New Feature on Redfin!
Last night when I was browsing Redfin it suddenly went down for maintenance. When it came back up it go a few new features! Now you are able to search for bank listed foreclosures and for sale by owner listings. I tried it out for a bit and it seems that it’s not totally fleshed out yet. The amount of homes marked as foreclosures is much smaller than the reality. I know it’s probably just a data issue and more homes will be marked correctly in the future. Anyway, this is a good improvement on Redfin!
984 8TH Ave Redwood City, CA 94063
984 8TH Ave Redwood City, CA 94063
Price: $725,000
| Beds: | 5 |
| Baths: | 2 |
| Sq. Ft.: | 1,670 |
| $/Sq. Ft.: | $434 |
| Lot Size: | 7,400 Sq. Ft. |
| Age (Years): | 61 |
| Year Built: | 1947 |
Listing history:
| Date | Price |
| Apr 15, 2008 | $800,000 |
| Apr 18, 2008 | $725,000 |
Last sale: Nov 04, 2005 $800,000
Loss if sold for asking: $75,000 or 9.4%
Comments: The entire Dumbarton neighborhood of Redwood City is getting hit pretty hard. If you drive around there you’d see why. It’s funny that this listing had a 75k price reduction 3 days after it is listed.
1436 Dix St San Mateo, CA 94401
1436 Dix St San Mateo, CA 94401
Price: $548,888
| Beds: | 3 |
| Baths: | 2 |
| Sq. Ft.: | 1,040 |
| $/Sq. Ft.: | $528 |
| Lot Size: | - |
| Property Type: | Single-Family Home |
| Property Style: | Ranch |
| Year Built: | 1954 |
Last sale: Jul 27, 2005 $750,000
Loss if sold for asking: $200,112 or -26.8%
Comments: Well, the name Dix St. certainly isn’t nice. This is supposedly a pre-foreclosure, but once it gets tossed back to the bank it will probably be cut even lower.
142 OAKVIEW Dr San Carlos, CA 94070
142 OAKVIEW Dr San Carlos, CA 94070
Price: $995,000
| Beds: | 3 |
| Baths: | 2 |
| Sq. Ft.: | 1,530 |
| $/Sq. Ft.: | $650 |
| Lot Size: | 4,000 Sq. Ft. |
| Age (Years): | 52 |
| Year Built: | 1956 |
Last sale: May 22, 2007 $1,090,000
Loss if sold for asking: $95000 or 8.7%
Comments: This is definitely a decent house in San Carlos, but is it worth 1 million dollars to you? Here’s a house that’s 1700 sqft and only 800k!
1320 CARLTON Ave Menlo Park, CA 94025
1320 CARLTON Ave Menlo Park, CA 94025
Price: $374,900
| Beds: | 3 |
| Baths: | 1 |
| Sq. Ft.: | 880 |
| $/Sq. Ft.: | $426 |
| Lot Size: | 5,760 Sq. Ft. |
| Age (Years): | 55 |
| Year Built: | 1953 |
| Type: | Detached Single Family |
Sales history:
May 30, 2003 $433,000
Jan 27, 2006 $699,000
Nov 29, 2007 $425,000
Loss if sold for asking: $50100 or 11.8%
Comments: This house is rolling back to pre-2003 prices. It’s hard to believe that someone paid nearly 700k for this tiny little thing just 2 years ago. Now it is a bank owned property, which means negotiations will be slow.
Most Expensive Listings by Price per Square Foot in San Mateo Cities
A little over a week ago I covered some of the cheapest homes in San Mateo County in terms of price per square foot. I think one of those homes is now sold. Today we’ll look at some of the most expensive homes in terms of price per square foot and how well I think they would do in this market.
Atherton - This expansive mansion at 172 Isabella Ave is on more than two acres of land. It is currently listing for nearly 19 million dollars, and that is about 11 million dollars above its assessed value. The main house is over 7000 square feet and the listing works out to be $2486 per squarefoot. However, more than 2 acres in Atherton is worth quite a bit. At this pricetag I think it is overvalued even for Atherton.
Belmont - This house in Belmont doesn’t have an address. At $1088 per square foot, it is definitely overpriced. There is a similar sized house at 1000 Villa Ave in the same neighborhood that is selling for half the price.
