Welcome to Paul’s Picks, a weekly segment where Paul showcases some the best deals on the market here in the Peninsula. From single-family homes and condos to 2-4 units and large apartments complexes even vacant lots. Paul closely and constantly monitors a wide arrange of product types seeking out the market opportunity that you might not have thought about. If you would like to discuss a property in more detail or find out about other properties that may fit your needs better please give me a call at (650) 348-2020.
Paul’s Pick #1 – 697 Edna Way – San Mateo [click here for more]
My first pick this week is for all you flippers out there at 697 Edna Way in San Mateo. This home is a complete wreck, and because of the slim chance of it being able to be financed, a lot of your competition is gonna remove from the pitcher because they’ll be looking for an all-cash deal. Now these Ikeler-style homes lend themselves out to be easily remodeled — just hose them out, remove the wall between the kitchen and the family room, throw in some IKEA finishes, and you got about a $1,600,000-1,650,000 on the resale, giving you about a quarter million dollar profit in about 6 months time.
Paul’s Pick #2 – 1031 Sunset Drive – San Carlos [click here for more]
My second pick this week is 1031 Sunset Drive in San Carlos. This 3-bedroom 2-bathroom home is perfect for you first-time home buyers looking to get into a wonderful area at a bargain. Now this home has been sitting out for 7 weeks — yes, 7 weeks, which is why it’s a pick, because we know this home is overpriced. Now this is primarily due to the fact that the home does not have a garage, and Sunset is a more narrow street, which I understand is a deal-breaker for a lot of people. But if you can get over not having a garage and you want to sacrifice that amenity to get into a great school district, to a great neighborhood with a wonderful downtown area, then I highly recommend 1031 Sunset Drive. I like it for about $1,100,100-1,150,000 which is just about lot value here in San Carlos.
Paul’s Pick #3 – 901 Bromfield Road – San Mateo [click here for more]
For my final pick this week, I have 901 Bromfield Road in San Mateo Park. Now this home caught my eye, not just because of the Spanish architecture, but because it’s entered its 30th day on the market, so we know there’s some room here to negotiate, and I don’t think they’re that far off from price, only about 5%. All I know is 900-square foot for a home in this condition, in this area, is a smoking deal.