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200 California Ave, Moss Beach, CA 94038


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2010 Dec 14, 3:37am   2,941 views  9 comments

by sfbubblebuyer   ➕follow (0)   💰tip   ignore  

This looks pretty cheap (at current prices) for an ocean view type property. It must have some serious maintenance issues. $650k in moss beach, across the street from a marine preserve.

Redfin listing.

As my in-laws get closer and closer to foreclosure, I'm thinking we should convince them to rent closer to us, and Moss Beach might be doable. Any idea what the rent/price ratio is in Moss Beach?

#housing

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1   pkowen   2010 Dec 14, 9:50am  

Previous sale 8/28/1991 $325,000. Notice of default July 2010. Hmmm.... how can that happen?

Deed of trust 2005 for $490,000. ARM. And a previous one in 2004 for $430,000, also ARM. And one in 2002 for $400,000. And one in 2001. And one in 1997. And 1992. And 1991. See a pattern? And still "it needs improvement"? And there was never a sale except 1991.

What did they do with the loan money? Sound like a pattern?

$650k is a deal? Sounds like a disaster to me. Like paying someone off everything they took out of their 'house ATM' plus adding a tidy profit for them on top.

2   sfbubblebuyer   2010 Dec 15, 1:29am  

I'm not saying it's a good deal, just cheaper than other stuff I saw on Redfin up there. I've never looked at the small costal towns on that side of the peninsula and since my FIL wants to 'live on the water', I thought that might be a good area to look for a rental. But I'm not seeing many rentals available on Craigslist. That's why I'm asking if anybody else knows more about the area and what kind of rent to expect, and what pricing is like there. They couldn't buy a house if they wanted to since they'll have a foreclosure on their record.

3   sfbubblebuyer   2010 Dec 15, 1:30am  

I forgot to say, thanks for the info about the refis. :)

4   pkowen   2010 Dec 15, 2:25am  

Well, I am familiar with the area, not as a resident but have been over there a lot and have friends who live there. It has a sort of 'rural' feel, there are still farms over there, very dark at night, not heavily populated. So, I would expect that is why there are not as many rentals. It isn't that far from say, Redwood City but seems like it, probably because of the hill. In summer, people flock over there to escape heat. If 92 gets shut down for an accident you are screwed and even when clear, when the tourists descend on it that road is a drag. People come also from SF on hwy 1 and it has the same problems (devil's slide) but I rarely go that way. I guess they are still building the tunnel... There is also the pumpkin festival and other events that bring in the tourists. Depending on your in-laws' lifestyle, they might like the downtown / main street area of HMB.

If you don't know already, it is a certain climate, usually foggy and cool but those who love it, really love it. When it is hot around the bay HMB is the best. I wouldn't go too far north I think Pacifica is even more cold/foggy.

Here is one I am curious about, I think it might have issues and at the least it's is a bit unattractive because it is right above a USPS parking lot, basically.

http://www.redfin.com/CA/Moss-Beach/711-Etheldore-St-94038/home/1759984

5   sfbubblebuyer   2010 Dec 15, 3:00am  

My MIL is constantly overheated and keeps her windows open year round, which is one reason why I thought this might be a good location. They're over the Bay Bridge right now and we're in RWC, so this would be TONS closer, but still far enough away I won't be forced to buy a shotgun. :)

I saw that one too, and it makes a lot more sense from an investment standpoint. I'd almost be tempted to buy it and rent it to them, but the thought of ANOTHER bay area mortgage is almost enough to make me vomit. Especially since if they quit paying, I'd have to evict my in-laws. Doesn't seem like a great plan to me!

6   pkowen   2010 Dec 15, 4:33am  

By the way, I looked into it a little further and it's a bank owned-REO.

7   sfbubblebuyer   2010 Dec 15, 4:56am  

The one on Etheldore? I saw that it was bank owned. I would assume the other one is still in the process of foreclosure, right?

8   pkowen   2010 Dec 15, 12:19pm  

200 California had a notice of default July 2010 which means it is in the process of foreclosure but not in bank ownership. May not ever happen. The defaulting loan is a lot less than $650k so that's why I say the buyer would be paying off the owner's debt plus 'equity'.

If I were actually interested I would wait to see if they default and if they do, work with the bank for the best price possible. Or an investor could step in and maybe want to flip it. Like I say the current / last mortgage was $490,000 and they are asking $650,000.

9   sfbubblebuyer   2010 Dec 17, 1:15am  

I see what you mean, pkowen. Thanks for your thoughts. It still seems like prices are high in that area, and there's not a lot of rental stock.

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