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

Price: $731,000

Last sale:

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

Price: $899,000

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

Price: $774,500

Last sale:

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

Price: $1,300,000

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

Price: $749,000

Last sale:

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.

Oh come on.. you left out the best parts of this little dandy.

1) How about the food left in the back room- is it still decaying on the dresser?

2) Has anyone ever flushed the toilet, or is hte floater still around?

3) How about all the fun you can have rolling down your own private hill- a.k.a, the second level living room floor;

4) The bulging outdoor walls where you can estimate for yourself how much longer before the house gives way.

5) Ever take a peak inside the ‘attics’ of the little rentals? Please do- then you’ll know where all those used oil containers go.

6) It wasn’t a woman who owned the house- it was a man. You can see all of his bank and tax records in the bedroom where he died.

7. The woman, I believe, was his sister- she was collecting the rents and putting them in her pocket. This lasted until the bank protested and kicked everyone out. I could go on and on, but I think you get the gist why this home is still on the market.

Thank you KT for these insights.  I also heard that there was an official looking notice taped to the door that said all the structures are worth less than $100.  Is that still there?  Keep the tips coming because they’re pretty entertaining.

More southern peninsula cities such as Redwood City and San Carlos may follow soon, but I think this project is sorely needed. I’ve worked in Redwood Shores and Foster City for almost four years and the toilets have plugged up at our office building multiple times after heavy rains.

The fee is probably not big enough to send homeowners into financial trouble, but small businesses such as laundromats could see a pretty painful tax.

The plot of land may be worth the price, but there will be headaches with it.

2614 READ Ave Belmont, CA 94002

Price: $1,000,000

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.