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.
12 ATHLONE Ct Menlo Park, CA 94025
12 ATHLONE Ct Menlo Park, CA 94025
| Beds: | 3 |
| Baths: | 2 |
| Sq. Ft.: | 1,250 |
| $/Sq. Ft.: | $639 |
| Lot Size: | 5,115 Sq. Ft. |
| Property Type: | Detached Single Family |
| Style: | Traditional |
| Stories: | 1 |
| View: | Neighborhood |
| Year Built: | 1950 |
Last sale: Nov 23, 2005 Sold $960,000
Loss if sold for asking: $161,000
It looks like the current owners bought this home back in 2005 with a $720k adjustable loan. Their listing price will help them just break even. Open house this weekend on September 12th and 13th from 1pm to 4pm.
500 LIVE OAK Way #503 Belmont, CA 94002
500 LIVE OAK Way #503 Belmont, CA 94002
Price: $731,000
| Beds: | 3 |
| Baths: | 2.5 |
| Sq. Ft.: | 2,096 |
| $/Sq. Ft.: | $349 |
| Lot Size: | - |
| Property Type: | Condominium |
| Style: | Contemporary, Cottage/ |
| Stories: | 1-3 (Low Rise) |
| View: | Neighborhood |
| Year Built: | 2005 |
Last sale:
| Sep 27, 2005 | Sold | $989,000 |
Loss if sold for asking: $258,000 or 26.1%
My husband actually lived right next to this condominium complex when it was being constructed. He was renting one of the several hundred apartments surrounding this complex. When the homes were finally constructed they were all listed for around $1 million while the apartment buildings surrounding it were renting for less than $1500. I actually went to one of the open houses there and yes, of course these condominiums are nicer than the apartments, but for the most part they fit right into the neighborhood full of 2 to 3 story apartment buildings. It’s not a bad neighborhood, but if you have this kind of money it is probably better to just buy a single family home and avoid the $300+ HOA.
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.
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.
205 Peoria St Daly City, CA 94014
205 Peoria St Daly City, CA 94014
Price: $280,000
| Beds: | 1 |
| Baths: | 1 |
| Sq. Ft.: | 750 |
| $/Sq. Ft.: | $373 |
| Lot Size: | - |
| Property Type: | Single-Family Home |
| Style: | Bungalow |
| Year Built: | 1917 |
Last sales:
Nov 18, 2008 Sold $410,000 -12.4%/yr Public Records
Oct 27, 2005 Sold $615,000 33.4%/yr Public Records
Jul 30, 2004 Sold $430,000 16.1%/yr Public Records
Dec 03, 2001 Sold $289,000 6.5%/yr Public Records
Here is another home that’s cheaper than 2001 and more than 50% off its peak. It looks like quite a fixer, and it is still priced above the median price per square foot of Daly City. This is probably not a surprise but it was also financed 100% by loans in 2005.
Offers
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