Cracks in the Peninsula

1345 Balboa - Update

2008-10-06T15:22:00.000-07:00

Well, I posted about this place back in May.
http://cracksinthepeninsula.blogspot.com/2008/05/balboa-ave.html

It's still on the market. Or should I say back on the market?
http://www.redfin.com/CA/Burlingame/1345-BALBOA-Ave-94010/home/2058736

Redfin and Zip Realty show it as a new listing with 1 DOM. The only reason that the listing caught my eye was that I remember really liking the house. I'll keep an eye out and see what it sells for...

1345 BALBOA Ave Burlingame, CA 94010
Price: $1,449,000
Beds: 4
Baths: 2
Sq. Ft.: 1,882
$/Sq. Ft.: $770
Lot Size: 6,000 Sq. Ft.
Age (Years): 86
Year Built: 1922
Type: Detached Single Family
Style: Traditional
Stories: 2 Stories
View(s): Neighborhood
Neighborhood: Burlinhome / Easton Add #2, #3, #5
County: San Mateo
MLS#: 80838192
Source: MLSListings
Status: Active
DOM: 1 day

1112 KILLARNEY LN, Burlingame, CA

2008-10-06T11:13:00.001-07:00

1112 KILLARNEY LN is listed as a short sale. It kind of surprised me to see a home in Burlingame, bought in 1999, listed as a short sale.

Looks like they refinanced in 2007 into an ARM. Bought in 1999 for 440k. Refinanced for 945k in 2007! What's the story there? Where'd the money go? Asking 899k now... wonder what it will go for.

1112 KILLARNEY Ln Burlingame, CA 94010
Price: $899,000
Beds: 3
Baths: 1
Sq. Ft.: 1,490
$/Sq. Ft.: $603
Lot Size: 5,000 Sq. Ft.

39 Coronado

2008-09-23T20:08:00.000-07:00

39 CORONADO Ave San Carlos, CA 94070
Price: $1,349,000
Beds: 4
Baths: 3
Sq. Ft.: 2,490
$/Sq. Ft.: $542

Bought for $1,300,000 on Sep 28, 2006. This home is one to watch. Current owners refi'd a total of $1.46M in 2007. Hope they have some cash lying around. Good news is that San Carlos has held its value much better than some of the towns in the area.

650 life

2008-09-21T13:08:00.000-07:00

650 life is a blog about peninsula real estate written by a local realtor. I like it, and check once in a while to see what's going on. I've thought it was a bit optimistic at times, but it seems to be reasonably accurate with predictions. Let's look back at posts from June and July and see where those listings are now -

http://650life.wordpress.com/

1330 Hull, San Carlos. No longer listed, doesn't look like it sold. Bought in 2005, no mortgage info available.

331 Lexington Way, Burlingame. Sold just like 650 life said it would.

170 Warren Road, San Mateo. Sold in August for $944k. 150k less than 1.1 Million that 650 life said was a good buy.

508 ALameda de las Pulgas, Belmont. Sold for under asking, just like 650 life predicted. $890k in July.

920 Round Hill Road, Redwood City. No longer listed. Doesn't look like it sold.

31 Kenton Avenue, San Carlos. Sold for $675k which 650 life thought was cheap.

1653 Carleton Ct. Redwood City. Sold for $775k, which 650 life considers cheap.

758 Arnold Way, Menlo Park. Not listed, no sale history.

136 15th Avenue, San Mateo. Not listed, never sold.

108 Brook Street, San Carlos. Went for close to asking.

531 Hillside Road Redwood City. Price dropped 50k. 100k down from original list price, and on market for 177 days.

1244 Laurel Hill Drive, San Mateo. REO, over a million dollars. Doesn't look like it sold, but the listing is gone.

2000 Valparaiso Ave. Menlo Park. Sold for 100k less than asking.

516 Howard Avenue, Burlingame. SOld for 50k less than asking.

All in all, looks like 650 life is pretty much on the mark.

Sad.

2008-09-20T19:34:00.000-07:00

737 Mediterranean Ln Redwood City, CA 94065
Sold For:
$989,000
(04/03/2006)
Beds: 3
Baths: 2.5
Sqft: 1,996
Style: Condominium
Year Built: 1989

Looks like this place is going to be auctioned off. It sold for $989k in 2006. The auction has a figure of $860k. I can't find any mortgage info, but this is another one to watch...

10/14/2008 1:00:00 PM 20080036909
737 MEDITERRANEAN LANE
REDWOOD CITY CA
94065
San Mateo 112-890-080
Postponed To 10/14/2008 1:00 PM (Mutual Agreement)
$860,042.51 0 0
At the Marshall Street entrance to the Hall of Justice and Records, 400 County Center, Redwood City, CA. Recon Trust Company N.A. (800)281-8219

Encouraging.

2008-09-20T18:16:00.000-07:00

A 2b/2b in Redwood Shores for $450k?

2010 HASTINGS SHORE Ln #314 Redwood Shores, CA 94065
Price: $449,000
Beds: 2
Baths: 2
Sq. Ft.: 988
$/Sq. Ft.: $454

Bought in 2006 for $600k. I can't seem to find any mortgage info, but that's a drop of 25% so I can't imagine this isn't a short sale (was anyone putting down 25% in 2006?). The listing is only 2 days old, so it could be a typo or an attempt to get a bunch of people bidding. We'll have to watch it, but i really find this encouraging. When was the last time a 2b/2b place in RWS was sold for anything close to $400k? With 20% down, a 6% mortgage will run you abuot $2k, plus HOA, taxes, etc... but still.

