8 Honeysuckle Ln SAN CARLOS, CA 94070
8 Honeysuckle Ln SAN CARLOS, CA 94070
Price: $950,000
| Beds: | 3 |
| Baths: | 3 |
| Sq. Ft.: | 2,100 |
| $/Sq. Ft.: | $452 |
| Lot Size: | - |
| Property Type: | Condominium |
| Style: | Mediterranean |
| Year Built: | 1986 |
Last sale:
| Jun 08, 2007 | Sold | $1,066,000 |
Loss if sold for asking: $116,000 or 10.9%
I’ve driven by these condominiums many times. They are on the top of the San Carlos hills so they all have a great view. I’m not sure if they’re worth a million dollars, though.
721 PORTWALK Pl #2703 Redwood Shores, CA 94065
721 PORTWALK Pl #2703 Redwood Shores, CA 94065
Price: $485,000
| Beds: | 2 |
| Baths: | 2 |
| Sq. Ft.: | 850 |
| $/Sq. Ft.: | $571 |
| Lot Size: | - |
| Property Type: | Condominium |
| Year Built: | 1987 |
| Stories: | 1-3 (Low Rise) |
| View: | Neighborhood |
| Neighborhood: | Boardwalk |
| County: | San Mateo |
Last sale:
| Mar 07, 2007 | Sold | $545,000 |
Loss if sold for asking: $60,000 or 11%
Brand new listing that’s close to Oracle. This might be good for a single person, but it is still overpriced since the median price per squarefoot in Redwood Shores is under $500 now.
1057 MADISON Ave Redwood City, CA 94061 – Lower than 2000 price
1057 MADISON Ave Redwood City, CA 94061
Price: $825,000
| Beds: | 4 |
| Baths: | 3.5 |
| Sq. Ft.: | 11,350 |
| $/Sq. Ft.: | $73 |
| Lot Size: | 3,000 Sq. Ft. |
| Year Built: | 1961 |
Jul 14, 2000 Sold $950,000
Loss if sold for asking: $125,000 or 13.2%
This property actually has two units, but I’m pretty sure it’s not 11,350 square foot like the listing says. If you read further into the listing it says that one unit is 1500 sqft and another is 1000 sqft. That adds up to 2500 sqft and that would make this property listed around $330 per squarefoot. Supposedly one of the units rents for $1900 a month, which is decent. However, the property taxes on this home is already over $11,000 a year so that’s pretty brutal. This is worth looking at since it’s a brand new listing, but whoever buys it should try to get the property tax reduced somehow.
Got a million to spare? 2614 READ Ave Belmont, CA 94002
2614 READ Ave Belmont, CA 94002
Price: $1,000,000
| Beds: | 4 |
| Baths: | 4 |
| Sq. Ft.: | 1,730 |
| $/Sq. Ft.: | $578 |
| Lot Size: | 7,700 Sq. Ft. |
| Property Type: | Attached Single Family |
| Style: | Contemporary |
| Year Built: | 1956 |
| Stories: | 2 |
Last sale: Jul 24, 2006 Sold $1,233,000
Loss: $233,000 or 18.9%
This home is open for the next 3 Sundays from 1 to 4 pm. This is a short sale on a good sized lot, but the price per square foot is still above average. Before the last sale this one was sold for $241,000 in 1999, which means that the last last owner made nearly a million dollars. No wonder so many people became obsessed with house flipping. As I say about pretty much all short sales, potential buyers should just wait until it goes into foreclosure and get it for even less money.
3115 Canyon Rd Burlingame, CA 94010
3115 Canyon Rd Burlingame, CA 94010
Price: $1,599,000
| Beds: | 4 |
| Baths: | 3 |
| Sq. Ft.: | 3,340 |
| $/Sq. Ft.: | $479 |
| Lot Size: | - |
| Property Type: | Detached, Single-Family Home |
| Style: | Traditional, Custom |
| Year Built: | 1977 |
| View: | Woods |
| Region: | San Mateo County/ |
| Area: | Burlingame |
| County: | San Mateo |
Last sale:
| Nov 30, 2005 | Sold | $1,780,000 |
Loss if sold for asking: $281000 or $15.8%
The listing for this home doesn’t show that it’s bank owned, but if you look up the county tax records it shows the address of the owner as 7255 BAYMEADOWS WAY, JACKSONVILLE, FL. It also had a tax default last year. If you search for that address, it shows that it’s Washington Mutual, which is now JP Morgan Chase. Whoo hoo I guess? It’s probably possible to negotiate this back to pre-2004 prices since WaMu’s REO portfolio is humongous.
Multi-Family Properties in Trouble
Most multifamily properties purchased in the Peninsula in the past few years probably aren’t cash flow positive. Here are a few highlights of multifamily properties that are listing for below their last sale price now.
127 N Fremont St, San Mateo, 94401 – $11,000 below last sale price
356 Ramona Ave, San Mateo, 94401 – $201k below last sale price
150 N. Ellsworth, San Mateo, 94401 – $20k below last sale price
911 9th Ave, San Mateo, 94402 – $120k below last sale price
341 N Claremont, San Mateo, 94401 – $99k below last sale price - been on the market for over a year.
217 Vera Ave, Redwood City, 94061 – $209k below last price
These aren’t exactly very good investments at the current price points. Each has a capitalization rate of -2 to 4 percent since property tax is pretty high on some of them. I think it will take a couple more years for investment properties to get attractive again on the peninsula.
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