Tour Eichler homes in San Mateo Highlands and benefit Highlands Elementary School!
This has nothing to do with San Mateo Home Sellers in Trouble, but it is an interesting local event that may be of interest to architecture fans. San Mateo Highlands is the largest development built by Joseph Eichler. Eichler homes have quite a following for their unique open design. This year the neighborhood has organized an event to benefit to the local elementary. You can tour 8 or 9 recently remodeled Eichler homes and possibly win the opportunity to visit Joseph Eichler’s home in Hillsborough, which happens to be designed by the legendary architect Frank Lloyd Wright. Tickets are on sale right now for $35 a piece at http://www.eichlerhometour.com.
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!
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 2 – Half Moon Bay to Redwood City
Coastside Properties – Half Moon Bay, Moss Beach, Montara, and El Granada
As promised, I am including all the coastside troubled properties in this update. The breakdown is currently 15 properties in Half Moon Bay, 1 in Montara, 3 in Moss Beach, and 4 in El Granada. Some of the homes in El Granada look quite fine.
Raw data available: coastside630.csv
City of Hillsborough
The mansion at 180 Robin Rd is still for sale for 950k under its 2001 price. This is the only one I found in Hillsborough.
City of Menlo Park
Most of the 19 properties I found are East of highway 101. On particular exception is 2158 Clayton Dr, which is a multi million dollar mansion that just dropped its price in June to $5000 lower than its 2004 sale price. Now it’s pending even though it is still priced at over $1000 per square foot.
Raw data available: menlo630.csv
City of Millbrae
Millbrae is a surprisingly popular city in San Mateo. I guess the BART station there is pretty awesome. The prices are holding up and there are only six troubled properties. The 7 months old listing at 160 Linda Vis reduced its price by another $50k last month. Perhaps it will sell this month?
Raw data available: millbrae630.csv
City of Pacifica
Pacifica currently has 42 troubled properties. Many of them seem to be on a street called Firecrest. Does anyone know what is wrong with this street?
Raw data: pacifica630.csv
City of Redwood City
Apparently home sales in Redwood City has gone up in May. The median price in my zipcode went up again. Many of these 66 listings I found are in the zip 94063, which is not the best area of Redwood City. In fact, recently there was a triple homicide.
That is all for today. Stay tuned for part 3!
Homes with Million Dollar Price Reductions
San Mateo County is home to extremely wealthy towns such as Hillsborough and Atherton. Some of the estates in these places are really unbelievable. I was surfing Redfin today I found some very beautiful properties that have had multi-million dollar price reductions. Here is a showcase.
535 EL ARROYO Rd Hillsborough, CA 94010
Listing history:
| Date | Price |
| Apr 02, 2007 | $7,280,000 |
| Jun 28, 2007 | $6,850,000 |
| Feb 20, 2008 | $5,880,000 |
| Feb 25, 2008 | $5,860,000 |
| Apr 30, 2008 | $5,480,000 |
Yup, this one is down $1.8 million since last year. It is by all means an extremely luxurious look castle. I am sure someone with enough dough will snap it up soon, well, maybe in a year.
150 ALMENDRAL Ave Atherton, CA 94027
Listing history:
| Date | Price |
| Feb 27, 2007 | $9,950,000 |
| Apr 10, 2008 | $8,950,000 |
Well, this one admits that they are too ashamed to show the house so they said “VALUE IS IN THE LAND”. It is reduced exactly $1 million since last year.
262 W SANTA INEZ Ave Hillsborough, CA 94010
| Date | Price |
| May 30, 2006 | $13,800,000 |
| May 27, 2007 | $15,500,000 |
| Nov 28, 2007 | $12,995,000 |
This one has been on the market for more than 2 years. It’s an extremely ostentatious replica of an 18th century French chateau. It is pretty impressive, but it’s been reduced $2.5 million from its May 2007 price.
435 PULLMAN Rd Hillsborough, CA 94010
Listing history:
| Date | Price |
| Jun 01, 2007 | $15,000,000 |
| Nov 13, 2007 | $13,888,000 |
| May 06, 2008 | $12,880,000 |
This is yet another mansion in Hillsborough. This one is down $2.1 million since last year. That’s a pricecut of more than 10%.
Well, I’m sure these people aren’t actually in trouble since they bought these homes a long time ago, but at least it’s comforting to know that they are realistic and following the market in listing their crazy mansions.
Highlights of Foreclosure Data from Patrick.net
Today a reader sent some interesting statistics to Patrick.net about foreclosures and homes on the market. Here’s the excerpt for San Mateo Cities:
City # of Homes for Sale # of Foreclosure %Millbrae 57 18 32% Burlingame 69 16 23% Hillsborough 49 11 22% San Mateo 360 151 42% Foster City 49 15 31% Redwood City 336 121 36% Redwood Shores 43 6 14% San Carlos 91 17 19%
From what I have seen, this looks pretty close to the truth. San Mateo county is still one of the regions that is least affected by foreclosures, but could it get as bad as Oakland where 73% of homes for sale are foreclosures? I think it is already as bad as Oakland in East Palo Alto, but nice cities like San Carlos will never get to that point. Stay tuned for more home sellers in trouble!
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