900 SOUTH Rd Belmont, CA 94002 – Realtor was foreclosed on
About half a year ago I wrote this post: 900 SOUTH Rd Belmont, CA 94002 – Realtor in Trouble?
It was the listing for a wooden shell for 1.3 million dollars owned and listed by a realtor based in Redwood City. It seems that the home actually got foreclosed on in June by JP Morgan Chase for the amount of $1,168,813 and went back on the market in late July for only $693,000. It is an REO and now it is pending without release so if it actually sold for asking the bank is taking a hit of almost $500k. I guess the lot is quite large, but the new pictures look like some people have been stealing wood from the place:
I hope the new owner finishes the home and enjoys it.
512 Stanford Avenue – Up for grabs at auction
A bit over a year ago I posted about a triple homicide at the property at 512 Stanford Avenue in Redwood City. At that time the home was listing for $337k and the last sale price was 587k in January 2007. Now you have 8 days left to grab this property at auction.
According to the Hudson and Marshall website, the last highbid is only $167,500, and this is the description:
512 Stanford Avenue
Redwood City, CA 94063
Bed: 3 Only 8 Days Left
to Bid NowBath: 1 Bid Now! Sq. Ft.: 820 Comments:
Last High Bid $167,500
Agent disclosure requiring buyer signature regarding homicides at property
Buyers who are interested in purchasing this property prior to the auction must be pre-qualified for financing through Wells Fargo or Wachovia. (This is only a requirement to be pre-qualified; the final loan may be obtained through any financial institution)
Please call 1-877-937-9357 during the following times:
Monday – Friday, 7:00 am – 11:00 pm Central Time
Saturday, 8:00 am – 4:30 pm Central Time
Or online at: Wells Fargo Pre-Qualification Form
Would you buy this for $168k?
4 PENHURST Ave Daly City, CA 94015
4 PENHURST Ave Daly City, CA 94015
Price: $549,000
| Beds: | 5 |
| Baths: | 3 |
| Sq. Ft.: | 2,940 |
| $/Sq. Ft.: | $187 |
| Lot Size: | 4,408 Sq. Ft. |
Last sale:
| Jul 25, 2007 | Sold | $995,000 |
Loss if sold for asking: $446k or 44.8%
This is one of the cheapest homes in Daly City in terms of price per square foot. It is now down to 2002 prices. It is a short sale so it may take a while for the deal to close. It is a large home in a very convenient neighborhood.
911 9th Ave, San Mateo, CA 94402
911 9TH Ave San Mateo, CA 94402
Price: $575,000
| Beds: | 4 |
| Baths: | 2 |
| Sq. Ft.: | 3,125 |
| $/Sq. Ft.: | $184 |
| Lot Size: | 4,720 Sq. Ft. |
| Year Built: | 1938 |
Last sale: 1/5/2006 for $999k
Loss if sold for asking: $424k or 42.4%
I first mentioned this home in the post about multifamily properties. Now it is down another $300k. This is another short sale. It is in a decent neighborhood near Central Park and you could rent out half of it so it might almost be worth it if you can secure financing.
Here is the math. Suppose you put 20% down and finance 460k, which is still a conforming loan in San Mateo, then at 5% the mortgage is $2469 a month. Then you need to add around $600 a month in property tax and another $70 to $100 in insurance. If you have a tenant on one half of the property then you could collect rent of $1500. Add in some tax deductions and this place is almost cheaper than renting. Of course, there are utilities and maintenance costs, too.
117 D St, Redwood City, CA 94063
This one was sent in by reader Dale. Thanks Dale!
This is a bank owned property now selling for $399k. The following is the listing Dale sent in from 2007:
Considering that they bought this house in 2006 for $830k, I guess they were just trying to cover their costs. Unfortunately it ended in an epic fail.
Loss: $431k or 51.9%
27 AMARYLLIS Ct South San Francisco, CA 94080
27 AMARYLLIS Ct South San Francisco, CA 94080
Price: $849,000
| Beds: | 4 |
| Baths: | 2.5 |
| Sq. Ft.: | 2,390 |
| $/Sq. Ft.: | $355 |
| Lot Size: | 4,374 Sq. Ft. |
| Property Type: | Detached Single Family |
| Style: | Contemporary |
| Year Built: | 2000 |
| Stories: | 2 |
| View: | Neighborhood |
| Neighborhood: | South San Francisco |
Last sale:
| Jun 28, 2006 | Sold | $1,260,000 |
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.
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