900 SOUTH Rd Belmont, CA 94002 – Realtor was foreclosed on
About half a year ago I wrote this post: 900 SOUTH Rd Belmont, CA 94002 – Realtor in Trouble?
It was the listing for a wooden shell for 1.3 million dollars owned and listed by a realtor based in Redwood City. It seems that the home actually got foreclosed on in June by JP Morgan Chase for the amount of $1,168,813 and went back on the market in late July for only $693,000. It is an REO and now it is pending without release so if it actually sold for asking the bank is taking a hit of almost $500k. I guess the lot is quite large, but the new pictures look like some people have been stealing wood from the place:
I hope the new owner finishes the home and enjoys it.
500 LIVE OAK Way #503 Belmont, CA 94002
500 LIVE OAK Way #503 Belmont, CA 94002
Price: $731,000
| Beds: | 3 |
| Baths: | 2.5 |
| Sq. Ft.: | 2,096 |
| $/Sq. Ft.: | $349 |
| Lot Size: | - |
| Property Type: | Condominium |
| Style: | Contemporary, Cottage/ |
| Stories: | 1-3 (Low Rise) |
| View: | Neighborhood |
| Year Built: | 2005 |
Last sale:
| Sep 27, 2005 | Sold | $989,000 |
Loss if sold for asking: $258,000 or 26.1%
My husband actually lived right next to this condominium complex when it was being constructed. He was renting one of the several hundred apartments surrounding this complex. When the homes were finally constructed they were all listed for around $1 million while the apartment buildings surrounding it were renting for less than $1500. I actually went to one of the open houses there and yes, of course these condominiums are nicer than the apartments, but for the most part they fit right into the neighborhood full of 2 to 3 story apartment buildings. It’s not a bad neighborhood, but if you have this kind of money it is probably better to just buy a single family home and avoid the $300+ HOA.
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.
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.
900 SOUTH Rd Belmont, CA 94002 – Realtor in Trouble?
900 SOUTH Rd Belmont, CA 94002
Price: $1,300,000
| Beds: | 5 |
| Baths: | 3.5 |
| Sq. Ft.: | 3,500 |
| $/Sq. Ft.: | $371 |
| Lot Size: | 0.3 Acres |
| Property Type: | Detached Single Family |
| Style: | Contemporary |
| Year Built: | 2009 |
| Stories: | 2 |
| View: | Canyon, City Lights |
| Neighborhood: | Belmont Country Club |
| County: | San Mateo |
Something must be wrong when you try to sell a house that’s “70% finished”. Anyway, I looked up this property on PropertyShark and it showed that it is owned by “Ghafouri,Paymon & Velecia T “. The name Paymon sounded really familiar so I Googled him, and what do you know, he is a Realtor in Redwood City and I have been to his website before. It seems that he took out a construction loan in the amount of $760k in 2006 to build this big mansion in Belmont, but now the work isn’t being finished. Not sure what the story is there, but it sure seems funny to list a shell of a home for over $1 million.
124 FARALLON Dr Belmont, CA 94002
124 FARALLON Dr Belmont, CA 94002
Price: $749,000
| Beds: | 3 |
| Baths: | 2.5 |
| Sq. Ft.: | 1,770 |
| $/Sq. Ft.: | $423 |
| Lot Size: | 2,547 Sq. Ft. |
| Property Type: | Townhouse |
| Style: | Contemporary |
| Year Built: | 1990 |
| Stories: | 1-3 (Low Rise) |
| Neighborhood: | Homeview/ |
| County: | San Mateo |
Last sale:
| Jan 17, 2006 | Sold | $775,000 | 6.4%/yr | Public Records |
Loss if sold for asking: $26,000 or 3.4%
This Belmont townhome is almost down to its 2004 price. It’s one of the newer units in the Peninsula built in 1990.
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