2581 ANNAPOLIS St East Palo Alto, CA 94303 – This is how you use your house as an ATM
2581 ANNAPOLIS St East Palo Alto, CA 94303
| Beds: | 4 |
| Baths: | 1 |
| Sq. Ft.: | 1,070 |
| $/Sq. Ft.: | $169 |
| Lot Size: | 5,500 Sq. Ft. |
Last sale: Jun 16, 2009 Sold $573,732 (This is a bank take back)
Last REAL sale: Nov 10, 1999 Sold $270,000
I found the mortgage history of this home on PropertyShark, and it is quite interesting. First the homedebtor bought the house in 1999 with two loans from Bank of America:
| Lender #1 | Bank Of America | ||
| Loan amount #1 | $215,000 | ||
| Loan type #1 | Conventional | ||
| Rate type #1 | Fixed | ||
| Loan amount #2 | $55,000 |
Notice that the two loans add up to the purchase price. So great, this guy is buying the home for 0 down, but at least it is a fixed loan. Now he lived in it for a bit over 3 years before doing another refi. This time it is a cash out refinance because the amount borrowed is $300k. This time it is from Indymac:
| Lender #1 | Indymac Bank FSB | ||
| Loan amount #1 | $300,000 | ||
| Loan type #1 | Conventional | ||
| Rate type #1 | Variable |
Notice that now it is an adjustable loan. A year and a half later there was another cash out refi in June 2004:
| Lender #1 | New Century Mortgage | ||
| Loan amount #1 | $330,000 | ||
| Loan type #1 | Conventional | ||
| Rate type #1 | Variable |
So basically he took another $30k out, but wait, it’s not over! Another 16 months later, he did another HUGE cash out refinance:
| Lender #1 | Option One Mortgage Corp | ||
| Loan amount #1 | $572,000 | ||
| Rate type #1 | Variable |
Yup, in this final refinance he took out another $242k. Then finally the home was foreclosed this year. So at least he enjoyed the house atm for almost 10 years and took out over $300k. Here is the funny part, all the banks he dealt with are dead except for Bank of America. I guess it sort of makes sense, too. I don’t think this guy lost much since the money he took out was tax free and he didn’t really have any equity in the house anyway. The last bank definitely lost the most on this series of refinances, but I guess they have ” imploded”.
1040 Patricia SAN MATEO, CA 94401
1040 Patricia SAN MATEO, CA 94401
| Beds: | 4 |
| Baths: | 2 |
| Sq. Ft.: | 1,960 |
| $/Sq. Ft.: | $255 |
| Lot Size: | 5,500 Sq. Ft. |
| Property Type: | Single Family Detached |
| Style: | Other |
| Stories: | 1 |
| Neighborhood: | SAN MATEO VILLAGE |
Last sale: Jul 06, 2007 Sold $818,000
Loss if sold for asking: $319,000 or 39%
I actually know several families that live in this neighborhood. It’s not the most ritzy part of San Mateo, but it’s not bad either. It’s close to shopping and the general neighbors are good. I know at least one family that paid over $700k for a smaller house than this one here a couple years ago. So is this a good deal? It really depends. A house like this would rent for $2000 to $2300 a month, though.
226 Crocker Ave Daly City, CA 94014
226 Crocker Ave Daly City, CA 94014
Price: $399,000
| Beds: | 2 |
| Baths: | 1 |
| Sq. Ft.: | 1,690 |
| $/Sq. Ft.: | $236 |
| Lot Size: | - |
| Property Type: | Single-Family Home |
| Style: | Victorian |
| Year Built: | 1907 |
Last sale: Bank repo for $454,750
Peak sale: 5/24/2006 for $740,000
Loss if sold for asking: $341,000 from peak price
Remember this horror show of a house? Well, this one isn’t that bad, but the bank must have hired someone who just really couldn’t care less about selling this house to take the pictures. It looks like it’s been squatted in. Here are some piles of trash:
Finally the requisite scary backyard:
2614 READ Ave Belmont, CA 94002
2614 READ Ave Belmont, CA 94002
Price: $899,000
| Beds: | 4 |
| Baths: | 4 |
| Sq. Ft.: | 2,800 |
| $/Sq. Ft.: | $321 |
| Lot Size: | 7,700 Sq. Ft. |
| Property Type: | Detached Single Family |
| Style: | Ranch |
| Stories: | 3 |
| View: | Canyon, Valley |
| Year Built: | 1956 |
| Community: | Haskins Estates |
Last sale: 7/24/2006 $1,233,000
Loss if sold for asking: $334,000 or 27%
This is actually a nice looking larger home in Belmont. The owners that sold the home for 1.2 million definitely made out like bandits. It seems that they bought the place in 1999 for $241k, and then refied and took out a loan worth $663.5k in 2003 and then sold the home to the latest seller in trouble in 2006. It’s amazing that this home was only $241k in 1999, though. Adjusted for inflation $241k should be only worth $309k now. I highly doubt that the home would drop another 600k, but another $100 to $200k might be possible.
1825 MIDDLEFIELD Rd Redwood City, CA 94063
1825 MIDDLEFIELD Rd Redwood City, CA 94063
Price: $259,900
| Beds: | 3 |
| Baths: | 2 |
| Sq. Ft.: | 1,450 |
| $/Sq. Ft.: | $179 |
| Lot Size: | 3,686 Sq. Ft. |
| Property Type: | Detached Single Family |
| Style: | Ranch |
| Stories: | 1 |
| Year Built: | 1920 |
Last sale:
Sep 11, 2006 $630,000
4/18/2000 $297,500
Yup, this little rancher has rolled back to below its 2000 sale price. What a difference 9 years make. This is currently owned by U.S. Bank and it is definitely the cheapest single family home in Redwood City now based on price per square foot. It looks like it needs some fixing, and it is not in the best neighborhood, but at least it is priced to be affordable to median income families now.
205 Peoria St Daly City, CA 94014
205 Peoria St Daly City, CA 94014
Price: $280,000
| Beds: | 1 |
| Baths: | 1 |
| Sq. Ft.: | 750 |
| $/Sq. Ft.: | $373 |
| Lot Size: | - |
| Property Type: | Single-Family Home |
| Style: | Bungalow |
| Year Built: | 1917 |
Last sales:
Nov 18, 2008 Sold $410,000 -12.4%/yr Public Records
Oct 27, 2005 Sold $615,000 33.4%/yr Public Records
Jul 30, 2004 Sold $430,000 16.1%/yr Public Records
Dec 03, 2001 Sold $289,000 6.5%/yr Public Records
Here is another home that’s cheaper than 2001 and more than 50% off its peak. It looks like quite a fixer, and it is still priced above the median price per square foot of Daly City. This is probably not a surprise but it was also financed 100% by loans in 2005.
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