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

Price: $180,500
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?

512 Stanford Avenue – Up for grabs at auction

A bit over a year ago I posted about a triple homicide at the property at 512 Stanford Avenue in Redwood City.   At that time the home was listing for $337k and the last sale price was 587k in January 2007.  Now you have 8 days left to grab this property at auction.

According to the Hudson and Marshall website, the last highbid is only $167,500, and this is the description:

Redwood City, CA 94063 - 512 Stanford Avenue

 

512 Stanford Avenue
Redwood City, CA 94063

Bed: 3 Only 8 Days Left
to Bid Now
Bath: 1 Bid Now!
Sq. Ft.: 820

Comments:

Last High Bid $167,500

Agent disclosure requiring buyer signature regarding homicides at property

Buyers who are interested in purchasing this property prior to the auction must be pre-qualified for financing through Wells Fargo or Wachovia. (This is only a requirement to be pre-qualified; the final loan may be obtained through any financial institution)

Please call 1-877-937-9357 during the following times:

Monday – Friday, 7:00 am – 11:00 pm Central Time

Saturday, 8:00 am – 4:30 pm Central Time

Or online at: Wells Fargo Pre-Qualification Form

Would you buy this for $168k?

226 Crocker Ave Daly City, CA 94014

 

226 Crocker Ave Daly City, CA 94014

Price: $399,000

Beds: 2
Baths: 1
Sq. Ft.: 1,690
$/Sq. Ft.: $236
Lot Size: -
Property Type: Single-Family Home
Style: Victorian
Year Built: 1907

Last sale: Bank repo for $454,750
Peak sale: 5/24/2006 for $740,000
Loss if sold for asking: $341,000 from peak price

Remember this horror show of a house? Well, this one isn’t that bad, but the bank must have hired someone who just really couldn’t care less about selling this house to take the pictures.   It looks like it’s been squatted in.  Here are some piles of trash:

trash1.jpg

trash2.jpg

Finally the requisite scary backyard:

backyard.jpg

1115 DAVIS St Redwood City, CA 94061

 

1115 DAVIS St Redwood City, CA 94061

davis.jpg

Price: $399,900

Beds: 2
Baths: 1
Sq. Ft.: 930
$/Sq. Ft.: $430
Lot Size: 3,306 Sq. Ft.
Property Type: Detached Single Family
Style: Ranch
Stories: 1
View: Neighborhood
Year Built: 1918
Community: Central Park

Last sale: Sep 27, 2006 Sold $585,000

It looks like this home first went on sale in 2007 and was listed for a total of five times. Now it is a REO. The price has been cut by at least 100k since its first listing and it is down a bit more than 170k from the last sale price. Good luck moving this one.

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.

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