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

Redwood City - 811 Alameda de las Pulgas

$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

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

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

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

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

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

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

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

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

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

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

=====================================
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

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

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!

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

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

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

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

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

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

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

More homes to watch...

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

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

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

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....

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

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

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

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

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

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?

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

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

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

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

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...

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!