Prices Free Falling on the Peninsula

money-parachute.jpgWhile only 11 listings registered price updates during the week of January 7-13, several of them were doozies. Belmont, while having only 2 price updates, showed the largest cut of 27% on one of those listings. Redwood City, with 8 price changes, had two slashed over 15%, while the one lone San Carlos update was a tame 6% reduction. With a high of -27% and low of -5% (with one strange price increase), the average is the highest I have seen since I began tracking these: 9.4% There were 3 listings with over 100 days on market and the average was a high 74 DOM. I only found three that were in multiple reductions, but I am sure we will be seeing more of these in the weeks to come. Here is the breakdown on the price changes:

Redwood City
3077 Bay Road, 2/1, 1090 sf, DOM 177
Original $578,000 Reduced to $489,000 at 154 DOM now $450,000 (-22%)
Probate sale with court confirmation required. Currently not found on Redfin or Movoto.

601 Madison Avenue, 2/1, 720 sf, DOM 101
Original $549,000 Reduced to $517,500 (-6%)
Estate sale.

764 4th Avenue, 4/3, 1720 sf, DOM 19
Original $649,000 Reduced to $549,000 (-15.5%)
Listing description claims 5th bedroom.

40 Laurel Street, 2/2, 1400 sf, DOM 58
Listed on 7/24 @ $784,777, reduced to $699,500 after 28 DOM then reduced to $689,500 after 78 DOM. Relisted at $629,000 Reduced to $599,000 (-5%)
Mixed Use neighborhood near Costco. This home has a business on the first floor and residence on the upper floor.

243 Encina Avenue, 3/2, 1320 sf, DOM 33
Original $695,000 Reduced to $649,000 (-6.5%)

1099 Haven Avenue, 4/2, 1260 sf, DOM 133
Original $770,000 Reduced to$749,000 at 102 DOM now $729,000 (-5.5%)
Updated home with additional rooms over garage – permits unknown. Seller also will credit buyer money for closing fees.

998 Alameda De Las Pulgas, 3/2, 1250 sf, DOM 38
Original $750,000 Increased to $775,000 (+3%)
Yes, the price did get increased, and the listing description says “Priced $100k below market.” The last sale on this home was 11/2006 for $855,000. Although the information on the price update came through MLS, I cannot seem to find it on either Redfin for Movoto. It may have been pulled.

722 Clinton Street, 3/2, 2090 sf, DOM 61
Original $960,000 Reduced to $899,500 (-6.5%)
Love this old house with its front porch. It’s been updated and has a 1/1 cottage in the back. It’s close to Jefferson and El Camino, but cottage could be used as rental income and you would be close to shopping, theater, Caltrain and SamTrans.

San Carlos
2622 Howard Avenue, 4/4+, 3000 sf, DOM 68
Original $1,595,000Reduced to $1,495,000 (-6%)
Large lot unusual home – Italian villa style

Belmont
2852 San Juan Boulevard, 2/1, 720 sf, DOM 81
Original $859,000 Reduced to $629,000 (-27%)
Nice neighborhood off Ralston and Cipriani, 8000 sf lot. Short sale with bank approval required. Last sale was 12/2005 for $650,000.

1132 Lassen Drive, 4/3, 1930 sf, DOM 45
Original $1,175,000 Reduced to $1,099,000 (-6.5%)
Last Sale 9/2005 for $1,100,000.