2614 READ Ave Belmont, CA 94002
2614 READ Ave Belmont, CA 94002
Price: $899,000
| Beds: | 4 |
| Baths: | 4 |
| Sq. Ft.: | 2,800 |
| $/Sq. Ft.: | $321 |
| Lot Size: | 7,700 Sq. Ft. |
| Property Type: | Detached Single Family |
| Style: | Ranch |
| Stories: | 3 |
| View: | Canyon, Valley |
| Year Built: | 1956 |
| Community: | Haskins Estates |
Last sale: 7/24/2006 $1,233,000
Loss if sold for asking: $334,000 or 27%
This is actually a nice looking larger home in Belmont. The owners that sold the home for 1.2 million definitely made out like bandits. It seems that they bought the place in 1999 for $241k, and then refied and took out a loan worth $663.5k in 2003 and then sold the home to the latest seller in trouble in 2006. It’s amazing that this home was only $241k in 1999, though. Adjusted for inflation $241k should be only worth $309k now. I highly doubt that the home would drop another 600k, but another $100 to $200k might be possible.
1115 DAVIS St Redwood City, CA 94061
1115 DAVIS St Redwood City, CA 94061
Price: $399,900
| Beds: | 2 |
| Baths: | 1 |
| Sq. Ft.: | 930 |
| $/Sq. Ft.: | $430 |
| Lot Size: | 3,306 Sq. Ft. |
| Property Type: | Detached Single Family |
| Style: | Ranch |
| Stories: | 1 |
| View: | Neighborhood |
| Year Built: | 1918 |
| Community: | Central Park |
Last sale: Sep 27, 2006 Sold $585,000
It looks like this home first went on sale in 2007 and was listed for a total of five times. Now it is a REO. The price has been cut by at least 100k since its first listing and it is down a bit more than 170k from the last sale price. Good luck moving this one.
First time homebuyer credit to rise to $15000???
Apparently Congress is considering expanding and extending the $8000 first time home buyers credit to $15000. This time it would apply to all homebuyers. $15000 still isn’t going to go very far here in San Mateo since the latest Dataquick numbers shows that the San Mateo’s median price is still $550,000. However, in other states where the median home price is under $100k this would be a huge credit. I really do not understand why this particular government is so obsessed with propping up home prices. Does buying a home really produce so much for the economy? As far as I can see renters have furniture, electronics, and cars, too. What do you think? Would you buy a home if you are guaranteed $15,000?
Another 90 day California foreclosure moratorium
It seems that a bill passed earlier in the year is going into effect on Monday, 6/15/2009. This will put another 90 day foreclosure moratorium in effect. All I can say is, do they really think this will help property prices from sliding? The people who bought houses that are worth more than 10x their salaries still will not be able to afford their houses after the 90 days are over unless they get some kind of magical 300% raise, or the bank cuts their principal by 70% somehow. This wishful thinking is sort of hilarious. The best thing for Californians who are facing foreclosure now is really just to stay in their house as long as possible and save all the “free rent”. What do you think?
San Mateo State Beaches may close by Labor Day
I absolutely love the San Mateo coast from Half Moon Bay all the way down to Pescadero. It’s an area that is less traveled and the beaches are quite clean. Unfortunately, these State Beaches may shutter their “doors” this Labor Day due to the budget cuts.
I really don’t know how this will affect the real estate here. Some coastside locals may enjoy it if they hate tourists, but I think many will hate it because technically they will no longer be allowed on the beaches. I’m pretty sure that closing these beaches will affect the coastside economy at least a little bit.
Anyway, I’m not sure how they will enforce these beach closures because the coastline is quite long. People will still walk down, but the beaches may be a lot dirtier than before since the bathrooms will be closed and maintenance would be gone. It is proposed that the parks will be closed for two years.
What do you think? If you live on the coastside do you feel this is a positive or negative thing?
Offers
Subscribe to San Mateo Home Sellers in Trouble
