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 3 - Pacifica to Woodside
Here is the final part of the July 2008 update featuring the following cities.
City of Pacifica
Pacifica is seeing quite a bit of price reductions. A good example is 340 Monterey, which has dropped its price by $50k every month for the last three month. That’s a deduction of $1.6k a day. For detailed information on all 42 properties you can look at the raw data: pacifica731.csv
City of Redwood City
The biggest loser in July for Redwood City goes to 559 Scott Ave. This home in the Dumbarton neighborhood is listing for $265k below its January 2007 sale price of $750k. Check out the full list of 65 troubled properties here: rwc731.csv
City of San Bruno
62 properties are available in San Bruno. I noticed that quite a few of the condos in the Shelter Creek address are selling because they’ve been priced fairly low. Most of the listings older than 2 months have been reduced. Take a look at the spreadsheet for details.
Raw data: sanbruno731.csv
City of San Carlos
The number of troubled sellers went down to 4 in San Carlos. The cheapest one is a condominium at 3354 Brittan Ave #9.
Raw data: sancarlos731.csv
City of San Mateo
San Mateo experienced more than two dozen price reductions and now the total number of troubled sellers grew to 85. There are troubled homes in all neighborhoods and the inventory is still growing. Take a look at the raw data for all homes.
Raw data: sanmateo731.csv
City of South San Francisco
Quite a few troubled properties actually sold in July for South City. Some notable properties include 404 Fairway Dr and 38 Northcrest Dr. Both of these properties sold for about $50k below asking. More details are available in the spreadsheet. There are a total of 103 troubled homes in this update.
Raw data: ssf731.csv
City of Woodside
855 Canada finally sold in July, but 5 Stadler Dr has cut its price by $77k in July and now it’s $27k below its 2005 sale price of $1.825 million.
Final Summary:
Atherton: 1
Belmont: 4
Brisbane: 5
Burlingame: 3
Colma: 2
Daly City: 188
East Palo Alto: 105
Foster City: 8
Coastside: 20
Hillsborough: 4
Menlo Park: 14
Millbrae:5
Pacifica: 42
Redwood City: 65
San Bruno: 62
San Carlos: 4
San Mateo: 86
South San Francisco: 103
Woodside: 1
Total: 722 properties in trouble
As you can see, the number of troubled properties did not increase dramatically. Some homes and condos are actually priced close to rent equivalent so people are snatching those up quickly. I think a lot of inventory is still being withheld by the banks that own foreclosures because not a lot of these are actually foreclosures. Anyway, this also correlates with the San Mateo Realtor Association’s data that sales went up and inventory is reduced. Overall, this is a good thing for the real estate market. However, we will have to see if this trend lasts.
4 ALISAL Ct Pacifica, CA 94044
4 ALISAL Ct Pacifica, CA 94044
Price: $899,000
| Beds: | 4 |
| Baths: | 3 |
| Sq. Ft.: | 2,210 |
| $/Sq. Ft.: | $407 |
| Lot Size: | 5,531 Sq. Ft. |
| Age (Years): | 8 |
| Year Built: | 2000 |
| Type: | Detached Single Family |
Last sale: Jan 13, 2006 $1,000,000
Loss if sold for asking: $101,000 or 10.1%
This former million dollar home does look pretty decent. The price per square foot is also below the median for Pacifica. More former million dollar homes will be listed this month. Stayed tuned!
446 Andover Dr Pacifica, CA 94044
446 Andover Dr Pacifica, CA 94044
Price: $459,000
| Beds: | 3 |
| Baths: | 1 |
| Sq. Ft.: | 1,130 |
| $/Sq. Ft.: | $406 |
| Lot Size: | - |
| Property Type: | Detached, Single-Family Home |
| Property Style: | Ranch |
| Year Built: | 1965 |
Last sales: Apr 07, 2005 $598,000 Jun 29, 2005 $685,000
Loss if sold for asking: $226,000 or 33%
This is a pre-foreclosure, which means that if it doesn’t sell and gets foreclosed it will probably come back on the market at a lower price. It’s a small rancher in Pacifica that doesn’t seem all that special. I would buy it if it were another 50% off.
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!
200 BONITA Ave Pacifica, CA 94044
200 BONITA Ave Pacifica, CA 94044
Price: $799,999
| Beds: | 2 |
| Baths: | 2 |
| Sq. Ft.: | 2,050 |
| $/Sq. Ft.: | $390 |
| Lot Size: | 4,590 Sq. Ft. |
| Age (Years): | 46 |
| Year Built: | 1962 |
| Type: | Detached Single Family |
| Stories: | 2 Stories |
Last sale: Mar 16, 2007 $1,050,000
Loss if sold for asking: $250,001 or 23.8%
This one looks like it’s in a nice area, and supposedly has an art studio with it?
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