Zero down. Fieldstone loses on this one.

2008-09-20T18:02:00.000-07:00

206 MORESBY Ln Redwood City, CA 94063
Price: $650,000
Beds: 3
Baths: 2.5
Sq. Ft.: 1,405

Nice place in Redwood City, east of 101. Owners are looking at quite a loss though. Well, maybe not really since they didn't put down a PENNY when they bought it. And people wonder how we got into this mess? Fieldstone is looking at a 90k loss, if they sell at asking.

Event date 4/26/2005
Sale amount $738,000
1st party Chien,David
2nd party Castillo,Jorge & Sagrario
Owner address 206 Moresby Ln
Redwood City, CA
94063
Lender # 1 Fieldstone Mortgage Co
Loan amount # 1 $590,400
Rate type # 1 Variable
Lender # 2 Fieldstone Mortgage Co
Loan amount # 2 $147,600
Rate type # 2 Fixed

Shoreview update

2008-09-17T09:17:00.000-07:00

Back in April, we took a look at the Shoreview neighborhood and here's where we stood -

http://cracksinthepeninsula.blogspot.com/2008/04/under-600k-3b2b-or-bigger-in-san-mateo.html

Let's do a little follow up on 3b/2b's in that area.

525k - 1464 HEMLOCK AVE - 3/2 1420sf. 15 DOM.
sold for $505k.

529k - 2034 POLK AVE - 3/2 1300sf. 107 DOM.
listing gone. never sold.

539k - 948 DAISY ST - 3/2 - 1170sf. 1 DOM. REO.
sold for $547k

548k - 1436 DIX ST - 3/2 1040sf. 21 DOM. Pre-foreclosure.
sold for $525k.

549k - 1516 S NORFOLK ST - 3/2 1040sf. 130 DOM.
still listed.

550k - 1719 KEHOE AVE - 3/2.5 1080sf. 41 DOM. Short Sale.
listing gone, not sold.

559k - 1680 TAYLOR ST - 3/2 1220sf. 93 DOM. Short sale.
listing for 549k now.

579k - 1864 COTTAGE GROVE AVE - 6/2 1220sf. 34 DOM.
sold for 560.

585k - 1603 ECHO AVE - 3/2 1080sf. 13 DOM. Short Sale.
now listed for 525

585k - 1627 ECHO AVE - 3/2 1010sf. 64 DOM. Short Sale.
now listed for 525

595k - 1610 NOE AVE - 3/2 1080sf. 46 DOM.
now listed for 530.

599k - 1703 KEHOE AVE - 3/2 1080sf. 160 DOM.
listing gone, never sold.

599k - 1656 VAN BUREN ST - 3/2 1300sf. 104 DOM.
still same.

599k - 1326 NEWBRIDGE AVE - 5/2 - 1650sf. 46 DOM.
sold for $578.

Not bad really, most sold for close to asking. OK, now let's see what's for sale in that neighborhood now.

1501 S NORFOLK St San Mateo, CA 94401
Price: $495,000
1765 S NORFOLK St San Mateo, CA 94403
Price: $499,900
1708 ROYAL Ave San Mateo, CA 94401
Price: $509,000
1627 ECHO Ave San Mateo, CA 94401
Price: $525,000
1610 NOE Ave San Mateo, CA 94401
Price: $530,000
608 GLORIA Ct San Mateo, CA 94401
Price: $530,000

Looks like this neighborhood should just keep dropping for now. Why buy there when you can wait and see?

San Carlos

2008-09-17T08:58:00.000-07:00

A couple interesting listings in San Carlos...

982 HOLLY St San Carlos, CA 94070
Price: $569,000
Beds: 2
Baths: 2
Sq. Ft.: 1,180

This place sold for $587k in 2004. Buyers put down 5%, finances 80% with an ARM which is probably killing them. Another interesting one to follow.

1027 SPRINGFIELD Dr San Carlos, CA 94070
Price: $583,000
Beds: 2
Baths: 1
Sq. Ft.: 820

Listed for over 200 days. Asking price started at $780k. Last sold for $735k in 2005. This one is a huge short sale as it was bought using 100% financing, 80% of which is an ARM. People just thought these things would go up forever.

1024 INVERNESS Dr San Carlos, CA 94070
Price: $599,000
Beds: 2
Baths: 1
Sq. Ft.: 820

Bought for 690k in 2005. Used 100% financing, 80% was an ARM.

360 HEDGE Rd

2008-08-19T19:20:00.000-07:00

360 HEDGE Rd Menlo Park, CA 94025
Price: $1,248,000
Beds: 3
Baths: 2
Sq. Ft.: 1,260
$/Sq. Ft.: $990

Hmmmm. Was looking at 251 Hedge, after reading http://650life.wordpress.com/, but when looking for comps I noticed 360 Hedge Road. Last sold for $1,119,000 in 2005. They took out 3 loans to make the purchase...

