500 LIVE OAK Way #503 Belmont, CA 94002

Price: $731,000

Last sale:

Loss if sold for asking: $258,000 or 26.1%

My husband actually lived right next to this condominium complex when it was being constructed.  He was renting one of the several hundred apartments surrounding this complex.   When the homes were finally constructed they were all listed for around $1 million while the apartment buildings surrounding it were renting for less than $1500.   I actually went to one of the open houses there and  yes, of course these condominiums are nicer than the apartments, but for the most part they fit right into the neighborhood full of 2 to 3 story apartment buildings.  It’s not a bad neighborhood, but if you have this kind of money it is probably better to just buy a single family home and avoid the $300+ HOA.

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.

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.

4 PENHURST Ave Daly City, CA 94015

Price: $549,000

Last sale:

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.

Price: $849,000

Last sale:

Loss if sold for asking: $411,000 or 32.6%

This is a large home that’s a short sale.  It seems that the previous owners really lucked out because they bought it for $723,000 with a conventional 80% loan and then sold for 1.26 million to the latest owners.  I guess there are winners and losers in everything.

1341 BEACON Ave San Mateo, CA 94401

Price: $549,900

Last sale:
Jul 07, 2008 Sold $767,748 -9.9%/yr Public Records
Dec 29, 2006 Sold $900,000 17.4%/yr Public Records
Loss if sold for asking: $217848 or 28.4%

I absolutely love the realtor’s description of this listing: “Ideal for trades person or contractor. .. try the fha rehab loan to make this a true castle that will fit the entire kingdom! Large lot has room for a boat or RV also!” I’m not sure what kind of kingdom that would be, but I guess everyone needs a dream.
It is currently owned by Greenpoint Mtg Funding Inc and there will be an open house this Saturday 1/24 from 1pm to 4pm!

 8 Honeysuckle Ln SAN CARLOS, CA 94070

Price: $950,000

Last sale:

Loss if sold for asking: $116,000 or 10.9%

I’ve driven by these condominiums many times.  They are on the top of the San Carlos hills so they all have a great view.    I’m not sure if they’re worth a million dollars, though.

50 ALHAMBRA Ct Portola Valley, CA 94028

Price: $1,685,000

Last sale: Apr 29, 2005 Sold $1,855,000
Loss if sold for asking: $170,000 or 9.2%

This Portola Valley home is on a huge tree covered lot and just recently cut its listing price by more than $350,000 from $2.049 million to $1.685 million. This may be worth a look for the uber rich though the house is quite small for the area. This is the first Portola Valley listing we have featured here.

1206 Lake St Millbrae, CA 94030

Price: $1,310,000

Last sale:

Loss if sold for asking: $90,000 or 6.4%

This is a nice looking house in Millbrae, but I’m not sure if it’s worth 1.3 million.  Then again, I never understood why Millbrae is so expensive.