Here’s a find from burbed reader Eric, who noticed something odd in Los Altos:
Subject: Los Altos short sale – what happened to 919 Lundy?
Hi,I browse though you site every once in a while – here’s a Los Altos home that seemed to have sold for a lot less than its last sale price – 33%! I’m wondering if there was a lot split or something since the price dropped so much. If you find it interesting, too, maybe you can post it to to see how your readers react to this?
A 33% haircut? That could never happen in the Real Bay Area! Let’s take a look.
919 Lundy Ln, Los Altos, CA 94024
Sq. Ft.: 3,729
$/Sq. Ft.: $536
Lot Size: 0.49 Acres
Property Type: Detached Single Family
View: Mountains, Neighborhood
Year Built: 2005
Community: Country Club
County: Santa Clara
This is it! Beautiful custom built home with all the upgrades! Enchanting Spanish style home is located next to the exclusive Los Altos Country Club. The home features expansive cozy gourmet kitchen with hi-end Thermador Appliance, gas stove, breakfast bar, granite and marble finishes, family great room with cathedral ceilings, distressed wood floors and fireplace. Absolutely Enchanting!
The agent sure seems excited about this place, the expensive, sorry “expansive cozy gourmet kitchen” has a “hi-end Thermador appliance” and the wood floors are quite distressed. I’d imagine the seller was distressed, too, at these numbers:
Property History for 919 LUNDY Ln
td>Inactive MLSListings #1
Date Event Price Appreciation Source Jul 21, 2010 Sold (Public Records) $2,000,000 -8.9%/yr Public Records Jul 20, 2010 Sold (MLS) $2,000,000 – Inactive MLSListings #81011846 Mar 23, 2010 Delisted – – Inactive MLSListings #81011846 Mar 12, 2010 Listed $1,879,999 – Inactive MLSListings #81011846 Apr 07, 2009 Delisted – – Inactive MLSListings #3 Feb 21, 2009 Price Changed $2,698,000 – Inactive MLSListings #3 posted on burbed Jan 21, 2009 Listed – – Inactive MLSListings #3 Nov 25, 2008 Delisted – – Inactive MLSListings #2 Oct 15, 2008 Price Changed – – Inactive MLSListings #2 Oct 01, 2008 Price Changed – – Inactive MLSListings #2 Sep 10, 2008 Price Changed – – Inactive MLSListings #2 Jun 10, 2008 Listed – – Inactive MLSListings #2 Mar 15, 2006 Sold (Public Records) $3,000,000 65.7%/yr Public Records Nov 28, 2005 Delisted – – Inactive MLSListings #1 Oct 18, 2005 Listed – – May 27, 2004 Sold (Public Records) $1,210,000 45.4%/yr Public Records Sep 09, 2003 Sold (Public Records) $925,000 3.8%/yr Public Records Aug 08, 1989 Sold (Public Records) $545,000 – Public Records
Wow, the 2003 flipper must be pleased, but the 2004 owner did even better! Buy an older house, tear it down, and rebuild in 2005. The best hint I can find on how old: 923 Lundy next door was built in 1950. No hint about a split lot, as 923’s owners have been there since 1994.
The sale records for 919, though, are fast and furious. Plus, according to PropertyShark, the 2004 buyer was not the 2006 seller. A quick trip to the Santa Clara County Recorder’s Office (website) reveals a March, 2005 transaction, where the four owners of the house added an additional two more. Wow, is this a house or a hot potato? Then, in 2006, all six owners sold the new construction to today’s featured knifecatcher. And that lucky liener was under a $2,051,000 variable mortgage from IndyMac. Anyone who realizes that this is $51,000 more than the house sold for last week gets a gold star.
Another couple bought the house in July, but the story doesn’t end with the new happy homeowners. There are a few documents from the July sale, and one of them is a “Deed of Trust and Request Notice of Default” from Charles Schwab Bank. Anyone in a title capacity want to explain what that means? The sale had the usual Grant deed, then a power of attorney from one buying spouse to the other, and a subordinate mortgage between the buyers and the Schwab bank. But a NOD right on the day of acquisition?
I know! We can ask California Notary Public Service!