San Mateo Home Sellers in Trouble - Bay Area Real Estate Bubble Updates » City of Menlo Park

12 ATHLONE Ct Menlo Park, CA 94025

admin — Fri, 11 Sep 2009 16:28:57 +0000

12 ATHLONE Ct Menlo Park, CA 94025

Price: $799,000

Beds:	3
Baths:	2
Sq. Ft.:	1,250
$/Sq. Ft.:	$639
Lot Size:	5,115 Sq. Ft.
Property Type:	Detached Single Family
Style:	Traditional
Stories:	1
View:	Neighborhood
Year Built:	1950

Last sale: Nov 23, 2005 Sold $960,000
Loss if sold for asking: $161,000

It looks like the current owners bought this home back in 2005 with a $720k adjustable loan. Their listing price will help them just break even. Open house this weekend on September 12th and 13th from 1pm to 4pm.

Menlo Park plans to artificially prop up home prices

admin — Thu, 07 May 2009 19:16:52 +0000

Apparently, city officials in Menlo Park are planning to spend $1 million to prop up prices in East Menlo Park. The basic deal is that they will find delinquent homeowners and help them negotiate a refinance with a local bank. The city will pitch in 30% of the loan amount, and the homeowner has to pay the mortgage on the remaining 70%. When the home sells the city will split the appreciation with the homeowner 50/50. Supposedly East Palo Alto is considering something similar.

I personally go to East Menlo Park a lot for this restaurant called Back A Yard Grill . They really have the best jerked chicken, but that neighborhood is not somewhere you want to be after dark. The houses there are definitely not worth the 600k to 700k they sold for in the peak, and using public funds to keep prices that high seems pretty ridiculous. What do you think?

300 SAND HILL Cir #203 Menlo Park, CA 94025

admin — Sun, 18 Jan 2009 00:26:31 +0000

300 SAND HILL Cir #203 Menlo Park, CA 94025

Price: $1,225,000

Beds:	3
Baths:	2
Sq. Ft.:	2,067
$/Sq. Ft.:	$593
Lot Size:	-
Property Type:	Condominium
Style:	Contemporary
Year Built:	1974
Stories:	1-3 (Low Rise)
View:	Golf Course

Last sale:

Jan 17, 2007	Sold	$1,300,000

Jan 17, 2007

Sold

$1,300,000

Loss if sold for asking: $75,000 or 5.8%

Listing history:

Jan 06, 2009	Price Changed	$1,225,000	–	MLSListings #80845325

Jan 06, 2009

Price Changed

$1,225,000

–

MLSListings #80845325

This is a nice condo on a golf course, and after being listed for 2 months it’s already had a $200k price cut. There is an open house tomorrow from 1 to 4pm.

Get ready for new sewage fees Peninsula homeowners!

admin — Sat, 10 Jan 2009 09:38:01 +0000

According to today’s news Belmont will be the first city in the peninsula to impose a fee for its share in a $400 million sewage treatment upgrade project. This amounts to an average of $250 per homeowner added to the yearly property tax bill, and that doesn’t seem to be that bad, but businesses will be charged based on the type and size of the business property.

More southern peninsula cities such as Redwood City and San Carlos may follow soon, but I think this project is sorely needed. I’ve worked in Redwood Shores and Foster City for almost four years and the toilets have plugged up at our office building multiple times after heavy rains.

The fee is probably not big enough to send homeowners into financial trouble, but small businesses such as laundromats could see a pretty painful tax.

Upcoming San Mateo Properties in REDC auctions

admin — Mon, 08 Dec 2008 08:42:48 +0000

Dec 13th in San Jose:

Address: 358 E Bellevue Ave San Mateo, CA 94401.
San Mateo County.

Square Footage: 3433

Starting Bid: $339,000 Previously Valued To:* $1,100,000

Item #: 905

Address: 425 Anchor Rd #206 San Mateo, CA 94404.
San Mateo County.

Square Footage: 1032 Property Type: Condo

Starting Bid: $149,000 Previously Valued To:* $520,000

Item #: 906

Address: 2513 Illinois St East Palo Alto, CA 94303.
San Mateo County.

Square Footage: 1010 Property Type: SFR

Starting Bid: $69,000 Previously Valued To:* $630,300