Well, it’s been two weeks since the last update and in the last fourteen days about 305 homes in San Mateo County were listed on Redfin. This time 59 homes qualified as home sellers in trouble. This is nearly 20% of all the new listings in San Mateo! Quite a few of these homes are marked as lender owned. Here are some highlights.
Total Count of San Mateo Home Sellers in Trouble for 11/05/2007 to 11/18/2007: 50
Average Time from Last Sale Date: 1.53 Years
Average Annualized Loss: 15.5%
Average Size of Home: 1204 Sqft
Average Price Per Square Foot: $499
Biggest Loser: 516 MacArthur, Redwood City with an annualized loss of 95.6%
I have noticed that a lot of homes with last sale prices of September or October of this year are lender owned. For example, the biggest loser for this report is a lender owned property and its last sale price is a weird number that doesn’t end with a zero. I have spotted at least 10 homes like this.
I personally think it’s still a good idea for home shoppers to wait a year or two before purchasing, because from this data it seems that the situation is getting worse. About a month ago I reported that there were only 46 troubled homes listed in a two week period and that was equivalent to about 10% of the homes newly listed. Today I am finding almost 20% of the homes newly listed are lower than their last sale price. That is a very big change in merely 4 weeks. Since San Mateo is a fairly small county and supposedly the most resistant to the foreclosure situation I imagine the problem is a lot worse in other counties. Additionally, a lot of the homes in trouble I have listed in previous reports have not been sold and they will pull down the prices further. Another trend I noticed is that a handful of these homes have last sale dates of 2004, so that means we’re rolling back prices to more than 3 years ago. I think that the price of every home should roll back to before 2004, but I am realistic and I don’t think that will happen right away. However, I think it will happen one handful at a time.
Once again, I will update the statistics I gathered in this page, and if you missed any part of this series you can start reading here. Another update will be posted in two weeks. Finally, I will present to you my favorite photo of the bunch. This is 404 Accacia St in Daly City:
It’s hard to imagine that someone paid over $1000 per squarefoot for this place, but it happened. I may use the picture for my 404 page.
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 #2
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
8 comments ↓
A new visitor to your site….ran across it from a link posted to patrick.net. Good info.
Quick question? How do you determine a “house in trouble” on redfin? Do you simply compare the asking price to the last sale price, and if the asking price is lower, then you consider it as a “house in trouble” listing?
I do a similar thing, but wondered if there was a “search” function on Redfin that allowed you to find all the homes with an asking price lower than the last sale price. That would be a handy feature.
Thank you for the post. I’ll be sure to check back in a couple of weeks.
Charles-
I’ve been watching San Mateo RE for over a year. Lots of overpriced property but it looks like there’s manipulation by realtors going on too. I’ve seen properties drop 10% in asking price, go off the market and get reported “sale pending” or “sold” on the realtor’s home page, then reappear on the market 3 months later at the same price.
It looks still very much like realtors are trying to scare buyers into paying top dollar by making it look like young people should feel fortunate to pay $600k for a dilapidated, 2-bedroom shack.
Great post. Fascinating to see how quickly things are changing. Also, love the photo. That would be awesome for a 404 page!
This is a dream house for a web developer. :)))
We’ve seen this coming for years… everyone was trying to jump on the housing boom, borrowing money hoping to cash in big… what were they thinking??
Hello- go to Buffalo New York-and see equivalent to #404-selling for $10-to 15 thousand!!!
“It’s hard to imagine that someone paid over $1000 per squarefoot for this place, ”
In reality, that someone is an unknown (foreign) investor who had no idea about the place in the first place.
Yo!
I’v found a lot of useful information, thank you!!!
Bye
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