San Mateo Home Sellers in Trouble #7 - 11/19/2007 to 12/02/2007

We’re heading into the winter doldrums of real estate and these two weeks I examined 218 properties that were up for sale in San Mateo County. Of these, 28 qualify as home sellers in trouble. Here are some highlights.

Total Count of San Mateo Home Sellers in Trouble for 11/19/2007 to 12/02/2007: 28

Average Time from Last Sale Date: 1.41 Years

Average Annualized Loss: 12%

Average Size of Home: 1374

Average Price Per Square Foot: $463

Biggest Loser: 425 Higate Dr, Daly City with an annualized loss of 61%

There is nothing really spectacular in this report besides that the average size of homes are getting higher and the average price per square foot is getting lower. Nevertheless, I am still in awe at how horrible some pictures on these listings are. Here are some examples:

Well, I think the real estate agent on this $679,000 home really wanted to emphasize that it was a split level because they took the picture and cut off the entire top floor. Maybe there’s something ghastly there? It really looks like an adobe square too.

This home is priced at $699,000 with a last sale price of $701,087. It sure is shrouded in shadows and it reminds a line from Lord of the Rings where it says “In the land of Mordor where shadows lie…”

The only decent looking listing I saw was on the most expensive home of the bunch. It was sold in 2006 for $1,299,000 but now is on the block for $1,125,000 so it seems that “luxury homes” are not immune to the downward pressure of sale prices.

As always, I will post these two weeks data on the statistics page. Until next time, I still think it’s way too expensive here. Would you plop down 700k for the examples above?

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