Three San Mateo County cities amongst Bay Area’s most discounted
Redfin just posted a good data crunching post here about the Bay Area cities with the most discounts. Guess which ones are in the top ten? Burlingame, Redwood City, and Foster City all made the list. This is not surprising because these areas are very overpriced for what they are, and the people that live in these cities tend to think their homes are worth a lot.
Interestingly enough, East Palo Alto and Daly City actually made the list for least discounted. That is probably because most of the listings in these cities are bank owned and so the starting price tend to be very low. The report mentioned that East Palo Alto actually had homes sell for above asking, and I’m not really surprised because there are decent single family ranchers selling for under $200,000 now in East Palo Alto. I’ve been to that city many many times, and some areas are not that scary looking.
So the lesson to sellers here is that they should not overprice their homes. If they don’t hold on to unrealistic expectations of what their home is worth then they might sell their homes quicker.
117 D St, Redwood City, CA 94063
This one was sent in by reader Dale. Thanks Dale!
This is a bank owned property now selling for $399k. The following is the listing Dale sent in from 2007:
Considering that they bought this house in 2006 for $830k, I guess they were just trying to cover their costs. Unfortunately it ended in an epic fail.
Loss: $431k or 51.9%
An even bigger bailout is coming
Today the new Treasury Secretary announced a new $2 trillion plan which I wrote about here.
The details are few, and it is still very sketchy, but I doubt it will curb the falling prices here in California. Don’t they get that what we need is more jobs?
What is more scary is that this is in addition to the $838 billion stimulus bill making its rounds through the congress right now. In the past I would have told people to call their congress people, but it seems like congress has stopped listening long ago. Now that the entire congress is controlled by Spendemocrats there is no check and balance for the executive branch anymore. Where will this nation fall?
Anyway, I will continue to post San Mateo Home Sellers in Trouble for your entertainment.
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