Belmont Home Values on the Rise – April 2011 Home Sales Report

Bel Stats April 2011

The sale of single family homes in Belmont increased this April to 16 over last April’s 10—a 60% increase in home sales. This is important to note since last year in April homebuyers enjoyed the $8,000 tax incentive program (and also because we went out on a limb and predicted this might happen). During the same time the average days it took to sell a home dropped from 76 days to 50.

•             Last April four homes took price reductions of on average $48,000 in order to attract a buyer. This April five sellers had to reduce their prices by $44,000 in order to sell their homes.

•             While last April three homes sold for on average $40,000 less than their asking price and took 75 days to do so, this year eight sellers received on average $34,000 less in 93 days.

•             Six of this April’s sixteen home sales sold for on average $25,000 more than asking price in only six days, as compared to last year when the same number of homes sold over asking in 12 days.

•             In both years two homes sold at the seller’s asking price within six to nine days.

The bigger news is the median Belmont home price in April of 2010 was $967,500—which bought you a four bedroom three bath home of 2,418 square feet. This year the median home sale price in April was only $835,000 and for that you could purchase a three bedroom two bath home of only 1,570 square feet.

What does all this mean?

It means that while the median price point for homes sold last year was higher, you could also get a lot more home for your money.

The relatively small inventory of homes selling in Belmont means the median home price—the point at which half of the homes sold for more and half sold for less—is very susceptible to swings created by either larger or smaller homes selling in a given month.

The difference in the size home one could buy in April of 2010 as compared to April of 2011 was 848 square feet larger at the median price point—that’s not an insignificant number. If one could buy a home 54% larger last year for only 16% more than this year it means home values actually went up year-over-year.

A way to better compare apples to apples and approximate the adjusted median home price is to multiply the 848 square feet by the median price per square foot which homes were selling for—$ 445.00 per square foot ($377,360) and add that to this year’s median home price of $835,000 to approximate a closer representation of the median price trend:

848 x $445 = $377,360 + $835,000 = $1,212,360 (Adjusted median home price).

While this approach is not perfect, despite the recent reported median home price decline in the Bay Area, either home values increased in Belmont year-over-year or you just get a lot less home for your money this year.

Is this a trend or anomaly? Stay tuned…

The information contained in this article is educational and intended for informational purposes only. It does not constitute real estate, tax or legal advice, nor does it substitute for advice specific to your situation. Always consult an appropriate professional familiar with your scenario. 

 

 

 

 

 

 

 

 

70 State Parks Slated to Close in California

The What:

Governor Jerry Brown announced today the closing of 70 State parks in California. Ba-stateparks08__0502926571_part6

Voters had a chance to save the parks back in November when proposition 21 was on the state ballot.

It would have imposed an $18 vehicle registration fee to provide a windfall of cash for ailing parks. The measure would have provided for $500 million a year as a new permanent funding source for parks, protected from the year-to-year roller coaster of the state’s general fund.

But voters gave the measure a strong thumbs-down.

It failed 58 to 42 percent, winning in only 10 of California’s 58 counties, nearly all of them in the Bay Area.

The Where:

So what parks will be closing?

