Belmont Real Estate Blog

Belmont--September 2009 Home Sales

Drew & Christine Morgan Belmont California Real Estate (Carlmont Associates) — Mon, 12 Oct 2009 12:45:21 -0500

Belmont closed out the month of September with less than a stellar performance. There were 18 sales which is respectable--a couple more than last month--but still shy of even a normal market.

Is this still a Buyer’s market? We think so.

(Click on thechart to see an enlarged version).

Look at the percent a seller receives of their asking price. Few homes are selling over the asking price and if they are it's usually because the home is deeply discounted in the first place.

Another sign is the time a home languishes on the market, as expressed in Realtor speak as D.O.M. or Days on Market. Currently it stands at 45 days with six of the sales being listed for 3/4 of a year or more. One sale had to of broken the all time record when it finally closed after being on the market 700 days!

The median price took another beating in Belmont as the raw numbers show another 5% decrease over July values. Adjusted for smaller or larger homes selling, that percent is halved, but still, a 2.5% decrease is a downward trend that we hope will soon slow.

Belmont Homes Sales- June 2009

Drew & Christine Morgan Belmont California Real Estate (Carlmont Associates) — Sat, 18 Jul 2009 13:46:44 -0500

It's easy to see the numbers for June are much better for sellers than they were in May. Almost all indicators are up signaling a stronger market for sellers in June as compared to last month.

Looking at the same period over last year a similar pattern arises. Almost every indictor is in the seller's favor.

More homes sold this June and at a faster rate. The percentage the seller received was a healthy 98% of their asking price. The month's inventory-the time it would take to sell all of the homes currently listed at the current pace of sales-has dropped to a healthy 3.1 months-far below the national average of over 10 months.

Of course there's one nagging indicator which isn't easily seen, and certainly not reported by real estate groups or even the media. Although the median price is up in June 4.5% over May, the size home sold in June was a whopping 17% larger. Over the same period last year, the difference is even more staggering. So even though the median price is essentially the same as it was in June of 2008, the size home you get for you money has increase 25%.

What this all means is buyers are getting better deal this year than last.

Why then is the percent the seller received of their asking price higher than it was last year? Probably because sellers are pricing their homes more realistically; and although they are getting closer to their asking price as a percent, in real dollars they are receiving far less.

Looking at San Mateo County as a whole we see the same positive statistics. More sales, higher median price, fewer days on the market and less inventory. What is not available for the entire county is the median size home sold so we really have no idea if the median values are rising, or simply larger homes are selling. We tend to believe it's the latter.

	May-09	Jun-09	Δ from May	Jun-08	Δ from '08
Median	$840,000	$878,000	$38,000	$877,000	$1,000
DOM	46	25	21	43	18
Month's Inventory	4	3	1	3	0
Sales	14	21	7	20	1
Inventory	62	62	0	61	1
% Received	98%	98%	0.0%	91%	7.00%
Median Size Home	1,710	2000	290	1600	400
Price per Sq. Ft.	$502.00	$493.00	$9.00	$548.00	$55.00

Belmont Home Sales for May 2009

Drew & Christine Morgan Belmont California Real Estate (Carlmont Associates) — Sun, 28 Jun 2009 18:47:50 -0500

What's happening in our local market is the number one question we receive so here's the good the bad and the ugly for May 2009 in Belmont.

The Good

The number of homes sold in creased in May to 15 from April's paltry 12. Still, compared to 2004 when 32 homes sold there's not a lot of activity.

The number of days it took to sell a home in Belmont went from 48 in April down to only 37 in May.

Of the 15 sales in May, 5 sold over the asking price, none sold at asking, and 10 sold under the seller's asking price.

And for buyers wanting to get into a home, interest rates remain low--for now--and home affordability is on the rise.

The Bad

Homes which were originally overpriced took a beating.

Overprice Homes	10	Homes Priced Well	5
DOM	76.8	DOM	18.8
Percent Received of Original List Price	89%	Percent Received of Original List Price	101.4%
Real Dollar change	$67,000 less	Real Dollar Change	$5,000 more

The number of overpriced homes reaching a factor of 2-1 over well priced homes is indicative of the disconnect between what sellers feel their home is worth as compared to what a buyer will actually pay. It's clear by looking at the numbers though that the number one mistake a seller can make continues to be overpricing their home.

The Ugly.

The median price in Belmont continued its correction in May.

	May 2009	April 2009	May 2008	May 2007
Median Price	$820000	$775,000	$1,098,750	$1,036,733
* Corrected for size of home	$820,000	$855,000	$952,300	$1,106,533
May Δ in percent		-4.09%	-13.94%	- 25.89%

*We endeavor to report the true median price as accurately as possible. In doing so, we must take into consideration if larger or smaller homes are selling in a given period.

*Date retrieved form the Multiple Listing Service of San Mateo County.

April 2009 Home Sales Report for Belmont

Drew & Christine Morgan Belmont California Real Estate (Carlmont Associates) — Sun, 10 May 2009 17:34:25 -0500

The homes sale report for April shows a continuing slide in both sales and median price for the Peninsula cities, though we appear to have a lull in the action.

Take the median price of single family homes in San Mateo County for example. In April of 2008 it stood at $925,000. This April that number came in at $610,000-a whopping 34% decrease. Sales have dropped 15% over last year at the same time and 40% off the peak of the market in 2005. Yet every month so far this year the median price has been creeping back up-ever so slightly. Exciting news? Not really. The median price almost without fail creeps up this time of year.

(Click on the image to see a full sized graphic)

For Belmont, April home sales came in at a disappointing 13 for the entire month, a 38% decrease over last year's more typical 21 sales for the month.

