Stale Listings: Could There Be a Bargain in San Mateo?
It’s that time of year again. Summer is upon us, which is traditionally the high selling time. For the most part, you don’t have to move in the rain, don’t have to uproot the kids from their school, and let’s face it, we all like to take our vacation in the summertime, even if we do have to move. But there is a fair amount of inventory out there right now, with a lot to choose from, and sometimes a good bargain can be had by reviewing stale listings (those over a certain age on the market). I thought I would concentrate on San Mateo today, on listings over 90 days. Believe it or not, I found 95…yes, 95…MLS listings over 90 days on my Redfin search. Surprised, and overwhelmed, I narrowed the search to listings over 180 days and came up with a more manageable number to review: 24.
Prices range from $199,000 for a studio near downtown to a $3,990,000 penthouse on 6th Avenue. All but one of the homes is priced under $1 million, with 10 in the under $500k category. No one specific neighborhood stood out, although there are a fair amount of listings on the east side of 101. The longest house on the market stands at 443 days, with the majority of these aging listings in the 200-300 DOM range. Ten of the 24 listings are single family homes, which is what I will concentrate on today.
1807 S. Norfolk, 3/1, 1030 sf, $525,000 ($510/sf) DOM: 201
Listed as a lender-approved short sale. Last sold in December of 2006 for $725,000, this home initially went on the market at $725,000 and has had 6 price reductions for a total of $200k (approximately $1000 per day). A similarly sized house immediately across the street at 1806 S. Norfolk sold in January for $606,000.
864 Rand Street, 3/1, 1440 sf, $585,000 ($406/sf) DOM: 218
Flat-top eastside home with 2 price reductions totaling 16.5%. Last sold in August of 2007 for $750,000, it was originally listed in November of 2007 for $699,000.
505 E. 39th Avenue, 3/1, 1110 sf, $589,900 ($531/sf) DOM: 227
This home sold in October of 2005 for $710,000 and it appears that the lender may have taken it back in August of 2007 for a loan amount of $617,646. Initial listing price last October was $684,900, and there have been 3 subsequent price reductions for a total of 14%.
516 Fallon Avenue, 3/1, 1000 sf, $595,000 ($595/sf) DOM: 274
Lots of recent updates and upgrades on this one. No recent sales. Listed back in September for $667,988, it has been reduced 4 times for a total of 11%. Two other homes are also available on Fallon, similar in size, for $449,000 and $448,000.
1437 Bradley Avenue, 3/2, 1460 sf, $680,000 ($466/sf) DOM: 334
Home is on slightly oversized lot (7400 sf) on quiet cul-de-sac. Last sale in July 2005 for $758,000. Listed in July for $870,000, it has taken 7 price cuts for a total of $190,000 or 22%.
1614 Kehoe Avenue, 5/3, 2230 sf, $749,000 ($336/sf) DOM: 243
No recent sales, and given tax record amounts, this home hasn’t been on the market in about 20+ years. Started at $900k last October, it has taken 6 price reductions and currently stands at 17% below original list.
414 Williams Place, 2/1, 900 sf, $749,000 ($832/sf) DOM: 194
Adorable cottage on substandard 2542 sf lot. Last purchased in June of 2004 for $625,000. Listed in November at 799,000, this one hs only seen 2 reductions for $50k (6.3%).
645 Bermuda Drive, 3/2, 1240 sf, $815,000 ($657/sf) DOM: 260
This one is perplexing to me. The listing shows the last sale as being in May 2004 for $1,984,091, which does not mesh with the taxable value and feels very overpriced for the neighborhood and home. The current price is only $47,000 less than its original listing price set back in September, and it has only reduced twice.
730 E. 5th Avenue, 3/3, 1930 sf, $925,000 ($479/sf) DOM: 273 days
Same owner for 28 years. September list price was $989,000 has been reduced only 6.5% in 9 months.
1417 Kalmia, 2/2, 1370 sf, $949,000 ($693/sf) DOM: 190
Last sale was in December of 2004 for $867,808. Originally listed for $976,000, the price has hardly budged after two reductions (2.8%).
