San Mateo Welcomes New Housing Development: Park Bayshore

It’s not often that you see new housing developments on the Peninsula; there’s just so little land available for such a use. But periodically they do pop up, like the new in San Mateo. Located on the east side of Highway 101, off E. 3rd Avenue in the South Shoreview neighborhood, this 4-building development is throwing open its doors for all to see (and hopefully buy). The development was conceived and built by Barry Swenson, the force behind Vendome Place in San Jose, Creekside Village in Los Gatos, and Carneros Village in Sonoma.

The complex has 21 multi-story units and two basic floor plans, each with 3 variations. Plan A units are all two-bedrooms of 1,230 square feet, while Plan B are three-bedrooms of 1,775 square feet. The first floor is garage and storage, main floor is communal space (kitchen and living room), and top floor is bedrooms. All units have decks or patios, and some have back yards.

Prices start at $575,000 and you can tour the property and preview units on Fridays from 11am-6pm.

So how does this development compare to other homes in the area? Assuming that a 2 bedroom, 1230 sf unit goes for $575,000 that means the lowest-end unit is $467/sf. Most of what is for sale in the South Shoreview neighborhood are single-family homes, most of the 1950s vintage. The sf price on homes currently for sale in the area range from $336/sf to $630/sf.

Comparing the 2/2.5 units at Park Bayshore, I found one 2/2, of 1076 square feet, built in 1983 that is on a 3120 sf lot. Asking price is $599,500 ($557/sf), DOM: 147. That’s $90 more per square foot. I also see that there is a 2/2.5 townhome built in 1999, slightly larger at 1530 sf, on the market 12 days for the price of $699,950 or $443/sf. So the new Park Bayshore units are definitely priced competitively to its two-bedroom neighbors.

There are no 3/2.5 comps, but the two offerings that have 3/2 are small at 1080 and 1010 sf each, and show square foot prices of $514-550/sf. There is one 4/2 of similar size (1690 sf), but it is a 54-year-old bright blue home offered pre-foreclosure for $599,000 ($354/sf). It was last sold in 2006 for $750,000.

So if you are heading out to cool off near the bay or hit some golf balls at nearby Mariners Point, think about swinging by Park Bayshore and checking it out. Don’t forget to let us know what you think.