San Mateo Leads Bay Area in Loss of Sales, Prices down 19% since last year
These are the latest DataQuick numbers for Bay Area. Wow, the median for our little bubble is now below $450k. San Mateo is still high up with a median of $630k, but the number of sales have decreased the most in terms of percentage in all 9 counties. Unless sales go up, the prices will not go up. Additionally, it’s tougher to get large loans these days, and you would need a pretty large loan even with 20% down in San Mateo County. This will need some time to unravel.
486 WALSH Rd Atherton, CA 94027
486 WALSH Rd Atherton, CA 94027
Price: $4,125,000
| Beds: | 5 |
| Baths: | 3 |
| Sq. Ft.: | 4,640 |
| $/Sq. Ft.: | $889 |
| Lot Size: | 1.06 Acres |
| Age (Years): | 31 |
| Year Built: | 1977 |
| Type: | Detached Single Family |
Last sale: Oct 18, 2000 $4,300,000
Loss if sold for asking: $175,000 or 4.1%
This is a brand new listing in Atherton that is listing for 4% off its 2000 price. It is open on 9/21 and 9/28 from 1:30 to 4:30pm. I guess 4% isn’t that bad of a loss.
116 CITYHOMES Ln Foster City, CA 94404
116 CITYHOMES Ln Foster City, CA 94404
Price: $739,800
| Beds: | 2 |
| Baths: | 2.5 |
| Sq. Ft.: | 1,410 |
| $/Sq. Ft.: | $525 |
| Lot Size: | 960 Sq. Ft. |
| Age (Years): | 21 |
| Year Built: | 1987 |
| Type: | Townhouse |
| Style: | Contemporary |
| Stories: | Low Rise (1-3 Stories) |
Last sale: Jun 21, 2005 $755,000
Loss if sold for asking: $15200 or 2%
This is one of the few Foster City homes listing for under its last sale price. It is currently priced about 5% above the median price per square foot. Since most properties in Foster City are townhomes and condos, it is easier to use price per square foot as a measurement of the properties’ prices. This home is open this and next Sunday.
1765 S NORFOLK St San Mateo, CA 94403
1765 S NORFOLK St San Mateo, CA 94403
Price: $499,900
| Beds: | 3 |
| Baths: | 2 |
| Sq. Ft.: | 1,220 |
| $/Sq. Ft.: | $410 |
| Lot Size: | 6,000 Sq. Ft. |
| Age (Years): | 54 |
| Year Built: | 1954 |
| Type: | Detached Single Family |
Last sale: May 27, 2004 $645,000
Loss if sold for asking: $145,100 or 22.5%
This home is in the Parkside neighborhood of San Mateo. It is east of the 101, but it is very close to Foster City & Bridgepointe Mall. It’s not a fancy neighborhood, but if you drive down Norfolk most of the homes look fairly clean and nice. Unfortunately, it is still $500k so you need a household income of $166k to safely afford it. Anyway, this home is open this weekend from 1 to 4pm.
San Mateo still the nation’s 10th most expensive zip code
BusinessWeek currently has a slideshow of the most expensive real estate in the country using a comparison on the price of a 2200 sqft single family home that has at least 2 bedrooms and 2 bathrooms. The city of San Mateo is ranked #10! The title of the article is “Even in the Most Expensive Zip Codes, Prices Are Down”. San Mateo is recorded to be down 9%, but a home at 2200 sqft is still averaging out to be $1.3 million. That sounds about right because most San Mateo homes are a lot smaller than 2200 and the price per square foot is still above $500 in the areas near Burlingame,Hillsborough, and Belmont. Two more cities that made the top 10 in the Bay Area are Palo Alto & San Francisco.
August 2008 Troubled Sellers Update Part 3 – Redwood City to Woodside
City of Redwood City
The biggest loser in July for Redwood City goes to 590 Hurlingame. This home in the Dumbarton neighborhood is listing for $269k below its May 2007 sale price of $579k. Check out the full list of 70 troubled properties here: rwc831.csv
City of San Bruno
58 properties are available in San Bruno. The biggest loser for August in San Bruno is 244 East Ave. This four bedroom home is down $350k since its last sale price.
Raw data: sanbruno831.csv
City of San Carlos
The number of troubled sellers in San Carlos is now 5. The new addition is 2743 San Carlos Ave and it is listing for 120k below its last price.
Raw data: sancarlos831.csv
City of San Mateo
Quite a few properties were taken off market in San Mateo so now the total number of troubled sellers is down a bit to 78.
Raw data: sanmateo831.csv
City of South San Francisco
More than thirty properties were taken off market in South San Francisco. I have sales stats for some of them. There are a total of 86 troubled homes in this update. One notable property is 779 Park Way, which had an asking price of 915k but exchanged hands for only a little above $600k. 602519 Raw data: ssf831.csv
City of Woodside
5 Stadler Dr is still $27k below its 2005 sale price of $1.825 million.
Final Summary:
Atherton:0
Belmont:7
Brisbane:7
Burlingame:7
Colma:3
Daly City: 187
East Palo Alto:93
Foster City: 8
Coastside: 24
Hillsborough: 5
Menlo Park: 16
Millbrae:6
Pacifica: 35
Redwood City:70
San Bruno: 58
San Carlos:5
San Mateo: 78
South San Francisco: 86
Woodside: 1
Total: 689 properties in trouble
This is a decrease of 33, or 4.6% from last month. It may be due to the fact that there are fewer listings now since the prime selling season is over. Additionally, a lot of homes were taken off market.
Offers
Subscribe to San Mateo Home Sellers in Trouble
