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%
2626 WESTMORELAND Ave Redwood City, CA 94063
2626 WESTMORELAND Ave Redwood City, CA 94063
Price: $229,900
| Beds: | 2 |
| Baths: | 1 |
| Sq. Ft.: | 850 |
| $/Sq. Ft.: | $270 |
| Lot Size: | 2,625 Sq. Ft. |
| Property Type: | Detached Single Family |
| Year Built: | 1988 |
| Stories: | 1 |
| View: | Neighborhood |
| Neighborhood: | Dumbarton |
Last sale:
| Apr 18, 2006 | Sold | $589,000 |
Loss if sold for asking: $359100 or 61%
This little shack is currently owned by HSBC. It is incredible that someone actually bought this for $589k a few years ago. This is not exactly in a good neighborhood.
1519 DAY Ave #D San Mateo, CA 94403
1519 DAY Ave #D San Mateo, CA 94403
Price: $325,000
| Beds: | 2 |
| Baths: | 1 |
| Sq. Ft.: | 660 |
| $/Sq. Ft.: | $492 |
| Lot Size: | - |
| Property Type: | Condominium |
| Year Built: | 1961 |
| Stories: | 1-3 (Low Rise) |
| Neighborhood: | Lakeshore #1 |
| County: | San Mateo |
Last sales:
| Aug 17, 2006 | Sold | $440,000 | 16.4%/yr | Public Records |
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.
1940 STAFFORD St Redwood City, CA 94063
1940 STAFFORD St Redwood City, CA 94063
Price: $407,900
| Beds: | 3 |
| Baths: | 2 |
| Sq. Ft.: | 1,400 |
| $/Sq. Ft.: | $291 |
| Lot Size: | 5,985 Sq. Ft. |
| Property Type: | Detached Single Family |
| Style: | Ranch |
| Year Built: | 1981 |
Last sale:
| Aug 13, 2008 | Sold | $382,500 |
This bank owned property was first purchased in 2002 for $490k with two loans of $392k and $98k. That’s right, that’s equivalent to a 0% down loan. And then in 2004 it was refinanced again with an adjustable loan of $520k and it seems like there was a transfer between family members. And then in 2006 it was refinanced again with two loans of $612,000 and $76,500 for a total of $688,500. So basically this family took out around $200k from this little house during the boom, and finally it went into foreclosure so the last lender is looking around a loss of $280k. It seems like it was a good deal for this particular family because they practically got to live in this house for more than 4 years for free.
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