Archive for August, 2007
August 31, 2007
When women (and many men) start shopping for a new home, the first place we look is in the kitchen. This newly advertised home, for sale by owner, on 1193 Muriel Ct. San Jose, Ca 95121 is a showcase for a kitchen that many of us dream of!
Have you ever noticed that the place most party guests congregate is in the kitchen? There is a reason for this - the kitchen according to folklore in many traditions is the “heart” of the household. This FSBO offers a fully remodeled kitchen with the newest granite countertops and gleaming chrome appliances at the incredible price of $695,000.
This kitchen is inviting, warm, and spacious enough to allow party guests to linger over their coffee - or martinis.
The rest of the home features 2130 square feet of total living space, with three bedrooms and two baths. The approximately 7,000 square foot lot has a spacious deck, with ample room for entertaining guests when they get tired of hanging out in the kitchen!
What’s in it for the not-so-domestically inclined? This property also features central air, dual paned windows, and a two-car garage for storage, hobbies, and projects.
August 31, 2007
We are seeing another slow down in sales, with only 16 during the three-week period of Aug 6-26, compared with 11 for the one-week period prior to that. High and low price points were almost exactly the same during the same periods, but the average price dropped 8% from $1,390,000 to $1,274,750. But in keeping with other Mid-peninsula markets, the average DOM is 31 (compared with 21 for Belmont and 35 for Redwood City). As for Sales vs. List Price, 9 of the 16 homes sold at or above list, and the one large reduction occurred on a high-end property. Nothing too terribly different in the overall stats, and I think San Carlos will continue to do well. Next week’s information should be more telling, as the majority of homes close at month end. We shall see…..
SALES PRICES
Under $1,000,000: 2
Over $1,000,000: 14
Highest: $1,975,000
Lowest: $835,000
Average: $1,274,750
DAYS ON MARKET
Least: 6
Most : 151
Average: 31
SALES VS LIST PRICE
Low: -18.5%
High: +17%
Average: +.7%
August 31, 2007
One of the most deciding factors in San Francisco’s strong real estate market is the lack of new housing being built. Since the demand, at least in the past, exceeded the supply, the prices on the supply inflated– and for the most part have continued to do so.
And for the most part, our supervisors here in the city don’t seem to take the lack of housing seriously. Case and point the situation with Pulte Homes.
Back in December of 2006 , SF Tennis Club members won their bid in getting the SF Board of Supervisors to pass a resolution halting any development that would eliminate a recreational facility. As a direct result, Pulte Homes, which had been looking to put 500 condos on the site of the current SF Tennis Club at 5th & Brannan, lost their bid to begin construction.
Matt Lanning, of SFHomeBlog, quotes the SF Business Times from April, 2007:
Pulte Homes has abandoned plans to build 500 condos at the South of Market site of the San Francisco Tennis Club, a project club members had battled hard to defeat.
Pulte’s decision was driven by ongoing discussions with the Western SoMa Task Force, a neighborhood planning group that is studying rezoning the area, according to Kim Diamond, senior manager of land acquisition and entitlement for Michigan-based Pulte. The Western SoMa Task Force is pushing for a development mix that reflects the neighborhood’s low-key melange of industry, entertainment, office, housing and retail.
“The uses we intended for the site were different from what the Western SoMa Task Force wanted to put forth — it didn’t make any more sense to pursue it financially,” said Diamond.
San Francisco Tennis Club, on the southeast corner of Fifth and Brannan streets, has 1,100 members and was built in 1974. Its owner, Dallas-based ClubCorp., bought the club in 1981. In December the private equity group KSL Capital Partners bought ClubCorp.
Doug Howe, president of the San Francisco Tennis Club, said the owner is “evaluating our options.”
“I can’t tell you with any certainty what we’re going to do next,” he said.
Lena Grotz of Save Our San Francisco Tennis Club committee said the group would now focus on pushing a new planning code regulating developers building on recreational facilities. Under the proposed code, any developer looking to build on the tennis club — or any other recreational facility in San Francisco — would have to replace the facilities “in kind.” In December, the Board of Supervisors passed an 18-month moratorium on developing on recreational facilities.
