Mid-Pen By the Square Foot
Reviewing homes based on price per square foot can yield more bang for your buck, as opposed to just looking at the listing price or recent price reductions. While the range of square foot pricing is running from $246 to $1242, the majority of homes in the Mid-Peninsula cities of Redwood City, San Carlos, Belmont and San Mateo are selling in the $400-$600 per square foot range. I looked back at my posts from last July (both new on the market and price reductions), checking price/sf of 32 homes I had reported on in the same cities and found that there were only 4 that were sub $500/sf, with the lowest being $463/sf. The majority of the homes were selling in the $600-800/sf range.
The biggest range right now is in Redwood City, where a studio condo of 710 square feet is listed at $174,888 ($246/sf) and at the other end of the spectrum is a 2/2 of 640 sf with a separate guest house on an 8,976 sf lot that is selling for $795,000 or $1,242/sf. Redwood City also had the most homes for sale at the lowest square foot price, with 51 in the $400-499 range and another 32 in the $300-399 range. Here is the breakdown:
Redwood City
Range: $246 – $1,242
Majority: $400-499/sf (51 listings)
There are two properties that are priced out at $246 per square foot in Redwood City. The first is the 710 sf studio condo mentioned above and the second is located at 771 Roosevelt, a property I wrote about earlier this week in Hudson Street is Hopping. A multi-family property, it is priced at $695,000.
San Carlos
Range: $348 – $958
Majority: $400-599/sf (52 listings)
At $348/sf, there is a multi-level Spanish-style home with separate guest unit listed for $1,850,000 and at $367/sf is a 3/3 listing on Windsor Drive, which has only reduced its price one in the 108 days on the market, currently asking $899,950.
Belmont
Range: $322 – $857
Majority: $500-599/sf (24 listings)
The two homes that are on the low end of the spectrum are a 3/2.5 condo in Belmont Woods on the market for $649,999 (dangerously close to its 2004 sales price) and a 4/2.5 SFR on one-third of an acre in Belmont Canyon that has been reduced $173,000 to $869,000.
San Mateo
Range: $250 – $992
Majority: $500-599 (89)
At $250/sf is a nice duplex, both 4/2, total 4000 sf on the west side of Highway 101 for $999,999. For $285/sf, you can have a two-story 4/3 awash in color for $675,000 (Bank owned REO). This one is located just a few doors from Coyote Point Recreation Area and the bayfront.
Realist said:
The 4/3 in Belmont is nearly a total teardown and its NOT a 4/3.
It’s a one bedroom main house with an undeveloped basement that you have to go outside and around the corner to access. This property should not go for much more than land value.
The garage has a large workshop, but is not connected to the main house either.
July 24, 2008 2:09 PM
susan.brady said:
Realist – I listed a 4/2.5 in Belmont, but it doesn’t look anything like a teardown. There is a 4/3 in San Mateo listed, but I’m not sure that is what you mean either. Can you clarify?
July 24, 2008 5:09 PM
Realist said:
The 4/3 listed in Belmont has to be seen to be believed. At the road is a building that has a garage and large workshop. You walk down a path by that building to get to the main cottage. The door opens to a renovated kitchen. The main floor also has a sun room that is very narrow, and a normal bedroom and bathroom. That’s it. The sunroom has to function as your tiny living room/dining room. Then, as I said above, there is no inside staircase to get to the lower level which technically has 2 bedrooms, but they are undeveloped, and the most awkward layout you’ve ever seen. Anyone planning to live in this place would have to build an addition that includes a staircase, more room for the living room/dining room, and completely remodel the downstairs. It would easily run $400k to make this place livable as a 3/2. (the workshop in the garage is the other bedroom technically). Thus, it would be more cost effective to tear it down and start from scratch.
July 28, 2008 11:02 AM
susan.brady said:
Well, that just proves that looks can be deceiving! Thanks for the clarification and lowdown on this house.
July 28, 2008 2:18 PM