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.

4238 GEORGE Ave #00001 San Mateo, CA 94403

Price: $365,000

I first put this one up over a year ago.  Looks like the price has been cut another $75,000 since then.  This is still a short sale which means that the troubled sellers are still holding onto the property.  Hopefully it will sell soon?

90 CARLETON Ave Daly City, CA 94015

Price: $437,000

Last sale: Nov 16, 2005 Sold $718,000
Loss if sold for asking: $281,000 or 39.1%

This is a REO listing, but the tax records still say its owner is at 192 Ashland Dr.  It seems like the last buyer took two loans from Ameribanc Corp to buy this possibly second home or investment property.  80% was an ARM and 20% was fixed so it was basically  a 100% loan.   AmeriBanc unceremoniously died last year so I’m not sure who owns this property right now.  Anyway,from the pictures it looks like the inside of this property is still intact.

1940 STAFFORD St Redwood City, CA 94063

Price: $407,900

Last sale:

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.

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: $499,000

Last sale: Mar 22, 2006 Sold $750,000
Loss if sold for asking: $251,000 or 33.5%

Another short sale in South City.  This is a fairly new listing and the pictures look decent.

2621 Heather Ln San Bruno, CA 94066

Price: $498,000

Last sale: Dec 22, 2006 Sold $735,000

Loss if sold for asking: $237,000 or  32.2%

According to public records,  the current owner took out an adjustable loan with Downey Savings and Loans for $587,950, which is 80% of the loan. However, now it is listing for much less than that so I am guessing this is a short sale even though the listing doesn’t say so. The pictures look decent and the roof is new, but I think it is still a bit too expensive for San Bruno where the median price per squarefoot is $419.  This home is also open on Sunday January 25th, 2009.

14 S ELDORADO St San Mateo, CA 94401

Price: $439,000

Last sale: May 09, 2006 Sold $724,500

Loss if sold for asking: $285500 or  39.4%

This bank owned antique home is very close to downtown San Mateo.  I think it is owned by Wells Fargo. It is appealing for the price, but the age of the home may be problematic.

1044 SUZANNE Ct Half Moon Bay, CA 94019

Price: $299,900

Last sale:

Loss if sold for asking: $136,398 or 31.3%

This is a bank owned property on the coast.  It seems like a decent townhome and it is listed for less than its 2003 price.

177 VELASCO Ave Daly City, CA 94014

Price: $564,900

Last sale:

This home at 177 Velasco  was first listed in April 2007. Now it’s once again on the market at an even lower price.  What’s interesting to note is the sales history of this home.  First it was sold for $670k in 2004 to an Allen, Tina N with two Countrywide loans that added up to 100% of the home.  And then in 2005 the home was sold between Nguyen, Trang K and  Nguyen, Hung for $750k.  Again this was done with a 100% Countrywide loan.  Then finally Allen, Nhi T sold the home to Abiva, Jeremy and Allen, Tina Nhi in 2006 for $865k.  It seems like Allen, Nhi T and Allen, Tina Nhi are the same person.  Additionally, if you look at the sales history for another foreclosed property at 165 Velasco you’ll see the same sale prices of $670k to $865k  and the same repeating names of Allen, Nhi T, Nguyen, Hung, and Nguyen, Trang K where Allen, Nhi T sells 165 Velasco to the Nguyens for $865k.  I’m not quite sure what’s going on, but the bottom line is that Countrywide definitely lost money on these.