Lender # 1 Wells Fargo Bank
Loan amount # 1 $895,200
Rate type # 1 Variable
Lender # 2 Abbott Laboratories Emp Cu
Loan amount # 2 $50,000
Rate type # 2 Fixed
Lender # 3 Wells Fargo Bank
Loan amount # 3 $117,850
Rate type # 3 Fixed

That adds up to $1,063,050. So the buyer put down $55,950. Wait... can that be right? Put down $56k and get a nice house in Menlo Park?

Huge court case - Wells Fargo pays $1.25 Million

2008-08-18T05:36:00.000-07:00

I need to read more about the case, but can you imagine what would happen if all the borrowers in this situation followed suit... and won?

http://www.bizjournals.com/washington/stories/2008/08/18/story18.html?ana=from_rss

A Silver Spring woman who defaulted on a subprime loan has been awarded $1.25 million in damages from her lender, Wells Fargo Bank N.A. The borrower, Kimberly Thomas, was awarded $250,000 in damages and $1 million in punitive damages in Montgomery County Circuit Court July 31. A six-member jury convicted Wells Fargo of fraud, negligence and other charges for inflating Thomas’ income and assets on her mortgage application, and locking her into a bigger loan than she had applied for — one she couldn’t afford.

Someone's in denial.

2008-08-13T22:12:00.000-07:00

Shoreview home at 1234 Cobb listed for $699k. 3/1, 1000sf. Ha! Unless there's something really special about this house (or it's really 2005 and my calendar is wrong). Can't wait to see where this one goes.

Similar listings in this neighborhood (all 3+ bedrooms) start at $448k. And from there to $700k there are 36 listings! Plenty of bigger homes and better looking too. How did the agent let this person list for $699k?

1234 COBB St
San Mateo, CA 94401
Price: $699,000
Beds: 3
Baths: 1
Sq. Ft.: 1,000
$/Sq. Ft.: $699
Lot Size: 5,500 Sq. Ft.
Age (Years): 55
Year Built: 1953
Type: Detached Single Family
Style: Ranch
Stories: 1 Story
View(s): Neighborhood
Neighborhood: South Shoreview
County: San Mateo
MLS#: 80825722
Source: MLSListings
Status: Active
On Redfin: 10 days

100% financed in RWC

2008-08-11T04:25:00.000-07:00

518 King St, Redwood City

518 KING St Redwood City, CA 94062
Price: $1,075,000
Beds: 3
Baths: 2
Sq. Ft.: 1,500
$/Sq. Ft.: $717
Lot Size: 6,500 Sq. Ft.

Really nice home. Bought in 2005 w/0% down. Now trying to sell for $100k more. Wonder if they have any equity. Wonder if they had a pay option loan. We'll wait and see where this one goes.

Any other similar houses nearby?

518 HUDSON St Redwood City, CA 94062
Price: $949,000
Beds: 3
Baths: 2
Sq. Ft.: 1,550
$/Sq. Ft.: $612
Lot Size: 6,500 Sq. Ft.

These owners paid $875k in 2004. They put down $200k, but are carrying a $680k ARM. On the market for 4 months so far and they've only dropped the price $20k.

Nothing else in the neighborhood seems to be as nice as these 2 that is still in this price range.

Stunned.

2008-08-05T17:57:00.000-07:00

I am stunned. This listing just popped up, and I'm really surprised. Granted it's right on the train tracks, but still - it's Burlingame. I'm surprised the price is so low.

No sales are listed on any sites I see... but the foreclosure was on 6/24/2008 for $935,420.

1025 TOYON Dr Burlingame, CA 94010
Price: $649,900
Beds: 3
Baths: 2
Sq. Ft.: 1,970
$/Sq. Ft.: $330
Lot Size: 6,400 Sq. Ft.
http://www.redfin.com/CA/Burlingame/1025-TOYON-Dr-94010/home/2014036

FANTASTIC PRICE AND OPPORTUNITY IN BURLINGAME! Large 1,970 sq. ft. 3 bedroom 2 bath home, located on a 6,400 sq. ft. corner lot. Updated kitchen. Hardwood floors. Separate dining room. Spacious family room. Extra bonus room. Don't miss out on this Burlingame opportunity!

Looking around for other homes, and the closest I see is ...

929 LARKSPUR Dr Burlingame, CA 94010
Price: $799,888
Beds: 2
Baths: 1
Sq. Ft.: 950
$/Sq. Ft.: $842
Lot Size: 5,000 Sq. Ft.

929 Larkspur is in much better condition, but it's priced at $150k more. You can do a lot of fixing with the $150k. Not to mention the difference in square footage. There may be other differences as I don't know this neighborhood well... but you have to imagine that the owners on Larkspur can't be too happy about this new listing. We'll keep an eye on it...

Is this why home prices got out of control?

2008-07-31T07:10:00.000-07:00

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

2008-07-26T07:32:00.000-07:00

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

2008-07-26T07:20:00.000-07:00

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 -

2008-07-12T21:37:00.000-07:00

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

2008-07-12T20:48:00.000-07:00

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!

2008-07-09T07:06:00.000-07:00

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

2008-07-09T06:57:00.000-07:00

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

2008-07-06T16:47:00.000-07:00

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

2008-07-04T19:19:00.000-07:00

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.

2008-07-04T18:31:00.001-07:00

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...

2008-07-04T05:45:00.000-07:00

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?

