Homes with Million Dollar Price Reductions
San Mateo County is home to extremely wealthy towns such as Hillsborough and Atherton. Some of the estates in these places are really unbelievable. I was surfing Redfin today I found some very beautiful properties that have had multi-million dollar price reductions. Here is a showcase.
535 EL ARROYO Rd Hillsborough, CA 94010
Listing history:
| Date | Price |
| Apr 02, 2007 | $7,280,000 |
| Jun 28, 2007 | $6,850,000 |
| Feb 20, 2008 | $5,880,000 |
| Feb 25, 2008 | $5,860,000 |
| Apr 30, 2008 | $5,480,000 |
Yup, this one is down $1.8 million since last year. It is by all means an extremely luxurious look castle. I am sure someone with enough dough will snap it up soon, well, maybe in a year.
150 ALMENDRAL Ave Atherton, CA 94027
Listing history:
| Date | Price |
| Feb 27, 2007 | $9,950,000 |
| Apr 10, 2008 | $8,950,000 |
Well, this one admits that they are too ashamed to show the house so they said “VALUE IS IN THE LAND”. It is reduced exactly $1 million since last year.
262 W SANTA INEZ Ave Hillsborough, CA 94010
| Date | Price |
| May 30, 2006 | $13,800,000 |
| May 27, 2007 | $15,500,000 |
| Nov 28, 2007 | $12,995,000 |
This one has been on the market for more than 2 years. It’s an extremely ostentatious replica of an 18th century French chateau. It is pretty impressive, but it’s been reduced $2.5 million from its May 2007 price.
435 PULLMAN Rd Hillsborough, CA 94010
Listing history:
| Date | Price |
| Jun 01, 2007 | $15,000,000 |
| Nov 13, 2007 | $13,888,000 |
| May 06, 2008 | $12,880,000 |
This is yet another mansion in Hillsborough. This one is down $2.1 million since last year. That’s a pricecut of more than 10%.
Well, I’m sure these people aren’t actually in trouble since they bought these homes a long time ago, but at least it’s comforting to know that they are realistic and following the market in listing their crazy mansions.
4567 CALLAN Blvd Daly City, CA 94015
4567 CALLAN Blvd Daly City, CA 94015
Price: $640,000
| Beds: | 3 |
| Baths: | 3 |
| Sq. Ft.: | 1,760 |
| $/Sq. Ft.: | $364 |
| Lot Size: | 3,498 Sq. Ft. |
| Age (Years): | 32 |
| Year Built: | 1976 |
| Type: | Detached Single Family |
Last sale: Jan 12, 2007 $900,000
Loss if sold for asking: $260000 or 28.9%
Comments: I really like the address because it is in a sequence, and I’m sure other OCD people would appreciate it, too. $640k is still too much for Daly City. Chances are this will change from a short sale to a foreclosure. There are just way too many choices in Daly City right now.
116 N ROCHESTER St San Mateo, CA 94401
116 N ROCHESTER St San Mateo, CA 94401
Price: $634,000
| Beds: | 4 |
| Baths: | 2 |
| Sq. Ft.: | 1,440 |
| $/Sq. Ft.: | $440 |
| Lot Size: | 5,795 Sq. Ft. |
| Age (Years): | 60 |
| Type: | Detached Single Family |
| Stories: | 1 Story |
Listing history:
| Date | Price |
| Jun 25, 2007 | $817,000 |
| Sep 16, 2007 | $802,000 |
| Nov 25, 2007 | $762,000 |
| Jan 22, 2008 | $737,000 |
| Feb 28, 2008 | $698,000 |
| Apr 20, 2008 | $630 |
| Apr 21, 2008 | $634,000 |
Last sale: Jun 21, 2005 $738,000
Loss if sold for asking: $104,000 or 14.1%
Comments: Too bad you can’t take advantage of pricing mistakes on Redfin. Otherwise I would have bought this one for $630 on 4/20/2008. Now that it’s $634k, it’s not so attractive anymore. It’s kind of hilarious that they wanted to sell this for $817k last year. It seems that they failed miserably.
OFHEO Release New Report for 2008, California Suffers Worst Loss in the Nation
The Office of Federal Housing Enterprise Oversight just released its report for the first quarter of 2008. California is ranked #51 in the nation for year over year price appreciation. That’s right, we’re last place! The chart shows that California lost 10.58% since last year. There is still a gain of over 50% for the past five years, but a couple more 10% drops should eliminate that gain! Perhaps in 2010 we will see 2002 prices all over the state.
1313 CARLTON Ave Menlo Park, CA 94025
1313 CARLTON Ave Menlo Park, CA 94025
Price: $364,900
| Beds: | 3 |
| Baths: | 1 |
| Sq. Ft.: | 1,110 |
| $/Sq. Ft.: | $329 |
| Lot Size: | 6,000 Sq. Ft. |
| Age (Years): | 59 |
| Year Built: | 1949 |
Last sale: Jun 24, 2005 $675,000
Loss if sold for asking: $310100 or 45.9%
Comments: This new listing looks pretty darn beat up. This is a bank owned property that needs fixing, but hey, it’s Menlo Park and maybe after it’s fixed up it can sell for 900k? Oh wait a minute, it’s not really that new! It was originally listed for $375k in March! These agents are still playing games.
141 NOTTINGHAM Ave Redwood City, CA 94063
141 NOTTINGHAM Ave Redwood City, CA 94063
Price: $289,900
| Beds: | 2 |
| Baths: | 1 |
| Sq. Ft.: | 740 |
| $/Sq. Ft.: | $392 |
| Lot Size: | 3,675 Sq. Ft. |
| Age (Years): | 79 |
| Year Built: | 1929 |
| Type: | Detached Single Family |
Last sale: Jun 13, 2005 $587,000
Loss if sold for asking: $297100 or 50.61%
Comments: Cute little cottage, but $587k was a bit too much I think.
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