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.
90 CARLETON Ave Daly City, CA 94015
90 CARLETON Ave Daly City, CA 94015
Price: $437,000
| Beds: | 3 |
| Baths: | 2 |
| Sq. Ft.: | 1,160 |
| $/Sq. Ft.: | $377 |
| Lot Size: | 3,500 Sq. Ft. |
| Property Type: | Detached Single Family |
| Style: | Ranch |
| Year Built: | 1958 |
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.
420 CEDAR St Redwood City, CA 94063 – A good deal?
420 CEDAR St Redwood City, CA 94063
Price: $425,000
| Beds: | 5 |
| Baths: | 2 |
| Sq. Ft.: | 1,800 |
| $/Sq. Ft.: | $236 |
| Lot Size: | 5,000 Sq. Ft. |
| Year Built: | 1950 |
| Stories: | 1 |
| Neighborhood: | Dumbarton |
Last sale: May 23, 2001 Sold $592,500 – Yup.. it’s down from 2001!!
Loss if sold for asking: $167500 or 28.3%
This property has been on the market for about 9 months now. It is a duplex and the smaller unit actually pulls in $1400 in rent. This could be a good deal for someone with the downpayment. Here are the calculations:
Downpayment: 20% = 85,000
Loan: $340,000
Terms: 5.25% fixed – This is a duplex so you could qualify for primary residence rates if you live in half of it.
Monthly mortgage: $1877.49
Income: $1400
Taxes: Approximately 1.1% so it’s about $400 a month.
Insurance: $50 a month or $600 a year as an estimate.
So if you live in half of it and collect the rent, then you would be spending around $1027.49 a month to own this. Additionally, you can deduct the mortgage interest on the portion you live in. This could be a good deal provided that the house isn’t super trashed. It is in the area near Redwood City downtown, and it can be a little sketchy at night I guess, but the neighborhood isn’t horrible. I’m convinced that there is something else wrong with this place. It is a short sale, and banks have been notoriously slow in responding to offers, and maybe that’s why it still hasn’t sold.
1940 STAFFORD St Redwood City, CA 94063
1940 STAFFORD St Redwood City, CA 94063
Price: $407,900
| Beds: | 3 |
| Baths: | 2 |
| Sq. Ft.: | 1,400 |
| $/Sq. Ft.: | $291 |
| Lot Size: | 5,985 Sq. Ft. |
| Property Type: | Detached Single Family |
| Style: | Ranch |
| Year Built: | 1981 |
Last sale:
| Aug 13, 2008 | Sold | $382,500 |
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.
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