Archive for September, 2007
September 30, 2007
As I was pondering some of the homes I’ve reviewed in the last month I wondered if some are not selling due to lack of a garage and/or off-street parking. When we were looking for our first house, we saw some homes that were priced significantly less due to no garage. Although the low price-point was attractive to us, we realized that the ability to re-sell (with a garage making a house more marketable) as well as protecting our car was worth the extra money. Which brings me to 353 Lester. It’s a gorgeous craftsman shingle with a very good location and has been beautifully renovated. However, it’s been on the market 33 days and has had 1 price reduction. Looking at the description more closely, I now see that it has no garage (but it does list “tandem parking”; does that mean an off-street space?). For comparison, 432 Lester just went on the market in the last 24 hours. It too is a craftsman (stucco) and has 3 bedrooms and 2 baths (353 Lester has 3 bedrooms and 2.5 baths). It also does not have a garage (nor does it have “tandem parking” for that matter). However, it does have about $200,000 less to its name: its listed for $635,000 while 353 Lester is listed for $850,000. These two will be interesting to keep an eye on. Now all we need is a comparable home on Haddon Hill with a garage. Tips, anyone? Also, any thoughts on garage-or-not-to-garage?
September 30, 2007
About a week ago I wrote about two popular listings in Piedmont: 1057 Harvard and 1116 Ranleigh. After less than 3 weeks on the market, the Harvard home (listed for $895,000) is now pending (while 1116 Ranleigh is still sitting). The million dollar question now is: how much will 1057 Harvard actually go for? It’s hard to know. Like many homes in the Bay Area, some homes in Piedmont are going for above asking while others are going for below. Take a look at some of the close Piedmont “comps” (past sales that are close comparisons for 1057 Harvard):
1024 Winsor List Price: $835,000; Sales price: $804,000
690 Calmar List Price: $749,000; Sales price: $850,000
575 Crofton Ave. List Price: $825,000 Sales Price: $895,000
List Price vs. Final Sales Price can be tricky. For example, the Calmar home was priced way under value, a technique some realtors like to use to generate interest and then possible bidding wars. Other times, a house in a great neighborhood may go for less than asking due to its condition, sluggish market and/or its particular location within the neighborhood.
So, getting back to 1057 Harvard, what will it be? My guess is that if the house is in good condition, it will go for asking or above, since it’s in a great location and is a highly sought-after style (classic Craftsman). Place your bets ladies and gentlemen: what do you think this house will go for?
September 30, 2007
There are quite a few interesting looking new listings open in SF this weekend. Below are a few picks that are open for the first time today:
Read the rest of this entry »
September 30, 2007
Here we go again — another glaring example that market conditions are entirely irrelevant if a home is for sale is in a neighborhood in which enough people are veritably desperate to live.
130 Parkside Drive in the Claremont neighborhood went on the market in July for $1,550,000. It sold shortly afterwards for $2,050,000 — 32% above asking — even though this house needed some serious work.
It has good bones, though, and an above-average sized back yard. But — and by far most significantly — it is in a prime location. Never let it be said that location is not the single most important thing about a home.
Here are the thirteen homes that were recorded as having been sold last week in Berkeley, Parkside among them:
September 30, 2007
Mountain View is barely hanging on to its “Warm Seller’s Market” status; the median price sank to under a million and the market action index dropped 10 points since in the last week. In some cases buyers now have a slight bargaining advantage over sellers, since the median price dropped quite a bit in the last month. This data is for the week ending on September 21.
Source: Altos Research
September 29, 2007
For the first time in 2007, the Menlo real estate market entered a “Cool Buyers” zone. Buyers now have a slight bargaining advantage over sellers, as inventory rises and the median price drops. This data is for the week ending on September 21.
Source: Altos Research
September 29, 2007
It appears that, according to the cost of living index, that overall things have pretty much leveled out from 1990 to 2007. But looking at housing costs in our lovely Bay Area during that same time, something looks rotten in Denmark (I mean the Bay Area). Are we way overpriced or what?
