A pink house in Belmont with functional floor plan
$599,900
Beds: 3 Baths: 1 Sq. Ft.: 1,090 $/Sq. Ft.: $550 Lot Size: 4,968 Sq. Ft. Property Type: Detached Single Family Stories: 2 Year Built: 1947 Community: Homeview/Sterling Downs County: San Mateo MLS#: 81019345 Source: MLSListings Status: Active On Redfin: 32 days Appealing Belmont home with a functional floor plan, a dining “L”, and lots of natural lighting. There is one bedroom upstairs with a partial attic. The backyard has a handmade wooden dog pen and other structures, very well maintained. (Any changes made to property, permits unknown).
Wait a sec… this house looks familiar…
August 31, 2009
A pink house with contrast in Belmont
![86282218-380[1]](http://www.burbed.com/wp-content/uploads/862822183801.jpg "86282218-380[1]")
Well look at that. It’s back on the market. With a slight price cut no less.
What does this all mean?
June 9th, 2010 at 8:18 am
All of this means that this property is not in the RBA.
If it were in the RBA, there would be multiple bids over the asking price. It goes without saying that there are no price cuts for homes in the RBA.
“(Any changes made to property, permits unknown).”
Hm, there was no mention about unknown permits last August…
June 9th, 2010 at 8:52 am
Wow, whoever is selling this house sure has an issue with the friendly real estate agents. The place keeps getting delisted after not selling.
Sold in August, 2005 for $700,000. Looks like 2002 price levels.
Be sure to look at the previous burbed article to see how different the photos are. All the furniture and the pride of ownership are gone from this house. What happened to the flag out front? What will the people in the industrial park next door do without that daily surge in their step from seeing it?
Seriously, what’s with the fence blocking the driveway? Is some of this illegal permit work turning the garage into a meth lab?
June 9th, 2010 at 9:01 am
It’s a bank-owned REO, acquired on February 3rd with a loan balance of $553,789.
The FBs put no money into the house, financing it with a variable first mortgage of $560K and a fixed rate second of $140K. The same firm, Cimu Wholesale, wrote both notes.
I mean, WTF? Why is anyone surprised when they walked away — or got pushed out?
The most recent sale is from Regional Service Corp to Imb REO LLC.
June 9th, 2010 at 9:08 am
Well at least the lender won’t be taking a big loss. I’ll estimate $100k in foreclosure expenses, and I’m sure the place will sell for at least $300k.
Corollary: Bank-owned REOs are not RBA material.
June 9th, 2010 at 9:09 am
With a slight price cut no less.
—–
Well, Berlmont is RBA, right? There is no price cut in RBA. The price is reduced because the seller is not selling all the antique furniture with this property anymore. He decided to keep it.
June 9th, 2010 at 9:10 am
The FBs put no money into the house, financing it with a variable first mortgage of $560K and a fixed rate second of $140K.
And yet the FBs probably were pissed off when they had to move out of “their home.” They didn’t trash it by stealing the cupboards and fixtures because that stuff was 70 year old trash.
June 9th, 2010 at 9:13 am
Okay, who wants to bet that variable first mortgage was a Pay Option ARM? Anyone? Bueller?
I mean, look where that house is? Just steps, steps I tell you, from 101!
June 9th, 2010 at 9:30 am
Too close to 101? Not RBA material.
This place fails the RBA test on so many levels.
June 9th, 2010 at 9:43 am
I’d buy it and live in it proudly.. for $400K. Max.
June 9th, 2010 at 11:18 am
This looks like another one of these houses similar to the post below. Very little value in this house other than as a rental, and rentals need to be priced no less than $500K (if they are this size) to be worthwhile. This house is in a no mans land price-wise. The house itself is not too bad except that it lists as a TWO STORY with only 1K sq feet, how much unusable space is on the top floor with the pointy roof that was once the attic?
The lower listing had a real estate agent much better at staging, but this new one is probably smarter in that looking at the picture tells you what you are going to get. The lower listing makes it look like a much nicer house than it is and that turns people off also.
June 10th, 2010 at 11:07 am
The dog pen is much nicer than the house.
June 10th, 2010 at 9:58 pm
Guys,
Last time I said the Dow will be in a trading range between 9000 and 11000. This is exactly what’s happening, with the Dow up 273 points after dropping a few days back. With such repeated, predictable pattern, one can “buy low, sell high” quite a few times.
June 10th, 2010 at 10:01 pm
Bob,
Did you see this news in the Wall Street Journal:
The slowest growing region in April was the South, which saw openings rise by about 6%, while the Northeast, Midwest, and West saw increases of between 12% and 16%.