4238 GEORGE Ave #00001 San Mateo, CA 94403

Price: $365,000

I first put this one up over a year ago.  Looks like the price has been cut another $75,000 since then.  This is still a short sale which means that the troubled sellers are still holding onto the property.  Hopefully it will sell soon?

205 Peoria St Daly City, CA 94014

Price: $280,000

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.

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.

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.

911 9TH Ave San Mateo, CA 94402

Price: $575,000

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.

1234 CLINTON St Unit 201-C Redwood City, CA 94061

Price: $319,000

This is probably the cheapest 2 bedroom condominium in Redwood City right now. It is in a decent neighborhood and the HOA is a fairly low $200 a month. However, this is a fixer upper and a short sale, so it may be even cheaper once it forecloses.

1519 DAY Ave #D San Mateo, CA 94403

Price: $325,000

Last sales:

Loss if sold for asking: $115,000

This is a short sale in San Mateo.  My husband used to rent a very similar looking one bedroom apartment in Belmont for $1200 a month.  So I think this condo is still too expensive with a price to rent ratio of 22.5 and an HOA of $337.

Price: $508,000

Last sale: Jul 13, 2007 Sold $690,000
Loss if sold for asking: $182,000 or 26.4%

This is a short sale on a nice corner lot, but the price per square foot is still $100 above the median price per square foot for Pacifica.  Unfortunately, short sales rarely go through these days so it may be worth it just to wait.

316 LUX Ave South San Francisco, CA 94080

Price: $799,000

This is a fairly new  duplex and it is already a short sale.  The realtor that posted the listing seems  very fond of  spaces and caps:

T H I S I S A S H O R T S A L E. .. S U B J E C T T O L E N D E R A P P R O V A L. O C C U P I E D O N E U N I T A N D R E N T T H E N E X T U N I T F O R A D D E D I N C O M E. THIS DUPLEX WAS A L M O S T B R A N D N E W . 3 B D R M E A C H. AND F A M I L Y RM. 2.5 BA. E A C H U N I T. L A R G E B D R M S. I D E N T I C A L U N I T. 2 C A R G A R A G E. APPT. ONLY

1803 S NORFOLK St San Mateo, CA 94403

Price: $650,000

Last sale:

Loss if sold for asking: $325,000 or 33.3%

This house is a short sale. Supposedly it was a nursing home and the last seller put down 10% and took out two ARM loans for 80% and 10%: