Price Reductions on Stonegate Condominiums in San Mateo
A few months ago I reviewed a new development in San Mateo called the Stonegate Condominiums. It’s kind of funny but now that review ranks #1 in Google for the search “stonegate san mateo” and various other search terms relating to the complex. I called the prices “barfalicious”, because most of the condos were selling for over $700 per square foot. Well, now nearly 8 months later. We are seeing some price reductions on these places.
20 Madison #102 – $30,000 drop. It’s still $653 per square foot but now it’s pending with release.
20 Madison #206 – This is one of the original plan Is in the price sheet I saw 7 months ago. It’s down only $13,000 from the price sheet so there is room for this to fall.
20 Madison #109 – This has a pricecut of $20,000 on Redfin, but it was also originally priced around 780k on the price sheet in August. So in actuality it’s suffering a $30,000 pricecut.
20 Madison #303 - Pricecut of $60,000 on Redfin, and yet it’s still $631 per square foot. This type of condo on the original pricesheet is $698 per square foot. So this amounts to a 10% reduction.
20 Madison #203 – Another recorded pricecut of $60,000 on Redfin. This is the same type as #303.
20 Madison #113 - $50,000 reduction. This is one of the larger units, and is down to $603 per square foot.
20 Madison #208 - No price reduction recorded on Redfin, but on the original pricesheet it was 855k. Now it’s listing for 818k so it is a 37k reduction.
There you have it. It is not exactly a firesale, but prices have come down 10% on some of these these new condos. The average price per square foot for condos in San Mateo is around $500, so the Stonegate complex is still on the higher end of the spectrum. Though it is cheaper than this condo listing on 6th street that is trying to sell for $884 per square foot and requires a $794 HOA per month.
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