Belmont–Week in Review for November 22, 2008

Belmont’s housing picture settled down a bit as homeowners who had stalled temporarily in the wake of October’s housing news began to list their homes for sale for a pre-winter push.


→NEW Click on the play button to hear a brief market overview.





 


There are 53 homes for sale in Belmont, down from 57 in the last several weeks.Mouse mangifying glass


Five new listings have recently hit the market, three have been re-listed and there were three that closed escrow as well.


ACTIVE HOMES


Hillman 1943 Hillman—4 Bed 3.5 Bath 2,969 Sq. Ft. home on a steep up slope 8,500 Sq. Ft. lot. LISTED for $1,195,000. OK, the lot is steep and if you don’t mind stairs you’ll actually find a level rear yard area out back. Nicely appointed home with remodeled kitchen. Listed By Val Shevelyov, Quest Real Estate OPEN HOUSE INFO NOT AVAILABLE.


 


 


 


528 Davey Glen—4 Bed 2.5 Bath 2,190 Sq. Ft home on a 7,350 Sq. Ft. lot LISTED for $1,139,000. Davey Glen is a busy street with mixed use (i.e. Condos, homes, businesses).Note—this home last sold in 1997 for $479,500. And who says Peninsula Real Estate is a bad investment. Listed By Bryce Cook, RE/MAX Today OPEN SUNDAY 11/23 1:00-4:00


1902 Miller Ave.—3 Bed 2.5 Bath 2,030 Sq. Ft. home on a 9,800 Sq. Ft. lot LISTED for $999,999. This home has a nice setting and is reminiscent of the Brady Bunch home of the 1970’s—though it has been updated. Listed By Wendy Grainger, Wendy P. Grainger, Broker OPEN SUNDAY 11/23 1:00-4:00.


Lower lock 3402 Lower Lock—3 Bed 2 Bath home on a 5,500 Sq. Ft. lot LISTED for $899,888. This home shows impeccably and has a very nice secluded rear level yard. Listed By Debbie Wilhelm, Coldwell Banker OPEN SUNDAY 11/23 from 1:40-4:30.


Alden 2 1941 Alden Street—3 Bed 1 Bath 1,330 Sq. Ft. home on a 5,500 Sq. Ft. lot LISTED for $ 865,000. Nice updated ranch home and it shows rather well. Elevated in the rear—level; yard below. The street is moderately busy. Listed by Debbie Sharp, Alain Pinel Realtors OPEN SUNDAY 11:23 1:00-4:00 and again on 11/30 (same times).


 


 


1021 Elmer Street (no photos)—3 Bed 2 Bath 1,250 Sq. Ft. home on a level 5,000 Sq. Ft. lot in Sterling Downs (AKA east side of El Camino). LISTED for $689,000. This is a pre-foreclosure sale bargain hunters start your engines… Listed by Cameron Thompson, Alain Pinel Realtors OPEN SUNDAY 11/23 2:00-4:00 and again on 11/30.


 


RE-LISTED HOMES


Monroe 2007 Monroe Ave. 2 Bed 1 Bath 930 SQ. Ft. home on a 4,000 Sq. Ft. lot. RE-LISTED for $655,000 with no price reduction. This home has potential. Don’t let the 930 Sq. Ft. scare you away—it has a bonus room below which adds another 250 Sq. Ft. probably. Listed By Peter Vece, Dumas & Company


 


 


 


Lyon 1909 Lyon Ave. 3 Bed 2.5 Bath 1,629 Sq. Ft. home on a 5,150 Sq. Ft. lot LISTED for $865,000 down from $869,888. The real price reduction was from $912,000 back in August. This home is now a very good deal and someone should jump on it. Nicely appointed and very clean. It has a level rear yard on a ½ level down access. Listed By Celeste L. Pagan, Carlmont Associates NO OPEN HOUSES LISTED.


 


2422 Hastings Dr. 3 Bed 2.5 Bath 2,250 Sq. Ft. home and a 4.032 Sq. Ft. lot RE-LISTED for $1,108,000 (same as before).These homes are along Hasting Drive and they are usually attached, though some are technically detached. This one has a canyon view and it’s an end home on the block so it has a neighbor on only one side and great canyon views out the other two (the front has a street view). It started at $1,038,000 back in August 2008 and was lowered to $1,018,000. It didn’t sell and a new agent listed the home at the same price. Listed By Jun Kyu Chung, East West Realty


 


SOLD HOMES


Escondido ↑1500 Escondido Way—4 Bed 2.5 Bath 2,080 Sq. Ft. home on a 17,120 Sq Ft. Lot LISTED for $1,250,000 SOLD for $1,375,000 in 12 Days. This home was unique in that it has a huge level lot and is located near downtown on one of Belmont’s premiere secluded cul-de-sac streets. The only negative to this home was it backed up to Ralston Ave. and Chula Vista so it does get some street noise. Other than that, it’s a one-of-a-kind home and worth every penny they paid over for the home.


