Cheapest property in San Mateo County – 1 Appian Way #714

So today there was an article about homes in the Bay Area selling for less than $100k and the news also did a report on it.  So I looked in San Mateo County to see if anything is in that price range.  The closest thing I found was this studio at 1 Appian Way #714.  It’s currently listed for $138,900 after being on the market for 8 months and 4 price reductions.  The last sale price was $575k in 2005.  That’s a big ouch.

All thing considered, this home is still $278 per square foot, so you may not be getting the best bang for your buck, but a studio like that in South San Francisco could rent from $800 to $1000 a month, so it may just  be worth buying?

December 1, 2008 | Filed Under City of South San Francisco, Dollar loss: 400k to 500k | 1 Comment 

Multi-Family Properties in Trouble

Most multifamily properties purchased in the Peninsula in the past few years probably aren’t cash flow positive.  Here are a few highlights of multifamily properties that are listing for below their last sale price now.

 127 N Fremont St, San Mateo, 94401 – $11,000 below last sale price

356 Ramona Ave, San Mateo, 94401 – $201k below last sale price 

150 N. Ellsworth, San Mateo, 94401 – $20k below last sale price

911 9th Ave, San Mateo,  94402 – $120k below last sale price

341 N Claremont, San Mateo, 94401 – $99k below last sale price - been on the market for over a year.

217 Vera Ave, Redwood City, 94061 – $209k below last price 

These aren’t exactly very good investments at the current price points.  Each has a capitalization rate of -2 to 4 percent since property tax is pretty high on some of them.  I think it will take a couple more years for investment properties to get attractive again on the peninsula.

December 1, 2008 | Filed Under City of Redwood City, City of San Mateo, Dollar Loss: $100k to $200k, Dollar Loss: $50k to $100k, Last Sale in 2007, Last sale in 2008, Loss: 10 to 20%, Loss: 20% to 30%, Sqft: 1500 to 2000, Sqft: 2000 to 3000 | 1 Comment 

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