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Proof of Shadow Inventory - Daly City, CA
2010 Apr 15, 1:44pm 4,290 views 18 comments
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grywlfbg
@
2010 Apr 16, 4:20am
It is a sound business decision, the same reason why a company like Micron and Sandisk will throw away memory chips than sell it if supply and demand is out of whack. What’s the good of flooding the market with inventory if the banks that are relied on to finance the transaction deny them, thus restricting true demand. After all, in addition to loan holder they are lenders as well so they know exactly what their market look like. When bank lending normalizes (which I think will be a function of continuing to streghten their own balance sheet, house price stop to fall so their risk model is more normal and an improviing job market), true demand rises, you’ll see the inventory come out and absorbed more quickly.
What the banks are doing is VERY different from Sandisk destroying their own inventory.
I completely agree with you if the banks were private institutions making market decisions. The banks would then decide if it was more profitable to sit on houses and pay property taxes, upkeep, depositors, etc or to sell now and take a loss. But because the banks are effectively arms of the govt (able to borrow at 0%, allowed to hide things on their books indefinitely, etc) then it goes from market-based business decision to market manipulation with government support. THAT is why we're upset about this.
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If you check the property tax records, you can confirm that the banks are in fact holding on to these properties. Too bad my search limits me to 100 results at a time. I wonder what would the results be if it limits me to 10,000 instead of 100.
Bank Owned
Property 1 of 100
Address 405 91st St # 1 Zip Code 94015
Owner Name Yau William Recording Date 04/18/2006
Settle Date 04/13/2006 Sale Price $390,000
Total Assessment $190,000 Annual Tax $2,602
Bedrooms 1 Total Baths 1
Building Sq Ft 917 Universal Land Use Condominium
Stories 1 Year Built 1981
Subdivision Sunset West APN 101-320-060
Bank Owned
Property 2 of 100
Address 405 91st St # 1 Zip Code 94015
Owner Name Araneda Alice K Owner Name 2 Araneda Sevan C
Recording Date 04/13/2005 Settle Date 03/28/2005
Sale Price $430,000 Total Assessment $261,000
Annual Tax $3,301 Bedrooms 2
Total Baths 2 Building Sq Ft 1,276
Universal Land Use Condominium Stories 1
Year Built 1981 Subdivision Sunset West
APN 101-320-070
Bank Owned
Property 3 of 100
Address 230 Abbot Ave Zip Code 94014
Owner Name Az Chemicals Inc Owner Name 2 Lam Yu
Recording Date 05/13/2005 Settle Date 04/19/2005
Sale Price $740,000 Total Assessment $532,000
Annual Tax $6,754 Bedrooms 2
Total Baths 1 Building Sq Ft 1,030
Lot Sq Ft 2,500 Lot Acres .0574
Universal Land Use SFR Stories 1
Year Built 1950 Subdivision Abbey Homestead Association
APN 003-434-040
Bank Owned
Property 4 of 100
Address 580 Abbot Ave Zip Code 94014
Owner Name Aurora Ln Svcs Llc Recording Date 07/21/2006
Settle Date 07/14/2006 Sale Price $925,000
Total Assessment $644,000 Annual Tax $7,690
Bedrooms 3 Total Baths 3
Building Sq Ft 2,292 Lot Sq Ft 2,500
Lot Acres .0574 Universal Land Use SFR
Stories 2 Year Built 2006
Subdivision Jacob Heyman's APN 006-472-420
Bank Owned
Property 5 of 100
Address 586 Abbot Ave Zip Code 94014
Owner Name Citigroup Mtg Loan 2007-Amci Recording Date 09/22/2006
Settle Date 09/15/2006 Sale Price $875,000
Total Assessment $745,000 Annual Tax $8,186
Bedrooms 3 Total Baths 3
Building Sq Ft 2,292 Lot Sq Ft 2,500
Lot Acres .0574 Universal Land Use SFR
Stories 2 Year Built 2006
Subdivision Jacob Heyman's APN 006-472-380
Bank Owned
Property 6 of 100
