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.
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.
1 DAFFODIL Ln San Carlos, CA 94070
1 DAFFODIL Ln San Carlos, CA 94070
Price: $844,900
| Beds: | 3 |
| Baths: | 2.5 |
| Sq. Ft.: | 2,510 |
| $/Sq. Ft.: | $337 |
| Lot Size: | 1,829 Sq. Ft. |
| Property Type: | Townhouse |
| Style: | Mediterranean |
| View: | Bay, Neighborhood |
| Year Built: | 1988 |
Sale history:
Aug 10, 2007 Sold $1,080,000 5.7%/yr Public Records
Jul 27, 2005 Sold $965,000 10.1%/yr Public Records
Jun 14, 2002 Sold $715,000 7.4%/yr Public Records
Jun 10, 1997 Sold $499,000 7.2%/yr Public Records
Nov 01, 1994 Sold $416,000 -1.9%/yr Public Records
Jul 07, 1989 Sold $460,000 158.1%/yr Public Records
Mar 01, 1989 Sold $330,000 — Public Records
Loss if sold for asking: $235,100 or 21.8%
I used to live next to these million dollar townhouses in San Carlos. They are at the top of the hills and have a nice view, but I’m not sure if it’s worth a million. Well, I guess now it is down to 844k and it is an REO. The association fee is over $500 a month, though.
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.
2614 READ Ave Belmont, CA 94002
2614 READ Ave Belmont, CA 94002
Price: $899,000
| Beds: | 4 |
| Baths: | 4 |
| Sq. Ft.: | 2,800 |
| $/Sq. Ft.: | $321 |
| Lot Size: | 7,700 Sq. Ft. |
| Property Type: | Detached Single Family |
| Style: | Ranch |
| Stories: | 3 |
| View: | Canyon, Valley |
| Year Built: | 1956 |
| Community: | Haskins Estates |
Last sale: 7/24/2006 $1,233,000
Loss if sold for asking: $334,000 or 27%
This is actually a nice looking larger home in Belmont. The owners that sold the home for 1.2 million definitely made out like bandits. It seems that they bought the place in 1999 for $241k, and then refied and took out a loan worth $663.5k in 2003 and then sold the home to the latest seller in trouble in 2006. It’s amazing that this home was only $241k in 1999, though. Adjusted for inflation $241k should be only worth $309k now. I highly doubt that the home would drop another 600k, but another $100 to $200k might be possible.
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.
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