Fresh Price Reductions 8/19/2008
Here are some fresh price cuts from today in San Mateo County
1835 Bahia St, San Mateo, 94403 - I first listed this home in June, since then it has been cut $90k and is now $599,000.
4226 GEORGE Ave #4 San Mateo, CA 94403 - This one is only reduced around $12000, but it is $97k below its last sale price.
3629 PACIFIC Blvd San Mateo, CA 94403 - This home seller in trouble has cut the price another $30k today. Now it is $146k below its last sale price.
621 HELLER St Redwood City, CA 94063 - This home just cut its price $79k and is now down $230k from its last sale price.
271 B St Redwood City, CA 94063 -After 23 days on the market this home has been reduced $50k today. It is now $54k below its last price.
These are only a few of the homes that were reduced today. There has been reductions everyday so keep an eye out!
1455 GORDON St Redwood City, CA 94061 - $450000+ price reduction
1455 GORDON St Redwood City, CA 94061
Price: $799,900
| Beds: | 5 |
| Baths: | 3.5 |
| Sq. Ft.: | 2,480 |
| $/Sq. Ft.: | $323 |
| Lot Size: | 6,095 Sq. Ft. |
| Age (Years): | 70 |
| Year Built: | 1938 |
| Type: | Detached Single Family |
Last sale: Dec 15, 2005 $1,020,000
Loss if sold for asking: $220100 or 21.6%
After being on the market for six months, this property finally dropped its price by $455100. That is a significant price reduction and perhaps it will accept some bids now? The price per square foot is way below the market price for the neighborhood, and the house looks quite decent.
702 CASSIA St Redwood City, CA 94063 - Almost Worth Buying?
702 CASSIA St Redwood City, CA 94063
Price: $448,000
| Beds: | 3 |
| Baths: | 1.5 |
| Sq. Ft.: | 1,815 |
| $/Sq. Ft.: | $247 |
| Lot Size: | - |
| Age (Years): | 34 |
| Year Built: | 1974 |
| Type: | Townhouse |
Days on market: 154
Okay this isn’t exactly a home seller in trouble since the last sale date was 1991 and it sold for 225k. However, this townhouse has been listed for more than 5 months and suffered a pricecut of around $150k. At the current price, it is almost worth buying. If you put $90k down and get a 30 year mortgage at 6.75% the monthly mortgage would be around $2300. That’s about the amount of rent you need to pay to rent such a place. Of course, there is an HOA of $175 and property taxes of around $300 to $400 a month. However, those fees should be covered by the tax rebate on the interest for the first few years. So I think this property is almost worth buying. What do you think?
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.
1022 VALOTA Rd Redwood City, CA 94061
1022 VALOTA Rd Redwood City, CA 94061
Price: $599,000
| Beds: | 2 |
| Baths: | 1 |
| Sq. Ft.: | 950 |
| $/Sq. Ft.: | $631 |
| Lot Size: | 4,000 Sq. Ft. |
| Age (Years): | 56 |
| Year Built: | 1952 |
| Type: | Detached Single Family |
Last sale: Sep 10, 2007 $665,000
Loss if sold for asking: $66,000 or -10.0%
I am pretty sure that this is not a new listing because I have seen a sign with its address at the corner of Woodside and Valota for months. Anyway, this is another example of an overpriced tiny house that has less living space than the condo I live in. It’s still very expensive for the quality of the neighborhood.
Select Open Houses for 7/6/2008
I hope everyone had a fun and safe 4th of July. For all of you potential homeowners out there. Here are a few select homes with open houses tomorrow.
$1 Million +
522 SUNSET Way Redwood City, CA 94062 - This is one of those mansions on the west side of Redwood City. The last sale record is $1,515,000 on July 31, 2006. So now less than two years later it’s listed for $1,499,000. It’s only a 1% reduction, but the pictures look quite nice.
Open: Sunday, July 6, 2008 1:30 PM - 4:30 PM
$800k to $1 Million
428 31ST Ave San Mateo, CA 94403 - This is a fairly new listing in the Hillsdale neighborhood of San Mateo. The last sale was on Jun 14, 2006 for $834,000 and the current listing price is $818,000. It is fairly small so it’s still pretty expensive I think.
Open: Sunday, July 6, 2008 1:30 PM - 4:30 PM
113 Westdale Ave Daly City, CA 94015 - I don’t know that much about Daly City, but this new listing looks pretty nicely staged. This home is listed for $850,000, which is $115,000 lower than its last sale price on June 5th, 2007.
Open: Sunday, July 6, 2008 2 Pm ~ 5 Pm
$600k to $800k
247 BERESFORD Ave Redwood City, CA 94061 - This is a pretty old listing that has been on the market for months. It is now listed for $799,950, which is about $35000 under its last sale price. This one is located in a pretty convenient location near Woodside Plaza.
Open: Sunday, July 6, 2008 2:00 PM - 4:00 PM
1700 MONTEREY Dr San Bruno, CA 94066 - This weekend is the first open house for this 1990 square foot house. It’s listed at $720,000, which is $88000 below its sales price in 2005.
Open: Sunday, July 6, 2008 1:00 PM - 4:30 PM
Under $600k
4100 George Ave #3 San Mateo, CA 94403 -Yet another condo listing at George Ave for under $400k. It’s $49,000 under its last sale price in 2006. The listing says its move in ready so it’s worth a look for a person or family who do not mind a small space
Open Sunday, July 6, 2008 1:00 - 4:00 p.m.
That is all for this week! Have a happy Sunday!
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