226 Crocker Ave Daly City, CA 94014

Price: $399,000

Last sale: Bank repo for $454,750
Peak sale: 5/24/2006 for $740,000
Loss if sold for asking: $341,000 from peak price

Remember this horror show of a house? Well, this one isn’t that bad, but the bank must have hired someone who just really couldn’t care less about selling this house to take the pictures.   It looks like it’s been squatted in.  Here are some piles of trash:

Finally the requisite scary backyard:

154 ALTA VISTA Way Daly City, CA 94014

Price: $850,000

Last sale:

So this home isn’t exactly listing for under its last sale price, but its listing history is quite funny.  According to Redfin it has been listed at least 8 times since May 24th 2006.  That’s right everyone, these sellers have been trying to sell for almost three years.  They must have priced it at over a million during 2006 and 2007 because it should have sold fairly easily then.  Now they are still going for $850,000, which is 50% above all the comparables.  All I can say is good luck.

205 Peoria St Daly City, CA 94014

Price: $280,000

Last sales:
Nov 18, 2008 Sold $410,000 -12.4%/yr Public Records
Oct 27, 2005 Sold $615,000 33.4%/yr Public Records
Jul 30, 2004 Sold $430,000 16.1%/yr Public Records
Dec 03, 2001 Sold $289,000 6.5%/yr Public Records

Here is another home that’s cheaper than 2001 and more than 50% off its peak.   It looks like quite a fixer, and it is still priced above the median price per square foot of Daly City.  This is probably not a surprise but it was also financed 100% by loans  in 2005.

4 PENHURST Ave Daly City, CA 94015

Price: $549,000

Last sale:

Loss if sold for asking: $446k or 44.8%

This is one of the cheapest homes in Daly City in terms of price per square foot.  It is now down to 2002 prices.  It is a short sale so it may take a while for the deal to close.  It is a large home in a very convenient neighborhood.

90 CARLETON Ave Daly City, CA 94015

Price: $437,000

Last sale: Nov 16, 2005 Sold $718,000
Loss if sold for asking: $281,000 or 39.1%

This is a REO listing, but the tax records still say its owner is at 192 Ashland Dr.  It seems like the last buyer took two loans from Ameribanc Corp to buy this possibly second home or investment property.  80% was an ARM and 20% was fixed so it was basically  a 100% loan.   AmeriBanc unceremoniously died last year so I’m not sure who owns this property right now.  Anyway,from the pictures it looks like the inside of this property is still intact.

Interestingly enough, East Palo Alto and Daly City actually made the list for least discounted.  That is probably because most of the listings in these cities are  bank owned and so the starting price tend to be very low.  The report mentioned that East Palo Alto actually had homes sell for above asking, and I’m not really surprised because there are decent single family ranchers selling for under $200,000 now in East Palo Alto.  I’ve been to that city many many times, and some areas are not that scary looking.

So the lesson to sellers here is that they should not overprice their homes.  If they don’t hold on to unrealistic expectations of what their home is worth then they might sell their homes quicker.

590 Lisbon St Daly City, CA 94014

Price: $1,498,000

Last sale:

Loss if sold for asking: $77,000 or 4.9%

Another apartment building up for sale, but this one is in Daly City.  It seems like more and more multifamily buildings are coming up for sale, but it is tough for investors to get a loan these days since a lot of banks have cut off funding to investors entirely.

177 VELASCO Ave Daly City, CA 94014

Price: $564,900

Last sale:

This home at 177 Velasco  was first listed in April 2007. Now it’s once again on the market at an even lower price.  What’s interesting to note is the sales history of this home.  First it was sold for $670k in 2004 to an Allen, Tina N with two Countrywide loans that added up to 100% of the home.  And then in 2005 the home was sold between Nguyen, Trang K and  Nguyen, Hung for $750k.  Again this was done with a 100% Countrywide loan.  Then finally Allen, Nhi T sold the home to Abiva, Jeremy and Allen, Tina Nhi in 2006 for $865k.  It seems like Allen, Nhi T and Allen, Tina Nhi are the same person.  Additionally, if you look at the sales history for another foreclosed property at 165 Velasco you’ll see the same sale prices of $670k to $865k  and the same repeating names of Allen, Nhi T, Nguyen, Hung, and Nguyen, Trang K where Allen, Nhi T sells 165 Velasco to the Nguyens for $865k.  I’m not quite sure what’s going on, but the bottom line is that Countrywide definitely lost money on these.  

61 CHESTER St #00001 Daly City, CA 94014

Price: $124,500

Last sale: Feb 28, 2006 Sold $360,000
Loss if sold for asking: $235500 or 65.4%

After six months on the market, there is finally a fresh price cut on this property.  It is still a short sale, though, so it might be very very hard to close.  This could be good for a single person since it could work out to be cheaper than renting.

1551 SOUTHGATE Ave #148 Daly City, CA 94015

Price: $108,000

Another cheap condo near $100k.  However, this one is a short sale so the lender may want offers above the list price.