What is a median priced home in San Mateo now?
Well, according to Dataquick the median home price for San Mateo County in July 2009 was $574,750. So what exactly is a median priced home now? Lets see some examples.
| Beds: | 3 |
| Baths: | 2 |
| Sq. Ft.: | 1,160 |
| $/Sq. Ft.: | $474 |
| Lot Size: | 5,000 Sq. Ft. |
| Property Type: | Detached Single Family |
| Stories: | Bi/Split Level |
| Year Built: | 1959 |
Last sale: Feb 14, 2006 Sold $708,000
This one makes me have a sinking feeling. It’s about $24k below the latest median, but it’s reduced quite a bit from its last sale price.
234 RAMONA St San Mateo, CA 94401
| Beds: | 5 |
| Baths: | 1.5 |
| Sq. Ft.: | 1,040 |
| $/Sq. Ft.: | $558 |
| Lot Size: | 6,400 Sq. Ft. |
| Property Type: | Detached Single Family |
| Style: | Ranch |
| Stories: | 2 |
| View: | Neighborhood |
| Year Built: | 1907 |
This house seems to have a good facade, and it’s the same size of the condo I rent, but to buy it would cost twice as much as renting. Awesome huh?
3030 JEFFERSON Ave Redwood City, CA 94062
| Beds: | 3 |
| Baths: | 1.5 |
| Sq. Ft.: | 1,090 |
| $/Sq. Ft.: | $528 |
| Lot Size: | 7,250 Sq. Ft. |
| Property Type: | Detached Single Family |
| Style: | Ranch |
| Stories: | 1 |
| View: | Neighborhood |
| Year Built: | 1952 |
Last sale: May 26, 2005 Sold $780,000
This one is more than $200k below its last sale price and it’s a short sale, which means the deal probably won’t complete. It’s priced right at the county median now. It’s an okay neighborhood, but it’s on a busy street.
The general pattern to the median priced home seems to be the following:
1) The house is less than 1200 square feet
2) The house is more than 50 years old
3) The house isn’t exactly affordable to those with a median income.
Oh well, maybe one day this madness will end.
512 Stanford Avenue – Up for grabs at auction
A bit over a year ago I posted about a triple homicide at the property at 512 Stanford Avenue in Redwood City. At that time the home was listing for $337k and the last sale price was 587k in January 2007. Now you have 8 days left to grab this property at auction.
According to the Hudson and Marshall website, the last highbid is only $167,500, and this is the description:
512 Stanford Avenue
Redwood City, CA 94063
Bed: 3 Only 8 Days Left
to Bid NowBath: 1 Bid Now! Sq. Ft.: 820 Comments:
Last High Bid $167,500
Agent disclosure requiring buyer signature regarding homicides at property
Buyers who are interested in purchasing this property prior to the auction must be pre-qualified for financing through Wells Fargo or Wachovia. (This is only a requirement to be pre-qualified; the final loan may be obtained through any financial institution)
Please call 1-877-937-9357 during the following times:
Monday – Friday, 7:00 am – 11:00 pm Central Time
Saturday, 8:00 am – 4:30 pm Central Time
Or online at: Wells Fargo Pre-Qualification Form
Would you buy this for $168k?
1115 DAVIS St Redwood City, CA 94061
1115 DAVIS St Redwood City, CA 94061
Price: $399,900
| Beds: | 2 |
| Baths: | 1 |
| Sq. Ft.: | 930 |
| $/Sq. Ft.: | $430 |
| Lot Size: | 3,306 Sq. Ft. |
| Property Type: | Detached Single Family |
| Style: | Ranch |
| Stories: | 1 |
| View: | Neighborhood |
| Year Built: | 1918 |
| Community: | Central Park |
Last sale: Sep 27, 2006 Sold $585,000
It looks like this home first went on sale in 2007 and was listed for a total of five times. Now it is a REO. The price has been cut by at least 100k since its first listing and it is down a bit more than 170k from the last sale price. Good luck moving this one.
131 BELMONT Ave Redwood City, CA 94061 – Also Available for rent for $950 a month
131 BELMONT Ave Redwood City, CA 94061
Price: $499,000
| Beds: | 1 |
| Baths: | 1 |
| Sq. Ft.: | 610 |
| $/Sq. Ft.: | $818 |
| Lot Size: | 3,876 Sq. Ft. |
| Property Type: | Detached Single Family |
| Stories: | 1 |
| Year Built: | 1925 |
| Community: | Central Park |
Last sale: May 10, 2005 Sold $630,000
This tiny little cottage is still asking for half a million, which makes it over $800 per square foot. I wonder if the owner noticed that it’s NOT in Atherton. The funnier part about this is that it is available for rent for $950 a month. Let’s do some math here. Suppose you put 20% down and finance $400,000 at 5% over 30 years, you’d have to pay about $2150 for mortgage plus another $400 a month for tax. So, why would anyone buy this if they wanted to live here? It might help the seller to remove the fact that it’s for rent because it just emphasizes how ridiculous of a decision it is to buy this home. Additionally, the listing is probably keeping renters away because potential renters would fear that they can be kicked out once the home sells to some sucker.
1825 MIDDLEFIELD Rd Redwood City, CA 94063
1825 MIDDLEFIELD Rd Redwood City, CA 94063
Price: $259,900
| Beds: | 3 |
| Baths: | 2 |
| Sq. Ft.: | 1,450 |
| $/Sq. Ft.: | $179 |
| Lot Size: | 3,686 Sq. Ft. |
| Property Type: | Detached Single Family |
| Style: | Ranch |
| Stories: | 1 |
| Year Built: | 1920 |
Last sale:
Sep 11, 2006 $630,000
4/18/2000 $297,500
Yup, this little rancher has rolled back to below its 2000 sale price. What a difference 9 years make. This is currently owned by U.S. Bank and it is definitely the cheapest single family home in Redwood City now based on price per square foot. It looks like it needs some fixing, and it is not in the best neighborhood, but at least it is priced to be affordable to median income families now.
1050 Connecticut Dr REDWOOD CITY, CA 94061
Price: $940,500
| Beds: | 4 |
| Baths: | 3 |
| Sq. Ft.: | 3,380 |
| $/Sq. Ft.: | $278 |
| Lot Size: | 6,138 Sq. Ft. |
| Property Type: | Single Family Detached |
| Style: | Custom |
| Stories: | 2 |
| Neighborhood: | REDWOOD |
Last sale:
| Dec 06, 2004 | Sold | $1,130,000 |
Loss if sold for asking: $159,500
This home certainly has an interesting facade. It’s one of the larger single family homes in this area and it looks pretty well maintained. This was actually financed by a 80% adjustable loan. Prime adjustable loans actually have pretty low rates right now, so these sellers may not really be in that much trouble. The price per square foot is low for the area and perhaps it has a good chance of selling quickly.
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