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.
2621 Heather Ln San Bruno, CA 94066
2621 Heather Ln San Bruno, CA 94066
Price: $498,000
| Beds: | 3 |
| Baths: | 2 |
| Sq. Ft.: | 1,110 |
| $/Sq. Ft.: | $449 |
| Lot Size: | - |
| Property Type: | Detached, Single-Family Home |
| Style: | Contemporary, Ranch |
| Year Built: | 1954 |
Last sale: Dec 22, 2006 Sold $735,000
Loss if sold for asking: $237,000 or 32.2%
According to public records, the current owner took out an adjustable loan with Downey Savings and Loans for $587,950, which is 80% of the loan. However, now it is listing for much less than that so I am guessing this is a short sale even though the listing doesn’t say so. The pictures look decent and the roof is new, but I think it is still a bit too expensive for San Bruno where the median price per squarefoot is $419. This home is also open on Sunday January 25th, 2009.
3199 MORELAND Dr San Bruno, CA 94066 – New Construction
3199 MORELAND Dr San Bruno, CA 94066
Price: $1,038,000
| Beds: | 4 |
| Baths: | 4 |
| Sq. Ft.: | 2,840 |
| $/Sq. Ft.: | $365 |
| Lot Size: | 0.28 Acres |
| Property Type: | Detached Single Family |
| Style: | Contemporary |
| Year Built: | 2008 |
| Stories: | Tri-Level |
| Neighborhood: | Portola Highlands |
This is a new home that is already a short sale. According to the agent who loves to exclamation marks: ” SHORT SALE! Brand New Custom Home built by Owner but never lived in!” That actually sounds pretty sad…
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.
July 2008 Troubled Sellers Update Part 3 – Pacifica to Woodside
Here is the final part of the July 2008 update featuring the following cities.
City of Pacifica
Pacifica is seeing quite a bit of price reductions. A good example is 340 Monterey, which has dropped its price by $50k every month for the last three month. That’s a deduction of $1.6k a day. For detailed information on all 42 properties you can look at the raw data: pacifica731.csv
City of Redwood City
The biggest loser in July for Redwood City goes to 559 Scott Ave. This home in the Dumbarton neighborhood is listing for $265k below its January 2007 sale price of $750k. Check out the full list of 65 troubled properties here: rwc731.csv
City of San Bruno
62 properties are available in San Bruno. I noticed that quite a few of the condos in the Shelter Creek address are selling because they’ve been priced fairly low. Most of the listings older than 2 months have been reduced. Take a look at the spreadsheet for details.
Raw data: sanbruno731.csv
City of San Carlos
The number of troubled sellers went down to 4 in San Carlos. The cheapest one is a condominium at 3354 Brittan Ave #9.
Raw data: sancarlos731.csv
City of San Mateo
San Mateo experienced more than two dozen price reductions and now the total number of troubled sellers grew to 85. There are troubled homes in all neighborhoods and the inventory is still growing. Take a look at the raw data for all homes.
Raw data: sanmateo731.csv
City of South San Francisco
Quite a few troubled properties actually sold in July for South City. Some notable properties include 404 Fairway Dr and 38 Northcrest Dr. Both of these properties sold for about $50k below asking. More details are available in the spreadsheet. There are a total of 103 troubled homes in this update.
Raw data: ssf731.csv
City of Woodside
855 Canada finally sold in July, but 5 Stadler Dr has cut its price by $77k in July and now it’s $27k below its 2005 sale price of $1.825 million.
Final Summary:
Atherton: 1
Belmont: 4
Brisbane: 5
Burlingame: 3
Colma: 2
Daly City: 188
East Palo Alto: 105
Foster City: 8
Coastside: 20
Hillsborough: 4
Menlo Park: 14
Millbrae:5
Pacifica: 42
Redwood City: 65
San Bruno: 62
San Carlos: 4
San Mateo: 86
South San Francisco: 103
Woodside: 1
Total: 722 properties in trouble
As you can see, the number of troubled properties did not increase dramatically. Some homes and condos are actually priced close to rent equivalent so people are snatching those up quickly. I think a lot of inventory is still being withheld by the banks that own foreclosures because not a lot of these are actually foreclosures. Anyway, this also correlates with the San Mateo Realtor Association’s data that sales went up and inventory is reduced. Overall, this is a good thing for the real estate market. However, we will have to see if this trend lasts.
828 7TH Ave San Bruno, CA 94066
828 7TH Ave San Bruno, CA 94066
Price: $399,988
| Beds: | 2 |
| Baths: | 1 |
| Sq. Ft.: | 790 |
| $/Sq. Ft.: | $506 |
| Lot Size: | 2,500 Sq. Ft. |
| Age (Years): | 64 |
| Year Built: | 1944 |
| Type: | Detached Single Family |
| Style: | Ranch |
| Stories: | 1 Story |
| View(s): | Neighborhood |
Last sale: Oct 27, 2006 $625,000
Loss if sold for asking: 225,012 or 36%
I love how the description of the house on Redfin reads: “price hard to ignore given the advantages of owing in this area. probably best value home in the area. “ That’s right,if you buy this house you will owe somebody money. That’s very appropriate I suppose.
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