patrick.net

http://www.redfin.com/CA/San-Carlos/299-Club-Dr-94070/home/786390
This one cracks me up.  It's back to almost $4 million asking.  Listed, delisted, relisted, delisted, relisted.  If you didn't get $2.8 mil why would you get $3.8 mil?   You think people with the means to pay $4 mil don't have access to a computer?  Wait!  Maybe there are multiple cash offers!!
The other day I saw a ghetto truck (COVERED in grafitti) pulled up to it and wondered if the appliances were being stolen.  It has never been occupied.

There were two MLS Listing for this. 80926794 which is the one you are seeing now. And there is a cancelled listing of 80845217.

The price went from 3.7m, down to 2.8, then back up to 3.7m.

Well looky here, we have a re-listing with no history. $3.6 now. Good luck.

http://www.redfin.com/CA/San-Carlos/299-Club-Dr-94070/home/786390

Yeah the 1.5 million and above is really slowing down, if you don't pay a 100% cash and plan on staying, you could easily see your substantial down-payment vaporize.

This is comical... 5,500 sq ft.. if we assume 200/ft that's $1.1 mil... about right

looks to back up to the San Andreas fault... good luck with that.

Quite near I280... I am sure the sound of traffic is soothing to the ears.

cevansnh says

This is comical… 5,500 sq ft.. if we assume 200/ft that’s $1.1 mil… about right
looks to back up to the San Andreas fault… good luck with that.
Quite near I280… I am sure the sound of traffic is soothing to the ears.

To be fair, it is not on the fault and it is not very close to I-280. Actually a very desireable area. But, this is an 'investor' spec house. Looks like a group who bought the lot and spec'd the house. But the construction is just 'ok' and the materials / fixtures etc. are just the upscale Home Depot variety. When you are talking millions, you expect a little more. And the design is not good, from the way it is oriented on the lot to the architecture.

Well now, I see it was foreclosed. No surprise. It went to California Pacific Bank, 11/18/2010, for $1,800,000. My impression is it was a spec house built by a husband and wife team. They built it and tried to sell it at a premium. I guess getting rich on CA real estate doesn't always work. It's a great location, but they clearly had no sense of architecture or aesthetics.

I am not an expert on deeds but the trustee's deed upon sale says, "the amount of unpaid debt was $2,627,000. The amount paid by the grantee was $1,800,000."

Wow, everybody took a bath on that bad boy!

pkowen says

Well now, I see it was foreclosed. No surprise. It went to California Pacific Bank, 11/18/2010, for $1,800,000

Wow! like to meet the owners and talk to them about their RE "Wealth" one day.

Any chance they can sell the home for scrap wood and break even ?
Wonder what fire logs are going for a pound these days...lol!

Freaking insane!!!!

It looks like they also defaulted on their residence in San Mateo.

When the spec house being built in my neighborhood comes online for sale, I'll post it up here for ridicule. It's a huge house on the side of a ravine.

So I walked the lot yesterday because I was curious about the abandoned backhoe (see aerial imagery). The area just west of the house is piled with junk - rotting wood, rebar, tarps, a mound of plaster, a rusting car door, beer cans, brush ... the backhoe itself is rusting and the shovel is filled with stagnant water and what look to me like many mosquito larvae.

I reported this to code enforcement and the mosquito abatement district.

My neighbor had walked through during an open house. She said it was an 'ugly' design, no flow, standard home depot fixtures, and while it has never been occupied (officially) it was quite dirty. All this for $3.6 million. Having walked the lot, I can't image why these people thought they should put the house where they did, and face it east toward the bay taking no advantage of the northern view of San Francisco. The large area of the lot to the west is the best for building, it's the flat part of the lot! I can only suppose they planned to split the lot and stick another house up there once they made their initial killing.

For me, this house is emblematic of the housing bubble in the bay area.

cevansnh says

This is comical... 5,500 sq ft.. if we assume 200/ft that's $1.1 mil... about right

looks to back up to the San Andreas fault... good luck with that.

Quite near I280... I am sure the sound of traffic is soothing to the ears.

went by this house yesterday. Still unoccupied.
BTW, around here, it's $450-600/sq foot, depending on the neighborhood.