Ouch! That Must Hurt
Our Daily Stats leader today is located in the Peninsula town of San Mateo, just one block off El Camino near the 25th Street shopping corridor at 2318 Flores Street. Priced at $888,000, what caught my eye was the fact that some poor soul had paid $1,250,000 for this home less than one year ago. I feel their pain. But even in the world of crazy prices that we had seen in the Bay Area, I am surprised that this home sold for that much at any point. While it is large with 2,304 square feet, 5 bedrooms and 3 baths, its proximity to highly trafficked El Camino alone should have affected the price. It is a rare city where a location this close to a main artery isn’t affected significantly (although Atherton and Hillsborough do come to mind). But add in the fact that commercial buildings are within spitting distance and it really doesn’t make sense. I know what its like to a based on charm. I fell in love with a home 20 years ago in Redwood City. It was located in and among apartment buildings, duplexes and single family homes, one block off a main artery. My realtor did everything but sabotage the sale to get us to NOT buy the home due to location. I would not be persuaded. Seven years later, it took 16 months to sell the home, cute as it was. So this family was either as stubborn as I was, not listening to their realtor, or they had a realtor that did not care. And really, the home does not have much charm, at least from the pictures. And what is really scary is that this is a home for a large family, but the photo of the kitchen looks like it is from a studio apartment. Well, maybe it is? There is a guest house listed in the bullet points, but not in the listing description. Does it really matter? This family will be losing their home and some bank somewhere will take a $350,000 loss, one of the biggest I have seen yet.
Recent Sweet Digs Bay Area Posts:
Berkeley: Shall We Assume It’s A Seller In A Hurry?
SF: Home Sales for the week
Up and Down But Still Near 100% – Recent Corte Madera Stats
Pre-MLS, Downtown SJ Condo Living at its Best!
Off the MLS: Waverley Colonial
SF and Daly City: Get Smart
