1160 WALNUT St San Carlos, CA 94070
1160 WALNUT St San Carlos, CA 94070
Price: $839,000
| Beds: | 2 |
| Baths: | 1 |
| Sq. Ft.: | 1,060 |
| $/Sq. Ft.: | $792 |
| Lot Size: | 4,800 Sq. Ft. |
| Property Type: | Detached Single Family |
Last sale:
| Jun 23, 2006 | Sold | $865,000 |
Loss if sold for asking: $26,000
This is probably a good example of a delusional seller. The median price per square foot in San Carlos has dropped to $511 and the owners of this tiny “classic Tudor” is still going for $792 per square foot. This home isn’t on the hills but it is close to downtown. Anyway, there is an open house this weekend on Feb 22, from 1 to 4pm.
2106 CORONET Blvd Belmont, CA 94002
2106 CORONET Blvd Belmont, CA 94002
Price: $774,500
| Beds: | 4 |
| Baths: | 2 |
| Sq. Ft.: | 1,710 |
| $/Sq. Ft.: | $453 |
| Lot Size: | 7,200 Sq. Ft. |
| Property Type: | Detached Single Family |
| Year Built: | 1947 |
Last sale:
| May 12, 2005 | Sold | $800,000 |
Loss if sold for asking: $25,500 or 3.2%
This is a decent sized Belmont home with a pool. The sellers took out two loans that covered 100% of 800,000 from the now dead Greenpoint Mortgage. This means the mortgage alone would have been $4000 to $5000 a month on this puppy. This would be double the price of renting a home like this. Anyway, there is an open house this weekend from 1:00pm to 4:00pm.
911 9th Ave, San Mateo, CA 94402
911 9TH Ave San Mateo, CA 94402
Price: $575,000
| Beds: | 4 |
| Baths: | 2 |
| Sq. Ft.: | 3,125 |
| $/Sq. Ft.: | $184 |
| Lot Size: | 4,720 Sq. Ft. |
| Year Built: | 1938 |
Last sale: 1/5/2006 for $999k
Loss if sold for asking: $424k or 42.4%
I first mentioned this home in the post about multifamily properties. Now it is down another $300k. This is another short sale. It is in a decent neighborhood near Central Park and you could rent out half of it so it might almost be worth it if you can secure financing.
Here is the math. Suppose you put 20% down and finance 460k, which is still a conforming loan in San Mateo, then at 5% the mortgage is $2469 a month. Then you need to add around $600 a month in property tax and another $70 to $100 in insurance. If you have a tenant on one half of the property then you could collect rent of $1500. Add in some tax deductions and this place is almost cheaper than renting. Of course, there are utilities and maintenance costs, too.
Dataquick report for Jan 2009 – San Mateo median drops to 489.5K
In this Dataquick report for the nine county Bay Area, pretty much every county’s sales went up except for San Mateo and San Francisco. Here are the important tidbits about San Mateo:
- 34.1 percent of sales in January were foreclosed within 12 months
- 273 home were sold in the entire month, which is 7.5% below last year
- Median price is now $489,500 compared to $650,000 last year.
Another interesting factoid is this:
- Typical monthly mortgage Bay Area residents committed to pay was $1297 last month, compared to $2571 a year ago.
It seems like it may be becoming cheaper to buy in some parts of the Bay Area. This is the fifth consecutive month of sales growth for the Bay Area overall, but San Mateo County is still declining every month. Basically, this county has yet to reach the bottom.
90 CARLETON Ave Daly City, CA 94015
90 CARLETON Ave Daly City, CA 94015
Price: $437,000
| Beds: | 3 |
| Baths: | 2 |
| Sq. Ft.: | 1,160 |
| $/Sq. Ft.: | $377 |
| Lot Size: | 3,500 Sq. Ft. |
| Property Type: | Detached Single Family |
| Style: | Ranch |
| Year Built: | 1958 |
Last sale: Nov 16, 2005 Sold $718,000
Loss if sold for asking: $281,000 or 39.1%
This is a REO listing, but the tax records still say its owner is at 192 Ashland Dr. It seems like the last buyer took two loans from Ameribanc Corp to buy this possibly second home or investment property. 80% was an ARM and 20% was fixed so it was basically a 100% loan. AmeriBanc unceremoniously died last year so I’m not sure who owns this property right now. Anyway,from the pictures it looks like the inside of this property is still intact.
1344 BERNAL Ave Burlingame, CA 94010
1344 BERNAL Ave Burlingame, CA 94010
Price: $1,385,000
| Beds: | 3 |
| Baths: | 2 |
| Sq. Ft.: | 1,850 |
| $/Sq. Ft.: | $749 |
| Lot Size: | 6,000 Sq. Ft. |
| Property Type: | Detached Single Family |
| Style: | Mediterranean |
| Year Built: | 1922 |
Last sale: Aug 17, 2006 Sold $1,425,000
Loss if sold for asking: $40000 or 2.8%
I’m not quite sure what the realtor means when he says “Absolutely Done!!!” He seems very fond of exclamation marks and I hope he does not talk like that in real life. Anyway, this property has showings for the next 3 Sundays from 2:00pm to 4:00pm. I would wait for the owners to reduce the price on this puppy since it is about $130 or about 20% more per square foot than the median in Burlingame, and Redfin stated that Burlingame is one of the cities with the most price reductions. Chances are the owners of this lovely property will realize that they priced their home too high.
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