August 2008 Troubled Sellers Update Part I - Atherton to East Palo Alto
The later part of August was quite busy for me again so I didn’t update this blog as much as I would have liked to, but I still managed to gather the data for August’s home sellers in trouble. The general vibe I am getting is that a lot of these troubled homes are being sold recently so the number of active troubled properties seem to be holding still. Anyway, here is the data for Atherton through East Palo Alto
City of Atherton
Atherton currently has no active home sellers in trouble. There are a couple properties that are selling only slightly above their last prices, but they’re not technically in trouble.
City of Belmont
On 8/31 seven properties are in trouble, and one of them is pending. The newest additions are 2002 Forest Ave and 1134 North Ct (this property is pending). Another property of interest at 15 Kittie Ln, as expected, this property came back on the market after being taken off last month.
Raw data available: belmont831.csv
City of Brisbane
Brisbane had a bit of an increase in troubled properties and now the total is 7. The newest troubled listing is a condo at 211 Swallotail Ct, and the property with the largest loss is 45 Lupine Valley Ct with a listing price of $400000 below its last sale price.
Raw data available: brisbane831.csv
City of Burlingame
This month the number of troubled properties rose from 3 to 7 in Burlingame. Several homes over the $1 million mark dropped their prices. The newest price reduction happened to 340 Occidental Ave, and now it is below its 2006 sales price. Additionally, an old favorite at 123 Fey Dr was relisted for $1895000.
Raw data available: burlingame831.csv
City of Colma
Two troubled properties left on B Street! They are 531 B St and 528 B St.
Additionally, 321 Hoffman St was listed in August for more than $130k below its last sale price.
City of Daly City
The number of troubled properties in Daly City is now 187, and that’s a decrease of 1 from last month. Sales data shows that a lot of troubled properties were bought in July and quite a few went for over the asking price. The biggest loser in August by dollar amount is 310 A St.
Anyway, here’s the full data: dalycity831.csv
East Palo Alto
East Palo Alto didn’t receive very many new listings, and additionally a lot of listings went off market. The total number of troubled homes is now 93, and that’s down from 103 since last month. The biggest loser by far is 1175 Cypress St, which is down $401k since its last sale.
Raw data available: epa831.csv
More to come!
485 A St #9 Daly City, CA 94014 - Real Price Back to 1989
485 A St #9 Daly City, CA 94014
Price: $179,900
| Beds: | 2 |
| Baths: | 1 |
| Sq. Ft.: | 788 |
| $/Sq. Ft.: | $228 |
| Lot Size: | 800 Sq. Ft. |
| Age (Years): | 44 |
| Year Built: | 1964 |
| Type: | Condominium |
Sales history:
| Date | Price | Appreciation |
| May 19, 1989 | $144,000 | |
| Nov 21, 1990 | $165,000 | |
| Oct 19, 1994 | $171,972 | |
| Feb 23, 1995 | $100,000 | |
| Apr 17, 1995 | $145,000 | |
| Aug 16, 2006 | $450,000 | |
| Jul 29, 2008 | $289,000 |
This is an interesting property because it has a sales history from the last housing bubble to the current housing bubble. There are enough datapoints for me to make a graph.
Series 1 is a series of the sales prices, ending with the current listing price. Series 2 is a graph of the original $144,000 sales price in 1989 appreciating by 3% per year. After nearly 20 years, the current sales price does not beat the inflation adjusted price from 1989! However, the person that bought in 1995 did get an excellent rate of appreciation. So I guess catching the bottom and selling at the peak is the most profitable thing to do.
405 91ST St #16 Daly City, CA 94015 - Probably Worth Buying
405 91ST St #16 Daly City, CA 94015
Price: $190,000
| Beds: | 1 |
| Baths: | 1 |
| Sq. Ft.: | 917 |
| $/Sq. Ft.: | $207 |
| Lot Size: | - |
| Age (Years): | 27 |
| Year Built: | 1981 |
| Type: | Condominium |
This is another one of the properties I feel is almost worth buying. Even though this property has no last sale price it is listed as Bank-owned/REO so it is a distressed property. One bedrooms in Daly City rent anywhere from $1150 to $1500 according to Craigslist. If you put 20% down on this and get a loan of $152k at 6.75% for 30 years, your monthly mortgage would be around $985. Add a $304 monthly HOA and property taxes of $200 a month you get a total of $1489 a month. Throw in some tax rebate and it isn’t so bad. Of course, since this is an REO you need to check it out thoroughly to see if you need to fix it up and such. It might cost more than just its listing price.
July 2008 Troubled Sellers Update Part I - Atherton to Daly City
Well, I have been pretty busy in July so I didn’t post a lot, but this month I will update quite a bit and concentrate on the homes above the $1 million range. One major thing that happened in July was that the damned housing bailout bill passed. Anyway, here is the summary data from July. I’m still compiling some of it so please be patient!
