Tag Archives: intero

New Mount Carmel Listings – Week of Jan. 12

A few new listings have recently popped up here in the Mt. Carmel area. The first of which — a bit of a fixer — looks like a great value in terms of price (at least on paper). Take a look:

  • 327 Jeter: $585,000 – 2br/1ba, 1140 sq. ft. on a 6500 sf lot.  Already has an offer date set (tomorrow, 1/13).
  • 532 Ruby: $549,000 – 2br/1ba, 980 sf on a 4800 sf lot
  • 266 Lowell: $949,000 – 3br/3ba, 1370 sf on a 6500 sf lot (this one is a re-list. Had been on the market for the past year or so, at a higher list price).
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What’s Sold in Mt. Carmel – Q4 So Far

So wrapped up in a statistic that would make any pessimist say “No way”, is the tell tale “% of LP” — or, the percentage of list price that a home sells for.  In the last few months in the Mt. Carmel area, that average number was….drumroll, please…. 100%.

But of course, averages don’t always tell the whole story. I’ve always been one to point out that averages are never an indicator of future performance.  Location, neighborhood, condition, the economy — all play a role in what any particular home will sell for.  The fact of the matter is, that some homes sell for more that asking, some for less.  Pretty black and white.The good news is that the average points to some relative stability in our recent market.

Here, in no particular order, are the recent sales in the last 90 days:

174 Jeter – 4br/2.5ba – Original List Price (OLP): $969,000, Sale Price (SP): $889,000.  98 Days on Market (DOM) – 92% of LP

313 Topaz – 3br/2ba – OLP: $739,000, SP: $730,000. 12 DOM – 99% of LP.

270 Jeter – 2br/1ba – OLP: $675,000, SP: $680,000. 12 DOM – 101% of LP

491 Topaz – 2br/2ba – OLP: $669,000, SP: $654,000. 17 DOM – 98% of LP

1740 Whipple – 3br/1ba – OLP: $650,000, SP: $675,000. 14 DOM – 104% of LP

188 Inner Circle – 2br/1ba – OLP: $579,000, SP: $612,000. 9 DOM – 106% of LP

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Federal Tax Credit For Home Buyers Gets Extended – Well, Happy Early Christmas!

fed housing tax creditAn early Christmas present for many home buyers came in the form of the extension of the federal tax credit for home buyers, and was signed into law by President Obama Friday, Nov. 6.  The tax credit, which was set to expire Nov. 30, has been extended through April 30, 2010 with a 60-day extension if a binding contract is in place prior to deadline.  It also was expanded to include existing homeowners who have lived in their primary residences for five consecutive years out of the last eight years.

For all kinds of FAQs (aka, “Everything You Wanted to Know About the Tax Credit….But Were Afraid to Ask), see the official website here.

First-time home buyers still may be eligible for a tax credit of up to $8,000, while existing homeowners may receive a credit of up to $6,500.  The bill also increases the qualifying income limits from $75,000 for single tax filers and $150,000 for joint filers, to $125,000 and $225,000, respectively. The purchase price of the home is capped at $800,000 in both instances.

Under additional provisions in the bill, taxpayers can claim the credit on purchases completed in 2010 on their 2009 income tax returns. The bill maintains the provision that home buyers do not have to repay the credit provided the home remains their primary residence for 36 months after purchase, and waives this requirement for active duty military personnel who move due to a military order.

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Recent Sales in Mt. Carmel ‘Hood

It’s been awhile, so here’s a quick snapshot of some recent sales that have been going on in the Mt. Carmel area. Firstly though, looking at some overall statistics, I’d say the one word to describe it is “HEALTHY”.

Here’s the bottom line, for the last 3 months of sales:

Average Percent of List Price: 99%

Average $ per sq. ft.: $537

Average Days on Market (DOM): 33

 

188 Inner Circle: List price (LP): $579K, Sale price (SP): $612K;  9 DOM

313 Topaz St.: LP: $739K, SP: $730K;  12 DOM

1740 Whipple Ave: LP: $650K, SP: $675K;  14 DOM

531 King St.: LP: $899K, SP: $890K;  6 DOM

23 Myrtle St.: LP: $1.035M, SP: $1.035M;  17 DOM

516 Quartz St.: LP: $608K, SP: $585K;  28 DOM

15 Iris St.: LP: $1,149,900, SP: $1,032,300;  91 DOM

45 Hudson St.: LP: $1.795M, SP: $1,599,950;  90 DOM

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Halloween Train Rides in Redwood City? Way Cool…

Courtesy of the Emerald Hills Railway:

Halloween Night Train Rides!
Saturday, Oct. 31st, 5-8:30 pm
FREE
Invite the young and the old, the dead or alive and climb aboard our locomotive to encircle an atmosphere of colorful lights, a black light loading zone, and festive scenes.

Friends, family and neighbors welcome!  All ages can ride!

This event is weather permitting and operates at the discretion of the engineer.

NOTE: On Halloween night, our street will be barricaded at both ends of the block, including Colton Court, to allow foot traffic and strollers only.  Please park legally in the neighborhood.

