August 2008 Troubled Sellers Update Part 2 - Foster City to Pacifica
City of Foster City
Once again, all eight of Foster City’s troubled properties are townhouses and condominiums. The new addition in August is 924 Beach Park Blvd #14. It is listing for about $52k below its last sale price. Also, congratulations to the dude that sent me some hate mail. His home sold at the end of July.
Raw data available: fostercity831.csv
Coastside Properties - Half Moon Bay, Moss Beach, Montara, and El Granada
The amount of coastside properties increased a bit since last month. As of 8/31, there are 19 troubled properties in Half Moon Bay, 3 in Moss Beach, and 2 in El Granada. Of note is 2340 Burning Tree Rd in Half Moon Bay. This Ocean Colony mansion on a golf course reduced its price by $300k in August, and is now listing for $234k below its last sale price.
Raw data available: coastside831.csv
City of Hillsborough
The mansion at 180 Robin Rd is still for sale for 950k under its 2001 price. Additionally, the listing at 15 Crystal TE Spgs dropped its price by around $300k in August so it is now $301k below its last sale price in 2004. 2795 Summit Dr is still about $100k under its 2006 price and finally 10 Crystal Springs Ter is still $600k below its last sale price in 2006. Additionally, 1115 Bromfield Rd seems to be a bank owned property since it last sold for $1531201 in May 2008.
City of Menlo Park
Menlo Park added a couple more troubled properties in August and the total number of troubled properties is now 16. One of them is a relisting of 1055 Berkeley Ave. This property first showed up at least 4 months ago. The biggest loser is 1120 Madera Ave. It is listing for $261k below its last sale price.
Raw data available: menlo831.csv
City of Millbrae
Of the six properties in Millbrae, the biggest loser is definitely 1160 Glenwood Dr. Frankly I cannot believe that someone paid $1068888 in 2005 for this 1240 square foot mid century house. I mean, it doesn’t seem like the toilets are made out of gold. It is now listing for $749000, which is only $24000 above its 2002 sale price.
Raw data available: millbrae831.csv
City of Pacifica
Pacifica currently has 35 properties in trouble after a dozen or so went off the market. One property of note is 397 Lynbrook. It went off the market last month after not selling for $509k, but now it is back for $549k. I guess freshening up a stale fish is a common strategy. The latest sales data shows that 13 Moon Gate Ct sold for $428k on 8/4/2008, and that’s a huge discount from its asking price of $645k. Is this a foreclosure sale?
Raw data available: pacifica831.csv
More to come!
4102 ADMIRALTY Ln Foster City, CA 94404 - Lower than 2001 real price
4102 ADMIRALTY Ln Foster City, CA 94404
Price: $315,000
| Beds: | 1 |
| Baths: | 1 |
| Sq. Ft.: | 748 |
| $/Sq. Ft.: | $421 |
| Lot Size: | - |
| Age (Years): | 43 |
| Year Built: | 1965 |
| Type: | Condominium |
Last sales:
| Apr 27, 2001 | $302,500 | |
| Jun 19, 2008 | $262,500 |
Listing states that it is a REO. It is a pretty small and old condo in Foster City with a high HOA, but the price is only 13k above its 2001 sale price. If you consider inflation, $302k in 2001 is supposed to be worth $373k today. (See inflation calculator from BLS) This might be a good deal for a single person who really wants to live in Foster City.
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.
Angry Homeowner Insists that He is NOT Troubled
Alright, I have gotten my first hate mail. So, I posted the listing of a condo in Foster City last week that had a last sale price of $650k in 2005 and a current listing price of $474k. Clearly, it looked like a troubled property. Additionally the sales history showed that the condo sold for $400k in 2004 and $650k in 2005 so it seemed like the last buyer really got screwed. So my comments were, “Some flipper won really big in 2005, and the last buyer is now troubled”. A few days later, I got about three emails from the supposed owner of this property that said the following:
Who ever is the owner of this site is giving crap information to the public.Please don’t trust this kind of false information.