City of Atherton
Atherton is still holding onto 199 Selby Ln. I wonder if the deal actually closed since it still says pending with release.
City of Belmont
On 7/31 only four listings are in trouble, and two of them are already pending. The newest addition is 300 Davey Glen Rd #3622. Another property of interest at 15 Kittie Ln has been withdrawn and now shows a new sale price on June 25th of $772124. That means it probably foreclosed officially and will come back on the market at a lower price.
Raw data available: belmont731.csv
City of Brisbane
This month, there are four condos listing for lower than their last selling price. They are: 632 Callippe Ct, 411 Callippe Ct, 233 Swallowtail Ct, & 115 Elfin Ct #U611
A newly reduced property is at 237 Kings Rd, and it’s now $2000 below its 2006 sale price. This brings the total troubled listings in Brisbane to 5.
City of Burlingame
Once again, we have three properties in Burlingame. The price has been reduced on 840 Newhall Rd in July so now it is at the same price as 2006. 912 Toyon Dr is now pending with release. 1657 Westmoor Rd is still active on the market after 80 days.
City of Colma
Two troubled properties left on B Street! They are 531 B St and 528 B St.
City of Daly City
Almost 50 new troubled listings from Daly City were posted in July. About 30 went off the market so we have a total of 188 listings still on the market. This is a net gain of 26 from last month. Some standouts include 92 Norwood, which is down $298k from its 2007 price, and 61 Chester St, which is somewhat worth buying considered that it’s priced at $149k. I guess when you price it low enough people will buy because 61 Chester St is already pending. It is down from its 2006 price of $360k. Another thing I noticed is that a lot of condos in Crown Colony are selling because they’re being priced under $200k. Considering that renting an one bedroom in Daly City costs anywhere around $1000 to $1400, these condos that are only $160k could actually be cheaper than renting.
Anyway, here’s the full data: dalycity731.csv
More to come!
396 IMPERIAL Way #106 Daly City, CA 94015
396 IMPERIAL Way #106 Daly City, CA 94015
Price: $168,000
| Beds: | 1 |
| Baths: | 1 |
| Sq. Ft.: | 817 |
| $/Sq. Ft.: | $206 |
| Lot Size: | - |
| Age (Years): | 34 |
| Year Built: | 1974 |
| Type: | Condominium |
| Stories: | Low Rise (1-3 Stories) |
Last sale: Dec 29, 2006 $465,000
Loss if sold for asking: $297,000 or 63.9%
These condos rent for about $1400 a month, so $168,000 is almost reasonable. It does have a pretty high HOA and it is located in Crown Colony, which is a pretty big and old complex in Daly city.
Select Open Houses for 7/6/2008
I hope everyone had a fun and safe 4th of July. For all of you potential homeowners out there. Here are a few select homes with open houses tomorrow.
$1 Million +
522 SUNSET Way Redwood City, CA 94062 - This is one of those mansions on the west side of Redwood City. The last sale record is $1,515,000 on July 31, 2006. So now less than two years later it’s listed for $1,499,000. It’s only a 1% reduction, but the pictures look quite nice.
Open: Sunday, July 6, 2008 1:30 PM - 4:30 PM
$800k to $1 Million
428 31ST Ave San Mateo, CA 94403 - This is a fairly new listing in the Hillsdale neighborhood of San Mateo. The last sale was on Jun 14, 2006 for $834,000 and the current listing price is $818,000. It is fairly small so it’s still pretty expensive I think.
Open: Sunday, July 6, 2008 1:30 PM - 4:30 PM
113 Westdale Ave Daly City, CA 94015 - I don’t know that much about Daly City, but this new listing looks pretty nicely staged. This home is listed for $850,000, which is $115,000 lower than its last sale price on June 5th, 2007.
Open: Sunday, July 6, 2008 2 Pm ~ 5 Pm
$600k to $800k
247 BERESFORD Ave Redwood City, CA 94061 - This is a pretty old listing that has been on the market for months. It is now listed for $799,950, which is about $35000 under its last sale price. This one is located in a pretty convenient location near Woodside Plaza.
Open: Sunday, July 6, 2008 2:00 PM - 4:00 PM
1700 MONTEREY Dr San Bruno, CA 94066 - This weekend is the first open house for this 1990 square foot house. It’s listed at $720,000, which is $88000 below its sales price in 2005.
Open: Sunday, July 6, 2008 1:00 PM - 4:30 PM
Under $600k
4100 George Ave #3 San Mateo, CA 94403 -Yet another condo listing at George Ave for under $400k. It’s $49,000 under its last sale price in 2006. The listing says its move in ready so it’s worth a look for a person or family who do not mind a small space
Open Sunday, July 6, 2008 1:00 - 4:00 p.m.
That is all for this week! Have a happy Sunday!
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