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.

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.

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.

131 BELMONT Ave Redwood City, CA 94061

Price: $499,000

Last sale: May 10, 2005 Sold $630,000

This tiny little cottage is still asking for half a million, which makes it over $800 per square foot. I wonder if the owner noticed that it’s NOT in Atherton. The funnier part about this is that it is available for rent for $950 a month. Let’s do some math here. Suppose you put 20% down and finance $400,000 at 5% over 30 years, you’d have to pay about $2150 for mortgage plus another $400 a month for tax. So, why would anyone buy this if they wanted to live here? It might help the seller to remove the fact that it’s for rent because it just emphasizes how ridiculous of a decision it is to buy this home. Additionally, the listing is probably keeping renters away because potential renters would fear that they can be kicked out once the home sells to some sucker.

665 FOOTHILL Dr Pacifica, CA 94044

Price: $468,000

Last sales:

Loss if sold for asking:  $247,000 or 34.5%
This home is now $23,000 above its 2001 price.   It was funded by a $143,000 fixed mortgage and a $572,000 adjustable mortgage in its 2005 sale.  Yup, that’s another 100% financed home and now it is a short sale.  There is an open house on 4/5/2009 from 1 to 4pm.

Price: $494,700

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

Price: $530,000

Last sale:

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

Price: $549,000

Last sale:

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

Price: $575,000

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.

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.