Address 141 Alexander Ave Zip Code 94014
Owner Name Jpmorgan Chase Bank Na Recording Date 04/29/2009
Settle Date 04/20/2009 Sale Price $400,000
Total Assessment $510,000 Annual Tax $5,671
Bedrooms 2 Total Baths 1
Building Sq Ft 1,000 Lot Sq Ft 2,525
Lot Acres .058 Universal Land Use SFR
Stories 1 Year Built 1927
Subdivision Crocker Estate APN 004-203-120
Bank Owned
Property 7 of 100
Address 177 Alexander Ave Zip Code 94014
Owner Name Sc Property Management Inc Recording Date 06/16/2006
Settle Date 06/15/2006 Sale Price $739,000
Total Assessment $512,000 Annual Tax $6,449
Bedrooms 3 Total Baths 2
Building Sq Ft 1,490 Lot Sq Ft 2,525
Lot Acres .058 Universal Land Use SFR
Stories 2 Year Built 1947
Subdivision Crocker Estates 01 APN 004-203-040
Bank Owned
Property 8 of 100
Address 226 Alexander Ave Zip Code 94014
Owner Name Wells Fargo Bk Na Recording Date 01/16/2004
Settle Date 01/07/2004 Sale Price $529,000
Total Assessment $496,000 Annual Tax $6,101
Bedrooms 3 Total Baths 1
Building Sq Ft 1,060 Lot Sq Ft 2,525
Lot Acres .058 Universal Land Use SFR
Stories 2 Year Built 1952
Subdivision Crocker Estate 01 APN 004-132-200
Bank Owned
Property 9 of 100
Address 522 Alexis Cir Zip Code 94014
Owner Name Onewest Bk Fsb Recording Date 06/27/2001
Settle Date 06/12/2001 Sale Price $548,000
Total Assessment $641,224 Annual Tax $7,286
Bedrooms 4 Total Baths 3
Building Sq Ft 1,780 Lot Sq Ft 3,003
Lot Acres .0689 Universal Land Use SFR
Year Built 1995 Subdivision Bay Rdg Un 01
APN 005-390-350
Bank Owned
Property 10 of 100
Address 595 Alexis Cir Zip Code 94014
Owner Name Deutsche Bank National Trust C Owner Name 2 !o
Recording Date 01/04/2007 Settle Date 12/13/2006
Sale Price $895,000 Total Assessment $650,000
Annual Tax $7,382 Bedrooms 4
Total Baths 3 Building Sq Ft 1,850
Lot Sq Ft 3,026 Lot Acres .0695
Universal Land Use SFR Year Built 1996
Subdivision Bay Rdg 02 APN 005-390-600
Bank Owned
Property 11 of 100
Address 220 Avalon Dr Zip Code 94015
Owner Name Pie Rosenbledt Trust Recording Date 08/05/1987
Settle Date 06/00/1987 Sale Price $450,000
Total Assessment $995,603 Annual Tax $2,311
Lot Sq Ft 52,272 Lot Acres 1.2
Universal Land Use Religious Subdivision Westlake 09 Daly Circle
APN 008-051-160
Bank Owned
Property 12 of 100
Address 317 Barbara Ln Zip Code 94015
Owner Name Equity Growth Asset Management Recording Date 08/08/2006
Settle Date 07/31/2006 Sale Price $535,000
Total Assessment $430,000 Annual Tax $4,895
Bedrooms 2 Total Baths 2
Building Sq Ft 1,180 Lot Sq Ft 1,165
Lot Acres .0267 Universal Land Use SFR
Year Built 1984 Subdivision Serramonte Hlnds
APN 091-691-590
Bank Owned
Property 13 of 100
Address 328 Barbara Ln Zip Code 94015
Owner Name Vdocean Recording Date 08/29/2003
Settle Date 08/27/2003 Sale Price $480,000
Total Assessment $616,762 Annual Tax $6,731
Bedrooms 3 Total Baths 3
Building Sq Ft 1,580 Lot Sq Ft 1,211
Lot Acres .0278 Universal Land Use SFR
Stories 2 Year Built 1984
Subdivision Serramonte Hlnds APN 091-691-240
Bank Owned
Property 14 of 100
Address 285 Bay Ridge Dr Zip Code 94014
Owner Name Aviel Simon David Recording Date 01/16/2004
Settle Date 01/12/2004 Sale Price $735,888
Total Assessment $670,000 Annual Tax $7,531
Bedrooms 4 Total Baths 3
Building Sq Ft 2,160 Lot Sq Ft 7,722
Lot Acres .1773 Universal Land Use SFR
Stories 2 Year Built 2001
Subdivision Bay Vista APN 005-530-590
Bank Owned
Property 15 of 100
Address 320 Bay Ridge Dr Zip Code 94014
Owner Name Banc Of America Fndg Corp 2006 Owner Name 2 !-H
Recording Date 08/17/2006 Settle Date 08/10/2006
Sale Price $1,010,000 Total Assessment $720,000
Annual Tax $8,442 Bedrooms 3
Total Baths 4 Building Sq Ft 2,750
Lot Sq Ft 3,800 Lot Acres .0872
Universal Land Use SFR Stories 1
Year Built 2001 Subdivision Bay Vista
APN 005-530-040
