Machetes Are Flying on the Mid-Peninsula

With frontrunner Redwood City slashing prices on 37 homes, it makes San Carlos (6) and Belmont (5) look a bit like slackers. In all fair1475915969_c42c04971b.jpgness, homes in both cities are selling much better than Redwood City, and are not experiencing the sub-prime and Alt-A fallout that many of the properties of their southern neighbors are going through. Overall, the 48 homes that cut their prices in the two-week period between February 25th and March 9th did so across the board, with 18 making minimal cuts of 5% or less, 14 hitting the 6% to 10% range, and 16 marking down the sales price by more than 10%. In addition, a full 25% of the homes this time around were on multiple reductions, which is high. But again, people seem to be trying to adjust for the market by cutting within the first 30 days, and making subsequent cuts when need be. Here is a breakdown of prices and days on market, along with the Top 10 price reduction winners of the week (all but one of which are in RWC):

Price Range of Reduced Homes
Under $500,000 6
Under $750,000 19
Under $1mil 7
Over $1mil 16

Days on Market
Under 14 1
Under 30 19
Under 60 17
Under 90 2
Over 90 9

2620 Westmoreland Avenue, RWC 3/1 Sq. Feet: 740 Original $549,000
Reduced to $349,000 DOM: 143 (36.5%)

3312 Spring Street, RWC 2/1 Sq. Feet: 1090 Original $620,000
Reduced to 599,000, then $550,000 Now $500,000 DOM: 30 (19.5%)

3 Ventana Court, RWC 4/3.5 Sq. Feet: 3220 Original $2,195,000
Reduced to $1,999,000 (89 DOM) $1,799,000 DOM: 197 (18%)

559 Scott Avenue, RWC 3/3 Sq. Feet: 1340 Original $699,000
Reduced to $575,000 DOM: 31 (18%)

360 Ridge Road, San Carlos 2/1 Sq. Feet: 850 Original $775,000
Reduced to $730,000, Then $699,000 (128 DOM) Now $635,000 DOM: 156 (18%)

181 Lowell Street, RWC 3/1 Sq. Feet: 1670 Original $942,000
Reduced to $799,000 DOM: 131 (15%)
EDITOR PICK OF THE WEEK

1152 17th Avenue, RWC 3/2 Sq. Feet: 1450 Original $729,000
Reduced to $699,000 (36 DOM) Now $629,000 DOM: 57 (14%)

251 Pacific Avenue, RWC 3/2 Sq. Feet: 1260 Original $579,900
Reduced to $499,900 DOM: 43 (14%)

1049 10th Avenue, RWC 2/1 Sq. Feet: 1250 Original $748,000
Reduced to $718,000, Then $698,000 Then $648,000 Now $599,500 DOM: 99 (13.5%)

486 Vera Avenue, RWC 3/2 Sq. Feet: 1520 Original $689,000
Reduced to $599,000 DOM: 125 (13%)

Photo Credit: od1ug on Flickr