July 2008 Troubled Sellers Update Part 3 – Pacifica to Woodside
Here is the final part of the July 2008 update featuring the following cities.
City of Pacifica
Pacifica is seeing quite a bit of price reductions. A good example is 340 Monterey, which has dropped its price by $50k every month for the last three month. That’s a deduction of $1.6k a day. For detailed information on all 42 properties you can look at the raw data: pacifica731.csv
City of Redwood City
The biggest loser in July for Redwood City goes to 559 Scott Ave. This home in the Dumbarton neighborhood is listing for $265k below its January 2007 sale price of $750k. Check out the full list of 65 troubled properties here: rwc731.csv
City of San Bruno
62 properties are available in San Bruno. I noticed that quite a few of the condos in the Shelter Creek address are selling because they’ve been priced fairly low. Most of the listings older than 2 months have been reduced. Take a look at the spreadsheet for details.
Raw data: sanbruno731.csv
City of San Carlos
The number of troubled sellers went down to 4 in San Carlos. The cheapest one is a condominium at 3354 Brittan Ave #9.
Raw data: sancarlos731.csv
City of San Mateo
San Mateo experienced more than two dozen price reductions and now the total number of troubled sellers grew to 85. There are troubled homes in all neighborhoods and the inventory is still growing. Take a look at the raw data for all homes.
Raw data: sanmateo731.csv
City of South San Francisco
Quite a few troubled properties actually sold in July for South City. Some notable properties include 404 Fairway Dr and 38 Northcrest Dr. Both of these properties sold for about $50k below asking. More details are available in the spreadsheet. There are a total of 103 troubled homes in this update.
Raw data: ssf731.csv
City of Woodside
855 Canada finally sold in July, but 5 Stadler Dr has cut its price by $77k in July and now it’s $27k below its 2005 sale price of $1.825 million.
Final Summary:
Atherton: 1
Belmont: 4
Brisbane: 5
Burlingame: 3
Colma: 2
Daly City: 188
East Palo Alto: 105
Foster City: 8
Coastside: 20
Hillsborough: 4
Menlo Park: 14
Millbrae:5
Pacifica: 42
Redwood City: 65
San Bruno: 62
San Carlos: 4
San Mateo: 86
South San Francisco: 103
Woodside: 1
Total: 722 properties in trouble
As you can see, the number of troubled properties did not increase dramatically. Some homes and condos are actually priced close to rent equivalent so people are snatching those up quickly. I think a lot of inventory is still being withheld by the banks that own foreclosures because not a lot of these are actually foreclosures. Anyway, this also correlates with the San Mateo Realtor Association’s data that sales went up and inventory is reduced. Overall, this is a good thing for the real estate market. However, we will have to see if this trend lasts.
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