2008-07-04T05:16:00.000-07:00

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)

2008-07-02T05:35:00.001-07:00

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

Redwood City - 811 Alameda de las Pulgas

2008-06-21T13:09:00.001-07:00

$860000 Cozy and Inviting 3 Bd., 2 Ba. with Great Floor Plan (redwood city)
Nice little home. Sellers paid $800k in 2005. Variable loan for $500k.
Now they're trying to sell for $860k?

Seems reasonable, but their neighbor at 633 ALAMEDA DE LAS PULGAS 4b/2b - 1940sf is only asking $849k. And they've been trying to sell for almost 2 months.

Homes to watch

2008-06-19T18:15:00.000-07:00

Foreclosure in Belmont-
817 Covington
Listed for $589,900
Beds: 2 | Baths: 2 | Sq. Ft.: 1,225
2/1/2008 $704,591 Trustee's Deed upon Sale
7/14/2005 $750,000 Grant Deed

Foreclosure in San Mateo - South Shoreview
840 Ocean View, San Mateo
Listed for $494,900
Beds: 4
Baths: 2
Sq. Ft.: 1,300

Sales History

Property Tax
Date Price Appreciation Oct 30, 1997 $267,000
--
Mar 25, 1999 $327,000
15.6%/yr
Sep 26, 2001 $550,000
23.0%/yr
Jan 31, 2005 $256,000
-20.4%/yr
Oct 27, 2006 $810,000
94.2%/yr
May 27, 2008 $1,000
-98.5%/yr

800 ROOSEVELT Ave Redwood City, CA 94061
Price: $419,900
Beds: 3
Baths: 1
Sq. Ft.: 960
Sales History
Property Tax
Date Price Appreciation Oct 26, 1988 $201,000
--
Dec 21, 2001 $379,000
4.9%/yr
Feb 23, 2006 $615,000
12.3%/yr

1631 KENTFIELD Ave Redwood City, CA 94061
Listed $539,000
Beds: 3
Baths: 2.5
Sq. Ft.: 1,530

Most expensive short sales in San Mateo county

2008-05-27T19:07:00.000-07:00

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

2008-05-20T18:45:00.000-07:00

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

2008-05-19T20:36:00.000-07:00

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

2008-05-19T20:09:00.000-07:00

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

2008-05-15T19:44:00.000-07:00

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

2008-05-15T18:46:00.001-07:00

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

2008-05-14T21:07:00.000-07:00

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

2008-05-12T19:42:00.000-07:00

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

Under 600k - 3b/2b (or bigger) in San Mateo

2008-04-29T16:07:00.000-07:00

All of these homes are in San Mateo, just east of 101, between 3rd Ave and 92.
All have at least 3b/2b. Basically they are selling for $100,000 - $300,000 less than they sold for in 2005 or 2006.

525k - 1464 HEMLOCK AVE - 3/2 1420sf. 15 DOM.
529k - 2034 POLK AVE - 3/2 1300sf. 107 DOM.
539k - 948 DAISY ST - 3/2 - 1170sf. 1 DOM. REO.
548k - 1436 DIX ST - 3/2 1040sf. 21 DOM. Pre-foreclosure.
549k - 1516 S NORFOLK ST - 3/2 1040sf. 130 DOM.
550k - 1719 KEHOE AVE - 3/2.5 1080sf. 41 DOM. Short Sale.
559k - 1680 TAYLOR ST - 3/2 1220sf. 93 DOM. Short sale.
579k - 1864 COTTAGE GROVE AVE - 6/2 1220sf. 34 DOM.
585k - 1603 ECHO AVE - 3/2 1080sf. 13 DOM. Short Sale.
585k - 1627 ECHO AVE - 3/2 1010sf. 64 DOM. Short Sale.
595k - 1610 NOE AVE - 3/2 1080sf. 46 DOM.
599k - 1703 KEHOE AVE - 3/2 1080sf. 160 DOM.
599k - 1656 VAN BUREN ST - 3/2 1300sf. 104 DOM.
599k - 1326 NEWBRIDGE AVE - 5/2 - 1650sf. 46 DOM.

So maybe you could get 2034 Polk for $500k. 20% down, means your mortgage at 6% is $2400/mo. Taxes were 6k last year, so that's another $500 per month. Then add in $100/mo for insurance.

So for 100k down and 3,000 per month, this home could be yours. Of course, if I were you, I'd wait a little while. This house has been listed for 107 days, and the asking price has dropped from $635k to $529k.

The current seller bought it in 2003 with 80/20 financing, and the 80% is an ARM. Wonder if it was a 5/1? Maybe they just got their adjustment?

Pre-foreclosure in San Mateo

2008-04-29T16:02:00.000-07:00

240 RAMONA ST, San Mateo, CA 94401

Space is what matters in this 4 bedroom & 2 bathrooms home. Updated & spacious kitchen w/ tile. Nicely landscaped with mature trees. Huge laundry room could be used as a 5th bedroom. Walking distance to downtown. Close to public transportation and more.. Property is in a pre-foreclosure status.. Best deal in this school district.. Why rent when you can afford this starter home?

