$10,000 tax credit for Californians who buy brand new homes
This is a new rule that was passed with the new budget. If you want to read some details I wrote a post about it here.
Anyway, I don’t see this spurring much sales activity in San Mateo county because there are very few new developments. Most of the new developments are also very overpriced. I can see the homebuilders just jacking up their prices due to this law, and it will not benefit consumers very much.
638 VANESSA Dr San Mateo, CA 94402
638 Vanessa Dr, San Mateo, CA 94402
Price: $494,700
| Beds: | 5 |
| Baths: | 3 |
| Sq. Ft.: | 1,540 |
| $/Sq. Ft.: | $321 |
| Lot Size: | 5,194 Sq. Ft. |
| Property Type: | Detached Single Family |
| Year Built: | 1955 |
| Stories: | 1 |
Last sales: Jan 30, 2009 Sold $572,000 ( Foreclosure)
May 22, 2007 Sold $890,000
Loss if sold for asking: $77300 from foreclosure price, nearly $400k from last sale price.
This home is in a decent neighborhood of San Mateo, but it is fairly nondescript and now has the “appliance-ripped-out” look of foreclosures. It is currently owned by Aurora Lending Services LLC in Colorado. It is down $400,000 from its 2007 sale price, but it is doubtful if it’s worth even $494k now.
Tour Eichler homes in San Mateo Highlands and benefit Highlands Elementary School!
This has nothing to do with San Mateo Home Sellers in Trouble, but it is an interesting local event that may be of interest to architecture fans. San Mateo Highlands is the largest development built by Joseph Eichler. Eichler homes have quite a following for their unique open design. This year the neighborhood has organized an event to benefit to the local elementary. You can tour 8 or 9 recently remodeled Eichler homes and possibly win the opportunity to visit Joseph Eichler’s home in Hillsborough, which happens to be designed by the legendary architect Frank Lloyd Wright. Tickets are on sale right now for $35 a piece at http://www.eichlerhometour.com.
313 MAGELLAN Dr Pacifica, CA 94044
313 MAGELLAN Dr Pacifica, CA 94044
Price: $530,000
| Beds: | 4 |
| Baths: | 3 |
| Sq. Ft.: | 1,790 |
| $/Sq. Ft.: | $296 |
| Lot Size: | 4,000 Sq. Ft. |
| Property Type: | Detached Single Family |
| Style: | Contemporary |
| Year Built: | 1968 |
Last sale:
| Jun 24, 2004 | Sold | $725,000 |
Loss if sold for asking: $295,000 or 40.7%
It seems that this was originally bought with 2 fixed loans that totaled 100% of $725k, and then the owners refinanced in 2006 into two variable loans totaling $774k. This means there might have been some cash out. This is a short sale, and I guess the sellers won’t really lose much since they don’t have to pay back the money they cashed out. There is an open house from 2 to 4pm on the 28th.
4 PENHURST Ave Daly City, CA 94015
4 PENHURST Ave Daly City, CA 94015
Price: $549,000
| Beds: | 5 |
| Baths: | 3 |
| Sq. Ft.: | 2,940 |
| $/Sq. Ft.: | $187 |
| Lot Size: | 4,408 Sq. Ft. |
Last sale:
| Jul 25, 2007 | Sold | $995,000 |
Loss if sold for asking: $446k or 44.8%
This is one of the cheapest homes in Daly City in terms of price per square foot. It is now down to 2002 prices. It is a short sale so it may take a while for the deal to close. It is a large home in a very convenient neighborhood.
1233 BELLEVUE Ave #1 Burlingame, CA 94010
1233 BELLEVUE Ave #1 Burlingame, CA 94010
Price: $818,000
| Beds: | 2 |
| Baths: | 2.5 |
| Sq. Ft.: | 1,550 |
| $/Sq. Ft.: | $528 |
| Lot Size: | - |
| Property Type: | Townhouse |
| Style: | Cape Cod |
| Year Built: | 1985 |
| Stories: | 1-3 (Low Rise) |
Last sale:
| Aug 29, 2007 | Sold | $869,000 |
Loss if sold for asking: $51,000 or 5.9%
This actually looks like a well maintained townhome in a good part of Burlingame. However, buying this home at the current price would work out to be quite a bit more than just renting in the same area. Looks like there are no defaults or late payments on this home so it may take a while for the price to be lowered because I don’t think the owners are that desperate. There are open homes scheduled for three Sundays starting this Sunday. You can see it on 2/22, 3/1, and 3/8 from 2 to 4 pm.
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