Belmontâ€™s housing inventory once again is right at 44 single family homes for sale. A stable inventory is a key element to holding prices stable. Weâ€™re only a week away from the monthâ€™s end report and weâ€™ll look at the absorption rateâ€”the rate at which homes are selling compared to new listingsâ€”the days it takes to sell a home, and what percentage the seller is receiving of their asking price. These are three important indicators in predicating the direction of a market.
Belmontâ€™s week in review:
Belmont had four new listings this week.
2002 Forest 3 bed 2 bath 1,243 Sq Ft for $898,000. Thereâ€™s an interesting back story on this home. It sold in June of 2007 in multiple offers for $945,000 and now itâ€™s back on the market at $898,000. Thatâ€™s a good indication of how the exuberance of the market forced buyers to pay top dollar. As for the home, itâ€™s very cute (as in small). Itâ€™s tastefully remodeled but the garage has been converted (the seller says legally) to an officeâ€”so thereâ€™s no garage. How in the heck the seller ever got the city to permit the conversion of a garage in the Belmont hills is beyond me. In an effort to quash parking issues on narrow streets, the city now makes you ADD a garage space if you plan on a significant remodel.
Forest is up in the hills on the border of San Mateo and it has a great country feel, though at 4,000 the lots are small.
3215 Upper Lock 3 Bed 2 baths 1,500 sq. ft. for $849,988
Once again this home didnâ€™t make the Tuesday tour so we havenâ€™t seen it but weâ€™re familiar with the homes on that street. These usually have a shared driveway and this home appears to be in rather original condition. OPEN SUNDAY 8/24 1:00-4:00
2947 San Juan 3 Bed 1 Bath 1,010 sq. ft. for $775,000
Anytime you can get a home in the Belmont hills for under $800,000 youâ€™re probably getting a good deal. This home is located down in the San Juan Canyon and a more-or-less level section of the street. Someone may bulldoze this home but it could be salvageable too. Certainly the structure thatâ€™s there is not the highest and best use of the land. OPEN SUNDAY 8/24 1:00-4:00
318 Treasure Island 2 Bed 2.5 Bath 2,207 Sq. Ft. for $735,000
Treasure Island Homes are located out near Oracle and are technically in Belmont. This one has yet to be on agent tour and as you might recall another home came up last week at 320 Treasure Island Drive which was a 3 Bedroom for $775,000. If youâ€™re planning a Sunday open house day, 318 is open SUNDAY 8/24 from 2:00-4:00 and 320 Treasure Island is open from 1:00-4:00 so you can kill two birds with one stone.
OK. Thereâ€™s one more persistent listing that came back on the market. Reposo is back once again. This 3 bed 2 bath 1,600 sq. ft. home is now listed for $1,100,000. It started out at $950,000 back in August of 2007, was RAISED to $1,000,000 in October of that year when it didnâ€™t sell and is now at $1,100,000. If you like this home youâ€™d better hurry or it might be $1,200,000 by Fallâ€¦
Belmont saw two of its homes go pending this week. The home at 1134 North Court which sold for $951,000 in April of â€™05 was listed for $745,000 and sold immediately.
2117 Cipriani from our Carlmont Associates office went pending too once it was lowered from $1,398,000 to $1,358,000. Thatâ€™s a nice home.
Last week we talked about the new listing at 1514 pine Knoll. A 2 bed 1 bath 1,200 former cottage on a level knoll with views of Mt. Diablo and the San Francisco Bay. Listed for $799,000 I know itâ€™s a two bedroom but what a great location.
Three homes closed escrow this week:
515 South Road 4 Bed 3.5 Bath 2,870 Sq. Ft. home for $1,499,000. Listed originally at $1,579,000 and lowered to $1,499,000 where it sold in just a week and a half after it was lowered.
1756 Terrace 4 Beds 2.5 bath 3,209 sq. ft. listed for $1,275,000 closed for $1,235,000. It was on the market for 66 days.
5 Ridgewood Court 4 Bed 2.5 Bath 2,280 sq. ft. ATTACHED home off of Hastings Dr. Listed for $1,028,000 and closed for $1,000,000. It was only on the market for 14 days.