Just a common sense that how can some one buy a property for 50% more in a year.Some one selling a property doesn’t mean they are in trouble.
I am the owner for this property.Please contact me for further information.
Actually back in the bubble days many flippers were able to realize 50% gains so I was surprised that this home seller is not troubled. Then about five minutes later I got this email:
Hello,
I was going through one of your blogs and noticed that you have given a crap comments about our property saying we have bought this property for 650k. I am the owner of this property . We have bought this property for 465k. Your comments are really damaging my prosperity of selling this property. Please don’t post comments with wrong assumptions.
Please give me your contact details. I really want to talk to you.
So in order to appease this guy, I deleted his property and sent him this email:
Hello,
I have deleted your property from my blog. Just so you know, the information about your property is freely available on Redfin and all other listing services. I didn’t make up the pricing history. If you are really concerned about it you should really talk to your realtor and make them make it clear on the listings that your property is not a short sale or foreclosure and that the last listing price is wrong.
Additionally, quite a few sellers have found my site to be useful for them because many bargain hunting Bay Area residents read my blog and have made real offers on their homes. I also know personally three people who look through my blog everyday looking for things to buy so actually your home got a bit of exposure. People think that the houses on my blog are bargains so they are more likely to make an offer. When you are trying to sell something more listings on the web is good, not bad. Anyway, I wish you luck in selling your condo.
Thanks
Anyway, in actuality his property now does belong on this site even with the supposed last sale price of $465k because he or she just dropped the price of the condo to $465k from $474k. Anyway, I’m not going to put that property back on here because obviously this seller doesn’t want free marketing. On RedFin and all other listing services people will still think that it’s a troubled property, so I really think he or she picked the wrong site to yell at.
So to all the other non-troubled homesellers out there. If you see your house on this site, don’t be too offended. This is all in good fun and also you might get an offer quicker! Good luck to all of you San Mateo home sellers this year. I really mean it.
Update of Homes Listed in October and November of 2007
Here are some more updates of homes that I have featured in the past!
Sold listings:
1181 Elmer ST Belmont, CA 94002 - Sold for $610000 on April 10th, 2008. This is $15000 below the last asking price. That brings the total loss on the property to $107000 or 14.9%. It took about 6 months to sell.
115 JASMINE WAY East Palo Alto, CA 94303 - Sold for $360000 on April 3rd, 2008. This is $74000 below the last listing price of $434000. This brings the total loss to $135000, or 27.3%. This also took 6 months to sell.
554 STANFORD AVE Redwood City, CA 94063 - Sold for $329,375 on Mar 21st, 2008. This is $85625 below the last listing price of $415000. This brings the total loss to $209625 or 38.9%. I think this is a omen that a lot of the listings in the 94063 zip code could still fall quite a bit.
4008 FARM HILL BLVD #00102 Redwood City, CA 94061 - Sold for $417,000 on 4/4/2008. This is $32000 below its last listing price and brings the total loss to $83000 or 16.9%.
12 N NORFOLK ST San Mateo, CA 94401 - Sold for $515,000 on 3/14/2008. This is $35000 below its last listing price and the total loss is now $210000 so the final loss is 31.1%.
333 3RD AVE Daly City, CA 94014 - Sold for $607,050 in March after only 4 months on the market. This is $112950 below the last listing so the final loss is $227950 or 27.3%
Price Reductions:
7209 ADMIRALTY LN Foster City, CA 94404 - Down another $500.
199 SELBY LN Atherton, CA 94027 - Relisted and reduced another $30000
192 MELISSA CIR Daly City, CA 94014 - Reduced another $80000
864 RAND ST San Mateo, CA 94401 - Reduced another $65000 just yesterday!
735 SKYLINE DR Daly City, CA 94015 - Reduced another $150000 last week! This is the biggest reduction I saw so far.
948 DAISY ST San Mateo, CA 94401 - Down another $6000.
The rest of the listings listed in October and November are still either on the market with the same price or pulled out all together without new information. As you can see, ALL of the sold listings sold for below asking. This is a good hint to offer for lower than listing on these properties still on the market.
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