There are some reasons why it is so expensive to buy real estate on the San Francisco Peninsula. Here are five:
#1 Conveniently Located to two Large Cities/Areas:
The Mid-Peninsula is just 20 minutes south of San Francisco and about 30 minutes north of San Jose/Silicon Valley. Being located in close range to two large cities allows our suburbs to be a stone’s throw from local grocery stores, downtown shopping areas, movie theaters, parks, and restaurants.
#2 The Weather:
Our weather is AMAZING! Rarely is it extremely cold or extremely hot. It rains enough to keep our reservoir stocked and our faucets working.
#3 We’re Hiring:
Always. The Bay Area is home to jobs even during the bad economy. Such renowned companies include; Genentech, Oracle, Google, Twitter, Hewlett Packard, Gap Inc., Adobe, Cisco Systems, and MANY MORE!
#4 Close to “Weekend Getaways”:
No matter where you live, every once and a while everyone needs to escape. We are close to Lake Tahoe and Reno where you can Ski/Snowboard, Go Gambling, Hiking, etc.
We are close to Napa Valley, Sonoma County, Paso Robles; home to world class wine producers. Sonoma County is also home to Sears Point/Infineon Raceway where you can watch many national race events. Or you can shoot over to Monterey home of Laguna Seca Raceway another world class race track. Monterey boasts one of the best aquariums on the west coast: Monterey Bay Aquarium is a great place to see marine biology at its finest.
Like the water? Love to surf? We have that too! Half Moon Bay is home to Mavericks – one of the world’s most extreme surf spots. We have milder waves for beginners to learn how to surf on too. But, don’t forget to wear a wetsuit, our Pacific Ocean waters are a bit chilly.
#5 The People!
Something about the people in northern California gives for great friendships. A little bit of respect and kindness goes a long way. In San Mateo/Burlingame people say, “Hello” as they pass each other walking in the morning. “Thank You” when you open a door for them, and “Happy Holidays” during the season. Needless to say, I never feel uncomfortable asking my neighbors for sugar or milk.
These are just my five reasons, Why do you like living on the Peninsula?
Check out 5 of my favorite fall events! All in the month of October!
October 11th, 2009 – The 13th Annual Roosevelt Elementary School (Burlingame, CA) Chili Cook-Off and BBQ www.rooseveltchili.org
October 12th, 2009 – The 36th Annual Safeway Championship Pumpkin Weigh-Off in Half Moon Bay www.miramarevents.com
October 16th & 17th – Saint Paul’s Nursery School Annual Halloween Fun Faire http://www.stpaulsnurseryschool.org/ Friday from Noon-5pm and Saturday 10am-4pm!
October 17th-18th, 2009 – The 39th Annual Half Moon Bay Art & Pumpkin Festival www.miramarevents.com
October 23rd, 2009 – California Certified Organic Farmers’ Fourth Annual Organic Beer & Wine Tasting Event @ The San Francisco Ferry Plaza Building www.ccof.org
Please attend and enjoy these events. Feel free to provide feedback via comments!
Good Morning Readers!
The number of Active listings is higher than the previous three years at this time. However, the trend line seems to be flattening out and the number of actives is somewhat lower than last week. I have not verified this, but “my gut” tells me this is typical for this time of the season. Typically the listing inventory slows down in November and December. It will be interesting to see if the “shadow inventory” (next round of foreclosures) will impact these communities and the number of active listings during those months. For the most part, these communities have been relatively insulated from foreclosures, but not short-sales.
The encouraging news continues to be the trend line for the Pending sales, as that number is up significantly. While I believe the majority of this increase is due to improved market conditions (tax credit, lower prices, and favorable interest rates), some home sales are remaining in the Pending status for longer periods of time for a variety of reasons and mostly are lender-related. Short Sales sometimes take months to get approved, but must be reported as a Pending Sale once the Seller executes the contract. Because of all the new regulations imposed upon lenders, longer loan contingency periods are necessary to accommodate the process and thereby incease the time periods to close escrow. Buyers, in their frantic attempts to get the best deal, not only on the price of the home, but also on their interest rates keep shopping around during the contingency period and switch lenders at the last minute, requiring an extension of the loan contingency. This one is a problem because many sellers are reluctant to provide the extension. The asset managers handling the REO properties typically put a “per diem” charge in the contract for any delays caused by the Buyer. All that being said, we are seeing some improvements in time requirements on the lenders side, both short sales and buyer loan approvals.
The number of Closed Sales are now moving up above the previous three years. I think that is partly attributable to the improvement in the lending segment mentioned above.
One thing that surprises me is the amount of cash available in these communities. Many of the REO and Short Sales, primarily in the entry levels of these markets are all cash transactions or very, very low Loan-To-Value Ratio’s.
Prices: While the median price is really no indication of where the values are, they are all over the map in each community. It would be safe to say that no community was immune from a decline in their value. The difference in the decline of values depends on the community and the price ranges for those communities.
Enjoy the Statistics & Have a great week!
Good Morning Everyone;
As usual the real estate chart (at the bottom of the post) tells the story pretty well. The the number of Pending sales are climbing since 2007. The number Closed sales are slightly higher than the previous three years. There is a an increase in the number of active listings, but not like we were seeing when the market first showed signs of slowing down. And we didn”t have the big glut of inventory like other markets. Still don”t.
Both the number of Pending Sales and Closed escrow went up this week. That hints to me that the escrow process might be loosening up a little bit. There was more real estate moving from Pending to Sold than those going into Pending. And the Pending Sales are higher than the past two years at this time. So our local real estate market is picking up. We are also encouraged to see that high end real estate in Hillsborough is selling. A six million plus home moved to both Pending and Sold statuses.
Good Evening Everyone,
Here are some quick statistics on how many properties sold for at or above their asking price.
In Belmont 5 of 9 properties have sold at or above the asking price.
In Burlingame 4 of 12 properties have sold at or above the asking price.
In Foster City only 1 of 7 properties have sold for at or above their asking price.
In Hillsborough no properties (of 7 properties) have sold at or above their asking price
In Redwood Shores no properties (of 1 property) have sold at or above their asking price.
In San Mateo 16 of 31 properties have sold at or above their asking price.
Of these cities the most interesting facts go to Burlingame and Hillsborough.
In Burlingame the property with the highest sales price, sold for $205,000 OVER the asking price
In Hillsborough, the property with the highest sales priced home sold for $170,000 UNDER the asking price, the median home sales price sold for $115,000 UNDER the asking price, and the lowest sales price sold for $250,000 UNDER the asking price.
Hope you enjoyed this weeks different angle at the statistics!