  • Anderson Marsh SHP
  • Annadel SP
  • Antelope Valley Indian Museum
  • Austin Creek SRA
  • Bale Grist Mill SHP
  • Benbow Lake SRA
  • Benicia Capitol SHP
  • Benicia SRA
  • Bidwell Mansion SHP
  • Bothe-Napa Valley SP
  • Brannan Island SRA
  • California Mining & Mineral Museum
  • Candlestick Point SRA
  • Castle Crags SP
  • Castle Rock SP
  • China Camp SP
  • Colusa-Sacramento River SRA
  • Del Norte Coast Redwoods SP
  • Fort Humboldt SHP
  • Fort Tejon SHP
  • Garrapata SP
  • George J. Hatfield SRA
  • Governor’s Mansion SHP
  • Gray Whale Cove SB
  • Greenwood  SB
  • Grizzly Creek Redwoods SP
  • Hendy Woods SP
  • Henry W. Coe SP
  • Jack London SHP
  • Jug Handle SNR
  • Leland Stanford Mansion SHP
  • Limekiln SP
  • Los Encinos SHP
  • Malakoff Diggins SHP
  • Manchester SP
  • McConnell SRA
  • McGrath SB
  • Mono Lake Tufa SNR
  • Morro Strand SB
  • Moss Landing SB
  • Olompali SHP
  • Palomar Mountain SP
  • Petaluma Adobe SHP
  • Picacho SRA
  • Pio Pico SHP
  • Plumas-Eureka SP
  • Point Cabrillo Light Station
  • Portola Redwoods SP
  • Providence Mountains SRA
  • Railtown 1897 SHP
  • Russian Gulch SP
  • Saddleback Butte SP
  • Salton Sea SRA
  • Samuel P. Taylor SP
  • San Pasqual Battlefield SHP
  • Santa Cruz Mission SHP
  • Santa Susana Pass SHP
  • Shasta SHP
  • South Yuba River SP
  • Standish-Hickey SRA
  • Sugarloaf Ridge SP
  • Tomales Bay SP
  • Tule Elk SNR
  • Turlock Lake SRA
  • Twin Lakes SB
  • Weaverville Joss House SHP
  • Westport-Union Landing SB
  • William B. Ide Adobe SHP
  • Woodson Bridge SRA
  • Zmudowski SB

The When:

Expect the closures to begin in September, with all 70 closings completed by July 2012.

Shiny Penny Tour Day – Our Best Homes of the Week 5.3.2011

Our “shiny penny” REALTOR® day brought us this phenomenal deal in Shoreview, San Mateo on Washington Street.

  Washington  

Listed at $399,950  (and no it’s not a short sale), this home appears very clean and ready to move in.

It features three bedrooms and one full bath and is located on a large 6,000 square foot lot and offer a full sized two car garage. The home itself is about 1,020 and while it needs some updating, looks very nice. What a steal!

 

 

Now for the inevitable disclaimer: The information contained in this newsletter is educational and intended for informational purposes only. It does not constitute real estate, tax or legal advice, nor does it substitute for advice specific to your situation. Always consult an appropriate professional familiar with your scenario. 

Happy Easter! Dutch Baby Recipe for a Wonderful Brunch

Dutch Babies have always been a favorite of mine for brunch. If you are looking for an easy to make brunch item that will impress your friends, family, titillate your taste buds and bring the kids hopping to the breakfast table, look no further.

Dutch Baby  A Dutch baby pancake, sometimes referred to as a German pancake, a Bismarck, or a Dutch puff, is a sweet breakfast dish similar to Yorkshire pudding and derived from the German Apfelpfannkuchen. It is made with eggs, flour and milk, and usually seasoned with vanilla and cinnamon, although occasionally sugar is also added. It is baked in a pan with sloped sides and puffs up like a popover before falling soon after being removed from the oven. It is generally served with fresh squeezed lemon, butter, and powdered sugar or fruit toppings or syrup.

The Dutch Baby was originally served as three small Dutch babies served with powdered sugar and fresh squeezed lemon juice but eventually the "Big Dutch Baby" was invented and gained popularity. The Big Dutch Baby is usually what is referred to when reading about Dutch Babies.

I prefer to make some vanilla sugar a few days in advance by adding a whole vanilla bean with some super fine sugar in a small jar for the recipe.

So how easy can I make this for you? Alton Browne of the Food Network has a great recipe which is easy to follow and produces a great Dutch Baby or Yorkshire pudding (less the sugar).

We'll top these with fresh berries and they're hard to beat!

