Bang for Your Buck: Redwood City Reductions of 10% or $100k+

Thought I’d take a virtual tour of all Redwood City listings that were over 90 days. I was surprised that there were only 60 or so, given the market and the larger number of foreclosures in this town (compared to other nearby Peninsula cities). I’m thinking that there might be some gems in the mix, and started snooping for bargains, which in my mind translates to those properties that had seen at least a 10% or $100,000 reduction. There are 23 for you to peruse, the bulk of which appear to be in the Central Park and Dumbarton neighborhoods. The majority are short sales, which will require a little more patience on your part, but could be worth it; many appear to be in very good condition, with upgrades. Eleven of the homes listed over 90 days were priced over $1mil. Of those, only 3 had been reduced more than 10% o $100,000, the largest being a $400,000 reduction. Maybe one of these will be the perfect fit for you. Here are the 23, listed from least expensive at $249,000 to the high-end of $2,995,000.

170 Northumberland, 2/1, 630 sf, $249,000
Located in the Dumbarton neighborhood, this is reminiscent of a “shotgun” home, small, very narrow house on what is probably a 25×100 lot. This one appears to be in good shape, on the market 160 days, and reduced $100,000 or 29%. Lender approved short sale. Last sold in 2005 for $485k.

632 Douglas Avenue, 2/1, 700 sf, $279,000
Listing shows this as an attached single family home, however the street view differs from that. Originally listed at $380,000, it has reduced 27% and is more than $300,000 less than its last sale price of $590,000 in 2006. Also a lender approved short sale.

537 Warrington Avenue, 2/1, 760 sf, $290,000
Typical of the neighborhood, this is a small home on a substandard lot of 2500 sf. It has been reduced 15%.

614 Warrington Avenue, 2/1, 760 sf, $300,000
Another little home on a 2500 sf lot. Originally listed in April at $399,000, the price has been slashed 25%. Although this is a lender approved short sale, the last time this property sold was in 1996 for $162,000. Could be a case of default on a 2nd or HELOC.

512 Stanford Avenue, 3/1, 810 sf, $377,777
This is a lender approved short sale. Originally listed at $499,999, the price has been reduced almost 25% or $122,222. The last three sales were higher than the current price: $390,000 in 2002, $434,000 in 2004 and $587,000 in 2007.

601 Leahy, #303, 2/2, 1224 sf, $419,000
This is a condo near the Atherton border, off El Camino with HOA of $400. It has been reduced 4 times for a total of $70k or 14%.

702 Cassia Street, 3/1.5, 1815 sf, $448,000
This listing on this townhouse has dropped $148,000 (the price of homes in many US States) or 25%. This is a small, well-kept complex near downtown with HOA of $175. Not a short sale or REO.

Cassia Street (Address/Unit unknown), 3/1.5, 1532 sf $449,000
Very little information on this one, but I gonna go out on a limb and say it is in the same complex as 702 Cassia. Started out 94 days ago at $549,000 and has had two price reductions totaling $100,000 or 18%.

582 Warrington Avenue, 4/2, 1180 sf, $459,000
Big ouch on this one with a 35% price reduction. Interestingly enough, the last sale was for $364,500 in 2004 (prior to that it was sold for $470,000 in 2002), but this a lender approved shot sale. (Are you getting tired of hearing that yet?)

670 MacArthur, 3/1, 1000 sf, $485,000
Five reductions on this short sale since it listed in April for a total of $145k or 24%. Last sold for $690,000 in 2006.

621 Heller Street, 3/2, 1120 sf, $499,000
This just made the grade with a 10% price reduction. Thirty year old home with new paint, kitchen upgrades.

5 Vera Court, 2/2, 1340 sf, $495,000
On the market 235 days, this property started out at $610,000, meaning a $115,000 price drop or 19% reduction. The last two sales were higher than the current listing price: $512,500 in 2002 and $705,000 in 2005.

960 3rd Avenue, 2/1, 900 sf, $549,950
Price reduction of $100,000. Older home with character and upgrades on slightly oversized lot. No short sale or REO.

583 Leahy Street, 3/2.5, 1690 sf $600,000
This townhouse has tried to keep up the pace, reducing its price 5 times in 7 months. It started out at $739,000, meaning a whopping $139,000 price drop (19%). Small 8-unit complex with HOA fees of $325.

1835 Roosevelt, 4/2.5, 1670 sf, $649,000
This home started out at $820,000 and has weathered 3 price reductions for a total of $171,000 (20%). This appears to be a nice home, with updates and remodeling. Near Roosevelt Plaza.

1219 Hudson Street, 3/2, 1100 sf, $658,000
Located near Hawes Elementary, this home has an attached studio/office. Originally priced at $775,000, this is not a short sale or REO.

984 8th Avenue, 5/2, 1670 sf, $675,000
Two story home on 7400 sf lot has had three price reductions totaling $125,000. Last sale in 2005 was for $800,000. Lender approved short sale.

2831 Whipple Avenue, 2/1, 1290 sf $699,500
This is a large 2/1 on an oversized lot, located above the Alameda. Downside is the hospital ER entrance a stone’s throw away. But there is a 1/1 cottage (listing says it is not legal), which could be a bonus. This home started out at $848,000 and has had two reductions, totaling $148,500. The last sale shows $729,000 in 2004 but there is no mention of short sale or REO in listing.

1002 Valota Road, 3/2, 1560 sf, $739,000
Located a few doors down from Red Morton Park, this home sold for $840k in January of 2006. Originally listed two years later in January of 2008 for $875,000, it has been reduced $136,000. No mention of short sale or REO.

1438 Brewster Avenue, 3/1, 1500 sf $899,000
Tudor-style home in Mt. Carmel on oversized lot plus bonus attic room. Listing started at $1,050,000 in April and has experienced two price reductions totaling $151,000.

1033 Wilmington Way, 4/3, 2900 sf, $1,495,000
Quarter-acre property up in Emerald Hills. Aparently the bigger they are, the harder they fall, as we are starting to see right around this price point. This property has been reduced $204,000 since it listed in April. Ouch…

645 Handley Trail, 4/3.5, 3010 sf $1,649,000
Secluded half-acre lot with large Spanish style home that has some character and views. On the market 132 days, it was originally priced at $1,799,500.

125 Emerald Estates Court, 6/4, 5323 sf, $2,995,000
This new home on .84 acres originally listed for $3,395,000 and has the biggest price drop of the bunch at $400,000 (for which you could buy the first property on this list).