2330 University Ave #110 East Palo Alto, CA 94303

Last sale: Feb 22, 2006 Sold $445,000
Loss if sold for asking: $246,000 or 55%

I don’t know about you but these listing photos just make me somewhat dizzy.  You can sort of make out some chairs in the first one, but the second one seems like the realtor took it while he/she was drunk and fumbled around. Anyway, I suspect the cut down price is to elicit more bids, or the realtor was really drunk?

Last sale: Feb 14, 2006 Sold $708,000

This one makes me have a sinking feeling. It’s about $24k below the latest median, but it’s reduced quite a bit from its last sale price.

This house seems to have a good facade, and it’s the same size of the condo I rent, but to buy it would cost twice as much as renting. Awesome huh?

Last sale: May 26, 2005 Sold $780,000

This one is more than $200k below its last sale price and it’s a short sale, which means the deal probably won’t complete.  It’s priced right at the county median now.  It’s an okay neighborhood, but it’s on a busy street.

The general pattern to the median priced home seems to be the following:

1) The house is less than 1200 square feet

2) The house is more than 50 years old

3) The house isn’t exactly affordable to those with a median income.

Oh well, maybe one day this madness will end.

500 LIVE OAK Way #503 Belmont, CA 94002

Price: $731,000

Last sale:

Loss if sold for asking: $258,000 or 26.1%

My husband actually lived right next to this condominium complex when it was being constructed.  He was renting one of the several hundred apartments surrounding this complex.   When the homes were finally constructed they were all listed for around $1 million while the apartment buildings surrounding it were renting for less than $1500.   I actually went to one of the open houses there and  yes, of course these condominiums are nicer than the apartments, but for the most part they fit right into the neighborhood full of 2 to 3 story apartment buildings.  It’s not a bad neighborhood, but if you have this kind of money it is probably better to just buy a single family home and avoid the $300+ HOA.

1 DAFFODIL Ln San Carlos, CA 94070

Price: $844,900

Sale history:

Aug 10, 2007       Sold       $1,080,000       5.7%/yr       Public Records
Jul 27, 2005     Sold     $965,000     10.1%/yr     Public Records
Jun 14, 2002     Sold     $715,000     7.4%/yr     Public Records
Jun 10, 1997     Sold     $499,000     7.2%/yr     Public Records
Nov 01, 1994     Sold     $416,000     -1.9%/yr     Public Records
Jul 07, 1989     Sold     $460,000     158.1%/yr     Public Records
Mar 01, 1989     Sold     $330,000     —     Public Records

 Loss if sold for asking: $235,100 or 21.8%
I used to live next to  these million dollar townhouses in San Carlos.  They are at the top of the hills and have a nice view, but I’m not sure if it’s worth a million.  Well, I guess now it is down to 844k and it is an REO.  The association fee is over $500 a month, though.

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.

Price: $965,000

Last sale: Nov 10, 2005 Sold $1,200,000
Loss if sold for asking: $235,000 or 19.6%
This former 1.2 million dollar property was first listed 4/2/2008. Then it went off market twice and just got relisted again. This was financed in 2005 by Countrywide with 2 adjustable loans.  One was $900,000 and the second was $180,000.  This means that the buyers actually put down 10% or $120,000.  That’s pretty amazing.  Sadly it is now a shortsale.  It is a bit close to the 92, but otherwise seems well maintained.

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.

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.

90 CARLETON Ave Daly City, CA 94015

Price: $437,000

Last sale: Nov 16, 2005 Sold $718,000
Loss if sold for asking: $281,000 or 39.1%

This is a REO listing, but the tax records still say its owner is at 192 Ashland Dr.  It seems like the last buyer took two loans from Ameribanc Corp to buy this possibly second home or investment property.  80% was an ARM and 20% was fixed so it was basically  a 100% loan.   AmeriBanc unceremoniously died last year so I’m not sure who owns this property right now.  Anyway,from the pictures it looks like the inside of this property is still intact.

1940 STAFFORD St Redwood City, CA 94063

Price: $407,900

Last sale:

This bank owned property was first purchased in 2002 for $490k with two loans of $392k and $98k.  That’s right, that’s equivalent to  a 0% down loan.  And then in 2004 it was refinanced again with an adjustable loan of $520k and it seems like there was a transfer between family members.  And then in 2006 it was refinanced again with two loans of $612,000 and $76,500 for a total of $688,500.  So basically this family took out around $200k from this little house during the boom, and finally it went into foreclosure so the last lender is looking around a loss of $280k.  It seems like it was a good deal for this particular family because they practically got to live in this house for more than 4 years for free.