2480 GONZAGA St East Palo Alto, CA 94303 – Rolled Back to 1999!

2480 GONZAGA St East Palo Alto, CA 94303

Price: $220,900

Beds: 3
Baths: 1
Sq. Ft.: 1,010
$/Sq. Ft.: $219
Lot Size: 6,000 Sq. Ft.
Age (Years): 57
Year Built: 1951

Sales history:

Date Price Appreciation
Jun 25, 1999 $230,000

–
Jun 15, 2005 $560,000

16.1%/yr
Apr 12, 2007 $74,201

-67.0%/yr
Aug 07, 2007 $480,865

>1,000%/yr

Listing history:

Date Price
Apr 10, 2008 $295,900
May 02, 2008 $220,900

Loss if sold for asking:  $259965 or 54.1%

Comments:  Here’s a highlight from the last report.   Okay, so this one is in East Palo Alto, but it just got a new price cut and now the listing price is lower than its 1999 sales price of  $230,000!  Considering inflation and such in the last 9 years, $230,000 in 1999 is worth considerably more than $220,900 now.   We will see if this happens in the rest of San Mateo!

May 4, 2008 | Filed Under City of East Palo Alto, Dollar Loss: $200k to $300k, Last Sale in 2007, Listing in 4/2008, Loss: > 40%, Price: < 400000, REO, Sqft: 1000 to 1500 

Comments

13 Responses to “2480 GONZAGA St East Palo Alto, CA 94303 – Rolled Back to 1999!”

  1. Donald Trump on May 5th, 2008 8:56 pm

    Whoa! Looks like those suckers should have invested in Manhattan real estate instead. Manhattan housing never goes down. I should know, my family has been in the business for three generations.

    As many of you know….I love beautiful women.

  2. anon on May 5th, 2008 10:43 pm

    Dude, look at the pictures of that house:

    http://www.redfin.com/CA/East-Palo-Alto/2480-GONZAGA-St-94303/home/1285986

    Can you imagine paying almost a quarter of a million dollars for that?! It’s a shack. It could blow down in the wind!

    You could buy a whole fleet of toyota camry’s for that kind of money!

  3. admin on May 5th, 2008 11:16 pm

    well, apparently someone paid over half a million for it three years ago. It is a pretty ugly shack.

  4. whoa on May 6th, 2008 12:27 am

    Looks like one of those trash-outs judging from the garbage (or doggy doo) in the property. The odor in there might be bad enough to justify the price considering you might need to put up new gypsum, replace the copper and so on.

    This is bad.

  5. Toby on May 6th, 2008 10:07 am

    That kids is a typical California ranch circa 1950’s to 60’s. Needs work and the neighborhood is bad, but value is probably about right for this area.

  6. k on May 6th, 2008 11:21 am

    Couldn’t the Discount Realtor even sweep the floor before taking pictures? A quarter million dollars? I’d rather be homeless than live in East Palo Alto in this home. In fact, you couldn’t pay me to live in this crappy house.

  7. admin on May 6th, 2008 11:26 am

    LOL I thought the same thing K. I wouldn’t live in that house either, but hey, they’re giving you 340k of equity for free!

  8. Frank on May 6th, 2008 12:26 pm

    This house is still cheaper compared to the one very similiar in Seattle WA. In Seattle Wa this house may be purchased at to from 290-320K IT is ridiculous for over a quarter million dollars for the house like that.

  9. MacAttack on May 6th, 2008 12:59 pm

    Is EPA still the murder capital of the world?

  10. admin on May 6th, 2008 1:11 pm

    I think last year there were less than 10 murders in EPA. The police were quite surprised. Oakland definitely has way more murders.

  11. admin on May 6th, 2008 1:13 pm

    http://www.paloaltodailynews.com/article/2007-12-30-12-30-bcn-10

    That news article says there were 6 murders total last year. It’s a lot better than before.

  12. Tonga on May 7th, 2008 10:13 pm

    that’s a fake list price just to suck in potential fools. Go to Trulia.com to check out actual selling prices. I expect they are a lot higher than the fake list price.

  13. admin on May 7th, 2008 10:35 pm

    erm okay. Redfin prices are from the agents. I don’t see how it’s fake. Besides.. 220k is way too much for that crappy house anyway.

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