Brisbane - I’m not sure what kind of Koolaid the sellers of 852 Humboldt Rd are drinking, but I guess they bought this tiny 430 square foot bungalow in 2005 for 525k. Now they are listing it for 569k, which works out to be $1,323 per square foot. I’m sorry but I see this one slipping into homeseller in trouble status in the future.
Burlingame - This is a condo at 1512 Floribunda Ave that’s selling for $927 per square foot. Sure, it’s brand new, and it’s in downtown, but it has an HOA fee of nearly $800 per month and you don’t own any land. For less than 2.6 million dollars you can certainly find some nice single family homes in Burlingame and Hillsborough. I wonder who would buy these condos.
Colma - This scary little shack that looks like it’s made out of cardboard at 360 2nd Ave is listing for $665 per square foot after a $91k price reduction. The assessed value is about $86k and I think that is too much. Are these sellers serious about this?
Daly City - This tiny box of a “house” at 138 Oliver in Daly City is listing for $984 per quare foot. Where do they think they are? Manhattan?
East Palo Alto - Obviously, the agent for 868 Runnymede St is trying to sell the land aspect of the property. However, I think he/she is forgetting that this is EAST Palo Alto, and 3/4 of an acre there is not the same as 3/4 of an acre in Belmont or Palo Alto. At over a million dollars and $1125 per square foot, I don’t think anyone will buy this house.
Half Moon Bay - At $778 per square foot, this clean looking, but tiny house at 372 Spruce St is the most expensive. Considering that this neighborhood home seller in trouble is selling a house twice the size for less money, I don’t see how this cute little house on Spruce will move anytime soon.
Hillsborough - This manor at 150 New Place Rd is being listed for $18 million even. This is the biggest house out of the bunch and it’s listing for over $1600 per square foot. The lot is 2.83 acres and it’s comparable to the Atherton property.
Menlo Park - This house in Menlo Park at 803 Berkeley has a decent sized lot, but the house is tiny and at nearly $1.8 million it works out to be $1391 per square foot. It already had a $200k price reduction, and I think it will probably need to be reduced a bit more.
Portola Valley - This castle at 4 Arastradero Rd. in Portola Valley seems to be a much better deal than the mansion in Atherton. Its price of $8.275 million makes it only $1335 per square foot. Additionally the lot size is 5.77 acres so that’s more than twice the land of the Atherton property.
Redwood City - Talk about greedy. The sellers of this Redwood City house at 964 Blandford Blvd bought it last year for $769,000. Now less a year later they want $2.65 million. This puts the house at $981 per squarefoot. Is it possible to see a million dollar pricecut on this one considering a bigger house a block away sold for only $1.25 million just last month?
San Bruno - It seems that the people at 828 2nd Ave didn’t check out the comps and they are listing their tiny house for $837 per square foot. It is listing for $720k while its neighbor at 820 2nd Ave is listing for $448k. Several other nearby neighbors are also listing for under $500k. It is possible that this home could also dip into homeseller in trouble territory since it was last sold for $575k in 2004.
San Carlos - This small cabin at 79 Winding Way is an interesting find. It is currently going for $1073 per squarefoot. If you look at its price history, it sold for $423.5k in 1989 and $230k in 1998. If history repeats itself, I think if you buy it now for $719k you may get the 1989 price in nine years. Oh yeah, another thing is that Winding Way is a bitch to drive on.
South San Francisco - This dilapidated shack on half an acre of land at 366 Dorado Way is selling for $1.3 million or $1181 per square foot. Why bother with building something in South San Francisco when you can buy a church for less than that amount in Belmont?
Woodside - Okay, I understand why this one is priced at $3633 per square foot. It is on 9 acres of land, and that is worth quite a bit in Woodside. At $10.9 million, this is also a bargain compared to the Atherton estate.
Obviously, quite a few of these are estates everyday working people would not and could not buy. However, the examples of overpriced cottages and condos show that many sellers still have very unrealistic expectations. I don’t expect any of these to sell extremely quickly and a few of them have been on the market for quite a while. I think many homes are still moving quickly in San Mateo County, but they are not the ones priced 2 to 3 times comparable homes.
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