June 2008 Update Part 1 - Atherton to Foster City
Well, 2008 is going pretty fast. Today is the last day of June, so I started to compile the listing of troubled sellers again. Today I shall present Part 1.
City of Atherton
Atherton is still holding onto 199 Selby Ln. I am curious to see what the final sales price is on this one.
City of Belmont
On 6/30 I found seven listings in Belmont that are technically in trouble. The newest one of these is 817 Covington.
Raw data available: belmont630.csv
City of Brisbane
Once again there are only three condos that are selling for under their last prices.
They are: 632 Callippe Ct, 233 Swallowtail Ct, & 115 Elfin Ct #U611
City of Burlingame
Burlingame has three troubled properties. They are: 27 Channing Rd, 912 Toyon Dr, and 1657 Westmoor Rd.
City of Colma
Three troubled properties left on B Street! 531 B St, 405 B St, and 528 B St.
City of Daly City
Apparently, I accidentally left out some homes in the last update for Daly City. Also, this month there were almost 40 new troubled listings and a few dozen price reductions. So now the total number of troubled properties in Daly City has grown to 162. Yup, it’s a lot of properties. Only a few properties sold since the last update and I wrote them on the datasheet.
Raw data available: dalycity630.csv
City of East Palo Alto
East Palo Alto is in a similar situation as Daly City. Very few homes are moving and more inventory is piling up. In this update there are 101 listings in trouble. The biggest loser is currently 2362 Poplar Ave, which is listing for $400k below its last sale price.
Raw data available: epa630.csv
City of Foster City
All eight of Foster City’s troubled properties are condos. The newest additions are 1041 Shell Blvd #3 and 1061 Beach Park Blvd #110. The condo on 1061 Beach Park Blvd just had a price reduction today that pushed it into trouble territory. Additionally, Foster City seems to have many properties that are listing 1 to 2% above their last sale price.
Raw data available: fostercity630.csv
Part 2 will be coming soon. In my May update I didn’t include some of the unincorporated areas like La Honda and coastside cities such as Moss Beach. I will add them this time.
1657 WESTMOOR Rd Burlingame, CA 94010
1657 WESTMOOR Rd Burlingame, CA 94010
Price: $1,298,888
| Beds: | 3 |
| Baths: | 2 |
| Sq. Ft.: | 1,810 |
| $/Sq. Ft.: | $718 |
| Lot Size: | 5,250 Sq. Ft. |
| Age (Years): | 66 |
| Year Built: | 1942 |
| Type: | Detached Single Family |
Listing history:
| Date | Price |
| May 12, 2008 | $1,358,888 |
| Jun 26, 2008 | $1,298,888 |
Last sale: Nov 14, 2006 $1,325,000
Loss if sold for asking: $26112 or 2.0%
This home actually looks beautifully staged, and by lowering the listing price it may actually do quite well by attracting more buyers. The median price per square foot is in the high 600s in Burlingame so this home isn’t exactly cheap.
200 BONITA Ave Pacifica, CA 94044
200 BONITA Ave Pacifica, CA 94044
Price: $799,999
| Beds: | 2 |
| Baths: | 2 |
| Sq. Ft.: | 2,050 |
| $/Sq. Ft.: | $390 |
| Lot Size: | 4,590 Sq. Ft. |
| Age (Years): | 46 |
| Year Built: | 1962 |
| Type: | Detached Single Family |
| Stories: | 2 Stories |
Last sale: Mar 16, 2007 $1,050,000
Loss if sold for asking: $250,001 or 23.8%
This one looks like it’s in a nice area, and supposedly has an art studio with it?
63 MENLO Ave Daly City, CA 94015
63 MENLO Ave Daly City, CA 94015
Price: $425,000
| Beds: | 3 |
| Baths: | 2 |
| Sq. Ft.: | 1,310 |
| $/Sq. Ft.: | $324 |
| Lot Size: | 5,000 Sq. Ft. |
| Age (Years): | 51 |
| Year Built: | 1957 |
| Type: | Detached Single Family |
Last sale: Sep 08, 2006 $709,000
Loss if sold for asking: $284,000 or 40.1%
Brand new listing. This is about the size of the house I want, but I think 420k is still a bit too much right now. Also, Daly City is too far from work.
3 Men Dead in Troubled Property - 512 STANFORD Ave Redwood City, CA 94063
512 STANFORD Ave Redwood City, CA 94063
Price: $377,777
| Beds: | 3 |
| Baths: | 1 |
| Sq. Ft.: | 810 |
| $/Sq. Ft.: | $466 |
| Lot Size: | 4,500 Sq. Ft. |
| Age (Years): | 46 |
| Year Built: | 1962 |
| Type: | Detached Single Family |
Listing history:
| Date | Price |
| Jan 03, 2008 | $499,999 |
| Feb 20, 2008 | $449,999 |
| May 01, 2008 | $377,777 |
Sales history:
| Nov 04, 2002 | $390,000 | |
| Mar 30, 2004 | $434,000 | |
| Jan 26, 2007 | $587,000 |
Loss if sold for asking: $209223 or 35.6%
My ex-coworker showed me this breaking news report. According to this additional Chronicle article, multiple weapons were found at the scene of the house and three men were dead. One of the men apparently lived in the house and two others were found in the garage which was converted in a living space. Supposedly it was a home invasion/robbery gone wrong. I’m not sure if the guy that lived there was the owner, but either way, this is very disturbing news. May the dead rest in peace and if you have any information about this please call the San Mateo County Sheriff’s Office at 650-363-4911 or the anonymous tip line at 1-800-547-2700.
1923 MIDDLEFIELD Rd Redwood City, CA 94063
1923 MIDDLEFIELD Rd Redwood City, CA 94063
Price: $305,900
| Beds: | 2 |
| Baths: | 1 |
| Sq. Ft.: | 600 |
| $/Sq. Ft.: | $510 |
| Lot Size: | 1,824 Sq. Ft. |
| Age (Years): | 81 |
| Year Built: | 1927 |
| Type: | Detached Single Family |
Sales history:
| Nov 23, 2005 | $565,000 | |
| Dec 04, 2006 | $483,523 |
Loss if sold for asking: $177623 or 36.7%
This is a bank owned property on the very busy corner of Woodside and Middlefield. Seriously I didn’t know they had residential properties there. I’m not sure what this section of the description means: “GREAT VISIBILITY FOR LAW FIRM? ENGINEER? CPA?” I’m not sure what it’s asking.