Dutch Baby

Recipe courtesy Alton Brown, 2008

Prep Time:

15 min

 

Cook Time:

30 min

Level:

Intermediate

Serves:

4 servings

 

Ingredients

  • 3 tablespoons butter, melted and divided
  • 2 3/8 ounces all-purpose flour, approximately 1/2 cup
  • 3 tablespoons vanilla sugar, plus extra for serving
  • 1/2 teaspoon kosher salt
  • 1/2 cup whole milk, room temperature
  • 2 large eggs, room temperature
  • Lemon wedges

Directions

Preheat oven to 375 degrees F.

Place 2 tablespoons of the melted butter into a 10-inch cast iron skillet and place in the oven. Set the remaining tablespoon of melted butter aside to cool slightly. Wait 10 minutes before assembling the other ingredients.

Place the flour, vanilla sugar, salt, milk, eggs and remaining tablespoon of melted butter into the bowl of a food processor or blender and process for 30 seconds. Carefully pour the batter into the preheated skillet. Bake on the middle rack of the oven for 30 to 35 minutes or until the edges are puffed and brown. Sprinkle with additional vanilla sugar and serve with lemon wedges.

 

Happy Easter!

 

 

 

 

3.8 Magnitude Earthquake Jolts The Bay Area and Belmont

Belmont received a nice jolt today from what appears to be several small earthquakes near the San Andrea’s fault—but don’t quote me on that, it just looks that way on the map.

  Earthquake

At 2:57 PM today a 3.8 Magnitude earthquake hit just west of Pacifica followed by a 2.8 about an hour later. If you look at the USGS website over 217 people in Belmont alone registered as having felt the two jolts.

I was working on my computer when I heard loud jolt hit our home on Hallmark–as if something hit the house. Within a second a louder wave hit and our earthquake detector went off along with my nerves. I ran out of the house like you are not supposed to do, but since I was one foot from the door and we do not have power lines up here I felt that was safer than remaining indoors.

As for pets being sensitive to earthquakes, our dog Wyatt never flinched until I picked him up on my way to open space.

Where’s the best place to be in an earthquake? In a helicopter that can land anywhere.

 

 

 

Shiny Penny Tour Day – Our Best Homes of the Week

Shiny Penny Tour Wrap

 Our Tuesday tour day produced a few shiny pennies this week. In fact, two made our list for Best Deal of the Week.

The first is a short sale on Lyon in Belmont. It’s listed for only $759,000 and to be in the west-side hills location for that price is a good buy. Of course the banks still need to sign off on the offered price but if you can hang around for awhile you may be able to get that home. FYI—most lots on Monroe and Lyon are only 4,000 square feet rather than the usually 5,000.

 Here are some details:

Beds, Baths:

4, 2|1

SqFt:

1980 (Assessor)

Lot Size:

4,000 sq ft (Assessor)

Yr Built:

1962 (Assessor)

Age:

49 years

 

 BOTlyon

 

Our next home is a favorite of mine on Eaton in San Carlos. It’s sold before, in fact my old manager used to own it. I love the feeling—it’s like you are in your own private resort with a pool and palm trees. The rear landscaping is great and it backs up to the creek for even more privacy.

 

Don’t be fooled by the two bedroom listing. This home was a three bedroom with one room being converted to a den.

  Eaton 11
Eaton Back

Beds, Baths:

2, 1|0

SqFt:

1620 (Assessor)

Lot Size:

8,476 sq ft (Assessor)

Yr Built:

1948 (Assessor)

Age:

63 years

Parcel #:

051-294-050

Zone:

R100

Tract:

White Oaks

 

Don't forget. If you would like to see one of our Best of Tour homes give us a call at (650) 508-1441

Gas Prices – Up Everyday in April

Has anyone else noticed the Chevron station at the corner or Ralston Avenue and Alameda has been systematically raising the price of their gas two cents a day for about the last two weeks now? Chevron

Not one large in-your-face price adjustment mind you, no this is a well executed plan to fly below the general public’s radar while filling the corporate coffers with what is sure to be record breaking profits.

But we’re not just picking on Chevron. All the stations around Belmont are raising their prices in lockstep, it’s just that this station is near our office and I often sit at red lights and stare in amazement that they’re getting a two-cent raise each day while my income remains flat—at best.

