Belmont Housing Review–August 2008

August, 2008

The data for the summer months suggests Belmont’s housing sector may be near or at the bottom for any market corrections though the picture outside the mid-peninsula remains uncertain. Belmont is a micro-market and we take this position not because all of the data points to positive market indicators, but rather the data points are all in flux. Arrow_ride_2

Taken as a whole, the sumer wasn’t bad to Belmont sellers at all. But like we’ve said before, it’s extremely hard to telll how bad a storm will be when you are in the middle of one; but all storms do pass and we’re getting a glimpse of daylight in our numbers. Whichever is the case– whether we are near the bottom or passed it–we’re all along for the ride, for better or for worse.

Instability in these critical numbers such as the amount a seller receives of their asking price, the median price compared to the size homes actually sold month-over-month is indicative of a market in change. In other words there is no real direction in which all the numbers point—whether it’s a buyer or seller’s market.

Belmont_aug_2008 ←Click on the spreadsheet for a larger size.

↓The number of sales in August fell to only 17 after posting a year high of 25 in July (there were 22 last year at this time). Though sales were down 32%, there were also 22% fewer homes to sell.

↑The median price however rose to $947,000 from $890,000 in July. In August last year the median price was $988,500. See our post on the median price correlation and the size of homes selling to put these wild fluctuations in perspective.

↓The time it took to sell a home went from 14 days in July to 41 in August. That’s a strong indicator that the slow summer months liquidated some old inventory; remember most of July’s sales were consummated in May and June.

↓The amount the seller received of their asking price dropped a whopping 7% from 98.37% in July to 91% in August and dropped 11% over last year when it stood at 102%. This statistic is understandable when homes are selling in 41 days instead of 14 as they did last month. Homes which are overpriced and languish on the market tend to sell way under what they should, but we’ll save that for our next post. Still, you can’t help but compare this to last year’s performance and give it a big red arrow.

This fall we expect sales will pick up a bit from August but still remain under last year’s numbers. This winter could be relatively quiet but we expect next spring to determine the fate of the local market into 2009.

Data extracted from the Multiple Listing Serice for San Mateo County.

The information contained in this postis 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.

When Not to sell Your Home

PODCAST SERIES

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Real estate markets are cyclical and can last ten years as we’ve recently seen, but even within a cycle there are better times during each year in which to sell.

The short answer is the worst time is in the winter, with the best times being in the spring and fall but here’s why. Psychologically, it appears buyers are more motivated to get a home early on in the year. Writing a huge check to Uncle Sam in April could be one incentive, and fulfilling one’s New Year’s resolutions could be another—both are frequently mentioned. Whatever the reason more buyers come out in the spring and tend to pay more for a home (as a percent of asking) than any other time.

The year’s spring market started off rather unremarkable due to the uncertainty of real estate as a holding while many buyers took (and continue to take) a wait and see attitude.

This graph illustrates the favorable fall selling conditions with the seller receiving a high percentage of their asking price. Notice that in October the amount a seller receives typically bounces back up? We call this phenomenon the “fall bounce” as October sales are consummated in September/October.

That could make this fall a prime time to sell in this year’s cycle. Fall is typically another window of opportunity to sell and obtain the most money for your home and this one appears to be shaping up quite nicely. The market has been rebounding steadily since the beginning of the year, and appears it may crescendo this fall, at least for the year.

We wrote a series on our blog at BeautifulMountainBlog.org about when’s the best time to sell where we analyze the important market indicators to determine favorable selling conditions. Some of which are::

·         The month’s supply of homes for sale

·         The amount a seller received of asking

·         The days it takes to sell a home, or DOM

If you are considering moving this fall we’d be glad to answer any questions you may have about the process.

