Real Estate Darwinism

Last week Hillsborough had 46 homes for sale and saw 4 houses close escrow.  With a median priced home hovering around $4 Million dollars that's quite a few homes for people with means to choose from.  The lowest priced home in Hillsborough is $1,850,000 and the highest is $18,000,000.  Obviously, there is quite a difference between these two properties both in size and amount of land.  Hillsborough is known for its fabulous schools, privacy, and lovely tree filled hillsides and some great views of the bay.  It's the home to some serious movers and shakers of Fortune 500 companies and is considered "the" move-up place to be by many around here.

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There is a mantra that all real estate is local, so when you look at this week's Altos Research's report on the entire City of San Mateo you think that the real estate market is in the doldrums, yet as I embark on this report and lay out each zip code, you'll really see why all real estate is local, local, local.  Each zip code within the city is quite different and has been effected by the real estate downturn differently.

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So, you're looking at that house for the third time and saying, 'it's not quite right."  It needs a new....  And, then you ask me what does it cost to do....?  You get the idea.  Whether it's a new kitchen, windows, bathroom, roof or an addition to make the house perfect for you and your family, you need to have an idea of cost.  And then, what your ROI might be.

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Last week, Belmont had 62 homes on the market averaging 67 days.  8 homes went off market, 1 sold, and 7 were either cancelled or withdrawn according to Altos Research.  Altos tabulates both homes on the MLS and those for sale by owner.  The MLS numbers are slightly different with 55 active homes as of this writing and 28 homes pending sale.  We're finally seeing more inventory but prices are still high.  The Median priced home was $1,004,500 and the average price was slightly higher at $1,066,713.  The most expensive house for sale in Belmont is at $2,500,000 and the least expensive house is $589,900.  Prices are showing some weakening with 42% of the listings seeing a price decrease, and 77% had listings renewed for sale.

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This Sunday, downtown Burlingame will turn into a bicycle raceway, when the 5th annual Ryan Phua Criterium takes place, so beware.  Parking will be tight.  Streets will be closed and it will be a great day to bring the family and watch the fun.  Starting at the intersection of Burlingame Avenue and Lorton Avenue, the 7/10 of a mile race is serious business and the bicycles are moving fast.  Crossing the street when they're coming down the raceway is dangerous and won't be allowed, so plan accordingly.

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