Bedrooms: 4
Full Baths: 2
Partial Baths: 0
Square Feet: 1,400
Lot Size: 4,092 Sq. Ft.
Year Built: 1907
Listing Date: 02/28/08
On Market: 61 days
Type: SFR
Status: ACTIVE
MLS #: 781087

Price Reduced: 04/03/08 -- $609,900 to $549,000
Price Reduced: 04/07/08 -- $549,000 to $529,000
Price Reduced: 04/19/08 -- $529,000 to $499,000

Pierce Street

2008-04-28T20:09:00.001-07:00

I've driven down this street, and I really can't imagine anyone would pay $700k to live there, but i guess I'm wrong.

1748 PIERCE ST SAN MATEO, CA 94403
May 13, 2004 $715,000
Mar 06, 2008 $549,103
Apr 02, 2008 $699,000

From Property Shark - This was an REO on 3/5/08
Date Amount Type Transaction 1st party 2nd party Event ID
4/2/2008 $699,000 Grant Deed Resale Rosenbledt Trust Joe, Koman 696806501
3/6/2008 $549,103 Trustee's Deed upon Sale Resale Executive Trustee Services LLC Rosenbledt Trust 690173274
5/13/2004 $715,000 Grant Deed Resale Labelle, Tr Mendez, Monica & Jose Luis 255801365
5/13/2004 Grant Deed Resale Demendez, Angelica Mendez, Jose L 255805375
12/15/2003 Resale La Belle, Tr La Belle, Tr 255802113

It'll be interesting to see if the buyer keeps it and lives there are tries to flip it or something.

763 BARNEGAT LN, Redwood Shores, CA 94065

2008-04-28T19:56:00.000-07:00

Asking $499,999
Last sale - 11/14/03 - $436,000

Water views! Beautiful 1 bedroom 1 bath with large loft that can be second bedroom or office. Vaulted ceilings, updated bath & kitchen. A must see!

But they refi'd according to Prop Shark
Event date 9/14/2005
1st party Kiresh,Majdi
2nd party Kiresh,Suzi
Owner address 763 Barnegat Ln
Lender # 1 Popular Financial Services LLC
Loan amount # 1 $570,000
Rate type # 1 Variable

And now they're trying to sell.

708 OCEAN VIEW AVE, San Mateo, CA 94401

2008-04-28T18:00:00.000-07:00

Another attempted fix and flip. Extensively remodeled. Will this one work out?

Asking - $689k
Last sale - $500k - 01/09/08

Description
Low traffic street. Extensive remodel. 4 bdrm (1 bdrm has a closet but no exgress) 2 bath, large family room, dining room, + den + living room w/wood burn stove encased by a wall size mantel & built-in shelving. Sliding doors to large backyard. Remod. Kitchen w/warm cherry cabinets, granite counters, stainless steel appliances, refrigerator included. Lots of light!Close to hwy 101/ shopping.

477 TOPAZ ST Redwood City, CA 94062

2008-04-27T12:30:00.000-07:00

Price: $585,000

Listing Price History
Date Price Apr 03, 2008 $625,000
Apr 24, 2008 $585,000

Sales History
Mar 18, 2005 $550,000 ( $400k Variable rate mortgage)

Beds: 2
Baths: 1
Sq. Ft.: 700
$/Sq. Ft.: $836
Lot Size: 2,625 Sq. Ft.
Age (Years): 56
Year Built: 1952
Type: Detached Single Family
Style: Traditional
Stories: 1 Story
View(s): Neighborhood
Neighborhood: High School Acres Etc.
County: San Mateo
MLS#: 789092
Status: Active
On Redfin: 24 days

Charming cottage is move-in ready. This well-maintained home is absolutely spotless with many updates throughout. Fully remodeled kitchen has granite counters and custom tile; all stainless appliances with gas stove, microwave, dish washer and refrigerator. Furnace is 2 years old and water heater is 1 year old. Front and back yards are gorgeous. Dual-paned windows throughout. Price reduced to sell.

131 W 3rd Ave, San Mateo - REO

2008-04-27T12:20:00.000-07:00

1b/1b Bank Owned - Walk to Downtown San Mateo

$499900 Luxury "Baywood Place" Condo! (san mateo) (map)
Reply to: hous-658159898@craigslist.org
Date: 2008-04-27, 9:19AM PDT

This luxury Condo is Situated on the Hillsborough/San Mateo Border!

This lovely home features the following amenities:

1 Master Bedroom Suite
1 Master Bath w/ Marble
Spacious Living/Dining/Kitchen
Top Appliances/Hardwood Floors
In-Unit Laundry
Amazing Garden Setting
2 Car Parking/Huge Storage Area
Low Dues!
This is a "Bank Owned" property and is an easy transaction.
This home is just moments from the new state of the art library, concerts in the park, fine dining, shopping and theaters

For more information:

Phyllis McArthur - Realtor DRE# 01303020
Cashin Company Realtors
(650)315-8904

or log onto website: https://www.phyllisfindshomes.com

131 W 3rd Ave google map yahoo map

Small homes in RWC - West of El Camino

2008-04-26T17:59:00.000-07:00

=====================================
1180 DAVIS ST, Redwood City, CA 94061

2b/2b - 680sf
REO, Listed - $394,900
Last sale - $460k in 04/2004 (Financed 100% and variable)
Went back to bank for $450k in 12/2007.

The sale in 2004 should never have happened. How many more homes were sold like this? 0 Down? Variable rate loan? Wow. What is this going to sell for now? And how long will it take?