Download when_not_to_sell_a_home.mp3

Tuesday’s Tour-9/2/2008

Driving Tuesday’s are tour days of agents. We get a chance to see all of the new listings in one fell swoop. Some of these homes have been open the previous Sunday and you may have already seen them. If you haven’t, here’s my update on the Belmont Homes that were in my Weekly Update last week but toured today, September 2nd 2008:

2422 Hastings 3 Bed/ 2.5 Bath 2,250 Sq Ft Attached Home LISTED for $1,038,000. These are attached homes in the Belmont Hills. You tend to get a lot of home for your money but not much land. This home needs some updating. On the plus side it’s an end unit home so you only have neighbors on one side. Nice canyon views from the rear of the home.

1909 Lyon 3 Bed 2.5 Bath 1,600 Sq. Ft. home LISTED for $912,000. This is a nice home with a lower extra room. It’s in move-in looking condition and on a nice quiet portion of Lyon.

2014 Lyon 2 Bed/2 Bath 1,761 Sq Ft Home. I’m skeptical about this home’s reported square footage but nevertheless it’s an excellent deal for a west side Belmont hills location and wins our Best Belmont Deal of the week at only $779,000.

512 Alameda de Las Pulgas 2 Beds/ 1 Bath 1,230 Sq Ft home. Don’t let the busy address fool you. This home sits back on a quiet driveway off of the Alameda. LISTED for $804,000.

Bring your contractor to this home. It’s on a busy street as you know but it does sit way back. I like the older Spanish style architecture it has but that also translates into some much needed work to be done.

Belmont’s Best Deal of the Week—September 2nd 2008.

Belmont’s Best Deal of the Week—September 2nd 2008.

This home just popped out at us as being one of the best deals we’ve seen in awhile. I’m a little skeptical about the reported square footage but it’s still a good deal. Once in the home the upper level flows out to the rear yard and it’s all level–a real plus in the hills. There’s what is being called a permitted room and bath down in the garage making it a three bedroom if it’s really permitted. Anytime a room opens into a garage it’s not supposed to be a legal room (Uniform Building Code citing). It may have been permitted at one time, making it a legal non-conforming room. Oh and it had nice views too!
2014 LYON AV, Belmont 94002 (Belmont)
$779,900 Beds: 2 bed(s) Baths: 2 bath(s)
DOM: 6  CDOM: 6   MLS: 80830339 
Property Overview
2014 LYON AV
Belmont (Belmont) 94002
Detached Single Family (Class 1)
Bed/Bath: 2 / 2
SqFt: 1,761
Lot: 4,000 sq ft
Yr Built / Age: 1951 / 57 years
Assoc Fee:
List Price: $779,900
Sale Price:
Sale Date:
COE Date:
Remarks
This spacious approx 1761 sq. ft. Belmont Country Club light and bright home with den has views of the hills,beautiful hardwood floors,wood burning fireplace and a open floor plan flowing out to the patio and deck. This home is perfect for entertaining. Formal entry, dining room, eat-in kitchen,freshly painted interior and exterior and 2-car garage.Close to shopping and easy access to 280 & 101.
Schools/Districts
Elem: – –/ Belmont-Redwood Shores Elementary
Middle: – –
High: – –/ Sequoia Union High
Property Features
Familyroom
No Family Room

Informal Dining Area
Eat in Kitchen

Other Rooms
Den or Study

Bedroom Descriptions
    – –

Shower And Tub
1 Shower over Tub

Shower
1 Stall Shower

Other Areas
Formal Entry
Laundry Area – Garage

 Amenities
220 Volts in Kitchen
220 Volts in Laundry Area
Cable TV Available
Gas Water Heater

Fireplace Location
Fireplace in Living Room

Floor Covering(S)
Linoleum or Vinyl
Partial Hardwood
Tile
Wall to Wall Carpeting

Energy Features
Insulated Hot Water Heater

 Listing Includes
1 Dishwasher
1 Refrigerator
Dryer
Free Standing Range/Oven
Washer

Garage/Parking
2 Car Garage
Attached
Off Street Parking

Lot Description
Lot Sloped Up from Street

View
Neighborhood View
Valley View

 Yards/Grounds
Deck
Fenced Yard
Patio or Deck Covered

Has Pool
No Pool

Pool Description
    – –

Pool Options
    – –

Style
Traditional

Horse Property
No

Horse Property Description
    – –
Listed By Valerie Dakin, Alain Pinel Realtors
Presented by Christine Morgan, Carlmont Associates, 650-508-1441, cmorgan@morganhomes.com
** Information contained on this report is designed for accuracy but is not guaranteed **

Belmont Housing Activity–Week Ending August 30th 2008

Belmont had a relatively busy week with 6 new listings, 4 homes went pending and 7 that closed escrow. That brings Belmont inventory of homes for sale to 47, up just slightly from last week.

