Price: $940,500

Last sale:

Loss if sold for asking: $159,500

This home certainly has an interesting facade.   It’s one of the larger single family homes in this area and it looks pretty well maintained. This was actually financed by a 80% adjustable loan.  Prime adjustable loans actually have pretty low rates right now, so these sellers may not really be in that much trouble.  The price per square foot is low for the area and perhaps it has a good chance of selling quickly.

1532 CAROL Ave Burlingame, CA 94010

Price: $1,339,000

Last sale:

Loss if sold for asking: $12,000 or 0.9%

The interesting thing about Burlingame is that the listing price per square foot is much higher than the sold price per square foot.  Here is the graph:

So it seems that Burlingame sellers are all still holding their prices high, but the ones that sell are much much cheaper.  If this particular home were at the Burlingame average of $620 per square foot, then it would be  at only $1.07 million.  Perhaps that would be a better starting price?

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.

He bought it for $375k back in 2002, and it’s pretty weird that it could just be sold back to himself like this.

19 WOODLEAF Ave Redwood City, CA 94061

Price: $2,150,000

Last sale: Jun 18, 2004 $2,249,000

Loss if sold for asking: $99,000 or 4.4%

This is a very nice looking house near where I live.  It is currently 4.4% below its 2004 price, but for that kind of money you can probably buy something in Atherton, Woodside, or even Hillsborough.

1765 S NORFOLK St San Mateo, CA 94403

Price: $499,900

Last sale: May 27, 2004 $645,000

Loss if sold for asking: $145,100 or  22.5%

This home is in the Parkside neighborhood of San Mateo.  It is east of the 101, but it is very close to Foster City & Bridgepointe Mall.  It’s not a fancy neighborhood, but if you drive down Norfolk most of the homes look fairly clean and nice.    Unfortunately, it is still $500k so you need a household income of $166k to safely afford it.   Anyway, this home is open this weekend from 1 to 4pm.

This is yet another off MLS listing I found on Craigslist.   It’s a pretty small condo and it’s now listing for $299k.  That makes it $610 per squarefoot.  As far as San Mateo condos go, that’s still pretty expensive. 

Contact Anne Oliva (650) 291 9775 or Denise Baker (650) 888-1387
Remarges@aol.com. www. realestatemarges.com

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71 BAYPARK Cir South San Francisco, CA 94080

Price: $949,888

Last sale: Nov 17, 2004 $985,000

Loss if sold for asking: $35112 or  3.6%

This home still has an assessment above $1 million but it is under its sale price in 2004.  Inflation adjusted it is under the 2003 price. It is fairly large and is only 11 years old.  You would think that they would post a few pictures of the property at this price point, but nope, all we have is the street view photo.

2831 WHIPPLE Ave Redwood City, CA 94062

Price: $699,500

Listing history:

Last sale: Aug 18, 2004 $729,000

Loss if sold for asking: $29500 or 4.0%

This house is following the market down since last year.  If they listed this at 699,500 last year, this one would have probably sold.  But nopes they got greedy and wanted to make 100k.  Now they might lose just as much if more price cuts are in the future.

912 TOYON Dr Burlingame, CA 94010

Price: $650,000

Listing history:

Last sale: Jul 15, 2004 $682,000

Loss if sold for asking: $32,000 or  4.7%

Wow, this Burlingame home just got reduced to pre-2004.  It is staged and the pictures look great, but don’t be fooled, it’s about 3 houses from the 101.