Foreclosures in hillsborough

Asked by Kps, Los Altos Hills, CA Tue Mar 17, 2009

There are currently 16 properties listed for foreclosure in realty trac. The number seems pretty high for an otherwise affluent community. Is there a particular reason hillsborough is being hit harder than other areas, such as atherton and palo alto?

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Hr, , Burlingame, CA
Sat Oct 3, 2009
Not sure what the last poster was alluding to in terms of values never declining in Hillsborough. Prices have corrected well over 15%. Adjusted for inflation probably higher. Right now there are 26 properties in Hillsborough that are Bank Owned, NOD's or going to Auction.
10 NOD, 8 going to Auction, 8 Bank Owned. That is unusual for Hillsborough but a reflection of things to come.
3 votes
The Laugesen…, Agent, Burlingame, CA
Wed Sep 30, 2009
Hi Kps
One thing you need to remember is that Hillsborough and Burlingame share the same zip cole of 94010, so between both cities we really have not been seriosuly affected. Our market is down between 5 to 10 percent depending on price point and in the last couple of weeks there have been 10 to 12 sales between 2 million and 6500,000. We have always been more insulated then other Peninsula locations. A more established and conservative area with no available land.
We have award winning schools, basically very little crime and wonderful access to San Francisco, airport and public transportation. This is one of the safest and most stable real estate markets around.
For more information in the Hillsborough and Burlingame real estate markets, please feel free to give me a call, I have lived and sold real estate in this community for over 20 years.
Good luck with your purchase.

Denise Laugesen
#1 Producing Agent
Cashin Company
Direct Line: 650-403-5225
Email: deniselaugesen@comcast.net
Web: http://www.deniselaugesenteam.com
3 votes
Hr, , Burlingame, CA
Mon Sep 28, 2009
The problem in Hillsborough is that values need to get back to 1999 levels before the market will really reach equilibrium. Most of the sellers are listing their homes based on other asking prices and not what is selling (comps). To make matters worse most agents are starving and willing to take any listing in the hope that they can get lucky or ride the listing down. NOD's are up, 7 homes are scheduled for auction in October (Realty Trac). Any seller who bought later than 2002 should expect to loose money after sales commissions.

Another point to consider is that Burlingame inventory is rising and those buyers stretched so very few move up buyers will be coming to Hillsborough. In general the market needs to correct another 20%
2 votes
David Tapper, Agent, Burlingame, CA
Tue Mar 17, 2009
Hello KPS, there are no foreclosures in Hillsborough at this time. I think you might be confusing notice of defaults, rather than foreclosures. There is only one short sale at this time on the market in Hillsborough.

It is true, the high end of the market is starting to feel it, and I think a lot of that is due to the stock market as well as homes in general.

If you are an active buyer and are not working with an agent at this time, let's talk. There's a lot of inventory that is not on the MLS as I write.

Right now there are pocket listings that are currently available and shown by appt only. This includes Burlingame, Hillsborough, San Mateo Park, Menlo Park, Atherton, and also Palo Alto.

Many times, people (who have money or have had a lot of wealth) don't want their neighbors to know what is going on in their personal lives. This goes for many people as well.

I wrote a blog on this very subject that you can view at http://www.TeamTapper.com

Dave Tap Tapper
Realtor
Cashin Company
650-403-6252
Web Reference:  http://www.DavidTapper.com
1 vote
Jake, Home Buyer, Burlingame, CA
Tue Nov 3, 2009
Hr, you make good sense. The properties in the area need to correct more. I think one of the biggest problems is people deferring capital gain taxes and buying higher priced homes. Many have the financial ability and will never have foreclosure problems, others are hanging on by the skin of their teeth and bit off more than they can chew. I am in the same type of business as you and I am looking to possibly purchase in Hillborough or Burlingame if the properties drop back. The other problem is some of the agents I have interviewed. They must be busy or not in touch with following up on things. Only one has had the courtesy to get back to me on a regular basis. Just watch the commercial market next.
0 votes
Grace Morioka, Agent, San Jose, CA
Fri May 15, 2009
Hello Kps and thanks for your question.

RealtyTrac and other popular foreclosure listing sites only sort and provide information regarding public notices filed and made of record for a specific parcel or address. What you cannot know and will not know, of course, is if the home has been "redeemed" (meaning that the owner has paid for the past due portion on the mortgage) and/or if the owner has made arrangements with the lender(s) to sell the home short. Because an owner may redeem the home as late as just a few hours prior to the time when the home is scheduled to be sold at a Trustee's Sale on the courthouse steps, the 16 or 20 homes showing on RealtyTrac as "preforeclosure" or "auction" may never actually go to auction. If you really want an accurate feel for what will become an REO, you will need to go to the courthouse steps and wait for the sheriff's representative to announce which homes will or will not be sold on that day.

If a home is actually sold at auction--especially now, when the amount of the loans exceed the fair market value of the home--the successful bidder is usually the lender. Once the lender has title to the home (which can take a few weeks), the property can then be listed on the MLS for sale to buyers, like you! Homes purchased by a third party (and there are still third parties--bona fide buyers--who can pay all cash for a home) will often never be relisted for sale.

I hope this answers your questions. Good luck!!

Sincerely,
Grace Morioka, SRES, e-Pro
Area Pro Realty
Sunnyvale, CA
0 votes
Kps, Home Buyer, Los Altos Hills, CA
Fri May 15, 2009
Looks like foreclosures are starting to materialize. There are two scheduled for this month. If they don't sell at the starting bid, they become REOs?
0 votes
Voices Member, , Benton County, OR
Tue Mar 17, 2009
0 votes
Steven Ornel…, Agent, Fremont, CA
Tue Mar 17, 2009
Kps, looking for a wealth of misinformation? RealtyTrac is a fantastic source!

RealtyTrac is not a listing service, they just take public record and tease you with it so you will pay them a monthly fee to get more information (easily provided by any Realtor). Most foreclosures are eventually listed on a Realtor MLS sites - at market value, not the low price shown by RealtyTrac, which is nothing more than the amount(s) in default.

If you are looking for truly actionable information, please work with a Realtor!

Best, Steve
0 votes
Gene Yakubov…, Agent, Burlingame, CA
Tue Mar 17, 2009
In actuality, there are less Forclosed properties in Hillsborough than Realty Trac indicates. Some of the proeprty never became REO's . There are 2-3 REO's presently available. Keep in mind that the 94010 also includes Burlingame, CA

Gene
Web Reference:  http://www.reosalespro.com
0 votes
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