Lets continue looking at San Mateo home sellers in trouble. Just looking at the most depreciated homes in the previous post you may think that the losses incurred are not so bad. One person said to me that at least these home sellers aren’t losing 100%. The truth is they’re losing much more than 100%. Take the example of a home seller losing 24% of the price of his home and has only 20% of the home’s equity then he is really losing 120% of his equity plus all the interest payments he has made. Basically, all the homeowners who are losing more than what they have in equity are losing more than 100% of their money. I am not sure what amount of equity each of these homes have, but I am sure the statistics would look a lot uglier if we compared the value lost to the amount of equity owned.
Count of San Mateo Home Sellers in Trouble by City
Belmont: 1
Burlingame: 2
Daly City: 13
East Palo Alto: 6
Foster City: 2
Menlo Park: 3
Pacifica: 1
Redwood City: 13
San Bruno: 4
San Carlos: 1
San Mateo: 27
South San Francisco: 29
The clear winner (or loser) is South San Francisco, followed closely by San Mateo. It seems that South San Francisco’s Westborough neighborhood near Skyline College has a lot of homes in close proximity to each other that have had drastic haircuts. For example, on Carter Drive alone there are six homes that are included in the list of troubled sellers. That area isn’t really horrible, but being on the edge of San Mateo County its real estate prices seems to be collapsing in on itself.
5 Homes with Lowest Price per Square Foot
As promised, the following are the five troubled homes with the lowest price per square foot. Several of them are on the aforementioned Carter Dr. in South San Francisco and it seems that these neighbors will drive their collective prices down as they compete for buyers. The last home on this list also showed up in the previous post as one of the biggest losers. Most of these homes have above average sizes and it shows that not only the starter homes are falling in price.
Address: 3550 Carter Dr #134, South San Francisco
Last Sale Date: 2/17/2006
Last Sale Price: 586,000
Current Asking Price: 450,000
Size: 1644 Sqft
Price per Sqft: $274
Address: 3550 Carter Dr #26, South San Francisco
Last Sale Date: 1/6/2006
Last Sale Price: 590,000
Current Asking Price: 590,000
Size: 1644 Sqft
Price per Sqft: $359
Address: 3231 Geoffrey Dr, San Bruno
Last Sale Date: 7/29/2005
Last Sale Price: 790000
Current Asking Price: 775000
Size: 2050 Sqft
Price per Sqft: $378
Address: 3875 Carter Dr #204, South San Francisco
Last Sale Date: 10/14/2005
Last Sale Price: 575000
Current Asking Price: 419999
Size: 1105
Price per Sqft: $380
Address: 2318 Flores St, San Mateo
Last Sale Date: 12/29/2006
Last Sale Price: 1,250,000
Current Asking Price: 888,000
Size: 2304
Price per Sqft: $385
Tomorrow we will look at some more of this data and look at some “luxury” homes.
Related Posts
San Mateo Home Sellers In Trouble StatisticsSan Mateo Home Sellers in Trouble #4 — 10/8/2007 to 10/21/2007
San Mateo Home Sellers in Trouble #5 — 10/22/07 to 11/04/07
San Mateo Home Sellers in Trouble #11 - Another 135 Distressed Properties
San Mateo Home Sellers in Trouble #6 — 11/05/07 to 11/18/07 — Nearly 20% of New Listings In Trouble
4 comments ↓
This is amazing. How can anyone “pay” 1.25 mil for a 920 sq ft home?
I just found your blog through Patrick.net. I’ve been a renter in San Mateo forever. Last year, I started looking at buying a condo or townhouse, but realized there was NO way I could afford on a single income. Needless to say, I decided to wait it out. Reading your blog just gives me one more reason I’m glad I did. Keep up the good work.
Hi there,
Even with two fairly good incomes and a 20% downpayment I don’t feel like my hubby and I could comfortably afford a home at San Mateo’s current prices. I don’t even want something very big and it’s quite frustrating. It seems that the prices of the county starting from the north side are dropping now, and I will keep on watching it.
As Rise said, keep up the good work.
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