=====================================
436 JACKSON AV, Redwood City, CA 94061

2b/1b - 910sf
Listed at $399k (was $499k - DOM=180)
Last sale - $630k in 04/2007

=====================================
1115 DAVIS ST, Redwood City, CA 94061

2b/1b - 930sf
Listed at $449k (DOM = 215 days)
Price Reduced: 11/09/07 -- $599,000 to $549,000
Price Reduced: 03/19/08 -- $549,000 to $499,000
Price Reduced: 04/25/08 -- $499,000 to $449,000
update - Price Reduced: 05/05/08 -- $449,000 to $399,000

Last sale was $585k in 09/2006. No mortgage info on Property Shark, but based on the price reductions, this person wants to sell. Though... it's been on the market for 200+ days so what's going on?

830 ALAMEDA DE LAS PULGAS, Belmont, CA 94002

2008-04-26T08:19:00.000-07:00

Last Sale: 11/30/05
Sales Price: $1,200,000

List Price: $980,000

Description
Choice haskins estates area. 2 homes on one lot. Front unit#1 split level - 2 bedrooms 1 bath. Back unit 2 story, #2 - 2 bedrooms 1 bath + bonus room and bath downstairs. Both tenant occupied. Subject to tenants' rights.

Event date 11/30/2005
Sale amount $1,200,000
1st party Bhat,Farooq
2nd party Chapman,Robinie B
Owner address 6760 Mission St
Daly City, CA
94014
Ownership status SE
Lender # 1 Countrywide Home Loans Inc
Loan amount # 1 $960,000
Rate type # 1 Variable
Lender # 2 Countrywide Home Loans Inc
Loan amount # 2 $120,000
Rate type # 2 Variable

Ouch.

Motivated Seller in Burlingame

2008-04-23T20:00:00.001-07:00

1b/1b
List Price - $565k

Bought for $485k in 2005 with $0 down, this seller is motivated and probably just trying to get out. I think Burlingame has held its value so far, so my guess is that this seller will be fine (unless it was a pay-option mortgage maybe...)

Sale amount $485,000
1st party Guellert,Thomas E
2nd party Sweis,Joseph N
Owner address 530 El Camino Real
Burlingame, CA
94010
Lender # 1 Cit Group/Consumer Finance Inc
Loan amount # 1 $388,000
Rate type # 1 Variable
Lender # 2 Cit Group/Consumer Finance Inc
Loan amount # 2 $97,000
Rate type # 2 Fixed

This is the opportunity of a life time!

2008-04-23T08:03:00.000-07:00

According to the description anyway. But I doubt it.

1516 S NORFOLK ST, San Mateo, CA 94401
http://www.redfin.com/stingray/do/printable-listing?listing-id=1357941

Description
Big price reduction! Wonderful home with white picket fence; 3 bedrooms, 2 baths and plenty of upgrades! 1 year old roof, most dual pane windows, newer copper pipes, harwood floors under carpets and more. Beautifully landscaped and located in a great neighborhood, close to parks, shops, good schools and transportation. This is the opportunity of a life time!

ZipRealty Price Track:
Price Reduced: 01/10/08 -- $680,000 to $629,000
Price Reduced: 01/19/08 -- $629,000 to $585,000
Price Reduced: 02/25/08 -- $585,000 to $549,000

From Property Shark -
Lender # 1 Argent Mortgage Co LLC
Loan amount # 1 $448,000
Loan type # 1 Conventional
Rate type # 1 Variable
Lender # 2 Master Financial Inc
Loan amount # 2 $112,000
Loan type # 2 Conventional
Rate type # 2 Fixed

3354 BRITTAN AVE #9, San Carlos, CA 94070

2008-04-21T06:25:00.000-07:00

Another good place to watch to see what's really going on on the Peninsula. This 2b/2b in Brittan Heights has been on sale for 5 months or so. Listed at $549k originally, now asking $449. Why the dramatic drop? Because the owner bought this place with 100% financing in 2005. Why else?

From Propert Shark -
====================
Event date 5/12/2005
Sale amount $510,000
1st party Vahdat,Behjat
2nd party Aguila,Joan
Owner address 3354 Brittan Ave
San Carlos, CA
94070
Lender # 1 Opteum Fin'l Svcs LLC
Loan amount # 1 $408,000
Rate type # 1 Variable
Lender # 2 Opteum Fin'l Svcs LLC
Loan amount # 2 $102,000
Rate type # 2 Fixed

What other 2b/2b's are for sale on Brittan Ave in San Carlos?
=============================================================

3378 BRITTAN AVE #10 - $570,000 DOM - 28
3347 BRITTAN AVE #2 - $585,000 DOM - 10
3375 BRITTAN AVE #3 - $615,000 DOM - 14

And some 3b/2b -
================

3317 BRITTAN AVE #1 - $597,856 DOM - 1
3317 BRITTAN AVE #7 - $617,950 DOM - 70
3335 BRITTAN AVE #1 - $640,000 DOM - 20

And 2b/2b more on La Mesa
==========================
3348 LA MESA DR #2 - $569,950
3348 LA MESA DR #8 - $589,000

Fix and Flip attempt

2008-04-19T18:43:00.000-07:00

708 Ocean View Ave
San Mateo, CA 94401

Bought on - 1/9/2008 $500,000
Remodeled and listed for $710,000

Will it work? There haven't been too many sales in this neighborhood in the last 3 months. I don't think this house will go for over 700k... let's look for some comps... OK, nothing exactly the same, but the following 2 homes are not too far off... and neither has sold very quickly. I think this neighborhood is going to be hurting badly this year. I don't see too many sales happening, and anything bought during 2005-2006 that is now on sale again... is taking a big loss.

