411 MIDWAY Ave San Mateo, CA 94402

Price: $1,099,000

I have started a new category called “delusional sellers”. This tiny little house close to Hillsborough is listed at $1121 per square foot. What I love about the listing is that the real estate agent doesn’t seem too enthusiastic about it, either. Here is what he/she wrote:

 A beautiful 10,000 square foot lot in much sought after San Mateo Park. The home is small with very little updating, but seems sound. There is a pool in back that doesn’t look too bad, but needs some repairs. It’s probably a tear down, but you be the judge. Marvelous opportunity.

So basically the realtor is saying that it is a good lot, and a crappy house.  I’m glad this agent isn’t using words like “cozy” and “cute”.   At this price chances are this will linger on the market for quite a while.  Most of the homes in that neighborhood have very big lots, and 10000 square foot isn’t really that spectacular.

1532 CAROL Ave Burlingame, CA 94010

Price: $1,339,000

Last sale:

Loss if sold for asking: $12,000 or 0.9%

The interesting thing about Burlingame is that the listing price per square foot is much higher than the sold price per square foot.  Here is the graph:

So it seems that Burlingame sellers are all still holding their prices high, but the ones that sell are much much cheaper.  If this particular home were at the Burlingame average of $620 per square foot, then it would be  at only $1.07 million.  Perhaps that would be a better starting price?

1344 BERNAL Ave Burlingame, CA 94010

Price: $1,385,000

Last sale: Aug 17, 2006 Sold $1,425,000
Loss if sold for asking: $40000 or 2.8%

I’m not quite sure what the realtor means when he says “Absolutely Done!!!”  He seems very fond of exclamation marks and I hope he does not talk like that in real life.  Anyway, this property has showings for the next 3 Sundays from 2:00pm to 4:00pm.  I would wait for the owners to reduce the price on this puppy since it is about $130 or about 20%  more per square foot than the median in Burlingame, and Redfin stated that Burlingame is one of the cities   with the most price reductions.     Chances are the owners of this lovely property will realize that they priced their home too high.

Price: $1,298,000

Last sale:

Loss if sold for asking: $2000 or 0.2%

In any other place, this is just a post war rancher that will probably sell for $200k or less, but here in Burlingame it’s $1.298 million.  There doesn’t seem to be much to justify this price.  The current owner took out a $960k adjustable loan in 2005, and perhaps it’s adjusting soon.  Anyway, this home is overpriced even for Burlingame.  A comparable property that’s larger than this home is at 1641 Albemarle Way and is around $300k less.  Both properties have open homes this weekend on 1/25 from 1pm to 4pm.

900 SOUTH Rd Belmont, CA 94002

Price: $1,300,000

Something must be wrong when you try to sell a house that’s “70% finished”. Anyway, I looked up this property on PropertyShark and it showed that it is owned by “Ghafouri,Paymon & Velecia T “. The name Paymon sounded really familiar so I Googled him, and what do you know, he is a Realtor in Redwood City and I have been to his website before. It seems that he took out a construction loan in the amount of $760k in 2006 to build this big mansion in Belmont, but now the work isn’t being finished. Not sure what the story is there, but it sure seems funny to list a shell of a home for over $1 million.

1206 Lake St Millbrae, CA 94030

Price: $1,310,000

Last sale:

Loss if sold for asking: $90,000 or 6.4%

This is a nice looking house in Millbrae, but I’m not sure if it’s worth 1.3 million.  Then again, I never understood why Millbrae is so expensive.

590 Lisbon St Daly City, CA 94014

Price: $1,498,000

Last sale:

Loss if sold for asking: $77,000 or 4.9%

Another apartment building up for sale, but this one is in Daly City.  It seems like more and more multifamily buildings are coming up for sale, but it is tough for investors to get a loan these days since a lot of banks have cut off funding to investors entirely.

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.

1150 GREENWOOD Ave San Carlos, CA 94070

Price: $1,448,850

Last sale:

Loss if sold for asking: $91150 or 3.84%

This is a 13 unit building that sold in 1988 for 760k and 1998 for 750k.  If history repeats itself, it is supposed to be worth $740k now.  However, San Carlos is a good area that gets decent rents, so this could be a good investment.

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…