900 SOUTH Rd Belmont, CA 94002 – Realtor in Trouble?
900 SOUTH Rd Belmont, CA 94002
Price: $1,300,000
| Beds: | 5 |
| Baths: | 3.5 |
| Sq. Ft.: | 3,500 |
| $/Sq. Ft.: | $371 |
| Lot Size: | 0.3 Acres |
| Property Type: | Detached Single Family |
| Style: | Contemporary |
| Year Built: | 2009 |
| Stories: | 2 |
| View: | Canyon, City Lights |
| Neighborhood: | Belmont Country Club |
| County: | San Mateo |
Something must be wrong when you try to sell a house that’s “70% finished”. Anyway, I looked up this property on PropertyShark and it showed that it is owned by “Ghafouri,Paymon & Velecia T “. The name Paymon sounded really familiar so I Googled him, and what do you know, he is a Realtor in Redwood City and I have been to his website before. It seems that he took out a construction loan in the amount of $760k in 2006 to build this big mansion in Belmont, but now the work isn’t being finished. Not sure what the story is there, but it sure seems funny to list a shell of a home for over $1 million.
San Mateo County median home prices dip to new low of $537k
Dataquick just released its new statistics for December 2008 with a full article about bargain hunters. I like that they are adding some commentary to their stats now. San Mateo’s median sales price slipped to $537,000 compared to $770k in December 2007 and sales are still 7.1% down from December 2007. Usually December is the worst month for transactions so it was expected that prices would be down. However, you can see a correlation between the sales pace and the median prices. The areas that are hardest hit with price reductions are seeing the most gain in sales. The expensive areas like Marin, San Francisco, and San Mateo are still seeing sales declines, which means the price has room to fall.
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