964 Anna St.
asking $695k (Sold 06/30/2006: $825,000)
6b/2b
1620sf
DOM - 120

725 Ada St
asking $625k
4b/2b
1460sf
DOM - 241

1326 NEWBRIDGE AV, San Mateo, CA

2008-04-19T18:21:00.000-07:00

Asking $600k, last sold for $809k in 2006.

From craigslist...

$599000 Price Reduced: Open House Sat and Sun: 5beds/ 2 baths (san mateo) (map)
Reply to: hous-648359161@craigslist.org
Date: 2008-04-19, 10:37AM PDT

1326 NEWBRIDGE AV
San Mateo (San Mateo) 94401
Detached Single Family (Class 1)

Bed/Bath: 5 / 2
SqFt: 1,650
Lot: 6,834 sq ft
Age: 58 years
List Price: $599,000
Assoc Fee:

289 Bay Ridge, Daly City - SHORT SALE

2008-04-16T15:46:00.000-07:00

The Bay area is a crazy real estate market. Look at this home... sold for $920k on 8/10/07. Now for sale again and asking what? Who knows. Brochure photo doesn't even have a price as far as I can see... but it clearly says SHORT SALE.

And then just a couple doors down... an identical home for sale...??
285 BAY RIDGE DR, Daly City, CA 9401
List Price: $996,000
Last sold - 01/16/04 - Sales Price: $735,888

94 Grand, Redwood City

2008-04-16T15:29:00.001-07:00

Well... 94 Grand was on our watchlist for a while. I just noticed that the listing went INACTIVE, so I looked it up and guess what? It's go to be sold on the Court House steps on 5/14. Well, that's the current plan. These seem to get postponed/delayed all the time, so it'll be interesting to watch.

Address: 94 Grand Street

City: REDWOOD CITY
State: CA
Zip: 94062
County: San Mateo
APN: 052-131-100
Sale Status: Postponed to 05/14/2008 1:00 pm
(Mutual Agreement)
TS Number: 05FEE47003
Notice of Sale Amt: $798,311.00
Opening Bid Amt: 0
Sold Amt: 0
Sale Location: At the Marshall Street entrance to the Hall of Justice and Records, 400 County Center, Redwood City, CA.

Trustee: Regional Trustee Services Corp.
Trustee Phone#: (206)340-2550

1978 SAN CARLOS AVE

2008-04-16T15:16:00.000-07:00

For sale - asking $800k. (dropped price from $900k on market for 2 months)
Last sale - Dec 12, 2003 $599,000

More homes to watch...

2008-04-11T19:43:00.000-07:00

1009 CROCKER AV, Daly City, CA 94014
$990K

365 OLD COUNTY RD San Carlos, 94070
$650,000

1436 DIX ST San Mateo, 94401
$548,888

699 SYLVAN ST, Daly City, CA 94014
$900K

1719 KEHOE AV, San Mateo, CA 94401
$550K

225 Avalon Dr
o For Sale: $450,000
211 Avalon Dr
o For Sale: $629,000

Follow-up 42 BISMARK ST, Daly City, CA 94014

2008-04-11T19:29:00.000-07:00

42 BISMARK ST, Daly City, CA 94014

First mentioned in March, this listing has lowered the asking price by $100k since I last looked. Wonder when the next drop in asking price will be...

http://cracksinthepeninsula.blogspot.com/2008/03/things-that-caught-my-eye-today.html

Attempted Foreclosure Remodel and Flip

2008-04-11T19:13:00.000-07:00

96 BUCKINGHAM AV, Redwood City, CA 94063

What do we have here. Looks like this house went into foreclosure and went back to the back for $526k on 3/13/07. Someone then bought it for $400k on 8/21/07. The new owner fixed it up according to the description -

Completely remodeled. Open kitchen with granite counters and stainless appliances. Kitchen overlooks dining area and living room. Remodeled bathrooms. Convenient inside laundry area. Detached 2-car garage. Nice lawn and deck. This is not a short sale!

Let's keep an eye on this one and see how this flip turns out...

Biggest drop on the peninsula

2008-04-06T10:50:00.000-07:00

Current winner for this category -
1656 VAN BUREN ST, San Mateo, CA 94403

Listed for $599k, this house sold for $900k in 2005!
Description
Nice starter home in san mateo's parkside district. Private fenced-in front & backyard. Newer kitchen cabinets+granite countertops. French door double-pane windows. Walking distance to parkside elem school and transportation.

Bad pictures....

2008-04-06T10:33:00.001-07:00

Wow. What happened here?

Will be interesting to see how this listing lingers. Last sold for $675k in 2006. Currently asking $450k.

1903 MADISON AVE, Redwood City, CA 94061

2008-04-02T19:43:00.000-07:00

Asking $749,500
Last Sold - 09/22/05 for $870,000

Price Reduced: 02/12/08 -- $896,700 to $845,000
Price Reduced: 02/27/08 -- $845,000 to $799,950
Price Reduced: 03/13/08 -- $799,950 to $749,500

Where is this one going to go?

