638 VANESSA Dr San Mateo, CA 94402
638 Vanessa Dr, San Mateo, CA 94402
Price: $494,700
| Beds: | 5 |
| Baths: | 3 |
| Sq. Ft.: | 1,540 |
| $/Sq. Ft.: | $321 |
| Lot Size: | 5,194 Sq. Ft. |
| Property Type: | Detached Single Family |
| Year Built: | 1955 |
| Stories: | 1 |
Last sales: Jan 30, 2009 Sold $572,000 ( Foreclosure)
May 22, 2007 Sold $890,000
Loss if sold for asking: $77300 from foreclosure price, nearly $400k from last sale price.
This home is in a decent neighborhood of San Mateo, but it is fairly nondescript and now has the “appliance-ripped-out” look of foreclosures. It is currently owned by Aurora Lending Services LLC in Colorado. It is down $400,000 from its 2007 sale price, but it is doubtful if it’s worth even $494k now.
313 MAGELLAN Dr Pacifica, CA 94044
313 MAGELLAN Dr Pacifica, CA 94044
Price: $530,000
| Beds: | 4 |
| Baths: | 3 |
| Sq. Ft.: | 1,790 |
| $/Sq. Ft.: | $296 |
| Lot Size: | 4,000 Sq. Ft. |
| Property Type: | Detached Single Family |
| Style: | Contemporary |
| Year Built: | 1968 |
Last sale:
| Jun 24, 2004 | Sold | $725,000 |
Loss if sold for asking: $295,000 or 40.7%
It seems that this was originally bought with 2 fixed loans that totaled 100% of $725k, and then the owners refinanced in 2006 into two variable loans totaling $774k. This means there might have been some cash out. This is a short sale, and I guess the sellers won’t really lose much since they don’t have to pay back the money they cashed out. There is an open house from 2 to 4pm on the 28th.
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.
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