This is definitely a nice picture of someone having fun, but does it really pump up the price of the small beach home to nearly a million dollars?  Am I buying the ocean with that person in it?  Granted, there are photos of the actual home on the listing, but it’s pretty confusing to put that picture up as the first thing.

412 ATHENIAN Way Pacifica, CA 94044

Price: $915,750

Last sale: Jun 12, 2007 Sold $1,700,000
Loss if sold for asking:$784250 or 46%

Equity lost per month:  $32677

This is listed as a bank owned home. I’m not quite sure who owns it now because the Tax records show that it is owner of record is not a bank, but some person in Pacifica. It also shows that it is a tax defaulted property there is about 30k worth of back taxes that needs to be paid to redeem the home. Perhaps the bank is just not taking responsibility because they don’t want to shell out the money for the taxes now. What is most fishy about this property is that the last sale price was $1.7 million. I don’t think Pacifica was ever that expensive and it seems that the taxes were unpaid starting from 2007. So perhaps the intention was to default?   Whoever buys this should definitely make sure that the taxes are cleared up, and the tax assessment should get down to reality.

665 FOOTHILL Dr Pacifica, CA 94044

Price: $468,000

Last sales:

Loss if sold for asking:  $247,000 or 34.5%
This home is now $23,000 above its 2001 price.   It was funded by a $143,000 fixed mortgage and a $572,000 adjustable mortgage in its 2005 sale.  Yup, that’s another 100% financed home and now it is a short sale.  There is an open house on 4/5/2009 from 1 to 4pm.

313 MAGELLAN Dr Pacifica, CA 94044

Price: $530,000

Last sale:

Loss if sold for asking: $295,000 or 40.7%

It seems that this was originally bought with 2 fixed loans that totaled 100% of $725k, and then the owners refinanced in 2006 into two variable loans totaling $774k.  This means there might have been some cash out.   This is a short sale, and I guess the sellers won’t really lose much since they don’t have to pay back the money they cashed out.   There is an open house from 2 to 4pm on the 28th.

Price: $508,000

Last sale: Jul 13, 2007 Sold $690,000
Loss if sold for asking: $182,000 or 26.4%

This is a short sale on a nice corner lot, but the price per square foot is still $100 above the median price per square foot for Pacifica.  Unfortunately, short sales rarely go through these days so it may be worth it just to wait.

2222 FRANCISCO Blvd Pacifica, CA 94044

Price: $239,875

Last sale: May 21, 2008 Sold $256,737

This is just truly frightening.  I’ll let the pictures speak for themselves:

I think the following is a baby’s room:

I think this is an oven??

Bed & Bath:

There are some more pics on the listing, and I’m glad the realtor is really honest about this POS, but I can’t believe they’re still charging nearly $240k for this? And at first they actually wanted $300k for it.  Just incredible.

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!

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

Price: $899,000

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

Price: $459,000

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.