590 Lisbon St Daly City, CA 94014
590 Lisbon St Daly City, CA 94014
Price: $1,498,000
| Beds: | - |
| Baths: | - |
| Sq. Ft.: | 10,348 |
| $/Sq. Ft.: | $145 |
| Lot Size: | - |
| Property Type: | Apartments, 5-15 Units |
| Style: | Contemporary |
| Year Built: | 1971 |
| Stories: | 3 |
| View: | City Lights |
| Region: | San Mateo County/ |
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 & 165 Velasco Ave Daly City, CA 94014 – Fishy Sales Histories
177 VELASCO Ave Daly City, CA 94014
Price: $564,900
| Beds: | 3 |
| Baths: | 3 |
| Sq. Ft.: | 2,370 |
| $/Sq. Ft.: | $238 |
| Lot Size: | 2,500 Sq. Ft. |
| Property Type: | Attached Single Family |
| Style: | Contemporary |
| Year Built: | 2004 |
| Stories: | 2 |
| View: | Neighborhood |
| Neighborhood: | Southern Hills |
| County: | San Mateo |
Last sale:
| Jan 31, 2006 | Sold | $865,000 |
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 – Cheapest Condo in Daly City
61 CHESTER St #00001 Daly City, CA 94014
Price: $124,500
| Beds: | 1 |
| Baths: | 1 |
| Sq. Ft.: | 703 |
| $/Sq. Ft.: | $177 |
| Lot Size: | - |
| Property Type: | Condominium |
| Style: | Ranch |
| Year Built: | 1964 |
| Stories: | 1-3 (Low Rise) |
| Neighborhood: | Blossom Valley |
| County: | San Mateo |
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
1551 SOUTHGATE Ave #148 Daly City, CA 94015
Price: $108,000
| Beds: | 0 |
| Baths: | 1 |
| Sq. Ft.: | 495 |
| $/Sq. Ft.: | $218 |
| Lot Size: | - |
| Property Type: | Condominium |
| Year Built: | 1974 |
| Stories: | 1-3 (Low Rise) |
| Neighborhood: | St. Francis Heights |
| County: | San Mateo |
| MLS#: | 80843616 |
| Source: | MLSListings |
| Status: | Active |
| On Redfin: | 39 days |
Another cheap condo near $100k. However, this one is a short sale so the lender may want offers above the list price.
Single Family Home Under $100,000 in San Mateo County? 208 Los Olivos Ave Daly City, CA 94014
208 Los Olivos Ave Daly City, CA 94014
Price: $80,000
| Beds: | 3 |
| Baths: | 1 |
| Sq. Ft.: | 1,090 |
| $/Sq. Ft.: | $73 |
| Lot Size: | - |
| Property Type: | Single-Family Home |
| Year Built: | 1914 |
| Region: | San Mateo County/ |
| Area: | Original Daly City |
| County: | San Mateo |
| MLS#: | 350427 |
| Source: | San Francisco MLS |
| Status: | Active |
| On Redfin: | 4 days |
Okay, on a first glance this looks like a super good deal, but then if you read the description it makes you think to yourself, “what the hell am I buying?”
This is the property description: “Occupant is a 60 year old female in good health. (she states) She was bequesthed a life estate in the property. She must pay all expenses, ie taxes, insurance, maintenance, etc. What is being sold is the remainder inerest.”
Are you buying the home with the occupant inside? Does she even own the house? It seems all a bit iffy. The listing agent also doesn’t know how to spell “bequeathed” and “interest”.
September 2008 Troubled Sellers Update Part I – Atherton to East Palo Alto
These couple months have been quite crazy for me personally and for the financial markets as a whole. I started this series on troubled home sellers about a year ago, and I am surprised that I am still keeping track of these somewhat depressing statistics. Anyway, here are the numbers for September.
City of Atherton
Atherton currently has this home at 486 Walsh Rd listed for $175k below its 2000 sale price. Its 2006 sale price is much lower, though.
City of Belmont
Now there are 8 properties in trouble in Belmont and that isn’t too big of a difference since last month. One new property is at 1222 North Rd, and another property at 2824 Monte Cresta Dr. just reduced its listing price for $100k, making it below its last sale price.
Raw data available: belmont930.csv
City of Brisbane
Brisbane’s number is down to 5. There is nothing really new in this city. Very few new listings were put up.
Raw data available: brisbane930.csv
City of Burlingame
Burlingame is holding on to 5 troubled properties. All of them are above the $1 million mark.
Raw data available: burlingame930.csv
City of Colma
531 B St was finally sold in September after being on the market for nearly a year. 528 B St is still on the market and suffered a $30k pricecut in September.
321 Hoffman St is now pending with release after being relisted in September.
City of Daly City
The number of troubled properties in Daly City is now 166, and that’s a decrease of 21 from last month. It seems that a lot of properties sold in August, and that corroborates the news today that home sales numbers went up. The biggest loser of September is 185 Belcrest Ave, which is down more than $270k. Another home of note is 467 Winchester, which is down more than $320k. This reappeared on the market after it went off so it is a relist to freshen up the listing.
Anyway, here’s the full data: dalycity930.csv
East Palo Alto
Following the trend in Daly City, the number of troubled sellers also went down in East Palo Alto. Now there are only 81 troubled sellers. One listing of note is 1511 Kavanaugh Dr. Supposedly this sold for only $1000 on 8/12/2008. I’m not sure if that is a mistake or if it really sold for $1000. Another listing I noticed is 2390 Dumbarton, which suffered a $300k pricecut on 9/11/2008. That’s a truly amazing pricecut on a house first listed for $496k.
Raw data available: epa930.csv
More to come!
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