Last sale: Feb 14, 2006 Sold $708,000

This one makes me have a sinking feeling. It’s about $24k below the latest median, but it’s reduced quite a bit from its last sale price.

This house seems to have a good facade, and it’s the same size of the condo I rent, but to buy it would cost twice as much as renting. Awesome huh?

Last sale: May 26, 2005 Sold $780,000

This one is more than $200k below its last sale price and it’s a short sale, which means the deal probably won’t complete.  It’s priced right at the county median now.  It’s an okay neighborhood, but it’s on a busy street.

The general pattern to the median priced home seems to be the following:

1) The house is less than 1200 square feet

2) The house is more than 50 years old

3) The house isn’t exactly affordable to those with a median income.

Oh well, maybe one day this madness will end.

500 LIVE OAK Way #503 Belmont, CA 94002

Price: $731,000

Last sale:

Loss if sold for asking: $258,000 or 26.1%

My husband actually lived right next to this condominium complex when it was being constructed.  He was renting one of the several hundred apartments surrounding this complex.   When the homes were finally constructed they were all listed for around $1 million while the apartment buildings surrounding it were renting for less than $1500.   I actually went to one of the open houses there and  yes, of course these condominiums are nicer than the apartments, but for the most part they fit right into the neighborhood full of 2 to 3 story apartment buildings.  It’s not a bad neighborhood, but if you have this kind of money it is probably better to just buy a single family home and avoid the $300+ HOA.

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.

1022 S DELAWARE St San Mateo, CA 94402

Price: $469,950

Last sale: Apr 28, 2005 Sold $655,000
Loss if sold for asking: $185050 or 28%

Loss of equity per month:  $3701

It looks like the realtor tried to spruce up the photo a little bit and the tree looks like its an unnatural green color.   Supposedly this is not a short sale or REO, but  it has been listed 3 times now since April 2008.  Here is the listing history:

Jun 28, 2009       Listed        $469,950       –       EBRD #40417039
Jun 28, 2009     Listed     $469,950     —     MLSListings #80931255
Jan 07, 2009     Delisted     *     —     Inactive MLSListings #1
Sep 15, 2008     Price Changed     *     —     Inactive MLSListings #1
Jul 16, 2008     Relisted     *     —     Inactive MLSListings #1
Jul 15, 2008     Delisted     *     —     Inactive MLSListings #1
May 14, 2008     Price Changed     *     —     Inactive MLSListings #1
May 07, 2008     Price Changed     *     —     Inactive MLSListings #1
Apr 23, 2008     Price Changed     *     —     Inactive MLSListings #1
Apr 14, 2008     Listed

It is definitely overpriced for the neighborhood it is in,and it is one tiny house.

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.

1115 DAVIS St Redwood City, CA 94061

Price: $399,900

Last sale: Sep 27, 2006 Sold $585,000

It looks like this home first went on sale in 2007 and was listed for a total of five times. Now it is a REO. The price has been cut by at least 100k since its first listing and it is down a bit more than 170k from the last sale price. Good luck moving this one.

Price: $425,000

Last sale: May 23, 2001 Sold $592,500 – Yup.. it’s down from 2001!!

Loss if sold for asking: $167500 or 28.3%

This property has been on the market for about 9 months now. It is a duplex and the smaller unit actually pulls in $1400 in rent.  This could be a good deal for someone with the downpayment.  Here are the calculations:

Downpayment: 20% = 85,000

Loan: $340,000

Terms: 5.25% fixed  – This is a duplex so you could qualify for primary residence rates if you live in half of it.

Monthly  mortgage: $1877.49

Income: $1400

Taxes: Approximately 1.1% so  it’s about $400 a month.

Insurance: $50 a month or $600 a year as an estimate.

So if you live in half of it and collect the rent, then you would be spending around $1027.49 a month to own this.  Additionally, you can deduct the mortgage interest on the portion you live in.  This could be a good deal provided that the house isn’t super trashed.  It is in the area near Redwood City downtown, and it can be a little sketchy at night I guess, but the neighborhood isn’t horrible.   I’m convinced that there is something else wrong with this place.  It is a short sale, and banks have been notoriously slow in responding to offers, and maybe that’s why it still hasn’t sold.

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.

1341 BEACON Ave San Mateo, CA 94401

Price: $549,900

Last sale:
Jul 07, 2008 Sold $767,748 -9.9%/yr Public Records
Dec 29, 2006 Sold $900,000 17.4%/yr Public Records
Loss if sold for asking: $217848 or 28.4%

I absolutely love the realtor’s description of this listing: “Ideal for trades person or contractor. .. try the fha rehab loan to make this a true castle that will fit the entire kingdom! Large lot has room for a boat or RV also!” I’m not sure what kind of kingdom that would be, but I guess everyone needs a dream.
It is currently owned by Greenpoint Mtg Funding Inc and there will be an open house this Saturday 1/24 from 1pm to 4pm!