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.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment