Price Reductions on the Mid-Peninsula
It’s been a while since I looked at Mid-Peninsula price reductions, and I was pleasantly surprised to see that last week (May 19-25) there were 21 price updates in Redwood City, San Carlos and Belmont with an average reduction of 7.4%. San Carlos only had 3 reductions total, and percentage-wise they weren’t much. Belmont had 4, all in the 5-7% range. Redwood City, with the bulk of the price slashing, had 14 listing prices reduced, ranging from a low of 3% to a high of 19%. For 8 of the 21 properties this was a subsequent slashing, sometimes the 4th or 5th time a price had been cut.
People seem a bit savvier, and are not waiting so long to reduce a price. I’ve taken a look at all 21 properties, along with their listing and sold comps, and their last sale, to give you a brief overview. (Redwood City information will be after the jump.)
BELMONT
924 Ruth Avenue, 2/1, 850 sf, DOM: 66
Originally $729,000, Reduced to $709,000. $699,000, Now $679,000 (-7%)
Square foot price is over $100/sf higher than both listing and sold comps. Probably needs to come down at least another $50k to be in line with the most recent sales. Last Sold 2002 for $430,000.
3207 Longfellow Drive, 3/2, 1500 sf, DOM: 54
Originally $978,000 Reduced to $928,000 (-5%)
Square foot price now on par with both listing and sold comps. Last sold 1990 for $394,000, although property tax value indicates an addition or revaluation at some point.
Madera Avenue, 4/3.5, 2692 sf, DOM: 288
Originally $1,495,000 Reduced to $1,395,000 (-7%)
This is a 5000 sf parcel of land with approved construction plans. Price includes building of structure but not permits.
1649 Sunnyslope Avenue, 4/3, 2600 sf, DOM: 30
Originally $1,468,500 Reduced to $1,398,000 (-5%)
Priced similarly to larger listing and sold comps. Last Sold 2001 for $595,000.
SAN CARLOS
1029 Cherry Street, 3/3, 1720 sf, DOM: 35
Originally $799,000 Reduced to $779,000 (-2.5%)
$20k? Really not much of a reduction. Additional 1/1 in-law unit on this eastside home. Unfortunately, almost all the comps are on the west side, so not true comps. A lot of home for the $$, and you still get SC schools, though.
1 Coleman Court, 3/3, 3090 sf, DOM: 32
Originally $1,849,000 Reduced to $1,779,000 (-4%)
Still a bit high based on listing and sold comps. Last sold 2006 for $1,150,000 $1,278,000.
125 Coventry Court, 3/2.5, 2860 sf, DOM: 22
Originally $1,899,000 $1,799,000 (-5.5%)
Nine-year-old home on large level lot with pool. May still be on the high side. Last sale 1999 for $795,000.
Redwood City is after the jump…
REDWOOD CITY
614 Warrington Avenue, 2/1, 760 sf, DOM: 54
Originally $399,000 Reduced to $360,000 Now $330,000 (-17%)
Price is within the range of both listing and sold comps. Last Sold 1997 for $162,000, but property tax records show a higher assessment, probably due to additions since the last sale.
5 Vera Court, 2/2, 1340 sf, DOM: 114
Originally $610,000 Reduced 5 times, Now $495,000 (-19%)
Very low square foot price. This may qualify as a bargain in most books. Last Sold 2005 for $705,000
418 Samson Street, 2/1, 940 sf, DOM: 15
Originally $559,000 Reduced to $529,000 Now $495,000 (-11.5%)
Hard to comp, as this is in a mixed neighborhood near downtown. Last sold 2007 for $670,000.
123 A Street, 2/1, 940 sf, DODM: 36
Originally $559,900 Reduced to $519,900 (-7%)
Lower than similar listing comps and recent sold comps. Last sold 2007 for $628,528.
211 Oak Avenue, 3/2, 1320 sf, DOM: 30
Originally $559,900 Reduced to $549,900 Now $529,900 (-5.5%)
Bank owned, but listing says it is not a short sale. Lower than similar comps. Sold in 2006 for $900,000, then Jan of 2008 for $706,500.
555 Jackson Avenue, 3/2, 1800 sf, DOM: 91
Originally $799,000 Reduced to $750,000 Now $675,000 (-15.5%)
Some incomplete updating, being sold As Is, consequently square footage price is lower than comps. Last sale 2004 for $500,000 but tax records show reassessment at some point.
3142 Oak Knoll Drive, 2/1, s funk, DOM: 29
Originally $749,000 Reduced to $720,000 (-4%)
Last sold in 2005 for $1,100,000. Probably purchased for the land value with intent to subdivide. Home in poor condition. Comps not usable, as value is not in house, but in the land.
2491 Massachusetts Avenue, 4/3, 1900 sf, DOM: 56
Originally $875,000 Reduced to $849,000 (-3%)
Home probably has not been sold since the 1970s, and probably hasn’t changed much since then. On a busy street, near the elementary school, making price/per square foot a bit lower than nearby comps.
4108 Jefferson Avenue, 4/2, 2400 sf, DOM: 91
Originally $949,000 Reduced to $899,950 (-5%)
Large home, probably cheapest sf price in Emerald Hills, and significantly cheaper than any listing or sold comps.
541 Montwood Circle, 3/2, 1840 sf, DOM: 36
Originally $1,249,500 Reduced to $1,124,500 (-10%)
Price is within range of listing and sold comps. Last sold in 2000 for $826,000.
325 Nimitz Avenue, 5/2.5, 2730 sf, DOM: 46
Originally $1,369,000 Reduced to $1,249,000, Now $1,189,000 (-13%)
One of the best and biggest homes in the neighborhood. Most surrounding homes are estimated under $1mil. Last sold in 1996 for $400,000.
3859 Bret Harte Drive, 3/3, 2197 sf, DOM: 44
Originally $1,259,000 Reduced to $1,215,000 Now $1,199,000 (-5%)
Large lot with pool. SF price is lower than comp and sold averages. Last sold 1989 for $465,000.
713 Bayview Way, 4/2,5, 2808 sf, DOM: 52
Originally $1,798,000 Reduced to $1,729,000 (-4%)
Nice home, priced well and similar to listing and sold comps.
