May 2008 Update - 463% Increase of Troubled Home Sellers Since October 2007
Alright everyone, instead of listing everything individually, I decided to gather the data of all current listings for San Mateo County from the MLS today and see how many are in trouble. I am also providing the raw data I have in .csv format here.
City of Atherton
Only one listing in Atherton, and that’s 199 Selby Ln. This one is supposedly pending with release now after being on the market for quite a while.
City of Belmont
Six listings total in Belmont that are selling for less than their last sale prices.
Raw data available: belmont531.csv
City of Brisbane
There are only three condos that are selling for under their last prices.
They are: 311 Swallowtail Ct, 233 Swallowtail Ct, & 115 Elfin Ct #U611
City of Burlingame
Four properties in Burlingame are listing below their last sale price. One of them has just been listed 11 days ago.
Raw data available: burlingame531.csv
City of Colma
It seems like every distressed property is on B Street. The four properties are listed below in the spreadsheet.
Raw data available: colma531.csv
City of Daly City
This is probably the city with the most inventory since there are 600+ listings in the area right now. 84 made the list and that is not so bad percentage wise.
Some highlights include 592 Abbot Ave, which has been on the market for 300+ days and suffered price cuts totaling 200k+. There is also 650 St. Francis Blvd, which is now under pending without release. It is more than 300k off its last sale price in 2005. Considering the pure glut of supply in Daly City I think prices will fall further there.
Raw data available: dalycity531.csv
City of East Palo Alto
Many homes in East Palo Alto are now foreclosures. Currently 87 properties are on the list. Many of these homes are 40 to 50% off or more. Granted, many of them are quite scary. The top loser currently in terms of dollar amount is 2737 Georgetown St which is now $380k off its last sale price. It seems like the bank that owns it is still aggressively slashing the price.
Raw data available: epa531.csv
City of Foster City
I think all of the 13 properties in Foster City are condos and townhouses. They are still overpriced and the general price cuts aren’t very huge.
Raw data available: fostercity531.csv
City of Half Moon Bay
Half Moon Bay also had 13 properties in trouble. Considering that there are only a total of around 70 properties. This is approximately 20%.
Raw data available: hmb531.csv
City of Hillsborough
The mansion at 180 Robin Rd is still for sale for 950k under its 2001 price. This is the only one I found in Hillsborough.
City of Menlo Park
There are 14 properties in the list, but I think some of the really hard hit parts are actually in North Fair Oaks, but the zip code is shared with Menlo.
Raw data available: menlo531.csv
City of Millbrae
Millbrae fared better than a lot of other cities in the area and only had 7 distressed properties. The biggest loser is 254 Barclay, which is now pending. It was last sold for 1.2 million in 2006 and is now listed at 850k.
Raw data available: millbrae531.csv
City of Pacifica
Pacifica currently has 37 listings that are lower than their last sale price. The most drastic haircut is on 397 Lynbrook. This home was just listed today and it’s $310k off its last price.
Raw data available: pacifica531.csv
City of Redwood City
Redwood City is also full of home sellers in trouble and weighs in with 73 properties. Quite a few of the biggest losers are in the zip code 94063 near the 101, but there are exceptions like this mansion at 668 Vista Ct. Redwood City has a little over 300 active listings so this is more than 20%.
Raw data available: rwc531.csv
City of San Bruno
This mostly industrial city has a lot of condos and some single family homes. Today it has 61 home sellers in trouble.
Raw data available: sanbruno531.csv
City of San Carlos
San Carlos is probably the most popular city in the Mid-Peninsula, and that’s probably why there are only 8 out of 110 properties that are in trouble. Still, these properties are quite expensive, and a few of them are right next to Caltrain. However, as the inventory piles up in this lovely little town the prices might go down in the future.
Raw data available: sancarlos531.csv
City of San Mateo
Most of the troubled homes in San Mateo are still in the Shoreview neighborhood, but there are some in the Beresford Park and downtown areas.
Current number of home sellers in trouble: 69
Longest days on market: 436 days - 369 Claremont
Raw data file: sanmateo531.csv.
City of South San Francisco
South City might be the winner for the city with most home sellers in trouble with a total of 89. It seems that a lot of the troubled homes are condominiums.
Raw data file: ssf531.csv
City of Woodside
The one short sale at 855 Canada is now supposedly pending without release. My friend who offered on this home said the bank took its sweet time in evaluating offers.
—
Lets add it all up, there are 575 home sellers in trouble! These are just the listings on MLS and doesn’t include some of the for sale by owner or Craigslist listings. In October 2007 I started this series and I scoured all of San Mateo county and found only 102 home sellers in trouble. This means that in less than 8 months the number of home sellers in trouble rose 463%!! A lot of these home sellers fell into trouble because they initially listed their homes for too much. Then a lot of homes foreclosed this year and further pushed down the price. As you can see the popular areas like Belmont and San Carlos are still faring pretty well, but as inventory gathers up, they may not be invulnerable. In October I said that that was just the beginning of the fall, and now I have to say that I think we are nowhere near the end. It will take time for buyers to absorb all of this inventory, and more REOs may come on the market during this time. For the most part, I still think that a lot of areas are very overvalued. For example, my area of Redwood City is still averaging $570+ per square foot, and that is quite ridiculous. Until next time, be careful before you plunge into the real estate market!