Hayward
3484 Pinewood Dr. (4/2.5 – 2608 SF) went from $285,000 in 1989 to $820,000 in 2007.
Fremont
Looks like Fremont has an odd one here:
997 Hunter Ln. (4/3 – 3549 SF) went from $2,000,000 in 1990 to $1,721,000 in 2007.
Milpitas
31 Jacklin Cir. (3/3 – 1657 SF) went from $190,000 in 1995 to $665,000 in 2007.
Newark
36107 Bayonne Dr. (5/3 – 1763 SF) went from $205,500 in 1990 to $570,000 in 2007.
Real Estate Terminology:
Circuit Breaker - An electrical device that automatically interrupts an electric al circuit when an overload occurs. Circuit breakers can be reset and today are used instead of fuses.
September 29, 2007
I just have to mention another home you might want to add to your weekend open-house walkabout because it’s a house I walk past every day as it is very close to my kids’ school.
The main reason this Oakland home on 44th Street stands out is that its facade is enveloped in an absolutely luscious wrap of bougainvillea for much of the year. Its neighbor has the same plant in a different hue and the overall effect is both beautiful and dramatic.
You would want to factor in the proximity to all those kiddies and their school-running parents if you consider buying this home, but the area is a nice one, quiet and residential for the most part, but close to Temescal which is fast evolving into a very interesting neighborhood with some great shops and eateries (try Pizzaiolo if you can get a table) and its own Farmers’ Market.
September 29, 2007
It is a slow downward spiral in terms of sales in the last month. We went from 20/week a month ago, to 19, to 18, and this week I have 13 reported sales for the same neighborhoods. Caution seems to be playing a part, as was expected, and we are seeing a higher proportion of properties selling for below asking. Whereas last week it was 39% of homes sold going for above the listing price, this week we are seeing just 3 or 23%. The good news is that most of the properties sold quickly, within 30 days. The breakdown is as follows:
Total Sold 13
Redwood City 6
San Carlos 5
Belmont 2
Lowest Price $705,000
Highest Price $2,541,000
Under $1m 8
Ocer $1mil 5
Sold ↑ Asking 3
Sold ↓ Asking 10
DOM ↓ 30 Days 9
DOM ↑ 30 Days 4
The three lucky properties to see above asking were:
2728 Monserat Avenue, Belmont Bedroom: 4 Bathroom: 2 1/2 Sq. Feet: 2440
List $1,145,000 Sold for $1,170,000 Days On Market: 24
2443 Palm Avenue, Redwood City Bedroom: 3 Bathroom: 1 Sq. Feet: 1230
List $790,000 Sold for $840,000 Days On Market: 11
1004 Springfield Drive, San Carlos Bedroom: 3 Bathroom: 2 Sq. Feet: 1320
List $749,947 Sold for $759,947 Days On Market: 18
September 29, 2007
Recent top Marin hits on Redfin goes to a duo of homes in Mill Valley and San Rafael. Both are under the median Marin price (~$899K), currently vacant and seem very ready for a new owner.
Top Listing #1: 347 Starling Rd in Mill Valley - $829,000
This 4 bed/ 2 bath home in around the Tam Junction, southern Mill Valley area. For those wanting to be extra close to the city, this puts you onto the 101 in a flash. On the market now for 52 days, it has recently been reduced by $20,000 from $849,000 to $829,000. When it last changed hands in October 0f 2002 for $559,000, the home was listed as a 4 bedroom, 1 bath; the owners have done some upgrades including the addition of an extra master bathroom. In the residential area of similar homes built in the 50s, this one lacks an enclosed garage like others nearby. It appears that it was converted at one point to more living space, based on how front door literally opens onto the driveway. At $580 per square foot, this house is on the more value oriented spectrum of Mill Valley homes, though there are some out there that are lower.
Top Listing #2: 248 Woodland in San Rafael - $699,000
While the exact address isn’t provided on its Redfin listing, the directions track this 2 bed/ 1 bath craftsman cottage to the Bret Hart area of San Rafael. My sleuth skills further pinned it down to the address above. On the market for over 5 months, it’s been reduced by $60,000 from it’s original listing price of $759,000. The yard and exterior seems to be this property’s prime attraction, since all the pictures are of the home’s outdoor areas. No pictures are provided of the home’s interior - which usually means to me that there’s some work to be done here.