Paloma ↓1314 Paloma—3 Bed 3 Bath 2,390 Sq. Ft. home on a 4,320 Sq. Ft. lot. LISTED for $995,000 originally. It was lowered to $925,000 after three weeks and two weeks later it received a contract and SOLD for $900,000.


It’s interesting to note that the two homes above were both remodeled yet the smaller one received $425,000 more. One can never underestimate the allure of a park-like level rear yard. It’s also interesting to note that appraisers typically will allow only $5.50 per square foot credit for land. At that rate Escondido should have only received $970,000 rather than the $1,375,000 it did. Clearly appraisers are way off on estimating the value of usable land vs. just land (i.e. a sloping lot).


North 5 ↓809 North Road—3 Bed 1.5 Bath home LISTED for $629,900 SOLD for $607,402 in Nine days. This was a great starter home on the west side of El Camino.


This information is for entertainment purposes only and includes no legal, accounting or real estate advice nor is this intended to be specific to your situation-always consult a specialist who is familiar with the details of your situation.


Information deemed reliable but not guaranteed. This is not intended to be a representation of homes listed or sold exclusively by Drew or Christine Morgan or Carlmont Associates.

Download WIR 11.22.2008

BELMONT–Week in Review for November 11, 2008

With no new listings for two weeks in a row, it’s nice to see a little activity before the winter market slows to a snail’s pace.

There was no agent "Tuesday tour" this week due the Veteran’s Day holiday so most of these homes we’ll not view in person until next Tuesday; and I won't be updating the week's activity until a week from Saturday–the normal day for my Belmont Update post.

Belmont has 53 homes currently for sale which is higher than normal for this time of year but with no new listings for two weeks in a row and four sales last week inventory should start to wind down.

Five new listings popped up recently and here they are:

Naughton 3817 Naughton-4 Beds 3.5 bath 2,103 Sq. Ft. home LISTED for $1,550,000

Naughton is a nice street and this home shows beautifully. This is a great home for people who do not need a large level yard but want nice views–though it does have a level yard area out back. Also, if you are adverse to climbing stairs this home is not for you. OPEN SAT 11/15 1:00-4:00 & SUN 11/16 1:00-4:00 Listed By Bob Bredel, RE/MAX Today

 

 

San juan 2856 San Juan—3 Beds 2 Bath 1,540 Sq. Ft. home LISTED for $1,088,000

Situated on a relatively busy section of San Juan, but on a very large 16,670 Sq. Ft. lot. Though a lot of that is sloped up in the rear so it’s not really usable. The home has been upgraded very nicely. Still, it seems priced a tad bit on the high side. Listed By Richard Beale, Beale Properties NO OPEN HOUSE LISTED.

 

Read 2614 Read.—4 Beds 4+ Bath 2,800 Sq. Ft. home LISTED for $1,000,000. The sad story is this is a short sale. It was purchased back in July of 2006 for $1,233,000 and they put a lot of work into it since. This is one of those Belmont homes with a bungee line to the rear yard. Listed By Bryan H. Yoshida, Provida Mortgage & Realty, Inc NO OPEN HOUSES LISTED.

 

 

DSC_6870 1308 Academy—3 Beds 2.5 Bath 3,400 Sq. Ft. home LISTED for 998,000

I did a little reconnaissance on this home since they haven't posted any pictures or tours on-line. Frankly the home is not ready to be shown just yet but I've included a sneak peak that I took with my own camera.

Listed by Eda Diridon in our office at 3,400 Sq. Ft. on a 9,150 Sq. Ft. lot in the heart of Belmont’s Country Club area this home has a small creek which runs through the rear yard. There’s a nice deck at ground level and some flat yard area. The home has a dramatic setting with soaring windows that look out upon your own miniature park. It needs updating, but this is a good deal for the size home. NO OPEN HOUSES LISTED YET.

