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.
1040 Patricia SAN MATEO, CA 94401
1040 Patricia SAN MATEO, CA 94401
| Beds: | 4 |
| Baths: | 2 |
| Sq. Ft.: | 1,960 |
| $/Sq. Ft.: | $255 |
| Lot Size: | 5,500 Sq. Ft. |
| Property Type: | Single Family Detached |
| Style: | Other |
| Stories: | 1 |
| Neighborhood: | SAN MATEO VILLAGE |
Last sale: Jul 06, 2007 Sold $818,000
Loss if sold for asking: $319,000 or 39%
I actually know several families that live in this neighborhood. It’s not the most ritzy part of San Mateo, but it’s not bad either. It’s close to shopping and the general neighbors are good. I know at least one family that paid over $700k for a smaller house than this one here a couple years ago. So is this a good deal? It really depends. A house like this would rent for $2000 to $2300 a month, though.
411 MIDWAY Ave San Mateo, CA 94402
411 MIDWAY Ave San Mateo, CA 94402
Price: $1,099,000
| Beds: | 2 |
| Baths: | 1 |
| Sq. Ft.: | 980 |
| $/Sq. Ft.: | $1,121 |
| Lot Size: | 10,004 Sq. Ft. |
| Property Type: | Detached Single Family |
| Style: | Cottage/ |
| Stories: | 1 |
| View: | Neighborhood |
| Year Built: | 1920 |
I have started a new category called “delusional sellers”. This tiny little house close to Hillsborough is listed at $1121 per square foot. What I love about the listing is that the real estate agent doesn’t seem too enthusiastic about it, either. Here is what he/she wrote:
A beautiful 10,000 square foot lot in much sought after San Mateo Park. The home is small with very little updating, but seems sound. There is a pool in back that doesn’t look too bad, but needs some repairs. It’s probably a tear down, but you be the judge. Marvelous opportunity.
So basically the realtor is saying that it is a good lot, and a crappy house. I’m glad this agent isn’t using words like “cozy” and “cute”. At this price chances are this will linger on the market for quite a while. Most of the homes in that neighborhood have very big lots, and 10000 square foot isn’t really that spectacular.
1022 S DELAWARE St San Mateo, CA 94402
1022 S DELAWARE St San Mateo, CA 94402
Price: $469,950
| Beds: | 2 |
| Baths: | 1 |
| Sq. Ft.: | 860 |
| $/Sq. Ft.: | $546 |
| Lot Size: | 4,280 Sq. Ft. |
| Property Type: | Detached Single Family |
| Style: | Contemporary |
Last sale: Apr 28, 2005 Sold $655,000
Loss if sold for asking: $185050 or 28%
Loss of equity per month: $3701
It looks like the realtor tried to spruce up the photo a little bit and the tree looks like its an unnatural green color. Supposedly this is not a short sale or REO, but it has been listed 3 times now since April 2008. Here is the listing history:
Jun 28, 2009 Listed $469,950 – EBRD #40417039
Jun 28, 2009 Listed $469,950 — MLSListings #80931255
Jan 07, 2009 Delisted * — Inactive MLSListings #1
Sep 15, 2008 Price Changed * — Inactive MLSListings #1
Jul 16, 2008 Relisted * — Inactive MLSListings #1
Jul 15, 2008 Delisted * — Inactive MLSListings #1
May 14, 2008 Price Changed * — Inactive MLSListings #1
May 07, 2008 Price Changed * — Inactive MLSListings #1
Apr 23, 2008 Price Changed * — Inactive MLSListings #1
Apr 14, 2008 Listed
It is definitely overpriced for the neighborhood it is in,and it is one tiny house.
139 14TH Ave San Mateo, CA 94402
139 14TH Ave San Mateo, CA 94402
Price: $678,000
| Beds: | 1 |
| Baths: | 1 |
| Sq. Ft.: | 660 |
| $/Sq. Ft.: | $1,027 |
| Lot Size: | 5,000 Sq. Ft. |
| Property Type: | Detached Single Family |
| Style: | Cottage/ |
| Stories: | 1 |
| Year Built: | 1908 |
Last sale:
| May 22, 2007 | Sold | $696,000 |
Just when I thought the last little cottage was expensive, I stumbled upon this little charmer. It is in a decent neighborhood of San Mateo, but the owner is asking for over $1000 per square foot for this little hundred year old cottage. There is an open house this Sunday, and I really wonder if there are gold toilets or flooring in this house to warrant this price?
4238 GEORGE Ave #00001 San Mateo, CA 94403 – One year later
4238 GEORGE Ave #00001 San Mateo, CA 94403
Price: $365,000
| Beds: | 2 |
| Baths: | 2 |
| Sq. Ft.: | 1,040 |
| $/Sq. Ft.: | $351 |
| Lot Size: | - |
| Property Type: | Condominium |
I first put this one up over a year ago. Looks like the price has been cut another $75,000 since then. This is still a short sale which means that the troubled sellers are still holding onto the property. Hopefully it will sell soon?
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