And I thought the media loves these types of stories…

 

Belmont Home Sales – March 2011

Time to wrap-up Belmont’s single family home sales for March 2011 and this month's graph honors the San Francisco Giants opening season with the famous orange and black.

Belmont March 2011 Stats

(Click on the graph for a full-size version)

Comparing March 2010 to March 2011 we see that the number of sales has increased dramatically, up 70% from ten sales in 2011 to 17 in 2011.

MEDIAN HOME PRICE

The median price fell on paper because much smaller homes sold this year. In 2010 the median home price in Belmont was $994,750 and the median size home which sold was 2,345 square feet.

In March of 2011 the median home price dropped 18% from March 2010 but the size homes which sold were 27% smaller.

What this alludes to is prices actually increased, since now you can get a home 27% larger than last year for only 18% more. Put another way, if we look at the difference in the size of homes selling and use the smaller price per square foot which homes sold for ($417 per square foot) from March of 2010 it implies homes actually cost more this year (505 sq. ft. X $417 per square foot = $210,585). Add that to this year’s March median home price of $815,000 and you get an estimated adjusted median home value of $1,025,585 or a 3% increase over last March.

DAYS ON MARKET

The time it took to sell all 17 homes dropped dramatically as well from 76.5 last March to only 25 days in March 2011.

PRICE REDUCTIONS

Five homes in March of this year had to lower their asking price by on average $43,387 to entice a buyer to bid. In March of 2010 that number was four for $47,000 on average less. As a percentage of homes which sold 40% had to lower their expectations in March of 2010 compared to only 30% this year.

MARCH 2011

Of the 17 sales in March of this year nine homes sold on average for $39,439 less than the seller’s asking price in 64 days.

Two homes sold right at the seller’s asking price in on average nine days, and six homes sold for on average of $19,842 over the seller’s asking price in only 12 days.

MARCH 2010

Comparing that to last March when three of the ten homes sold for on average $39,000 less than the asking price in on average 75 days.

Five homes sold for the seller’s list price in  88 days and two homes sold over the seller’s asking price for $244,000 an average of more in 48 days.

So what’s up with that? The home on Bayview in that sold in March of 2010 completely threw off the numbers. It was a bank owned property that was grossly underpriced and had multiple offers.

Pricing your home as close as possible to its value is still the best strategy to get you the most money for your home, but as you can see in this case, with the abundant access buyers have to information these days, even a home which has been priced well lower than its true value will simply be bid back up to market value—and many times more; while over pricing your home will simply lead to price reduction after price reduction and quickly fall off the radar of many buyers.

 

 

 

 

Today’s Mystery QR Code

What is a QR code?

Wikipedia defines it as: "A QR code (short for Quick Response) is a specific matrix barcode (or two-dimensional code), readable by dedicated QR barcode readers and camera phones. The code consists of black modules arranged in a square pattern on a white background. The information encoded can be text, URL or other data.

Common in Japan, where it was created by Toyota subsidiary Denso-Wave in 1994, the QR code is one of the most popular types of two-dimensional barcodes. QR is the abbreviation for Quick Response, as the creator intended the code to allow its contents to be decoded at high speed."

You'll need an app for your phone to decode this which varied depending on your operating system. My Blackberry Storm uses ScanLife with good results but other blackberry devices may use code cruncher–just Google them and you'll find one that works. Then simply snap a picture of this QR code with your phone's camera (with the app open) and it runs out to the internet and delivers…well, in this case your FREE Friday photo.

We use these codes on our web site and flyers to deliver information to people's phones rather than wasting print advertising paper resources. You’ll also see them on our sign post at a listed home in case the flyers run out or someone has the ability to be eco-friendly and download rather than take a printed flyer.

Our Mystery FREE Friday Photo can be downloaded here by scanning this QR code–try it; we think you'll like the new technology.

 

Mystery1

Happy Friday!