It was the listing for a wooden shell for  1.3 million dollars owned and listed by a realtor based in Redwood City.  It seems that the home actually got foreclosed on in June by JP Morgan Chase  for the amount of $1,168,813 and went back on the market in late July for only $693,000.  It is an REO and now it is pending without release so if it actually sold for asking the bank is taking a hit of almost $500k.  I guess the lot is quite large, but the new pictures look like some people have been stealing wood from the place:

I hope the new owner finishes the home and enjoys it.

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

 

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?

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.

226 Crocker Ave Daly City, CA 94014

Price: $399,000

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:

Finally the requisite scary backyard:

1115 DAVIS St Redwood City, CA 94061

Price: $399,900

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

Price: $259,900

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.

Price: $229,900

Last sale:

Loss if sold for asking: $359100 or 61%

This little shack is currently owned by HSBC.  It is incredible that someone actually bought this for $589k a few years ago.  This is not exactly in a good neighborhood.

1940 STAFFORD St Redwood City, CA 94063

Price: $407,900

Last sale:

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.

2268 ADDISON Ave East Palo Alto, CA 94303

Price: $183,750

Last sales:
Sep 19, 2008 Sold $579,457 -5.0%/yr Public Records
Oct 12, 2006 Sold $640,000 16.4%/yr Public Records

Loss if sold for asking: $395707 or 68.3%
This bank owned property is probably one of the cheapest single family homes on the Peninsula and it looks like it still has some appliances left. It’s about $460k off its peak price, and that’s pretty sad.

270 VERA Ave Redwood City, CA 94061

Price: $499,900

Last sale:

This house is currently owned by Countrywide/Bank of America and the last sale was a foreclosure auction.  It is in a good area and the size is decent, but the house is pretty old and it has the old style electric heaters.  It’s interesting to see that some of the past owners of this home had 100% financing as early as 2002 when the home sold for $530,000.  Now I guess they realized that all that money didn’t really exist to begin with.    The price has been dropped about $50k since its listing in the end of October.