1437 BRADLEY Ave San Mateo, CA 94401
1437 BRADLEY Ave San Mateo, CA 94401
Price: $680,000
| Beds: | 3 |
| Baths: | 2 |
| Sq. Ft.: | 1,460 |
| $/Sq. Ft.: | $466 |
| Lot Size: | 7,400 Sq. Ft. |
| Age (Years): | 61 |
| Type: | Detached Single Family |
Listing history:
| Date | Price |
| Jul 09, 2007 | $870,000 |
| Jul 18, 2007 | $829,000 |
| Jul 31, 2007 | $799,000 |
| Oct 15, 2007 | $750,000 |
| Oct 16, 2007 | $799,000 |
| Feb 05, 2008 | $750,000 |
| Apr 30, 2008 | $700,000 |
| May 02, 2008 | $680,000 |
Last sale: Jul 28, 2005 $758,000
Loss if sold for asking: $78000 or 10.3%
Comments: 322 days on the market and no takers. I think this one could afford to drop another $200k before I am interested. North Shoreview isn’t exactly the prettiest neighborhood in San Mateo.
905 North RD Belmont, CA 94002
905 North RD Belmont, CA 94002
Price: $720,000 (SOLD for $680000 on 4/18/2008)
| Beds: | 3 |
| Baths: | 1 |
| Sq. Ft.: | 1,240 |
| $/Sq. Ft.: | $581 |
| Lot Size: | - |
| Property Type: | Single-Family Home |
| Year Built: | 1945 |
Listing Price History:
| Date | Price |
| Dec 26, 2007 | $899,000 |
| Jan 11, 2008 | $720,000 |
Last sale date:7/28/2006
Last sale price: 865,000
Loss if sold at asking: 16.8% or $145,000
Comments: Is this a flip gone awry? It is a huge pricecut on a home just remodeled a year ago. I wonder if it comes with that dog in the yard.
Update: This has sold for $680,000 on 4/18/2008. This represents a price $40,000 below the last asking price is a final loss of 21.4%! This home was on the market for approximately 5 months.
1121 ADAMS St Redwood City, CA 94061
1121 ADAMS St Redwood City, CA 94061
Price: $538,000
| Beds: | 3 |
| Baths: | 2.5 |
| Sq. Ft.: | 1,660 |
| $/Sq. Ft.: | $324 |
| Lot Size: | 5,000 Sq. Ft. |
| Age (Years): | 61 |
| Year Built: | 1947 |
| Type: | Detached Single Family |
Listing history:
| Date | Price |
| Jan 11, 2008 | $648,000 |
| Feb 15, 2008 | $599,988 |
| Mar 24, 2008 | $538,000 |
Last sale: Oct 29, 2004 $750,000
Loss if sold for asking: $212000 or 28.3%
Comments: The price per square foot is fairly low on this house after the price reductions, but it looks pretty darn ghetto from the outside. The pictures of the inside looks staged. I’d consider this if it were another 150k off. It has rolled back to 2004!
35 WINDING Way San Carlos, CA 94070
35 WINDING Way San Carlos, CA 94070
Price: $1,798,000
| Beds: | 4 |
| Baths: | 3 |
| Sq. Ft.: | 4,150 |
| $/Sq. Ft.: | $433 |
| Lot Size: | 0.42 Acres |
| Age (Years): | 8 |
| Year Built: | 2000 |
| Type: | Detached Single Family |
Listing history:
| Date | Price |
| Jan 06, 2008 | $1,998,000 |
| Feb 09, 2008 | $1,798,000 |
Last sale: Nov 03, 2000 $1,825,000
Loss if sold for asking: $27000 or 1.5%
Comments: I featured another Winding Way house on this article about the most expensive homes by price per square foot. I must say that this house is a better deal. It is a bit too big for me, and too expensive, but someone with money may find this to be a good buy. It is in the woods, though, and that street is really hard to drive on. One thing of interest is that this house’s new listing price after a $200k pricecut is lower than its price in 2000! What a deal!
2736 MONSERAT Ave Belmont, CA 94002
2736 MONSERAT Ave Belmont, CA 94002
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 |
Listing price history:
| Date | Price |
| Feb 29, 2008 | $795,000 |
| Apr 01, 2008 | $779,900 |
| May 07, 2008 | $701,910 |
Sales history:
| Mar 30, 2006 | $829,000 | |
| Dec 17, 2007 | $704,429 |
Loss from 2006: $127090 or 15.3%
Comments: I’m fairly sure this is another case of a bank repoed home because the sales price in 12/17/2007 was really weird. Additionally, the pricecuts are huge so whichever bank it is they are really trying to move it. It says that it won’t last long!
-
Stop the Mortgage Bailout!
-
Subscribe!
Part-Time mba programs
Shop safe, apply for capital one visa card today.
Buy Supertramp Trampoline at Argos Sports free and fast delivery