81 RIDGE VIEW Dr Atherton, CA 94027
81 RIDGE VIEW Dr Atherton, CA 94027
Price: $3,495,000
| Beds: | 4 |
| Baths: | 4 |
| Sq. Ft.: | 3,650 |
| $/Sq. Ft.: | $958 |
| Lot Size: | 0.85 Acres |
| Property Type: | Detached Single Family |
| Style: | Ranch |
| Stories: | 1 |
| View: | Neighborhood |
| Year Built: | 1950 |
Last sale: Jun 17, 2008 Sold $4,100,000
Loss if sold for asking:$605,000 or 14.8%
It’s been a while since I featured a multimillion dollar home here. This one is a pretty normal property in Atherton. It seems that it’s been sold from one trust to another in the past couple decades so I’m sure the sellers aren’t really in trouble, but it seems that they want to get rid of the home in a hurry because they already cut the price twice. Lately there has been more and more listings in Atherton and most of these multimillion sales take a pretty long time. I suspect the inventory will build up further.
412 ATHENIAN Way Pacifica, CA 94044 – Fishy?
412 ATHENIAN Way Pacifica, CA 94044
Price: $915,750
| Beds: | 4 |
| Baths: | 3 |
| Sq. Ft.: | 2,585 |
| $/Sq. Ft.: | $354 |
| Lot Size: | 5,000 Sq. Ft. |
| Property Type: | Detached Single Family |
| Stories: | 2 |
| Year Built: | 2007 |
| Community: | Pedro Point |
Last sale: Jun 12, 2007 Sold $1,700,000
Loss if sold for asking:$784250 or 46%
Equity lost per month: $32677
This is listed as a bank owned home. I’m not quite sure who owns it now because the Tax records show that it is owner of record is not a bank, but some person in Pacifica. It also shows that it is a tax defaulted property there is about 30k worth of back taxes that needs to be paid to redeem the home. Perhaps the bank is just not taking responsibility because they don’t want to shell out the money for the taxes now. What is most fishy about this property is that the last sale price was $1.7 million. I don’t think Pacifica was ever that expensive and it seems that the taxes were unpaid starting from 2007. So perhaps the intention was to default? Whoever buys this should definitely make sure that the taxes are cleared up, and the tax assessment should get down to reality.
3550 CARTER Dr #00078 South San Francisco, CA 94080 – New Price
I first posted about this property 8 months ago. Now it is back on the market and it is listed for $399k. In the last post some people wondered how this condo could have sold for more than $900k in 2004. Apparently, the owner sold the home to himself according to county records:
| Document Details | |||
|---|---|---|---|
| Sale amount | $928,000 | ||
| Lender # 1 | Empire Capital Mortgage Corp | ||
| Loan amount # 1 | $408,000 | ||
He bought it for $375k back in 2002, and it’s pretty weird that it could just be sold back to himself like this.
July 2008 Troubled Sellers Update Part 2 – East Palo Alto to Millbrae
Here is part two of the troubled home sellers situation in July 2008.
City of East Palo Alto
In East Palo Alto it is really hard to find a listing that doesn’t belong to a home seller in trouble. I estimate that 90% of the listings on the market are foreclosures. Some notable additions in July include 1827 Stevens Ave, 1678 Purdue Ave, and 2231 Terra Villa St. All three of these homes lost up to 50% of their original value. A lot of properties went off the market so now the total is 105 troubled properties. This is not very different from last month.
Raw data available: epa731.csv
City of Foster City
Once again, all eight of Foster City’s troubled properties are townhouses and condominiums. A couple additions include 1024 Helm Ln and 42 E Court Ln. Both of these homes have been reduced into troubled territory.
Raw data available: fostercity731.csv
Coastside Properties – Half Moon Bay, Moss Beach, Montara, and El Granada
The amount of coastside properties did not change very much. As of 7/31, there are 15 troubled properties in Half Moon Bay, 3 in Moss Beach, and 2 in El Granada. A handful of listings went off the market and a couple of them sold.
Raw data available: coastside731.csv
City of Hillsborough
The mansion at 180 Robin Rd is still for sale for 950k under its 2001 price. Additionally, a couple more troubled sellers turned up. One listing at 15 Crystal TE Spgs is listed $1 under its 2004 price. The sellers of 2795 Summit Dr lowered its price by more than $500k and now it’s about $100k under its 2006 price. Finally, the sellers of 10 Crystal Springs Ter lowered their listing price by $400k in July so the property is now $600k below its last sale price in 2006. This property has the words “pending litigation” under the HOA information. I’m not quite sure what that means but it doesn’t sound nice.
City of Menlo Park
All 14 of the properties I found in Menlo Park are in East Menlo Park near East Palo Alto. I guess it’s not the best part of town.
Raw data available: menlo731.csv
City of Millbrae
Of the five properties in Millbrae, one standout property in Millbrae is 1116 Landing Ln. It went through a $250k pricecut in July. I think that qualifies as a HUGE price reduction.
Raw data available: millbrae731.csv
More to come!
3550 CARTER Dr #00078 South San Francisco, CA 94080
3550 CARTER Dr #00078 South San Francisco, CA 94080
Price: $420,000
| Beds: | 3 |
| Baths: | 2.5 |
| Sq. Ft.: | 1,644 |
| $/Sq. Ft.: | $255 |
| Lot Size: | - |
| Age (Years): | 29 |
| Year Built: | 1979 |
| Type: | Townhouse |
Listing history:
| Date | Price |
| Nov 16, 2007 | $519,000 |
| Dec 17, 2007 | $439,000 |
| Apr 30, 2008 | $420,000 |
Last sale: Oct 05, 2004 $928,000
Loss if sold for asking: $508000 or 54.7%
Comments: Ah, another condo in Skyline Village. There are so many condos selling at the address that I fear it’s falling apart. This one is down $500k+ after 4 years.
How Does One Home’s Price Drop Affect an Entire Community?
As we have seen, many homes’ values are dropping in San Mateo. The most drastic cuts are seen in East Palo Alto and Daly City, which are considered the fringes of San Mateo. After six months I was actually able to find a short sale in Woodside. Woodside is a town hidden within many majestic and beautiful redwoods on the west side of 280. It also is home to Oracle CEO Larry Ellison’s Japanese style palace. This majestic property went on the market last year with no takers. I did see it on MLS last year but the price was concealed. A few days ago it was revealed that Larry did the next best thing. Since he is no longer using the property, he asked for its value to be reassessed. The lavish estate’s value was reduced from $173 million to $69.7 million and Ellison received more than $3 million in a tax refund from San Mateo County. Let’s see, this is a $103.3 million drop, or 59.7%. I think no other San Mateo Home Seller in Trouble listing could ever beat Ellison’s record.
After this happened, it was reported that the Portola Valley School District, which gets income from Woodside properties, will get a cut of $250,000 to $300,000 per year. This cut comes from just one home’s reassessment!
Of course, old Larry is not really a home seller in trouble per se. He has billions of dollars to spend, but if every rich person in Atherton, Burlingame, Menlo Park, and Hillsborough follows his lead. I think we may see more education funding cuts here in our lovely little county.
Source: http://www.almanacnews.com/news/show_story.php?id=1835
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