Moonlight Court

2008-03-31T20:31:00.000-07:00

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

$970000 ATTENTION REAL ESTATE AGENTS

2008-03-15T20:39:00.001-07:00

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

1049 SHELL BLVD #11, Foster City, CA 94404

2008-03-13T04:54:00.000-07:00

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.

San Mateo County housing sales still dropping

2008-03-12T19:29:00.000-07:00

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.

1751 Pierce St, San Mateo 94403 - What's the story?

2008-03-05T05:28:00.000-08:00

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?

Completely remodeled in Redwood City

2008-03-02T09:13:00.000-08:00

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

2008-03-02T08:29:00.000-08:00

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.

Another loss in Burlingame

2008-03-01T19:10:00.000-08:00

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).

Homes sold

2008-03-01T11:12:00.001-08:00

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.

Things that caught my eye today...

2008-03-01T10:41:00.000-08:00

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!

2009 Arbor Ave, Belmont

2008-02-26T05:55:00.000-08:00

2009 Arbor Ave is an REO property. Bought in 2006 for $1,015,000. It went back to the bank on 10/12/2007 for $794,750. That means the buyer from 2006 put down $200k, and then got foreclosed on exactly 1 year later. I wonder how many payments the person made. The house has been for sale for over 2 months now, and the bank is hoping to get over $800k.

If you wanted to buy this house for list, you'd need to put down $166k and then pay $4200 per month for the privilege of living there. Wow.

998 Alameda de las Pulgas, Redwood City, 94061

2008-02-24T05:34:00.000-08:00

998 Alameda is a nice little house, but no one seems to want it. It's been listed since November, and they're asking $775k. It's about to be foreclosed upon - auction date is set for 3/25/08 with a sale amount listed at $687k.

This house last sold for $855k in November 2006 - and it looks like the buyers used 100% financing (80 variable, 20% fixed). Now they're being foreclosed upon within 15 months?

Other houses nearby that are selling or sold?
1128 Chesterton, sold on 11/15/07 but I don't see a price. I'll look for more later.

Shelter Creek - what's for sale?

2008-02-22T18:59:00.000-08:00

After seeing that 1149 Shelter Creek was for sale at such a low price, I looked to see what else might be for sale there. Here's what I found - 8 studios, 13 One Bedrooms, 8 Two Bedrooms. I don't know this area very well. But it's interesting to see that the cheapest 1B/1B is listed cheaper than most of the studios. I'm sure there are differences in location within the complex, and which floor the units are on... but these differences in price are pretty severe even taking that into account... right?

Studios for sale:
5135 Shelter Creek - $185,500
8333 - $218,000
5210 - $219,800
2111 - $219,900
1233 - $226,950
3110 - $239,000
2135 - $289,888
6154 - $330,000

1B/1B for sale:
1149 Shelter Creek - $210,000
2123 - $254,888
3303 - $267,000
2204 - $269,000
2148 - $295,999
5223 - $308,888
6206 - $315,000
7355 - $316,999
4303 - $318,888
6353 - $328,888
8259 - $335,000
6349 - $339,000
2315 - $350,000

2B/2B - for sale:
3244 Shelter Creek - $359,000
2252 - $359,900
1237 - $414,888
3126 - $415,000
8239 - $419,000
8341 - $420,000
1141 - $425,000
4339 - $449,850

100% Financing

2008-02-22T17:39:00.006-08:00

Wow. I guess I'm old school, but I still find it amazing that people were actually allowed to buy million dollar homes without putting down a penny. This short sale just popped up on the MLS today:

1117 PEBBLEWOOD WY,
San Mateo, CA 94403.

FOR SALE (short sale) - $879,500
LAST SALE - 11/23/05 - $1,040,000 (100% Financed - 80% Variable, 20% Fixed)

Right next to 101... I don't think I'd want to live here even if the sound wall was 100ft high. And someone paid $1MM for this house 2 years ago? Pictures look nice though.

Cracks in the Peninsula

2008-02-21T19:20:00.000-08:00

Cracks are starting to appear in the Peninsula real estate market. I've been watching it for a while, and thinking about posting some of the crazy things I see. I kept putting it off until today when I noticed this condo for sale:

1149 SHELTER CREEK LN, San Bruno, 94066
FOR SALE - $210,000.
LAST SALE - 03/28/06 - $400,000

Yes, you read that right. From what I can tell, all the real estate sites agree. The person who bought this condo in 2006 is about to lose $190,000. And that's assuming the condo sells for the current list price (maybe they are trying to start a bidding war by under pricing it?). I don't know how much of a down payment was made in 2006, so I'm guessing this is a short sale and the bank is going to take a big hit. But this is still a pretty amazing turn of events for this condo.

San Bruno seems to be one of the hardest hit towns on the Peninsula. The others are Daly City, South San Francisco, and East Palo Alto. Parts of San Mateo, Redwood City, and Menlo Park seem to be getting hit as well.

But, make no mistake... the desirable parts of the Peninsula are still commanding insane prices. What I would consider average homes still draw multi-million dollar offers... and sometimes multiple offers - all over list price.

Well, that's a start. Not sure how often I'll post, but the first post is up.