March 28, 2008

Go BIG or Go Home

It appears that sellers are getting the message, realizing that if they don’t go big on price reductions, they might as well go home and grow old waiting for an offer. Of the 51 SFR Mid-Peninsula price updates during the weeks of March 10th and 17th, two-thirds were above 6% and almost half were above 11%. The largest reduction, located at 2829 Curtis Avenue in Redwood City, was 46%. This home, which was originally listed in June of 2007 for $550,000, has seen 7 price reductions in its 281 days on the market, and is currently priced at $299,000. In fact, a whole lot of homes in Redwood City got in on the price cut action, with 43 reductions. San Carlos and Belmont, which seem to continue to sell well, lag with 3 and 5, respectively.

Eighteen of the 51 homes had multiple reductions, which isn’t surprising given that 22 of the listings have been on the market for more than 60 days. On the bright side, 11 of the reductions were taken in the first 30 days on market, meaning owners are trying to adjust for the dramatic price fluctuations. Gotta give em props for that.

Here are the TOP TEN properties with the biggest price cuts, all over 17%:

2829 CURTIS AVENUE, Redwood City
ORIGINAL $550,000 Reduced multiple times Reduced to $299,000 (-46%) Days On Market: 275

621 MACARTHUR AVENUE, Redwood City
Original $575,000 Reduced to $410,950 (68DOM), $399,950 (71DOM), Now $350,000 (-40%) Days On Market: 75

3312 SPRING STREET, Redwood City
Original $620,000 Reduced to $500,000 (30DOM), $449,000 (39DOM), $399,000 (-35.5%) Days On Market: 49

1181 ADAMS STREET, Redwood City
Original $560,000 Reduced to $499,000 (63DOM) Now $399,000 (-30.5%) Days On Market: 164

614 STANFORD AVENUE, Redwood City
Original $710,000 Reduced to $628,888 (156DOM), then $602,1888 (216DOM), $575,448 (268DOM) Now $518,888 (-27%) Days On Market: 301

600 ROOSEVELT AVENUE, Redwood City
Original $775,000 Reduced to $750,000 (18DOM), then $650,000 (35DOM), then $599,000 (48DOM) Now $575,000 (-26%) Days On Market: 86

606 FLYNN AVENUE, Redwood City
Original $700,000 Reduced to $670,000 (5DOM), $620,000 (28DOM), $590,000 (54DOM), Now $550,000 (-21.5%) Days On Market: 64

198 BUCKINGHAM AVENUE, Redwood City
Original $750,000 Reduced to $599,000 (-20%) Days On Market: 156

436 JACKSON AVENUE, Redwood City
Original $499,000 Reduced to $399,000 (-20%) Days On Market: 141

1115 DAVIS STREET, Redwood City
Original $599,000 Reduced to $499,000 (-17%) Days On Market: 177

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