Belmont Week in Review–Week Ending October 25th 2008

The media continues its relentless barrage of horror stories and down at ground zero people continue to go on with their lives buying and selling homes to fit a lifestyle, not a portfolio.

There are currently 56 Active listings for sale in Belmont down from 58 last week. The six new listings are typical for the last big push before the holidays and the seven homes that went into contract demonstrate the desire to nest before the winter.

NEW LISTINGS

Six new listing hit the market this last week and one of them was ours—we’ll dispense with that one first:

2824 Ext 500 sh  2824 Hallmark Drive, 4 Bed 3 Bath, 2430 Sq. Ft. home LISTED for $1,298,900. Admittedly we are biased about this home not only because it’s our own listing but because we are also neighbors. Hallmark can be a busy street during commute hours but this home backs up to 300+/- acres of the Belmont Canyon open space with hiking and biking trails right out its back door. The orientation of the home is to the rear (as with most Belmont Height's homes) and you can’t get a more relaxing and tranquil setting. What truly makes this home unique is the level rear yard AND awesome canyon (and peek-a-boo) Bay Views. LIsted by Drew & Christine Morgan

OPEN SUNDAY 10/26 from 1:30-4:30 stop by and say hi, Christine and I will be hosting the open house. Here's a cool video tour if you want to get an early glimpse…

2835 Alhambra Drive 4 Bed 2.5 Bath 2,710 Sq. Ft. home LISTED for $1,348,000.

This is the second home to have been listed in as many weeks. Alhambra is a great seclude dead-end street in the Belmont Canyon. This home has seen its share of turn over as we’ve seen it sell several times. This time though it has been updated and shows very well. There’s no level yard out back but it’s a neat home. OPEN SATURDAY & SUNDAY 10/25-26 1:00-4:00. Listed By Philip Watson, Prudential California Realty

3416 Beresford 4 Bed 2.5 Bath 1,810 Sq. Ft. home LISTED for $949,915. Another nice Bay view home and with it, a yard two stories below. OPEN SUNDAY 10/26 1:00-4:30

Listed By Jimmy Chen, Out of Area Office

2949 Monte Cresta 4 Bed 2 Bath 1,670 Sq. Ft. home LISTED for $899,000. Too new to review but it’s open Sunday 10/26 from 1:00-4:00 Listed By Katrin Kaukull, Century 21 Alliance

3901 Christian 3 Bed 2 Bath 1,660 Sq. Ft. home LISTED for $868,000. This is a home where a thousand pictures isn’t worth one word—bad location. Nice home, but bad location. It’s the end home next to Ralston Ave. and every single homeowner and their cars must drive by this home to get in and out of this enclave. OPEN SUNDAY 10/26 1:30-4:30 Listed By Ron J. Bonhagen Sr., Intero Real Estate Services

3414 Beresford 2 Bed 1 Bath 890 Sq. Ft. home LISTED for $649,000. This is a contractor’s special so don’t think you’re getting any real deal here. Be prepared, but if you want a good project it’s OPEN SUNDAY 10/26 from 2:00-4:00. Listed By Rosa De La Rosa, Regency Prime Properties Inc

PENDING SALES

Seven homes went pending last week which is a good sign of overall activity in Belmont’s housing market—more than half were over a million dollars.

SOLD

Monroe â†“ 2037 Monroe 5 Bed 4+ Bath 2436 Sq. Ft. LISTED for $1,199,000 SOLD for $1,167,000 in 68 Days—19 after it was reduced.

This was a very nice home but it was on a smaller lot (4,000 +/-Sq. Ft.). It was remodeled nicely and had Belmont Country Club Canyon views. It was originally listed for $1,279,000 back in August. In September it was lowered to $1,199,000 where it finally received an offer a month after being reduced.

Square footage and/or acreage information contained herein has been received from seller, existing reports, appraisals, public records and/or other sources deemed reliable. However, neither seller nor listing agent has verified this information. If this information is important to buyer in determining whether to buy or the purchase price, buyer should conduct buyer’s own investigation. Information deemed reliable but not guaratneed.

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. These homes were not necessarily listed or sold by Drew & Christine Morgan.

Just Listed-2824 Hallmark Drive, Belmont, CA 94002



Drew & Christine Morgan (650) 508-1441




 
Drew & Christine Morgan
"Helping People Make Good Decisions"sm
(650) 508-1441

Just Listed–OPEN SUNDAY, OCTOBER 26th 2008 1:30-4:30

 

Located in the coveted Belmont hills enclave of Belmont Heights
in Hallmark, this well appointed home enjoys large rooms and a well
designed floorplan.

Two of the most highly sought after attributes in a home in Belmont
is having a level yard or a home with spectacular views–this home
has both! The rear of the home boasts a large family room with adjacent
dining area and kitchen which opens to a level rear yard with spectacular
pastoral canyon views.

Call for details and showing dates. (650) 508-1441
 
Features Include
 
Four Bedrooms
Three full baths
Lower bedroom for au pair or live-in guest
Hardwood flooring
Recessed lighting

Kitchen includes:

  • Birdseye maple cabinetry
  • New appliances
  • Recessed lighting
  • Corian counters
  • Eat-at counter
Excellent schools!
Dual paned bow windows
French doors
Approximately 2,450 Sq. Ft.
$1,298,900
(650) 508-1441


Belmont–September Housing Statistics

Belmont’s housing sales for the month of September are in the books and the less than stellar report is probably not surprising given what you instinctively know.

Consumer confidence numbers are indicative of consumer sentiment and consumer confidence, although slightly higher than in August, is at only 59.8—indexed to 1985 when it was at 100. That’s not the whole story though as we predict it will drop once the consumer uncertainty over the seven billion dollar bailout are reflected in October’s numbers.

This graph illustrates the correlation between the number of available homes for sale and the number of sales.

Although inventory levels remain in check, the number of sales is disturbingly low for the month of September. As you can see by the interactive graph, September sales weren’t even this low in the month following the terrorist attacks on September 11, 2001. The difference of course is that inventory levels are much lower than in 2001 and that alone should help keep values from deteriorating at an unhealthy pace.

The median price has held its’ own but one must remember that the median price statistic is the median price of homes which sold, not necessarily what the median price is for Belmont homes. That said the median price rose by $3,000 over the month of August while the median size home sold was considerably smaller—210 feet to be exact. At $527 per square foot that is a significant sign that values are holding relatively firm considering the tumultuous environment and we give this market indicator a positive denotation on that very note.

Here’s how the numbers stack up as compared to AugusSpet_changes_from_pmt:

(click for a larger view)

 

This is Belmont’s Full report for September 2008:

(click for a larger view)

Belmontsept_2008_2

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