 

 

1905 Lyon—3 Beds 2 Bath 1,350 Sq. Ft. home LISTED for $739,000.

What’s up with Lyon this year? There have been about five homes for sale this year alone. Too new to tour also but it looks to be a home that needs some updating. Listed By Kristin F. Leishman, Patriot Properties OPEN SUN 11/16 1:00-4:000

 

 

RE-LISTS

Kittie 15 Kitte Lane—4 Beds 3 Bath 1,900 Sq. Ft. home on a 9,000 Sq. Ft. lot for $900,000. If this home seems familiar it should. It was listed back in April of 2006 for $1,355,000. It’s now a short sale approved at $900,000. So what’s the catch? It has a small landslide problem in the rear yard where it needs a retaining wall to prevent the creek from eroding the lot. Sounds horrible but it’s a simple engineering feat to the tune of $150,000 probably (my estimate). Other than that, it’s a great location and nice home. Listed By Marcin Pendzialek, House of Homes Realty & Mortgage

NO OPEN HOUSES LISTED

1218 North Road—3 Beds 2 Bath 1,543 Sq. Ft. home LISTED for $825,000. This too should sound familiar but are you ready for this…back in August of 2007 it was listed for $1,250,000. No prices have not dropped that far they just overpriced it by a long shot. It’s a real cliff clinger home and a driveway that would give any normal driver cause for alarm. Nice views though and the price is in-line now for this completely rebuilt home. Listed By Michael Robles, Coldwell Banker-Burlingame OPEN SUN 11/16 2:00-4:00

SALES

Casa Bona ↑2308 Casa Bona (pictured)-3 Beds 2 bath 1,570 Sq. Ft. home LISTED for $899,000 SOLD for $925,000 in 4 days. This was a nicely remodeled home and priced to sell as you can see by the multiple offers.

↓3215 Upper Lock—3 Beds 2 bath 1,500 Sq. Ft. home LISTED for $849,988 SOLD for $792,000 in 42 days. Why did this home sell for so much less than Casa Bona (above) being that they are virtually the same size? A) Casa Bona was totally remodeled and this home was all original—and it lacked the views.

↓809 North Road—3 Beds 1.5 Bath 1,160 Sq. Ft. home LISTED for $629,900 and SOLD for $607,402 in 9 days. Nice clean starter home in a trailer park atmosphere neighborhood—hence the good price.

This information is for entertainment purposes only and includes no legal, accounting or real estate advice nor is this intended to be specific to your situation-always consult a specialist who is familiar with the details of your situation.

Information deemed reliable but not guaranteed. This is not intended to be a representation of homes listed or sold exclusively by Drew or Christine Morgan or Carlmont Associates.

Belmont Week in Review–November 1, 2008

Driving  This is an abbreviated version of our recap for the last week’s activity in Belmont because it’s been a busy week and I’m beat. That and not much transpired in Belmont real estate.

30 year mortgage rates on jumbo loans underwent a huge increase as money previously available to Fanny and Freddie Mac became more expensive.

And if you’re shopping for a home right now don’t forget, lenders are not taking applications for loans qualifying for the $729,750 conforming rate cap after December 1, 2008 of THIS year. Better lock down a home if you want favorable rates before then. Here’s an article we did that discussed the housing reform bill’s elements that apply to our market which explains the cost of getting non-conforming loan instead.

How’s this for a slow time of year—there were NO new listings last week—a first as I can remember.

One home went into pending status—our listing at 2825 Hallmark Drive. No we can’t tell you what it sold for until it closes—scheduled for December 16th 2008.

SOLD

These four homes closed escrow last week:

↓2105 Cipriani 4 Bed 3.5 Bath 2320 Square foot home LISTED for $ 1,199,000, lowered to $1,159,000 and SOLD for $1,057,500 two weeks after it was lowered.

↓80 Edgewood Place—3 Bed 2.5 Bath 2,030 ATTACHED home LISTED for $998,000 and SOLD for $970,000 in 25 Days.

↔512 Alameda de las Pulgas—2 Bed 1 Bath 1,230 Sq. Ft. home LISTED for $804,000 and SOLD for $804,000 in 37 days. This home needed a LOT of work but it was on a 9,375 Sq. Ft. lot.

↑1980 Alden Street—3 Bed 1 Bath 1,260 Sq. Ft. home LISTED for $799,000 and SOLD for $815,000 in 18 days with two offers.

