December 22, 2011

BLACK FRIDAY DEALS: Cheapest House in San Mateo!

We know, you’re busy holiday shopping!  So we’ll make your shopping really easy with this DEAL in San Mateo!

318 S DELAWARE St, San Mateo, CA 94401
$199,000

image

BEDS: 1
BATHS: 1
SQ. FT.: 740
$/SQ. FT.: $269
LOT SIZE: 5,500 Sq. Ft.
PROPERTY TYPE: Detached Single Family
STORIES: 1
YEAR BUILT: 1912
COMMUNITY: Parkside
COUNTY: San Mateo
MLS#: 81120671
SOURCE: MLSListings
STATUS: Pending With Release
ON REDFIN: 223 days

1bd/1ba land value only. Please do not disturb occupants.

imageThis house has practically everything you want in a listing from Burbed. 

We’ve featured it before!  It has no value as a residence, yet there are people living in it.  Plus the tenants living there mean you can’t look inside the house, and the agent isn’t going to show you any interior pictures.  It’s been pending for more than half a year!  It sold for $401,000… ten years ago.  Talk about instant equity!

imagePlus you get this AWESOME sign that matches the house paint, right in front of the white picket fence, reminding you of the other places you could have chosen to find a DEAL.

If only this house were closer to the freeway or built on a Superfund site.  Then it would be the Absolutely Perfect Burbed Property.

But it isn’t, and that means the $199K is just a starting point for your overbidding.  HURRY, WON’T LAST!

Comments (7) -- Posted by: madhaus @ 4:01 am

7 Responses to “BLACK FRIDAY DEALS: Cheapest House in San Mateo!”

  1. waiting_for_the_fall Says:

    I made an offer on a home around the first week of November and it was rejected (they accepted another offer). I’ve been keeping track of the house and it’s still pending.
    How do you find out if a house is really pending? Maybe banks are listing homes that don’t sell as pending to prop up housing prices.

  2. PKamp3 Says:

    #1 – I feel like they’d be more likely to just delist a house if it becomes stale – if a house is pending and falls out it will still have increased days on market. Well, if I was a bank, that is what I’d do… especially if I was holding a number of other properties I could toss up to fill the void.

  3. madhaus Says:

    Yeah, but if the house is a short sale, all bets are off as far as common sense goes. Offers seem to go into a black hole via the Portal to Hell, and the bankster who replies to the offers has a mind like a steel trap. That means anything entering it gets crushed and mangled.

  4. SEA Says:

    “How do you find out if a house is really pending?”

    Define ‘REALly pending.’ RBP versus just plain, ordinary P (Really Be Pending versus just plain, ordinary Pending).

    “Well, if I was a bank, that is what I’d do…”

    Please note that neither the real estate agent nor the so-called owner has any fiduciary duty to the lender/bank. I am not an attorney.

    “Yeah, but if the house is a short sale, all bets are off as far as common sense goes.”

    This reminds me of my post the other day, where I wrote about how in banking mixing a bit of garbage with good results in all good. Madhaus pointed out that mixing all garbage results in AAA rating. Thus while true, we can make it better:

    “Yeah, but if the house is a short sale, all bets are off as far as ANY sense goes.”

    The banksters do not want to admit that property values have gone down, but at this point it’s too difficult to deny.

    The situation, in part, reminds me of the people who buy cars and finance for 84 months. After consuming the car at a far higher rate than the payments pay down the principal balance, they are shocked to realize that the car is worth less than what’s owed. Some of these owners are in a similar denial, and, similarly, they don’t sell the car for months, and the value keeps going down.

  5. The Gilroy Alex Says:

    Hey, my trailer has no value as a residence but *I* live in it!

    But of course this has 5X the floor space. … it’s palatial, buy it.

  6. ms Says:

    The sale went pending minutes after the listing went up, and it’s over a year later, and it’s still pending. For land value only but has tenants in it.

    This deal is old and recycled fake.

  7. ms Says:

    ps: That sign is very charming and useful. IT IS if you’re new to San Mateo.
    There’s another sign like it somewhere around Quintara/19 in SF


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