1 DAFFODIL Ln San Carlos, CA 94070

Price: $844,900

Sale history:

Aug 10, 2007       Sold       $1,080,000       5.7%/yr       Public Records
Jul 27, 2005     Sold     $965,000     10.1%/yr     Public Records
Jun 14, 2002     Sold     $715,000     7.4%/yr     Public Records
Jun 10, 1997     Sold     $499,000     7.2%/yr     Public Records
Nov 01, 1994     Sold     $416,000     -1.9%/yr     Public Records
Jul 07, 1989     Sold     $460,000     158.1%/yr     Public Records
Mar 01, 1989     Sold     $330,000     —     Public Records

 Loss if sold for asking: $235,100 or 21.8%
I used to live next to  these million dollar townhouses in San Carlos.  They are at the top of the hills and have a nice view, but I’m not sure if it’s worth a million.  Well, I guess now it is down to 844k and it is an REO.  The association fee is over $500 a month, though.

800 WEEKS St East Palo Alto, CA 94303

Price: $848,000

Last sale: Apr 02, 2004 Sold $780,000
I have to say that this is a fairly nice looking house for East Palo Alto, but what is truly interesting is the past listing prices. Here it is:
Apr 09, 2009 Price Changed $848,000 — MLSListings #80840024
Feb 03, 2009 Price Changed $388,000 – MLSListings #80840024
Jan 26, 2009 Price Changed $445,000 – MLSListings #80840024
Oct 15, 2008 Listed $495,000 – MLSListings #80840024

Basically, the price on this house was lowered all the way down to $388k at one point, and in April the seller decided to jack the price up $460k. I guess they really believe that the bottom has been reached. In actuality this home is listing for twice the price per squarefoot as other EPA homes. All I can say is good luck.

412 ATHENIAN Way Pacifica, CA 94044

Price: $915,750

Last sale: Jun 12, 2007 Sold $1,700,000
Loss if sold for asking:$784250 or 46%

Equity lost per month:  $32677

This is listed as a bank owned home. I’m not quite sure who owns it now because the Tax records show that it is owner of record is not a bank, but some person in Pacifica. It also shows that it is a tax defaulted property there is about 30k worth of back taxes that needs to be paid to redeem the home. Perhaps the bank is just not taking responsibility because they don’t want to shell out the money for the taxes now. What is most fishy about this property is that the last sale price was $1.7 million. I don’t think Pacifica was ever that expensive and it seems that the taxes were unpaid starting from 2007. So perhaps the intention was to default?   Whoever buys this should definitely make sure that the taxes are cleared up, and the tax assessment should get down to reality.

2614 READ Ave Belmont, CA 94002

Price: $899,000

Last sale: 7/24/2006 $1,233,000
Loss if sold for asking: $334,000 or 27%

This is actually a nice looking larger home in Belmont.  The owners that sold the home for 1.2 million definitely made out like bandits.  It seems that they bought the place in 1999 for $241k, and then refied and took out a loan worth $663.5k in 2003 and then sold the home to the latest seller in trouble in 2006.  It’s amazing that this home was only $241k in 1999, though.  Adjusted for inflation $241k should be only worth $309k now.  I highly doubt that the home would drop another 600k, but another $100 to $200k might be possible.

154 ALTA VISTA Way Daly City, CA 94014

Price: $850,000

Last sale:

So this home isn’t exactly listing for under its last sale price, but its listing history is quite funny.  According to Redfin it has been listed at least 8 times since May 24th 2006.  That’s right everyone, these sellers have been trying to sell for almost three years.  They must have priced it at over a million during 2006 and 2007 because it should have sold fairly easily then.  Now they are still going for $850,000, which is 50% above all the comparables.  All I can say is good luck.

Price: $940,500

Last sale:

Loss if sold for asking: $159,500

This home certainly has an interesting facade.   It’s one of the larger single family homes in this area and it looks pretty well maintained. This was actually financed by a 80% adjustable loan.  Prime adjustable loans actually have pretty low rates right now, so these sellers may not really be in that much trouble.  The price per square foot is low for the area and perhaps it has a good chance of selling quickly.

Price: $965,000

Last sale: Nov 10, 2005 Sold $1,200,000
Loss if sold for asking: $235,000 or 19.6%
This former 1.2 million dollar property was first listed 4/2/2008. Then it went off market twice and just got relisted again. This was financed in 2005 by Countrywide with 2 adjustable loans.  One was $900,000 and the second was $180,000.  This means that the buyers actually put down 10% or $120,000.  That’s pretty amazing.  Sadly it is now a shortsale.  It is a bit close to the 92, but otherwise seems well maintained.

1233 BELLEVUE Ave #1 Burlingame, CA 94010

Price: $818,000

Last sale:

Loss if sold for asking: $51,000 or 5.9%

This actually looks like a well maintained townhome in a good part of Burlingame.  However, buying this home at the current price would work out to be quite a bit more than just renting in the same area.   Looks like there are no defaults or late payments on this home so it may take a while for the price to be lowered because I don’t think the owners are that desperate.  There are open homes scheduled for three Sundays starting this Sunday.  You can see it on 2/22, 3/1, and 3/8 from 2 to 4 pm.

1160 WALNUT St San Carlos, CA 94070

Price: $839,000

Last sale:

Loss if sold for asking: $26,000

This is probably a good example of a delusional seller.  The median price per square foot in San Carlos has dropped to $511 and the owners of this tiny “classic Tudor” is still going for $792 per square foot.  This home isn’t on the hills but it is close to downtown.  Anyway, there is an open house this weekend on Feb 22, from 1 to 4pm.

3904 HACIENDA St San Mateo, CA 94403

Price: $925,000

Last sale:

Loss if sold for asking: $165,000 or 15.1%

This home is in a fairly nice area of San Mateo.  It is a short sale at about the median price per square foot.  The lot is also a fairly good size.