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.
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.
665 FOOTHILL Dr Pacifica, CA 94044
665 FOOTHILL Dr Pacifica, CA 94044
Price: $468,000
| Beds: | 3 |
| Baths: | 1.5 |
| Sq. Ft.: | 1,240 |
| $/Sq. Ft.: | $377 |
| Lot Size: | 4,000 Sq. Ft. |
| Property Type: | Detached Single Family |
| Year Built: | 1964 |
Last sales:
| Oct 13, 2005 | Sold | $715,000 | 11.0%/yr | Public Records |
Loss if sold for asking: $247,000 or 34.5%
This home is now $23,000 above its 2001 price. It was funded by a $143,000 fixed mortgage and a $572,000 adjustable mortgage in its 2005 sale. Yup, that’s another 100% financed home and now it is a short sale. There is an open house on 4/5/2009 from 1 to 4pm.
638 VANESSA Dr San Mateo, CA 94402
638 Vanessa Dr, San Mateo, CA 94402
Price: $494,700
| Beds: | 5 |
| Baths: | 3 |
| Sq. Ft.: | 1,540 |
| $/Sq. Ft.: | $321 |
| Lot Size: | 5,194 Sq. Ft. |
| Property Type: | Detached Single Family |
| Year Built: | 1955 |
| Stories: | 1 |
Last sales: Jan 30, 2009 Sold $572,000 ( Foreclosure)
May 22, 2007 Sold $890,000
Loss if sold for asking: $77300 from foreclosure price, nearly $400k from last sale price.
This home is in a decent neighborhood of San Mateo, but it is fairly nondescript and now has the “appliance-ripped-out” look of foreclosures. It is currently owned by Aurora Lending Services LLC in Colorado. It is down $400,000 from its 2007 sale price, but it is doubtful if it’s worth even $494k now.
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