This information is for entertainment purposes only and includes no legal, accounting or real estate advice nor is this intended to be specific to your situation-always consult a specialist who is familiar with the details of your situation. Homes sold do not necessarily represent homes 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–Coming Soon!



Drew & Christine Morgan (650) 508-1441




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

COMING SOON TO BELMONT
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Located in the coveted Belmont hills enclave of Belcrest Gardens
in Hallmark, this well appointed home enjoys large rooms and a well
designed floorplan.

Two of the most highly sought after attributes in Belmont is a
home with a level yard or 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.
Price has not yet been determined–call for details
(650) 508-1441


Belmont Housing Activity–Week Ending September 12th 2008

It was a busy week for Belmont real estate which was expected now that summer vacations are over and agents get back to work like everybody else.

Out of the gate there were seven new listings, two re-lists, seven pending sales and three homes closed escrow bringing the inventory of single family homes for sale to 47—just like last week.

NEW LISTINGS

Tahoe 1132 Tahoe 3 Bed 2 Bath 1,610 Sq Ft. listed for $899,000. This home was purchased in June of 2006 for $900,000 and it was a major dump back then. The new owner has done a lot to the home and although it’s not quite finished, it’s pretty nice—especially for $899,000. Put this one on your short list if you’re out this weekend.

925 Waltermire 3 bed 1 bath 1,120 Sq Ft home for $749,000. If you don’t mind living next door to Safeway this home could be for you. Better yet you can run a business out of it since it’s zoned commercial according to the listing agent.

Hillcrest 3410 Hillcrest Dr. 3 Bed 2 Bath 1,640 sq. ft. home for $849,000 is even better yet. It’s in great shape with a level yard. The street is busier than Tahoe but it costs a lot less too. Move-in condition and our BEST DEAL OF THE WEEK.

2827 San Juan 3 Bed 3 Bath 2,380 Sq. Ft. home for $630,500—no—that’s not a typo.  It’s an REO and there are no showings until 9/17 but drive by and you’ll want to at least take a peak. In its prime I used to drive by this house on my way home with it all lit up and wish I could see inside. It looks like a grand old southern estate on the hill. OK, there won’t be a big level yard and who knows how bad it is inside…yet. We’d make that the Best Deal of the Week except that it could need more work than even we anticipate. Sorry—no picture available.

1908 Valdez 3 Bed 2 Bath 1,290 Sq. Ft. Home for $ 939,000 is no steal. I’ll bet that one will be around for Thanksgiving turkey.

2606 Carlmont 4 Bed 2.5 Bath 2,268 Sq. Ft. home for $1,068,000. What can we say? Those homes are in a nice canyon and all seem to be selling around this price. They’re technically attached though only conjoined by the garage (a small zoning concession to the city). Great square footage at a reasonable price and only 13 years old.

2012 Monroe 3 Bed 2 Bath 1,830 Sq. Ft. home for $942,000 was going to be our BEST DEAL of the week but some savvy buyer snapped it up one day one. Very nice indeed.

1726 Terrace 4 Bed 2 Bath 1,710 Sq. Ft. home RELISTED for $1,099,000 from $1,299,000 in April. In Belmont most homes fall into two categories with the exception to the rule being ones with level yards. They are either cliff hangers (down slope homes) where you need a bungee cord to get to the rear yard or Cliff Clingers (upslope lots) where the side of a hill is your rear yard retreat. This home falls in between with some useable yard. Don’t get me wrong, I’m not beating up on hillside homes—they can have amazing views.

2016 Lyon 3 Bed 2.5 Bath 1,781 Sq. Ft. home RELISTED at $959,000 (old price $964,500).

►If you want to see any of these homes don’t forget about our Buyer Incentive Rebate program for first time buyers to help you close the deal.

SALES

STEAL OF THE WEEK goes to:

Sommerset ↓2581 Somerset 3 Bed 2.5 Bath 2,210 Sq. Ft. home in Hallmark Area never hit the market and sold WAAAY under what it should have for $1,040,000. To put this in perspective, the last two models like this home sold this year for $1,400,000 and $1,300,000 and there wasn’t a heck of a lot of difference.

↓2613 Coronet 2 Bed 1 Bath ONLY 910 Sq. Ft. listed for $763,800 and SOLD for $758,000 great home but TINY!

↑1134 North Court 3 Bed 2 Bath LISTED for $749,000 SOLD for $810,000. It sold for $ 951,000 back in 2005.