2002 FOREST Ave Belmont, CA 94002
2002 FOREST Ave Belmont, CA 94002
Price: $898,000
| Beds: | 3 |
| Baths: | 2 |
| Sq. Ft.: | 1,243 |
| $/Sq. Ft.: | $722 |
| Lot Size: | 4,000 Sq. Ft. |
| Age (Years): | 60 |
| Year Built: | 1948 |
Last sale: May 31, 2007 $945,000
Loss if sold for asking: $47000 or -5.0%
This tiny little cottage’s price per square foot is about 40% above Belmont’s median. I think it could fall at least 30% before it is even remotely reasonable.
401 S GRANT St San Mateo, CA 94402
401 S GRANT St San Mateo, CA 94402
Price: $664,900
| Beds: | 2 |
| Baths: | 1 |
| Sq. Ft.: | 1,040 |
| $/Sq. Ft.: | $639 |
| Lot Size: | 3,500 Sq. Ft. |
| Age (Years): | 86 |
| Year Built: | 1922 |
Sales history:
| Oct 03, 2005 | $770,000 | |
| Sep 19, 2006 | $676,311 | |
| Apr 30, 2007 | $656,000 | |
| Jul 07, 2008 | $559,729 |
Listing history:
| Date | Price |
| Jul 25, 2008 | $699,900 |
| Aug 29, 2008 | $664,900 |
This house’s facade reminds me of a shoebox with random holes cut into it and it is the same size as the condo I live in. This is a bank owned property and I think they are being a bit too optimistic with the price. I think this will stay on the market for a very long time if they don’t start cutting $100k a month. It is currently more than $100k less than its 2005 price.
Fresh Price Reductions 8/19/2008
Here are some fresh price cuts from today in San Mateo County
1835 Bahia St, San Mateo, 94403 - I first listed this home in June, since then it has been cut $90k and is now $599,000.
4226 GEORGE Ave #4 San Mateo, CA 94403 – This one is only reduced around $12000, but it is $97k below its last sale price.
3629 PACIFIC Blvd San Mateo, CA 94403 – This home seller in trouble has cut the price another $30k today. Now it is $146k below its last sale price.
621 HELLER St Redwood City, CA 94063 – This home just cut its price $79k and is now down $230k from its last sale price.
271 B St Redwood City, CA 94063 -After 23 days on the market this home has been reduced $50k today. It is now $54k below its last price.
These are only a few of the homes that were reduced today. There has been reductions everyday so keep an eye out!
2 ZACHARY Ct Menlo Park, CA 94025 – Almost Rolled Back to Original 2001 Price
2 ZACHARY Ct Menlo Park, CA 94025
Price: $2,570,000
| Beds: | 6 |
| Baths: | 4 |
| Sq. Ft.: | 4,267 |
| $/Sq. Ft.: | $602 |
| Lot Size: | 10,080 Sq. Ft. |
| Age (Years): | 7 |
| Year Built: | 2001 |
| Type: | Detached Single Family |
Last sale price: Oct 31, 2001 $2,500,000
Original list price: May 12, 2008 $2,950,000
After 3 months on the market and almost $400k in price reductions, this house is now listed for less than 3% above its 2001 price. This is in the prime area of west Menlo Park west of Alameda de Las Pulgas.
1455 GORDON St Redwood City, CA 94061 – $450000+ price reduction
1455 GORDON St Redwood City, CA 94061
Price: $799,900
| Beds: | 5 |
| Baths: | 3.5 |
| Sq. Ft.: | 2,480 |
| $/Sq. Ft.: | $323 |
| Lot Size: | 6,095 Sq. Ft. |
| Age (Years): | 70 |
| Year Built: | 1938 |
| Type: | Detached Single Family |
Last sale: Dec 15, 2005 $1,020,000
Loss if sold for asking: $220100 or 21.6%
After being on the market for six months, this property finally dropped its price by $455100. That is a significant price reduction and perhaps it will accept some bids now? The price per square foot is way below the market price for the neighborhood, and the house looks quite decent.
San Mateo County Leads All Bay Area Counties in Increase of Foreclosures
According to Realtytrac, the amount of foreclosures in San Mateo is up 831% since last July. Out of the nine Bay Area counties, now San Mateo leads in the increase of foreclosures. Marin County is second where the foreclosure numbers are up 603%. Nationally, San Mateo is #36 with its foreclosure rate of 1 in 353 housing units. Most of the loans in San Mateo were jumbos considering that the median home price was $800k, so I think it will only get worse as these loans reset within the next 12 months. However, the foreclosure increase rate will go down since the number of existing foreclosures is much larger than before.
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