Be sure and check back in around Thursday as the month’s totals will be in for an interesting perspective on the summer market and the overall recovery of the housing sector.

NEW LISTINGS

Davey 523 Davey Glen Rd 4 Bed/3 Bath 2,114 Sq Ft Home LISTED for $1,165,000

2422 Hastings 3 Bed/ 2.5 Bath 2,250 Sq Ft Attached Home LISTED for $1,038,000. This home is slated for tour on Sept 2nd and won’t even be open until September 9th from 2:00-4:30

19009_lyon 1909 Lyon 3 Bed 2.5 Bath 1,600 Sq. Ft. home LISTED for $912,000 OPEN HOUSE 8/31 1:00-4:00. Again. It won’t be toured with agents until Sept. 2nd.

2014_lyon 2014 Lyon 2 Bed/2 Bath 1,761 Sq Ft Home First agent tour Sept. 2nd OPEN SUNDAY 8/31 from 1:30-4:30

14 Arroyo View Circle 2.151 Sq Ft ATTACHED home Associaiton fees are $330/month. This is a nice complex though the fees are a tad bit high. OPEN SUNDAY 8/31 1:00-4:00

512 Alameda de Las Pulgas 2 Beds/ 1 Bath 1,230 Sq Ft home. Don’t let the busy address fool you. This home sits back on a quiet private drive off of the Alameda. LISTED for $804,000. No open house mentioned.

As you can see most of these are slated for agent tour on Tuesday, September 2nd so we haven’t even seen many of them yet. If you want early access or like any of these homes give us a call and we’ll help you out on any of these.

Homes that Closed Escrow (SOLD)

↓2 Lyndhurst Court 4 Bed 2/Bath 2,030 Sq Ft home LISTED for $ 1,125,000 SOLD for $1,100,000 in 166 Days.  This is a bit misleading in that this home was originally listed at $1,300,000. Once it finally was lowered to $1,125,000 it sold in two weeks.

Carlmont2 ↑2604 Carlmont Drive 3 Bed 2.5 Baths 2.070 Sq Ft home LISTED for $ 999,995 SOLD for $1,010,000 in 110 days. Here’s another one—how does a home that is on the market for 110 days gets over the asking price? Because it was lowered from $1,118,000 to $995,000; the market determined it was worth slightly higher than the price adjustment and was bid back up to $ 1,010,000. It really sold in four days after it was lowered.

↔2622 Monte Cresta Drive 4 Bed/3 Bath 2,190 Sq Ft Home LISTED for $ 999,000 SOLD for $ 999,000 in 66 days.

↓2015 Arbor Ave. 2 bed/ 1 bath 960 sq ft home LISTED for $749,000 SOLD for $740,000 in 30 days.

This home gives one a good idea what starter homes in the Belmont Hills go for.

↑2818 San Ardo 3 Bed/2 Bath 1,420 Sq Ft. Home LISTED for $ 725,000 SOLD for $751,000 in 4 days.

This was our Best Deal pick when it hit the market and sure enough it sold over the asking price.

↑2736 Monserat 3 Bed 2/Bath 1,190 Sq Ft Home LISTED for $701,910 SOLD for $726,000 in 89 days

Once again a home sits on the market for 89 days and sell over asking? It started at $799,000 and was lowered to $710,910 where it received an offer in two days and closed higher for $726,000.

↓14 Meadow Park Circle 2 Bed/2 Bath 1.270 Sq. Ft. Townhomes LISTED for $699,000 SOLD for $640,000 in 37 days

Belmont Housing Activity-Week ending August 23, 2008

Belmont’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. We’re only a week away from the month’s end report and we’ll look at the absorption rate—the rate at which homes are selling compared to new listings—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.

