.. with 2 other places of similar size asking just a little bit less. (50-90k less but slightly smaller and I'm not sure of the quality)

Listing Price History
Date Price May 20, 2008 $1,070,900
May 28, 2008 $1,045,900
Jun 26, 2008 $950,900

$650000 Lease Option to BUY Lovely house in San Carlos (san carlos) (map)

Rent on the Peninsula is obscene. $3500/mo for this? Of course, you could buy it... for $130k down and over $3k/mo. Still, doesn't that seem a little outrageous?

Redfin says about 40 homes in this neighborhood in the past 3 years with prices over $500/sf. I think those people are going to face a tough reality over the next few years, but I could be wrong. This is San Carlos.

====================
Reply to: hous-739821751@craigslist.org
Date: 2008-07-01, 7:25PM PDT


948 Cherry St San Carlos between El Camino and 101
This house has 3 bedrooms and 2 bathrooms. It is nice and lovely perfect for any one.
Close to downtown, freeways, schools and shopping. Ready to move in. Nicely remodeled.
Please call Adriana (408)569-9288 or Claudia (408)205-4256 for an appointment and information.

Lease Option to buy this house can be yours for sale at $650,000.00 - $680,000.00 it would be very good price for the area.
Agreement Terms for Option to Buy:

Fax application back to 408-273-6081
- Monthly Rent: $3,590
- Security Deposit: $3,600
- Pet Deposit: $350 (max 1)
- One year lease (6 month available @ $3,100/mo.)
- Credit/Application Fee: $35 per person over 18 years of age