San Mateo-Foster City Real Estate News

It is said that a picture is worth a thousand words and when I drove up to see this property, I had to take this picture of the garage roof.  It is an indicator of how bad this house is, and how much in need of help.  Calling All Contractors out there!  This can be a great investment in Linda Mar, Pacifica, but it will take a whole lotta work.  Drive on by to 1659 Linda Mar and decide for yourself.  It is a 4 bedroom, 2 bath house that was once loved by some family and probably well taken care of, but right now it's a wreck!

The property is in being called a Contractor Special and with almost $35,000 for the pest report alone, a contractor may want to take this down to the studs and rebuild.  It's priced right at $439,000 but there is a hitch.  In order to buy this mess you need to have your offer presented to the Bankruptcy Court and they won't give it away, even in its present condition.  In fact, they hope to see multiple bids so they can get more money, not less, from the buyer.

Since I wasn't able to enter the house, I did peek in through a coupe of windows and this is an example of what is inside.  The kitchen has a few cabinets remaining but nothing else.  There is hardwood flooring in the living room, but who can tell the condition.  Some time ago, a second story was added increasing the square footage considerably and, my guess is adding two more bedrooms and a bath, since there are 2 bedrooms and a bathroom on the first floor.

It appears that someone started doing some work on this house but left it in disarray.  If you are a contractor with money in the bank, and looking for a project, this is a good one.  The houses sell anywhere from $600,000 on upward but the average price is $650,000.  If you can get the work done on your own, you will be able to resell for a profit.  Linda Mar is the most southern part of Pacifica with the best weather and a beautiful beach.  If you're a surfer-contractor, this might be narvana.

Just in case you think you can "Do It Yourself", I've written about the costs to do things before.  Check it here and do the math.  More information about that when you call me at 650-696-2820.

If you've dreamed of living in the Burlingame hills this weekend might be your chance.  A seller there, who has had his home on the market on and off since June of 2006 where it was originally listed at $2,498,000 is going to auction his home off to the highest bidder on Sunday evening, November 16th.  The minimum bid must be $1,595,000.  There are no catches here but you must sign in during one of two viewings on Saturday afternoon and Sunday afternoon. 

If you are pre-approved to purchase a home in this price range, this 4 bedroom, 3 1/2 bath 20 year old home might be the greatest bargain in Burlingame right now.  The home is 2555 square feet and sits on a 11,495 foot lot on Summit Drive.  Cyberhomes says the house has an estimated worth $1,730,938, a decrease of $17,978 just this past month!

Is this enticing to you?  It's an interesting approach to selling a property and the owner is willing to carry the paper on the house.  Not a bad deal if you are well qualified.  Want more info?  Call 800-421-2680 x111.  Remember, you must have gone to see it in person either on Saturday or Sunday afternoon and then you can bid.  This auction is a for sale by owner, but it's being done a little differently. 

Should you win this auction, be sure to receive full disclosures from the seller the not only covers the ususal requirements for the State of California but also for the City of Burlingame.  Don't expect the seller to assist you with this.  Don't expect the title company to do it either.  It will be your responsibility to make sure you have all necessary documents to protect yourself.

If you live or work -- or want to live or work -- in San Mateo County, you're invited to join a unique discussion about long term housing solutions. The dialogue provides an opportunity to increase understanding, exchange perspectives, and express your views on housing choices in San Mateo County. A unique citizen-driven effort to engage the people of San Mateo County in decision making about housing issues has been taking place this year and it's called Threshold 2008. Threshold 2008 believes that by including more people in the discussion housing, San Mateo County's leaders will be in a better position to understand what decisions the informed public will support to sustain our communities. Threshold 20008 does not advocate for any specific policy agenda or development project. They provide an inclusive forum to build the public voice on housing choices.

Earlier this year Threshold2008 conducted a weekend of public discussions and then followed up with many online opportunities where San Mateo County citizens had the chance to talk about their vision for our County.  What may be the final opportunity for you to have your say will take place this coming Saturday morning on November 15th at the Silicon Valley Community Foundation, 1700 South El Camino Real.  There's free parking and refreshments and you can join in the discussion between 10 AM and 12:30 PM.  There is a catch though, you have to preregister to attend.  It's easy to do.  Register at here or call 650-655-5851.

If you're interested in learning what went on at the Countywide Assembly read about it here.  Join in and be part of the public voice.  We have some serious choices to make for San Mateo County. Every single city in the County is involved with this process.  Don't stand on the sidelines.  Get involved!!  You can afford to devote 2 and a half hours to help make a differene.

San Mateo County real estate investors, what are you waiting for?  There are many, many good buys for investment today and Fannie Mae and Freddie Mac loan limits will never be higher.  With housing prices dropping, and rates at consistent levels you should be looking right now!  If you want to invest in housing under 4 units the loan opportunities are outstanding. 

Today

2009

If you think prices will get lower in 2009 think again, for any savings you might get on the sales price will be offset by the increased loan levels for conforming loans.  If you have to move up to jumbo loans, interest rates are not only higher but you need to have more money down and impeccable credit.

There are great investment opportunities in San Mateo County, Santa Clara County, Alameda County and Contra Costa County.  All of these are fairly close to home and easy to manage.  

If you have been thinking about buying an investment property to begin your wealth development and have some money in the bank for your down payment, you are probably at the best time of your life to begin this.  Give me a call so we can talk about it.  I can be reached at 650-867-2909 and we can discuss your specific wants and needs.

Real estate is one investment that consistently holds.  They aren't making any new land.  We have what we have.  Yes, we have seen a drop in housing prices, in some places it is significant, but on the Peninsula, it has been about 5-10%.  This price adjustment has been long over due.  It's always right to buy in a down market.  We're here to help you and answer your questions.

This weekend, starting Friday and running through Sunday, is the annual Harvest Festival at the San Mateo Event Center on South Delaware.  This is your chance to go on me.  I have some tickets to give away to the first 4 people emailing or calling me.  You can have a pair of tickets to attend this great shopping extravaganza and to kick off your holiday shopping.  The Harvest Festival features artists working in the fine arts, in crafts, one-of-a-kind jewelery, and unusual gift items.  If you like to give the unusual this is your chance to go shopping with your pair of tickets!

The show runs between 10 AM and 6 PM both on Friday and Saturday and from 10 AM to 5 PM on Sunday. There's a drawing for a trip to Paris waiting for your ticket stub.  Go going and ask for your pair.

One of the new features at the Harvest Festival Original Art & Craft Show is the Charity Parcel Check . Everyone knows that carrying all those bags, garden ornaments, paintings, and so on can be extremely tiring, especially for your guys! This year at the Harvest Festival Original Art & Craft Show we will be having a local charity run a Charity Parcel Check . All money raised at this new customer service goes directly back to this worthwhile organization. A great way to contribute to a local community organization!

So, San Mateo, Foster City, Hillsborough and Burlingame residents here's your chance to get a pair of tickets from me.  Just call me at 650-867-2909 or email at info@wilkasgroup.com for yours.  Hurry!!