July 2008 Troubled Sellers Update Part 2 – East Palo Alto to Millbrae
Here is part two of the troubled home sellers situation in July 2008.
City of East Palo Alto
In East Palo Alto it is really hard to find a listing that doesn’t belong to a home seller in trouble. I estimate that 90% of the listings on the market are foreclosures. Some notable additions in July include 1827 Stevens Ave, 1678 Purdue Ave, and 2231 Terra Villa St. All three of these homes lost up to 50% of their original value. A lot of properties went off the market so now the total is 105 troubled properties. This is not very different from last month.
Raw data available: epa731.csv
City of Foster City
Once again, all eight of Foster City’s troubled properties are townhouses and condominiums. A couple additions include 1024 Helm Ln and 42 E Court Ln. Both of these homes have been reduced into troubled territory.
Raw data available: fostercity731.csv
Coastside Properties – Half Moon Bay, Moss Beach, Montara, and El Granada
The amount of coastside properties did not change very much. As of 7/31, there are 15 troubled properties in Half Moon Bay, 3 in Moss Beach, and 2 in El Granada. A handful of listings went off the market and a couple of them sold.
Raw data available: coastside731.csv
City of Hillsborough
The mansion at 180 Robin Rd is still for sale for 950k under its 2001 price. Additionally, a couple more troubled sellers turned up. One listing at 15 Crystal TE Spgs is listed $1 under its 2004 price. The sellers of 2795 Summit Dr lowered its price by more than $500k and now it’s about $100k under its 2006 price. Finally, the sellers of 10 Crystal Springs Ter lowered their listing price by $400k in July so the property is now $600k below its last sale price in 2006. This property has the words “pending litigation” under the HOA information. I’m not quite sure what that means but it doesn’t sound nice.
City of Menlo Park
All 14 of the properties I found in Menlo Park are in East Menlo Park near East Palo Alto. I guess it’s not the best part of town.
Raw data available: menlo731.csv
City of Millbrae
Of the five properties in Millbrae, one standout property in Millbrae is 1116 Landing Ln. It went through a $250k pricecut in July. I think that qualifies as a HUGE price reduction.
Raw data available: millbrae731.csv
More to come!
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[...] Peninsula, as well as the Coast, so it is broken up into two parts: East Palo Alto to Millbrae is here, and the not-so-surprising but sad news here is that almost 90% of the homes listed in East Palo [...]