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!
July 2008 Troubled Sellers Update Part 2 - East Palo Alto to Millbrae
Here is part two of the troubled home sellers situation in July 2008.
City of East Palo Alto
In East Palo Alto it is really hard to find a listing that doesn’t belong to a home seller in trouble. I estimate that 90% of the listings on the market are foreclosures. Some notable additions in July include 1827 Stevens Ave, 1678 Purdue Ave, and 2231 Terra Villa St. All three of these homes lost up to 50% of their original value. A lot of properties went off the market so now the total is 105 troubled properties. This is not very different from last month.
Raw data available: epa731.csv
City of Foster City
Once again, all eight of Foster City’s troubled properties are townhouses and condominiums. A couple additions include 1024 Helm Ln and 42 E Court Ln. Both of these homes have been reduced into troubled territory.
Raw data available: fostercity731.csv
Coastside Properties - Half Moon Bay, Moss Beach, Montara, and El Granada
The amount of coastside properties did not change very much. As of 7/31, there are 15 troubled properties in Half Moon Bay, 3 in Moss Beach, and 2 in El Granada. A handful of listings went off the market and a couple of them sold.
Raw data available: coastside731.csv
City of Hillsborough
The mansion at 180 Robin Rd is still for sale for 950k under its 2001 price. Additionally, a couple more troubled sellers turned up. One listing at 15 Crystal TE Spgs is listed $1 under its 2004 price. The sellers of 2795 Summit Dr lowered its price by more than $500k and now it’s about $100k under its 2006 price. Finally, the sellers of 10 Crystal Springs Ter lowered their listing price by $400k in July so the property is now $600k below its last sale price in 2006. This property has the words “pending litigation” under the HOA information. I’m not quite sure what that means but it doesn’t sound nice.
City of Menlo Park
All 14 of the properties I found in Menlo Park are in East Menlo Park near East Palo Alto. I guess it’s not the best part of town.
Raw data available: menlo731.csv
City of Millbrae
Of the five properties in Millbrae, one standout property in Millbrae is 1116 Landing Ln. It went through a $250k pricecut in July. I think that qualifies as a HUGE price reduction.
Raw data available: millbrae731.csv
More to come!
June 2008 Update Part 1 - Atherton to Foster City
Well, 2008 is going pretty fast. Today is the last day of June, so I started to compile the listing of troubled sellers again. Today I shall present Part 1.
City of Atherton
Atherton is still holding onto 199 Selby Ln. I am curious to see what the final sales price is on this one.
City of Belmont
On 6/30 I found seven listings in Belmont that are technically in trouble. The newest one of these is 817 Covington.
Raw data available: belmont630.csv
City of Brisbane
Once again there are only three condos that are selling for under their last prices.
They are: 632 Callippe Ct, 233 Swallowtail Ct, & 115 Elfin Ct #U611
City of Burlingame
Burlingame has three troubled properties. They are: 27 Channing Rd, 912 Toyon Dr, and 1657 Westmoor Rd.
City of Colma
Three troubled properties left on B Street! 531 B St, 405 B St, and 528 B St.
City of Daly City
Apparently, I accidentally left out some homes in the last update for Daly City. Also, this month there were almost 40 new troubled listings and a few dozen price reductions. So now the total number of troubled properties in Daly City has grown to 162. Yup, it’s a lot of properties. Only a few properties sold since the last update and I wrote them on the datasheet.
Raw data available: dalycity630.csv
City of East Palo Alto
East Palo Alto is in a similar situation as Daly City. Very few homes are moving and more inventory is piling up. In this update there are 101 listings in trouble. The biggest loser is currently 2362 Poplar Ave, which is listing for $400k below its last sale price.
Raw data available: epa630.csv
City of Foster City
All eight of Foster City’s troubled properties are condos. The newest additions are 1041 Shell Blvd #3 and 1061 Beach Park Blvd #110. The condo on 1061 Beach Park Blvd just had a price reduction today that pushed it into trouble territory. Additionally, Foster City seems to have many properties that are listing 1 to 2% above their last sale price.
Raw data available: fostercity630.csv
Part 2 will be coming soon. In my May update I didn’t include some of the unincorporated areas like La Honda and coastside cities such as Moss Beach. I will add them this time.
1234 jervis Ave EAST PALO ALTO, CA 94303
1234 Jervis Ave EAST PALO ALTO, CA 94303
Price: $199,000
| Beds: | 2 |
| Baths: | 1 |
| Sq. Ft.: | 780 |
| $/Sq. Ft.: | $255 |
| Lot Size: | 2,900 Sq. Ft. |
| Property Type: | Single Family Detached |
| Property Style: | Contemporary |
| Year Built: | 1994 |
Sales history:
| May 03, 1995 | $125,000 | |
| Jan 08, 2002 | $325,000 | |
| Jan 07, 2004 | $389,000 |
Listing history:
| Date | Price |
| Jun 15, 2008 | $250,000 |
| Jun 16, 2008 | $199,000 |
Loss if sold for asking: $190,000 or 48.8%
I love how this listing dropped 51k right after it got listed, and how it’s on the tiniest sliver of a lot. This one is also rolled back to pre-2002. It’s hard to find things in East Palo Alto that aren’t at least 30% off now.
2012 PULGAS Ave East Palo Alto, CA 94303
2012 PULGAS Ave East Palo Alto, CA 94303
Price: $399,999
| Beds: | 3 |
| Baths: | 2 |
| Sq. Ft.: | 1,560 |
| $/Sq. Ft.: | $256 |
| Lot Size: | 6,200 Sq. Ft. |
| Age (Years): | 57 |
| Year Built: | 1951 |
| Type: | Detached Single Family |
Last sale: Feb 14, 2006 $720,000
Loss if sold for asking: $320,001 or 44.4%
Most new listings coming out EPA are troubled properties now, and the average cuts are huge.
780 AVELAR St East Palo Alto, CA 94303
780 AVELAR St East Palo Alto, CA 94303
Price: $704,900
| Beds: | 4 |
| Baths: | 2.5 |
| Sq. Ft.: | 2,800 |
| $/Sq. Ft.: | $252 |
| Lot Size: | 3,774 Sq. Ft. |
| Age (Years): | 5 |
| Year Built: | 2003 |
Listing history:
| Date | Price |
| Mar 03, 2008 | $742,900 |
| Mar 20, 2008 | $731,900 |
| Apr 08, 2008 | $717,900 |
| Apr 28, 2008 | $704,900 |
Past sales:
| Feb 14, 2007 | $885,000 | |
| Feb 06, 2008 | $755,896 |
Loss if sold for asking: -$50996 or 6.7%
Comments: I have to say this house doesn’t look that bad and it could probably be listed for over a million in my zip and maybe 3 million in Palo Alto. Ah, location, location, location.
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