1 APPIAN Way Unit 714-5 South San Francisco, CA 94080

Price: $140,000

This is another troubled property in the ill fated Colina Condominiums.  I’m wondering if the major structural damages have been repaired or not, but undoubtedly the hefty assessment fees they wanted pushed quite a few people into foreclosure.  The lesson here is to stay away from these condos if you want to live.

Price: $849,000

Last sale:

Loss if sold for asking: $411,000 or 32.6%

This is a large home that’s a short sale.  It seems that the previous owners really lucked out because they bought it for $723,000 with a conventional 80% loan and then sold for 1.26 million to the latest owners.  I guess there are winners and losers in everything.

Price: $499,000

Last sale: Mar 22, 2006 Sold $750,000
Loss if sold for asking: $251,000 or 33.5%

Another short sale in South City.  This is a fairly new listing and the pictures look decent.

316 LUX Ave South San Francisco, CA 94080

Price: $799,000

This is a fairly new  duplex and it is already a short sale.  The realtor that posted the listing seems  very fond of  spaces and caps:

T H I S I S A S H O R T S A L E. .. S U B J E C T T O L E N D E R A P P R O V A L. O C C U P I E D O N E U N I T A N D R E N T T H E N E X T U N I T F O R A D D E D I N C O M E. THIS DUPLEX WAS A L M O S T B R A N D N E W . 3 B D R M E A C H. AND F A M I L Y RM. 2.5 BA. E A C H U N I T. L A R G E B D R M S. I D E N T I C A L U N I T. 2 C A R G A R A G E. APPT. ONLY

All thing considered, this home is still $278 per square foot, so you may not be getting the best bang for your buck, but a studio like that in South San Francisco could rent from $800 to $1000 a month, so it may just  be worth buying?

The biggest loser in July for Redwood City goes to 590 Hurlingame. This home in the Dumbarton neighborhood is listing for $269k below its May 2007 sale price of $579k. Check out the full list of 70 troubled properties here: rwc831.csv

City of San Bruno

58 properties are available in San Bruno. The biggest loser for August in San Bruno is 244 East Ave.  This four bedroom home  is down $350k since its last sale price.

Raw data: sanbruno831.csv

City of San Carlos

The number of troubled sellers in San Carlos is now 5. The new addition is 2743 San Carlos Ave and it is listing for 120k below its last price.

Raw data: sancarlos831.csv

City of San Mateo

Quite a few properties were taken off market in San Mateo so now the total number of troubled sellers is down a bit to 78.
Raw data: sanmateo831.csv

City of South San Francisco

More than thirty properties were taken off market in South San Francisco.  I have sales stats for some of them.  There are a total of 86 troubled homes in this update. One notable property is 779 Park Way, which had an asking price of 915k but exchanged hands for only a little above $600k. 602519  Raw data: ssf831.csv

City of Woodside

5 Stadler Dr  is still $27k below its 2005 sale price of $1.825 million.

Final Summary:

Atherton:0

Belmont:7

Brisbane:7

Burlingame:7

Colma:3

Daly City: 187

East Palo Alto:93

Foster City: 8

Coastside: 24

Hillsborough: 5

Menlo Park: 16

Millbrae:6

Pacifica: 35

Redwood City:70

San Bruno: 58

San Carlos:5

San Mateo: 78

South San Francisco: 86

Woodside: 1

Total: 689 properties in trouble

This is a decrease of 33, or  4.6% from last month.  It may be due to the fact that there are fewer listings now since the prime selling season is over.  Additionally, a lot of homes were taken off market.

63 Appian Way #C South San Francisco, CA , 94080

This property is currently on MLS listed at $518k, but I saw this Craiglist listing that states the following:

$450000 Foreclosure-Need Immediate Offer

Reply to: ildiko@princeton-realestate.com
Date: 2008-08-04, 10:39AM PDT

Forget looking for a bargain elsewhere! This pristine 2 bedroom/2.5 bath townhome in SSF with panoramic views, ideally located within minutes of downtown San Francisco & Silicon Valley. This unit has everything you need for luxury living in the Bay Area including 2 car parking, laundry in unit and much more. This is a short sale.

Contact me today to schedule a time to see this great value! 415-412-8721

This property was bought in the last bubble of the late 80s and has a pretty high HOA fee. Most likely this short sale won’t go through, but maybe someone will  help this guy out?

71 BAYPARK Cir South San Francisco, CA 94080

Price: $949,888

Last sale: Nov 17, 2004 $985,000

Loss if sold for asking: $35112 or  3.6%

This home still has an assessment above $1 million but it is under its sale price in 2004.  Inflation adjusted it is under the 2003 price. It is fairly large and is only 11 years old.  You would think that they would post a few pictures of the property at this price point, but nope, all we have is the street view photo.

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.

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.