In a nut shell then, the game came down to 1000 or so tennis players squaring off against 1000 or so would-be residents. The Supervisors ruled in favor of the players. Don’t get me wrong: I love recreational spaces and need places to play and enjoy the outdoors. I’m not even sure the decision by the Board was the wrong one; but I am sure that such decisions play into the continued lack of affordable housing in this city. Maybe I should just put a sleeping bag on the nearest tennis court…or would that be considered eliminating recreational space?
August 31, 2007
Looking for something large? Lounging around for Labor Day? Open to San Leandro? Well you’re in luck. There are several 4 and 5 bedroom open homes in the San Leandro area this weekend.
15457 Heron Dr. New-ish construction (1999) 4-bedroom home for $599,950. Open Sunday, 9/2, from 1-4pm.
15707 Via Punta Adorable 4-bedroom cape cod in San Lorenzo for $488,000. Open Sunday, 9/2, from 1-5pm.
1742 Wayne Ave Mid-century modern 5-bedroom 2-bath for $599,500. Open Sunday, 9/2, from 1-4pm.
—Alison Ching, Sweet Digs Blogger
August 31, 2007
Photo: The Menlo School
In choosing whether to buy a home in Menlo Park or Palo Alto, schools are an important factor. Very few residents of Palo Alto send their children to private schools, because the public schools are so good. But you pay a premium for Palo Alto’s better schools; the median price in Palo Alto ($2,448,000) is almost $1.5M more than that of Menlo Park ($975,000).
Here is an overview of the private schools in Menlo Park and Atherton (on the Menlo border), information that could be useful in a Palo Alto vs. Menlo Park buying decision. (The Menlo School, Phillip Brooks, and Sacred Heart Schools are the most prestigious and competitive ones on the list.)
Beechwood School
Grades: K - 8
School Info: Enrollment restricted to students living within the boundaries of the Ravenswood City School District (East Palo Alto and eastern Menlo Park)
Tuition: $150/month per child
German-American International School
Grades: PK - 8
School Info: All classes held in German, English taught from 1st grade
Tuition: Grades K -5 $13,625; 6-8 $15,300
Mid Peninsula High School
Grades: 9-12
School Info: Small classes for the non-traditional students
Tuition: $23,550
Nativity School
Grades: K - 8
School Info: Catholic
Tuition: $4,900
Peninsula School
Grades: PK-8
Tuition: $12,510
Phillips Brooks School
Grades: PK – 5
Tuition: K-4 $18,000; Grades 1-5, $21,000.
St. Raymond’s School
Grades: K - 8
School Info: Catholic
Tuition: $6,650
Trinity School
Grades: Junior Kindergarten - Grade 5
Tuition: PK $13,620, $19,580 K-Grade 5.
Menlo School
50 Valparaiso Avenue, Atherton
Grades: 6-12
Tuition: $27,500
Sacred Heart Preparatory School
150 Valparaiso Avenue, Atherton
Grades: 9 – 12
School Info: Catholic
Tuition: $26,885
St. Joseph’s School of Sacred Heart
50 Emilie Avenue, Atherton
Grades: PK - 8
School Info: Catholic
Tuition: Grades 1-5 $19,940; 6-8 $24,985
August 31, 2007
I have been fearing for the worst for buyers and sellers in Redwood City. I thought maybe sales would slow down considerably or prices would take a nose dive, given all the doom and gloom and shaky mortgage practices. Looking at the three weeks of stats seems to allay those fears and give hope to both buyers and sellers. What I see happening is a lot of homes under the $1,000,000 mark selling with the average DOM still hovering at about a month. Buyers seem to have some good choices on homes that are priced well, and sellers are not having to wait too terribly long to sell or take too deep of a cut. A win-win situation.
