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?

411 MIDWAY Ave San Mateo, CA 94402

Price: $1,099,000

I have started a new category called “delusional sellers”. This tiny little house close to Hillsborough is listed at $1121 per square foot. What I love about the listing is that the real estate agent doesn’t seem too enthusiastic about it, either. Here is what he/she wrote:

 A beautiful 10,000 square foot lot in much sought after San Mateo Park. The home is small with very little updating, but seems sound. There is a pool in back that doesn’t look too bad, but needs some repairs. It’s probably a tear down, but you be the judge. Marvelous opportunity.

So basically the realtor is saying that it is a good lot, and a crappy house.  I’m glad this agent isn’t using words like “cozy” and “cute”.   At this price chances are this will linger on the market for quite a while.  Most of the homes in that neighborhood have very big lots, and 10000 square foot isn’t really that spectacular.

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.

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.

139 14TH Ave San Mateo, CA 94402

Price: $678,000

Last sale:

Just when I thought the last little cottage was expensive, I stumbled upon this little charmer.  It is in a decent neighborhood of San Mateo, but the owner is asking for over $1000 per square foot for this little hundred year old cottage.  There is an open house this Sunday, and I really wonder if there are gold toilets or flooring in this house to warrant this price?

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.

205 Peoria St Daly City, CA 94014

Price: $280,000

Last sales:
Nov 18, 2008 Sold $410,000 -12.4%/yr Public Records
Oct 27, 2005 Sold $615,000 33.4%/yr Public Records
Jul 30, 2004 Sold $430,000 16.1%/yr Public Records
Dec 03, 2001 Sold $289,000 6.5%/yr Public Records

Here is another home that’s cheaper than 2001 and more than 50% off its peak.   It looks like quite a fixer, and it is still priced above the median price per square foot of Daly City.  This is probably not a surprise but it was also financed 100% by loans  in 2005.

1 APPIAN Way Unit 714-5 South San Francisco, CA 94080

Price: $140,000

This is another troubled property in the ill fated Colina Condominiums.  I’m wondering if the major structural damages have been repaired or not, but undoubtedly the hefty assessment fees they wanted pushed quite a few people into foreclosure.  The lesson here is to stay away from these condos if you want to live.

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.