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.
828 7TH Ave San Bruno, CA 94066
828 7TH Ave San Bruno, CA 94066
Price: $399,988
| Beds: | 2 |
| Baths: | 1 |
| Sq. Ft.: | 790 |
| $/Sq. Ft.: | $506 |
| Lot Size: | 2,500 Sq. Ft. |
| Age (Years): | 64 |
| Year Built: | 1944 |
| Type: | Detached Single Family |
| Style: | Ranch |
| Stories: | 1 Story |
| View(s): | Neighborhood |
Last sale: Oct 27, 2006 $625,000
Loss if sold for asking: 225,012 or 36%
I love how the description of the house on Redfin reads: “price hard to ignore given the advantages of owing in this area. probably best value home in the area. “ That’s right,if you buy this house you will owe somebody money. That’s very appropriate I suppose.
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!
June 2008 Update Part 3 - San Bruno to Woodside
Here is the final part of the June 2008 update featuring the following cities.
City of San Bruno
San Bruno didn’t see a dramatic change in the number of troubled sellers, but there are over a dozen price reductions. Notably, 3771 Elston Dr has been reduced $110k in June so now it is the biggest loser by dollar amount. Check the raw data for all 63 properties.
Raw data: sanbruno630.csv
City of San Carlos
Sales are still quite brisk in San Carlos. The number of troubled sellers went down to 5. One of these homes at 948 Cherry was reduced into troubled territory, but it is still quite expensive.
Raw data: sancarlos630.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: sanmateo630.csv
City of South San Francisco
The number of troubled sellers in South San Francisco grew to 101. 65 of these have pricecuts of more than $100k.
Raw data: ssf630.csv
City of Woodside
The one short sale at 855 Canada is still pending.
Final Summary:
Atherton: 1
Belmont: 7
Brisbane: 3
Burlingame: 3
Colma: 3
Daly City: 162
East Palo Alto: 101
Foster City: 8
Coastside: 23
Hillsborough: 1
Menlo Park: 19
Millbrae: 6
Pacifica: 42
Redwood City: 66
San Bruno: 65
San Carlos: 5
San Mateo: 85
South San Francisco: 101
Woodside: 1
Total: 702 properties in trouble
At this rate, we will have 1000 troubled properties in 2 months. It seems that the sales rate of these properties is even lower than the non-troubled properties so being patient could snag you a good deal. The next half of the year should be interesting to watch.
2811 FLEETWOOD Dr San Bruno, CA 94066
2811 FLEETWOOD Dr San Bruno, CA 94066
Price: $699,777
| Beds: | 3 |
| Baths: | 3 |
| Sq. Ft.: | 2,340 |
| $/Sq. Ft.: | $299 |
| Lot Size: | 5,712 Sq. Ft. |
| Age (Years): | 53 |
| Year Built: | 1955 |
| Type: | Detached Single Family |
Sales History:
| Date | Price | Appreciation |
| Jul 29, 2005 | $872,000 | |
| May 27, 2008 | $748,496 |
Loss from 2005: $172223 or 19.8%
The listing says that this home has 5 bedrooms even though the county records says 3. Also, I’m pretty sure this is a foreclosure because of the odd sales price recorded just a couple weeks ago. Otherwise, this home looks decent.
672 5TH Ave San Bruno, CA 94066
672 5TH Ave San Bruno, CA 94066
Price: $298,000
| Beds: | 2 |
| Baths: | 1 |
| Sq. Ft.: | 790 |
| $/Sq. Ft.: | $377 |
| Lot Size: | 2,500 Sq. Ft. |
| Age (Years): | 58 |
| Year Built: | 1950 |
| Type: | Attached Single Family |
Last sale: Mar 27, 2006 $600,000
Loss if sold for asking: $302000 or 50.3%
The grass in that picture looks suspicious like astroturf. Though I have no proof that it’s fake grass.
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