NEED VOLUNTEERS for set up and running the event:
*We need 4-5 volunteers for set up beginning at 12 noon Saturday.  Set up includes displaying props/décor, arranging the VIP section and setting up the driveway.
*In addition we need 4-5 more volunteers to assist running the event, in 2 shifts: 5-7pm and 6:30-8:30pm (2-3 people per shift).  Duties include chaperoning passengers and assisting/lifting children on and off the train.  Suggest event volunteers to dress festive but not scary.
*Community service certificates available-ask Jay in advance.
All volunteers need to speak english (sorry I’m not bi-lingual) and have a big heart.

Your Hosts and Location:
Jay & George Whitehill
426 Hillcrest Way
Emerald Hills, Ca 94062
jay@amsxs.com
650-369-0733
Directions from Jefferson Ave X California Way
Head north on California Way, RT @ 2nd STOP sign: Sunset Way
First LT@ Eastview Way
First RT @ Hillcrest Way
1/2 block on RT side -you won’t miss the house!

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A Dying Breed: Paying Over $1M for a Mt. Carmel Home

dodoIt seems like just yesterday – ok, maybe 2 or 3 years ago – when a new listing in Mt. Carmel that came on the market with a price tag higher than $1M didn’t raise an eyebrow. Heck, there were even some bordering close to $2M that I thought “well, if someone’s willing to pay that much, then that must be what it’s worth.”

Of course, these are wildly, WILDLY different times now in real estate. That shouldn’t come as a shock to anyone, right?  Well, as experts in what we do, many of us Realtors can quickly and generally assess a home’s list price relative to its neighborhood and say, “yes that’s priced well”, or “what the hell is the color of the sky on THEIR planet?”, or “what are they smoking in their pipe?”  You get the idea.

I’m talking now, of something that seems to be getting more extinct than journalistic integrity in real estate reporting (oops! Did I just say that out LOUD?), and that is, paying over $1M for a home in the Mt. Carmel area.

Let’s do a quick look at the numbers: out of the 16 homes that have sold in Mt. Carmel in the last 6 months, only one of them sold for over the elusive $1M price tag (that would be 263 Iris, for $1.238M, which, incidentally, was one heck of a gorgeous home).

And out of the 17 homes currently active for sale, 8 of them are priced at over $1M.  A few of those have been on the market for 361 days, 259 days, 116 days, and 98 days.

Now this absolutely is not saying that any of these homes currently on the market is not worth its asking price.  As I always say, the value of your home is whatever a buyer is willing to pay you (and for you to accept). If you’re a seller, then this blog post and this one are MUST READS.

And what I also say is that if your home is on a busy street, and you want to sell it in under 1 year, do NOT price it as if it were set further in on a neighboring, non-busy street.  It’s a pretty rare breed of buyer that wants to buy a $1M+ home on a busy street, especially if they have children.  An even rarer bird is the buyer who will pay over $2M to live on a busy street – I just seem to think, if it were me and I were spending over $2M on a home, I’d be more inclined to look in, oh, Emerald Hills, Woodside, Portola Valley, Los Altos, San Carlos hills…but that’s just me, what the heck do I know about what buyers want (rhetorical sarcasm…don’t answer that!).

Time will always tell what these homes eventually will sell for.  Timing is everything – if you were fortunate enough to sell a home 3 years ago for a price that no one would touch in today’s market, you may be more lucky than anything else.

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5 Signs Your Home is Overpriced

05_bert As a follow on to yesterday’s post on overpriced listings, I came across this very well written Forbes article, which, if you’re selling your home, you should definitely soak it up (and yes, I did “borrow” their picture for yesterday’s post as well.)

Here are the five tell-tale signs:

  1. Your home is priced well above neighboring properties.  The first thing brokers do before they recommend a price to a seller, is they look at the sales prices of the last three sales of comparable-sized homes in your neighborhood.  You can conduct your own research to determine a reasonable price before you hear estimates from brokers.  Do a quick search online to see what neighborhood homes are selling for, and there are some tools that can help determine a roundabout value of your home based on your zip code and other factors.
  2. After a couple months, you still haven’t received an offer. Don’t panic just yet. This isn’t true for all homes, (it’s not uncommon for high-end homes, for example to stay on the market for years) but there should be a flurry of showings and interest in the first 4 to 6 weeks the home is on the market if it’s priced properly.  Although one assumes that overeager buyers are indicative that the price is low, realtors say competitive bids are more likely indicative of a reasonably priced home.
  3. You spoke to several realtors before you hired the one who recommended the highest price for your home.  Realtors seldom want to take a property that is overpriced, simply for the fact that the chances of selling it are slim, and that means their chances of making a commission are greatly reduced. Common sense is that you should speak with several realtors before choosing one to represent you, but if you consistently hear a ballpark price that seems low to you, the price may be right. Realtors are (or should be) intimately familiar with most real estate activities in their market, and they should have the best idea of how a home should be priced.
  4. There aren’t any scheduled showings.  Immediately after the home hits the market, there should be at least a few appointments for showings.  If there aren’t, it might indicated that local brokers think the home is overpriced and therefore aren’t showing it to their clients. Realtors suggest that after a month, if there is very limited interest in the home, it’s not too late to reduce the price, but it’s important to act quick in order to sustain some interest.
  5. The home is priced for expensive, unique amenities that may not hold broad appeal. Your family may have enjoyed endless hours of fun in your indoor badminton court, but not everyone loves badminton as much as your family does.  The more customized the home’s amenities, the less likely the buyeris to see their value in the sales price.

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