Bank Owned
Property 16 of 100
Address 624 Bellevue Ave Zip Code 94014
Owner Name Courthouse Steps Ii Llc Recording Date 01/25/2002
Settle Date 01/15/2002 Sale Price $470,000
Total Assessment $470,000 Annual Tax $5,885
Bedrooms 2 Total Baths 1
Building Sq Ft 1,020 Lot Sq Ft 2,500
Lot Acres .0574 Universal Land Use SFR
Year Built 1950 Subdivision Crocker Estate 01
APN 004-201-190
Bank Owned
Property 17 of 100
Address 125 Bismark St Zip Code 94014
Owner Name Az Chemicals Inc Owner Name 2 Lam Yu
Recording Date 03/30/2006 Settle Date 03/16/2006
Sale Price $720,000 Total Assessment $470,000
Annual Tax $5,624 Bedrooms 2
Total Baths 1 Building Sq Ft 980
Lot Sq Ft 2,125 Lot Acres .0488
Universal Land Use SFR Stories 2
Year Built 1948 Subdivision Hillside Manor
APN 003-427-170
Bank Owned
Property 18 of 100
Address 452 Bonnie St Zip Code 94014
Owner Name Premiere Capital Mgmt Corp Recording Date 03/20/1997
Sale Price $249,000 Total Assessment $314,914
Annual Tax $4,960 Bedrooms 4
Total Baths 2 Building Sq Ft 1,770
Lot Sq Ft 2,610 Lot Acres .0599
Universal Land Use SFR Stories 2
Year Built 1977 Subdivision Blossom Vly 02
APN 003-450-170
Bank Owned
Property 19 of 100
Address 4114 Callan Blvd Zip Code 94015
Owner Name Aurora Ln Svcs Llc Recording Date 10/26/2001
Settle Date 10/23/2001 Sale Price $540,000
Total Assessment $550,000 Annual Tax $6,203
Bedrooms 3 Total Baths 2
Building Sq Ft 1,300 Lot Sq Ft 3,135
Lot Acres .072 Universal Land Use SFR
Stories 1 Year Built 1965
Subdivision Serramonte 01 APN 091-173-080
Bank Owned
Property 20 of 100
Address 4234 Callan Blvd Zip Code 94015
Owner Name Callan Trust 4234 Recording Date 08/02/2007
Settle Date 07/19/2007 Sale Price $766,000
Total Assessment $586,000 Annual Tax $6,095
Bedrooms 3 Total Baths 2
Building Sq Ft 1,835 Lot Sq Ft 4,653
Lot Acres .1068 Universal Land Use SFR
Year Built 1967 Subdivision Serramonte 01
APN 091-164-290
Bank Owned
Property 21 of 100
Address 4286 Callan Blvd Zip Code 94015
Owner Name Us Bank Na 2007-3 Recording Date 03/06/2007
Settle Date 02/22/2007 Sale Price $770,000
Total Assessment $520,000 Annual Tax $5,602
Bedrooms 3 Total Baths 2
Building Sq Ft 1,230 Lot Sq Ft 3,366
Lot Acres .0773 Universal Land Use SFR
Stories 1 Year Built 1968
Subdivision Serramonte 02 APN 091-191-170
Bank Owned
Property 22 of 100
Address 20 Canterbury Ave Zip Code 94015
Owner Name Onewest Bk Fsb Recording Date 12/03/2003
Settle Date 11/14/2003 Sale Price $545,000
Total Assessment $520,000 Annual Tax $6,152
Bedrooms 3 Total Baths 2
Building Sq Ft 1,400 Lot Sq Ft 8,943
Lot Acres .2053 Universal Land Use SFR
Year Built 1967 Subdivision Serramonte 02
APN 091-181-190
Bank Owned
Property 23 of 100
Address 1101 Carter St Zip Code 94014
Owner Name Security Public Storage-Daly C Recording Date 04/08/2009
Settle Date 03/27/2009 Total Assessment $13,064,222
Annual Tax $138,587 Building Sq Ft 104,578
Lot Sq Ft 271,292 Lot Acres 6.228
Universal Land Use Heavy Industrial Stories 5
Year Built 2004 APN 005-380-180
Bank Owned
Property 24 of 100
Address 110 Dennis Dr Zip Code 94015
Owner Name Wells Fargo Asset 2006-Ar16 Recording Date 06/17/2004
Settle Date 06/07/2004 Sale Price $550,000
Total Assessment $607,242 Annual Tax $6,652
Bedrooms 4 Total Baths 3
Building Sq Ft 1,690 Lot Sq Ft 7,200
Lot Acres .1653 Universal Land Use SFR
Stories 2 Year Built 1970
Subdivision Serramonte Un 08 APN 091-291-510
Bank Owned
Property 25 of 100
Address 165 Dennis Dr Zip Code 94015
Owner Name Fremont Reorganizing Corp Recording Date 12/12/2003
Settle Date 12/09/2003 Sale Price $680,000
Total Assessment $794,848 Annual Tax $9,264
Bedrooms 5 Total Baths 3
Building Sq Ft 2,670 Lot Sq Ft 3,960
Lot Acres .0909 Universal Land Use SFR
Stories 2 Year Built 1970
Subdivision Serramonte 08 APN 091-291-620