2614 READ Ave Belmont, CA 94002

Price: $899,000

Last sale: 7/24/2006 $1,233,000
Loss if sold for asking: $334,000 or 27%

This is actually a nice looking larger home in Belmont.  The owners that sold the home for 1.2 million definitely made out like bandits.  It seems that they bought the place in 1999 for $241k, and then refied and took out a loan worth $663.5k in 2003 and then sold the home to the latest seller in trouble in 2006.  It’s amazing that this home was only $241k in 1999, though.  Adjusted for inflation $241k should be only worth $309k now.  I highly doubt that the home would drop another 600k, but another $100 to $200k might be possible.

2268 ADDISON Ave East Palo Alto, CA 94303

Price: $183,750

Last sales:
Sep 19, 2008 Sold $579,457 -5.0%/yr Public Records
Oct 12, 2006 Sold $640,000 16.4%/yr Public Records

Loss if sold for asking: $395707 or 68.3%
This bank owned property is probably one of the cheapest single family homes on the Peninsula and it looks like it still has some appliances left. It’s about $460k off its peak price, and that’s pretty sad.

300 SAND HILL Cir #203 Menlo Park, CA 94025

Price: $1,225,000

Last sale:

Loss if sold for asking: $75,000 or 5.8%

Listing history:

This is a nice condo on a golf course, and after being listed for 2 months it’s already had a $200k price cut.  There is an open house tomorrow from 1 to 4pm.

Price: $1,038,000

This is a new home that is already a short sale. According to the agent who loves to exclamation marks: ” SHORT SALE! Brand New Custom Home built by Owner but never lived in!” That actually sounds pretty sad…

2614 READ Ave Belmont, CA 94002

Price: $1,000,000

Last sale: Jul 24, 2006 Sold $1,233,000
Loss: $233,000 or 18.9%

This home is open for the next 3 Sundays from 1 to 4 pm.   This is a short sale on a good sized lot, but the price per square foot is still above average.  Before the last sale this one was sold for $241,000 in 1999, which means that the last last owner made nearly a million dollars.  No wonder so many people became obsessed with house flipping.  As I say about pretty much all short sales, potential buyers should just wait until it goes into foreclosure and get it for even less money.

1551 SOUTHGATE Ave #148 Daly City, CA 94015

Price: $108,000

Another cheap condo near $100k.  However, this one is a short sale so the lender may want offers above the list price.

3115 Canyon Rd Burlingame, CA 94010

Price: $1,599,000

Last sale:

Loss if sold for asking: $281000 or $15.8%

The listing for this home doesn’t show that it’s bank owned, but if you look up the county tax records it shows the address of the owner as 7255 BAYMEADOWS WAY, JACKSONVILLE, FL.  It also had a tax default last year.  If you search for that address, it shows that it’s Washington Mutual, which is now JP Morgan Chase.  Whoo hoo I guess?  It’s probably possible to negotiate this back to pre-2004 prices since WaMu’s REO portfolio is humongous.