1040 Patricia SAN MATEO, CA 94401

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.

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 Now
Bath:	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?

1 DAFFODIL Ln San Carlos, CA 94070

Price: $844,900

Sale history:

Aug 10, 2007       Sold       $1,080,000       5.7%/yr       Public Records
Jul 27, 2005     Sold     $965,000     10.1%/yr     Public Records
Jun 14, 2002     Sold     $715,000     7.4%/yr     Public Records
Jun 10, 1997     Sold     $499,000     7.2%/yr     Public Records
Nov 01, 1994     Sold     $416,000     -1.9%/yr     Public Records
Jul 07, 1989     Sold     $460,000     158.1%/yr     Public Records
Mar 01, 1989     Sold     $330,000     —     Public Records

 Loss if sold for asking: $235,100 or 21.8%
I used to live next to  these million dollar townhouses in San Carlos.  They are at the top of the hills and have a nice view, but I’m not sure if it’s worth a million.  Well, I guess now it is down to 844k and it is an REO.  The association fee is over $500 a month, though.

412 ATHENIAN Way Pacifica, CA 94044

Price: $915,750

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.

139 14TH Ave San Mateo, CA 94402

Price: $678,000

Last sale:

Just when I thought the last little cottage was expensive, I stumbled upon this little charmer.  It is in a decent neighborhood of San Mateo, but the owner is asking for over $1000 per square foot for this little hundred year old cottage.  There is an open house this Sunday, and I really wonder if there are gold toilets or flooring in this house to warrant this price?

Price: $494,700

Last sales: Jan 30, 2009 Sold $572,000 ( Foreclosure)
May 22, 2007 Sold $890,000

Loss if sold for asking:  $77300 from foreclosure price, nearly $400k from last sale price.

This home is in a decent neighborhood of San Mateo, but it is fairly nondescript and now has the “appliance-ripped-out” look of foreclosures.  It is currently owned by Aurora Lending Services LLC in Colorado.   It is down $400,000 from its 2007 sale price, but it is doubtful if it’s worth even $494k now.

4 PENHURST Ave Daly City, CA 94015

Price: $549,000

Last sale:

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.

1233 BELLEVUE Ave #1 Burlingame, CA 94010

Price: $818,000

Last sale:

Loss if sold for asking: $51,000 or 5.9%

This actually looks like a well maintained townhome in a good part of Burlingame.  However, buying this home at the current price would work out to be quite a bit more than just renting in the same area.   Looks like there are no defaults or late payments on this home so it may take a while for the price to be lowered because I don’t think the owners are that desperate.  There are open homes scheduled for three Sundays starting this Sunday.  You can see it on 2/22, 3/1, and 3/8 from 2 to 4 pm.

Price: $849,000

Last sale:

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.

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.