2581 ANNAPOLIS St East Palo Alto, CA 94303 – This is how you use your house as an ATM
2581 ANNAPOLIS St East Palo Alto, CA 94303
| Beds: | 4 |
| Baths: | 1 |
| Sq. Ft.: | 1,070 |
| $/Sq. Ft.: | $169 |
| Lot Size: | 5,500 Sq. Ft. |
Last sale: Jun 16, 2009 Sold $573,732 (This is a bank take back)
Last REAL sale: Nov 10, 1999 Sold $270,000
I found the mortgage history of this home on PropertyShark, and it is quite interesting. First the homedebtor bought the house in 1999 with two loans from Bank of America:
| Lender #1 | Bank Of America | ||
| Loan amount #1 | $215,000 | ||
| Loan type #1 | Conventional | ||
| Rate type #1 | Fixed | ||
| Loan amount #2 | $55,000 |
Notice that the two loans add up to the purchase price. So great, this guy is buying the home for 0 down, but at least it is a fixed loan. Now he lived in it for a bit over 3 years before doing another refi. This time it is a cash out refinance because the amount borrowed is $300k. This time it is from Indymac:
| Lender #1 | Indymac Bank FSB | ||
| Loan amount #1 | $300,000 | ||
| Loan type #1 | Conventional | ||
| Rate type #1 | Variable |
Notice that now it is an adjustable loan. A year and a half later there was another cash out refi in June 2004:
| Lender #1 | New Century Mortgage | ||
| Loan amount #1 | $330,000 | ||
| Loan type #1 | Conventional | ||
| Rate type #1 | Variable |
So basically he took another $30k out, but wait, it’s not over! Another 16 months later, he did another HUGE cash out refinance:
| Lender #1 | Option One Mortgage Corp | ||
| Loan amount #1 | $572,000 | ||
| Rate type #1 | Variable |
Yup, in this final refinance he took out another $242k. Then finally the home was foreclosed this year. So at least he enjoyed the house atm for almost 10 years and took out over $300k. Here is the funny part, all the banks he dealt with are dead except for Bank of America. I guess it sort of makes sense, too. I don’t think this guy lost much since the money he took out was tax free and he didn’t really have any equity in the house anyway. The last bank definitely lost the most on this series of refinances, but I guess they have ” imploded”.
2330 University Ave #110 East Palo Alto, CA 94303
| Beds: | 2 |
| Baths: | 2 |
| Sq. Ft.: | - |
| Lot Size: | - |
| Property Type: | Luxury, Condominium |
| View: | City Lights, Downtown, Woods |
| Year Built: | 2006 |
Last sale: Feb 22, 2006 Sold $445,000
Loss if sold for asking: $246,000 or 55%
I don’t know about you but these listing photos just make me somewhat dizzy. You can sort of make out some chairs in the first one, but the second one seems like the realtor took it while he/she was drunk and fumbled around. Anyway, I suspect the cut down price is to elicit more bids, or the realtor was really drunk?
412 ATHENIAN Way Pacifica, CA 94044 – Fishy?
412 ATHENIAN Way Pacifica, CA 94044
Price: $915,750
| Beds: | 4 |
| Baths: | 3 |
| Sq. Ft.: | 2,585 |
| $/Sq. Ft.: | $354 |
| Lot Size: | 5,000 Sq. Ft. |
| Property Type: | Detached Single Family |
| Stories: | 2 |
| Year Built: | 2007 |
| Community: | Pedro Point |
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.
1825 MIDDLEFIELD Rd Redwood City, CA 94063
1825 MIDDLEFIELD Rd Redwood City, CA 94063
Price: $259,900
| Beds: | 3 |
| Baths: | 2 |
| Sq. Ft.: | 1,450 |
| $/Sq. Ft.: | $179 |
| Lot Size: | 3,686 Sq. Ft. |
| Property Type: | Detached Single Family |
| Style: | Ranch |
| Stories: | 1 |
| Year Built: | 1920 |
Last sale:
Sep 11, 2006 $630,000
4/18/2000 $297,500
Yup, this little rancher has rolled back to below its 2000 sale price. What a difference 9 years make. This is currently owned by U.S. Bank and it is definitely the cheapest single family home in Redwood City now based on price per square foot. It looks like it needs some fixing, and it is not in the best neighborhood, but at least it is priced to be affordable to median income families now.
205 Peoria St Daly City, CA 94014
205 Peoria St Daly City, CA 94014
Price: $280,000
| Beds: | 1 |
| Baths: | 1 |
| Sq. Ft.: | 750 |
| $/Sq. Ft.: | $373 |
| Lot Size: | - |
| Property Type: | Single-Family Home |
| Style: | Bungalow |
| Year Built: | 1917 |
Last sales:
Nov 18, 2008 Sold $410,000 -12.4%/yr Public Records
Oct 27, 2005 Sold $615,000 33.4%/yr Public Records
Jul 30, 2004 Sold $430,000 16.1%/yr Public Records
Dec 03, 2001 Sold $289,000 6.5%/yr Public Records
Here is another home that’s cheaper than 2001 and more than 50% off its peak. It looks like quite a fixer, and it is still priced above the median price per square foot of Daly City. This is probably not a surprise but it was also financed 100% by loans in 2005.
1 APPIAN Way Unit 714-5 South San Francisco, CA 94080 – Why you should stay away even though it is cheap.
1 APPIAN Way Unit 714-5 South San Francisco, CA 94080
Price: $140,000
| Beds: | 1 |
| Baths: | 1 |
| Sq. Ft.: | 720 |
| $/Sq. Ft.: | $194 |
| Lot Size: | - |
| Property Type: | Condominium |
| Year Built: | 1979 |
| Stories: | 1-3 (Low Rise) |
This is another troubled property in the ill fated Colina Condominiums. I’m wondering if the major structural damages have been repaired or not, but undoubtedly the hefty assessment fees they wanted pushed quite a few people into foreclosure. The lesson here is to stay away from these condos if you want to live.
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