3115 Canyon Rd Burlingame, CA 94010
3115 Canyon Rd Burlingame, CA 94010
Price: $1,599,000
| Beds: | 4 |
| Baths: | 3 |
| Sq. Ft.: | 3,340 |
| $/Sq. Ft.: | $479 |
| Lot Size: | - |
| Property Type: | Detached, Single-Family Home |
| Style: | Traditional, Custom |
| Year Built: | 1977 |
| View: | Woods |
| Region: | San Mateo County/ |
| Area: | Burlingame |
| County: | San Mateo |
Last sale:
| Nov 30, 2005 | Sold | $1,780,000 |
Loss if sold for asking: $281000 or $15.8%
The listing for this home doesn’t show that it’s bank owned, but if you look up the county tax records it shows the address of the owner as 7255 BAYMEADOWS WAY, JACKSONVILLE, FL. It also had a tax default last year. If you search for that address, it shows that it’s Washington Mutual, which is now JP Morgan Chase. Whoo hoo I guess? It’s probably possible to negotiate this back to pre-2004 prices since WaMu’s REO portfolio is humongous.
39 CORONADO Ave San Carlos, CA 94070
39 CORONADO Ave San Carlos, CA 94070
Price: $1,199,000
| Beds: | 4 |
| Baths: | 3 |
| Sq. Ft.: | 2,490 |
| $/Sq. Ft.: | $482 |
| Lot Size: | 0.47 Acres |
| Property Type: | Detached Single Family |
| Year Built: | 1962 |
| Stories: | 1 |
| View: | Bay, Mountains, City Lights |
| Neighborhood: | Beverly Terrace |
| County: | San Mateo |
| MLS#: | 80843119 |
| Source: | MLSListings |
Last sale:
| Sep 28, 2006 | Sold | $1,300,000 |
Loss if sold for asking: $101,000 or 7.8%
This is actually a pretty nice home on San Carlos hills. It has a very nice sized lot and the price per square foot is very good for San Carlos. It’s already had a $46k price drop, and the winter season should be very slow. I really think this home is a better value than those “Valu Alto” new homes if you have the dough.
Palo Alto is “Valu Alto”?
Alright, I know that technically Palo Alto is Santa Clara County, but today on the way home I saw the most hilarious sign by the 101. Since this sign was in San Mateo County I think it’s alright to report it here.
It basically said, “Palo Alto is Valu Alto! Sterling Park Homes, from the mid 1,000,000s”. I pretty much cracked up.
Here is the details on these new homes. Apparently the sellers are offering a price protection plan until next June. The homes average about $700 to $800 per square foot and are located in downtown Palo Alto. I guess for Palo Alto that is cheap, but come on, “Valu Alto” just sounds plain stupid.
4.5% Mortgage Rates??
A new proposal from Washington / Treasury Paulson basically says that they want to cut mortgage interest rates to 4.5% for new loans. If you are in the 25% Federal tax rate and 9.3% state tax rate and itemize your taxes, then this mortgage rate is effectively around 3%. It’s basically another plan to keep home prices high, but the cost to get a loan would be reduced significantly. It could definitely benefit those borrowers who have equity in their homes, but a lot of people who bought in the last couple years are underwater quite a bit.
In San Mateo County I don’t think this will affect us very significantly. A lot of people who want to live in the “better” neighborhoods get jumbo loans. Next year the jumbo loan limit will be $625,500 for San Mateo so the cities where an average home costs significantly more would not benefit much.
However, I think this is a good sign for all of you who are still sitting on the fence to wait before jumping into buying real estate. If you have cash for a downpayment and good credit, then getting a 4.5% mortgage rate is awesome. I think it could go even lower since these guys in Washington are trying crazy desperate things every single day. They seem like chickens with their heads cut off, and there may be opportunity for those who are patient.
Update on the fatal shooting in 29 Hobart
A few days ago, a police standoff occurred at 29 Hobart, San Mateo resulting in 2 fatalities. The police released the shooter’s identity as Raymond Gee of Oakland a couple days ago, and they say that he has been stalking the slain woman for weeks on the internet and in real life. Some articles say that Raymond pursued Loan Kim Nguyen because she was a strikingly beautiful former beauty contestant. Now there is a a new article today that says the Gee family believes that Raymond Gee went to the house to collect a debt because the stalking story didn’t seem to make too much sense.
The story is getting a bit more convoluted now, but right now I believe the debt angle more than the stalking angle from what is being reported. First, the family was clearly in financial trouble. A family friend reported that Loan Kim Nguyen had to take a job at a high end club to help out with the finances. The media also reported that the husband works as a loan officer at Wachovia, which is a troubled bank that is being purchased by Wells Fargo. They bought their home for 1.198 million just last year, and even with 20% down it would be a jumbo loan and their PITI probably topped $8000 a month. Perhaps it was more affordable in the boom times but now they are strapped and that’s why the house has been on the market for about 2 months at the time of the incident. Next, the police say that Loan Kim Nguyen met Raymond Gee in the club she worked at. That may be true, but it really sounds like Raymond Gee is not one of those high rolling businessmen that the club caters to. So I’m guessing that Gee was probably a hired henchman sent to collect on some debts since he is a small time criminal doing probation.
The home is now understandably off the market since it is officially a crime scene, but it probably needs to be sold or it could go into foreclosure if the family can no longer support payments. The property tax on the home will be delinquent in a week according to San Mateo Tax Collector’s website. I hope the police can find the truth in this case because two very young people died and two little kids lost their mom. If the cause of their deaths is really financial rather than romantic, then the home indirectly contributed to their deaths and I don’t think any Asian person would ever buy the house because it would be considered cursed.
Update: Full story from San Mateo police. Neither deaths were caused by police.
If you would like to help the family of Loan Kim Nguyen financially, here is her memorial website.
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?
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