Interestingly, 5 of the 31 homes sold went for list price and 13 went for over list. Only three of the overbids seemed outrageous: two at 16% above asking and one for 26% over asking. I am investigating the latter, as I cannot, for the life of me, figure out why this home sold for so much over the list price after only 8 days on the market.
SALES PRICES
Under $1,000,000: 22
Over $1,000,000: 9
Highest: $1,850,000
Lowest: $621,000
Average: $954,000
DAYS ON MARKET
Least: 3
Most: 170
Average: 35
SALES VS LIST PRICE
Low: -9.5%
High: +26%
Average: +.6%
August 31, 2007
A cab driver once told me that it’s OK to break the speed limit on the upper section of Claremont Avenue as the cops turn a blind eye, whereas they’ll always catch you on the lower section of this busy street which cuts diagonally across the Oakland Berkeley border and then meanders up into the hills.
I somehow doubt the veracity of this, not least because the upper portion of the street includes a row of shops and a large elementary school. However the taxi driver’s underlying point related to how different the two parts of the street were — one more trafficked with less appealing housing stock, the other in he heart of one of Berkeley’s most desirable neighborhoods — albeit still a major through-road.
There are two homes currently for sale on Claremont Avenue and one “coming soon”.
$450,000 will buy you 5439 Claremont Avenue, a 1980s 2-story, 2/1 in Oakland which has “potential” and is close to the freeway (perhaps too close).
Also in Oakland is 5905 Claremont Avenue, a 4/2 brown shingle Craftsman with original features and outbuildings (above) which has only been on Redfin for 6 days. Price: $1,200,000.
Further up in Berkeley, the house at the intersection of Claremont Avenue and Eton Avenue is about to go on the market through Pacific Union, although it’s not yet listed. Expect price in excess of $1,500,000.
August 31, 2007
I just heard on KTVU this morning, coming out of Washington D.C., that Alameda County reports 1,522 homeowner foreclosures just for the month of July. That is scary. But for investors it is a gold mine.
One of the ways of purchasing foreclosures is to buy a ‘pre-foreclosure’ home. This can be a win-win situation for both the buyer and seller. Just make sure to cover all the bases when either buying or selling in this situation. Having a good agent to help you through all of the legal implications is a very good idea. “For instance, few people realize that the purchase contract is the most important step in purchasing a home — the details of this agreement determine what you buy and how you buy it.”
Do some investigation into the property you are thinking about buying. Drive by the property. There may be other reasons (other than just mortgage payments) that the owner is having trouble when trying to sell the property. Is it on a busy street? Is there a train close by? What is the neighborhood like? This is where the Redfin bloggers shine by providing a more in-depth look at real estate.
Real Estate Terminology:
Building Line - Often called a setback line; a building line is a line running a certain distance from the street, in front of which an owner cannot build. These lines are set by law.
August 31, 2007
Lots of condos on the market right now, many in the same building. In fact, in the first three listings below, you can visit many units in one trip if you go out open house hunting this weekend. The Gough St. listing is also in a multi-unit building, so you may have more than one choice there as well!
301 Cresent Way, SF: several units open 12-5pm on 9/1. Prices range from $399,000 to $410,000. For a preview of the layouts and amenities, click here.
310 Townsend St., SF: multiple units open 9/1 and 9/2 from 12-5pm. Prices range from $575,000-$625,000. Historic brick building, luxury touches in units- some are loft-like. No parking.
81 Frank Norris St., SF: many units prices range from $399,000 to $619,000. Deeded parking, special financing. One buyer per unit must be 55 years or more. Visit one here.
1700 Gough #209. 1/1 condo fully remodelled, hard woods, deeded parking, common roof deck in building. $565,000. Open 9/2 from 2-4pm.
August 31, 2007
I thought I would change it up a bit, and let you see what is available on the northern Peninsula. Because it is likely to be hot this weekend, you might be able to stay a bit cooler in the cities of San Mateo, Burlingame, Hillsborough, Millbrae, San Bruno and South San Francisco (SSF). So here is what available under the $1,000,000 mark in those cities:
