August 2008 Troubled Sellers Update Part 2 – Foster City to Pacifica
City of Foster City
Once again, all eight of Foster City’s troubled properties are townhouses and condominiums. The new addition in August is 924 Beach Park Blvd #14. It is listing for about $52k below its last sale price. Also, congratulations to the dude that sent me some hate mail. His home sold at the end of July.
Raw data available: fostercity831.csv
Coastside Properties – Half Moon Bay, Moss Beach, Montara, and El Granada
The amount of coastside properties increased a bit since last month. As of 8/31, there are 19 troubled properties in Half Moon Bay, 3 in Moss Beach, and 2 in El Granada. Of note is 2340 Burning Tree Rd in Half Moon Bay. This Ocean Colony mansion on a golf course reduced its price by $300k in August, and is now listing for $234k below its last sale price.
Raw data available: coastside831.csv
City of Hillsborough
The mansion at 180 Robin Rd is still for sale for 950k under its 2001 price. Additionally, the listing at 15 Crystal TE Spgs dropped its price by around $300k in August so it is now $301k below its last sale price in 2004. 2795 Summit Dr is still about $100k under its 2006 price and finally 10 Crystal Springs Ter is still $600k below its last sale price in 2006. Additionally, 1115 Bromfield Rd seems to be a bank owned property since it last sold for $1531201 in May 2008.
City of Menlo Park
Menlo Park added a couple more troubled properties in August and the total number of troubled properties is now 16. One of them is a relisting of 1055 Berkeley Ave. This property first showed up at least 4 months ago. The biggest loser is 1120 Madera Ave. It is listing for $261k below its last sale price.
Raw data available: menlo831.csv
City of Millbrae
Of the six properties in Millbrae, the biggest loser is definitely 1160 Glenwood Dr. Frankly I cannot believe that someone paid $1068888 in 2005 for this 1240 square foot mid century house. I mean, it doesn’t seem like the toilets are made out of gold. It is now listing for $749000, which is only $24000 above its 2002 sale price.
Raw data available: millbrae831.csv
City of Pacifica
Pacifica currently has 35 properties in trouble after a dozen or so went off the market. One property of note is 397 Lynbrook. It went off the market last month after not selling for $509k, but now it is back for $549k. I guess freshening up a stale fish is a common strategy. The latest sales data shows that 13 Moon Gate Ct sold for $428k on 8/4/2008, and that’s a huge discount from its asking price of $645k. Is this a foreclosure sale?
Raw data available: pacifica831.csv
More to come!
60 WYLVALE Ave Moss Beach, CA 94038
60 WYLVALE Ave Moss Beach, CA 94038
Price: $925,888
| Beds: | 3 |
| Baths: | 2.5 |
| Sq. Ft.: | 2,200 |
| $/Sq. Ft.: | $421 |
| Lot Size: | 5,096 Sq. Ft. |
| Age (Years): | 20 |
| Year Built: | 1988 |
| Type: | Detached Single Family |
Listing history:
| Date | Price |
| Apr 30, 2008 | $1,160,000 |
| May 05, 2008 | $978,888 |
| May 22, 2008 | $925,888 |
Last sale: May 20, 2005 $1,100,000
Loss if sold for asking: -$174112 or 15.8%
This is a short sale with a view of the ocean in the unincorporated coastside town of Moss Beach. There aren’t that many people there I think. One of my coworkers just moved there, though, and he it takes him about 30 minutes to drive to San Mateo.
Offers
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