Belmont’s week in review:

NEW LISTINGS:

Belmont had four new listings this week.

Forest 2002 Forest 3 bed 2 bath 1,243 Sq Ft for $898,000. There’s an interesting back story on this home. It sold in June of 2007 in multiple offers for $945,000 and now it’s back on the market at $898,000. That’s a good indication of how the exuberance of the market forced buyers to pay top dollar. As for the home, it’s very cute (as in small). It’s tastefully remodeled but the garage has been converted (the seller says legally) to an office—so there’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 didn’t make the Tuesday tour so we haven’t seen it but we’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 you’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 that’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 you’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. There’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 didn’t sell and is now at $1,100,000. If you like this home you’d better hurry or it might be $1,200,000 by Fall…

PENDING SALES

Belmont saw two of its homes go pending this week. The home at 1134 North Court which sold for $951,000 in April of ’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. That’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 it’s a two bedroom but what a great location.

SOLD HOMES

Three homes closed escrow this week:

South 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.

Frequently UNASKED Questions–Dual Agency REVEALED!

We begin our series—Frequently UNASKED Questions in a real estate transaction starting with one of the most misunderstood aspects—dual agency. Unasked3

Many web sites offer a link to their frequently asked questions and usually they’re pretty helpful since chances are your questions will be in the top ten. But what about the questions you don’t know to ask?

If you are new to buying or selling a home you may not know the most important questions to ask. We’ve started a series called Frequently Unasked questions to help shed some light on questions which should be asked, but frequently aren’t.

Download the complete Podcast (Download dual_agency.mp3) or subscribe to our feed. We discuss the intricacies of dual agency in a real estate transaction including the potential pitfalls and limitations.

If you’re considering having an agent represent you in a transaction you should stipulate up front how to handle dual agency if it crops up. Most are aware that dual agency happens when an agent represents the seller and a buyer in a transaction but few know that two different agents can still create a dual agency relationship.

What to expect in this Podcast:

·         Explaining dual agency.

·         How one elects or creates dual agency.

·         How to know if you are in a dual agency transaction.

·         How it works—what to watch out for.

·         To whom your agent has a fiduciary duty.

We begin our series—Frequently UNASKED Questions in a real estate transaction starting with one of the most misunderstood aspects—dual agency.

The information contained in this blog and Podcast 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.

Belmont’s Greek Festival!

What’s going on in Belmont over the Labor Day weekend?

Header

Be sure and stop by the Greek Festival held every year on the grounds of the Greek Orthodox Church at the corner of Ralston Ave. and Alameda de las Pulgas. Over 15,000 people are expected to attend over the three days of festivities.

There is great food and fun for everyone with music, dancing arts & crafts. Admission is only $5.00 for adults and children under 12 are free. This year they’ll have a special “fun zone” for the kids too.Greek_2

If you are a foodie like us you’ll enjoy BBQ lamb, Dolmades, Spanakopita and of course desserts like Baklava layered with honey and nuts. Baklava_2

Here’s their schedule of activities if you can’t decide when to go.This is one of Belmont’s best get-togethers for the community and if you see us be sure and say hi!

We complimentary tickets since we contribute to the festival's directory so if you’re planning on going let us know and we’ll send some out to you.

FREE Gas Giveaway!

GasWe’re just two days away from our drawing for a FREE $50.00 gas giveaway card. If you receive our print newsletter you’ve probably already sent in your form, but if you’re a blog reader you can still enter by sending in this on-line version of the form.

And don’t forget you can help us go green by subscribing to the on-line version and you’ll be emailed once a month with market updates and our quarterly newsletter. Don’t worry, your email address will remain annonymous and we’ll never share it with anyone for any reason.

With gas prices recently dropping, this $50.00 gas card will go a lot farther than it did just a few weeks ago.

Good Luck! The winner will be announced on this blog August 20th so hurry and register!

Belmont Housing Activity–Week Ending August 16th 2008

 

New Listings!

