Mid-Peninsula Listings: How Low Do They Go?

I got to wondering how low prices were dropping on the Mid-Peninsula. As we regularly report here on Sweet Digs, prices keep dropping, even thought sales volume is up overall. So just what is available for $300,000 or less? Starting in Redwood City and ending in San Mateo, there were only 13 homes available under that mark, and only in two of the 6 cities I searched. Seven of the 13 are condos or townhomes, and all are under 1,000 square feet. The 6 homes available are all on substandard lots, meaning they are very narrow or along the style of a shotgun house (the style pictured at right). Here is the breakdown:

Redwood City currently has 7 listings, ranging from $239,900 to $300,000. All 7 are located in the Dumbarton neighborhood (east of El Camino, north of Woodside Road). One is a condominium, while the other 6 are single-family homes on substandard lots of 2500-3800 square feet. All but the condo are two bedroom, one bath, ranging in size from 560 square feet to 760 square feet. Not surprisingly, all are bank owned/REO or short sale/lender approval required.

San Carlos, Redwood Shores, Belmont, and Foster City do not seem to allow homes to be sold for less than $300k. Either that or there is just a shortage right now.

San Mateo shows 6 listings ranging from $259,000 to $299,500. Two are studios, three are one bedrooms, and one is a 2/2, and all are condos/townhomes. Sizes range from 473 square feet for both the studios to 917 square feet for the two bedroom. Two are in a 55+ Adult Only Community, three are bank owned/REO or short sale/lender approval required, and one is a traditional sale. Only one of the units is west of El Camino, but only by about 100 feet.