Activity last week was slow in Belmont as the housing market always takes lazy summer pace about this time of year. Once people get back from their last vacations and get the kids ready for school, the market picks up again from just after Labor Day until Thanksgiving.

There were only three new listings last week, three homes that went pending and six that closed escrow lowering Belmont’s total inventory to 44. Of the six that closed escrow only 1 went over asking but it did so the tune of over $100,000! Historically, home sell closer to asking in the summer month’s so there’s no real trend here that’s not expected. It will probably drop once more before climbing again in September. We’d be remise if we didn’t say to Sellers to get their home on the market earlier rather than later after Labor Day.

As for the new listings, none of these homes made it on the market in time for last Tuesday’s tour so we don’t have a lot of feedback as of yet.

ACTIVE

1514 Pine Knoll Dr   Belmont   2/1  Pine Knoll is a GREAT street in Belmont. It sits atop one of Belmont earliest bluffs where people built summer vacation cottages back in the 30’s. This one looks really nice at the price looks good too. Definitely one to check out if you can handle only two bedrooms. OPEN SUNDAY 1:30-4:30 8/17

1134 North Ct   Belmont   3.2  Another short sale story, this    1,400 sq. ft. home was sold in 2005 for $951,000. Re-listed in 2006 at $968,000, it never sold. Now it’s a lender short sale at $765,000. That’s a good deal to be on the west side. If you’re patient, this one may be worth checking out but remember short sales can be problematic. If you’re unfamiliar with short sales you can check out our blog article on them here.  OPEN SUNDAY 1:00-4:00 8/17

320 Treasure Island Dr   Belmont   3/2 &1/2  This is a townhome style condominium association in Belmont out near Oracle. At   1,770   square feet it’s a lot of home for the money and if you work at Orcale that’s a nice commute! OPEN SUNDAY 1:00-4:00 8/17

Pending Sale homes.

San_ardo 

Three homes went into pending status last week and the one that needs mention is San Ardo. This was our Best Belmont Deal last week and sure enough it sold in four days. Remember, this home was listed for only $725,000 for a 3/2 1420 square foot home in the Belmont Hills! Anyone care to guess what it will close for? Let’s just say it could close for as high as $825,000 and still be a fair price.

SOLD

Arden_2  1400 Arden Lane   Belmont   3/2  This home was located near the San Carlos border on the eastern side of the hills. We knew this would go fast and indeed it did. It was only on the market for 10 days when it sold for $1,111,000 a whopping $136,000 over asking! It had a nice floor plan on one level and some usable flat yard area–always a premium in the hills.

Sequoia

2721 Sequoia Way   Belmont   4/2& 1/2 This home stuck around awhile on the market. With some of the best views in Belmont–overlooking Sugarloaf Mountain and San Francisco City views, frankly I’m surprised that they couldn’t have got more for this home. There’s a lesson here about how to market a home for sale… It sold under the asking price of $1,010,000 at $950,000.

2627 Barclay Way   Belmont   4/4+  We used live across the street from this home before we moved to Hallmark. I love this neighborhood. You feel like you’re in the Tahoe wilderness up there. There’s a sad story that goes along with this home. It sold back in 2005 for $1,129,000 for what we thought at the time as WAY too high of a price. Sure enough when they went to try and sell, the same fervor in the market did not exist and they had a heck of a time selling it once again and ending up selling short of what they owed at $860,000.

1909 Arbor Av   Belmont   3/ 2  This home was only 1,100 sq. ft. hence the low sale price for the Belmont Hills. It closed after being on the market for only 13 days at $798,000 some $15,000 under the asking price of $813,888

2022 Monroe Av   Belmont   3/2  Another short sale property in the Belmont Hills, this home was on the market for 173 days. Still at only 1,100 square feet it sold for $668.00 per square foot at $735,000, though it was listed higher at $799,000. 

1101 Continentals Way, #301. 1 Bed 1 Bath At only 740 square feet the condo is the lowest sale in Belmont but we threw it in so you can tell your friends who are renting to buy a one bedroom like this instead. It sold for only $350,000!