The median price came in at $775,000, considerably off of the $930,000 reported just last April. The size homes which sold last April were only slightly larger-3.7%. Which means that the calculated median home price loss of 16.6% might be closer to only 13%, if that makes anyone feel any better.

And don't expect to get close to what you are asking. On average in Belmont sellers are receiving only 94.84% of their asking price and it is taking about 33% longer for them to get less for their home. Don't think that isn't hurting agents too. Agents who are listing homes for sale area finding it takes longer to sell a home. Longer listing periods can mean thousands more in advertising costs and with values dropping, thousands less in commissions.

Click here to see April sales report for surrounding cities.

Belmont Home Sales--March 2009

Drew & Christine Morgan Belmont California Real Estate (Carlmont Associates) — Sat, 11 Apr 2009 15:49:59 -0500

The home sales are in for Belmont for the month of March 2009 and they exhibit all the indications of a continuing declining market. We wrote a short post on what the numbers mean when compared to the same period just a few years back.

This is the same period just twoyears ago...

Belmont and the Bay Area Peninsula Housing Downturn

Drew & Christine Morgan Belmont California Real Estate (Carlmont Associates) — Sat, 11 Apr 2009 15:31:40 -0500

If you're wondering where the housing market is headed in Belmont you can get a good indication by these two snap shots taken for the month of March 2007 and 2009.

We use 2007 as a benchmark since it was the last year where the impact of the housing crises had not yet been realized in our market.

Here are some startling yet revealing statistics:

The far right column of this chart says it all-every indicator in red illustrates a deterioration of the seller's market which has prevailed for so long.

You may notice that even though larger homes sold in 2009 the median price still dropped $161,500 in 2009. Adjusting for this, the real median price drop is actually $252,850 or 26%.

Today, on average it will take almost three times as long to sell a home in Belmont; when you do sell you are likely to receive under you asking price. In fact statistically you no longer have any chance of getting over your asking price and the odds of getting less than your asking price has increased by 50%. Sellers now receive on average only 96% of what they ask for their home compared to over 103% in 2007. In real dollars that translates into a swing of $52,000.

In the end, this much anticipated market correction will produce a more stable real estate market. Affordability is increasing and eventually sales will increase as buyers feel more optimistic about the future-including job security and housing stability.

Considering the drop in value we are experiencing, for sellers who are debating a moving out of the area, sooner rather than later will probably produce a better result. In all likelihood it will be many years before inflation drives price points back to levels seen in 2007.

A down market is typically an attractive time for sellers who are thinking of a move up. The logic behind this is a more expensive home is less in real dollars-and also saves you thousands of dollars in property taxes over the life of your ownership. Our current market also includes attractive Interest rates that are at historic lows-though Jumbo loans are not enjoying the full benefit of the government's intervention.

Buyers who have stable jobs and are planning to live in their first home for five years or more are benefitting the most from the current conditions. Prices are at a low not seen in years, interest rates are at historic lows, the government is paying them $8,000 to buy a home this year, multiple offers are for the most part non-existent and the high inventory levels means there are a lot of homes to choose from.

In every market, there are opportunities. If you would like advice on how to make the most of our current economic climate give us a call at (650) 508-1441.

*Data retreived from the MLS

The information contained in this post is educational and intended for informational purposes only. It does not constitute legal or tax advice, nor does it substitute for legal or tax advice.

Housing Reform 2009--Panacea or Panic?

Drew & Christine Morgan Belmont California Real Estate (Carlmont Associates) — Sun, 15 Mar 2009 12:15:32 -0500

The news is full of housing reform stores but the shelf life for reform legislation seems shorter than that of freshly baked bread—what made the news just yesterday is often obsolete by today.

We expect 2009 to be a turbulent time in real estate. Knowing how to weather the storm is paramount to the survival of homeownership.

Key Elements

President Obama signed a $787 billion stimulus bill which includes many features to protect homeownership.

These are a few of the incentives targeted to help 4-5 million responsible homeowners stay in their homes:

\\· Provide access to low cost refinancing where borrowers who have less than the required 80% loan-to-value could refinance to lower their monthly payment.

· Seventy-five billion will be spent on homeowner stability initiatives to help struggling homeowners who, because of the recession, are hard pressed to make their mortgage payments and cannot afford to sell or refinance their home due to a drop in value.

· No aide to speculators. The initiative has no provision for assisting investors or speculators.

· Provide support for homeowners who are at imminent risk of default before they miss a payment.

· Provide loan modifications to bring monthly payments to sustainable levels.

· ”Pay For Success”—Initiative for loan servicers to receive $1,000 per month each month a borrow stays current on their loan.

· “Help Borrowers Stay Current”—Provides a $1,000 per month reduction in a home owners’ principle loan balance for five years if the borrower keeps their payments current.

· “Reaching Borrowers Early”—An incentive of $500 to loan servicers and $1,500 to mortgage holders if they modify at-risk loans before the borrow falls behind.

· “Home Price Decline Reserve Payments”—Holders of mortgages modified under the program would be eligible for an additional insurance payment (from a newly formed entity under the Treasury Department) on each modified loan to offset declines in the home price index.

There are quite a few more initiatives to help homeowners. Though many do not apply to the majority of the loans on the Peninsula since they are not held by Fannie Mae or Freddie Mac.

Lenders Are Worried.

Recently, many lenders have been modifying loans without incentives just to keep their head above water. However in contrast to the President's incentive plans, many banks require the homeowner to be months behind in payments before any relief is possible.

►If your mortgage is scheduled for an interest rate increase which you feel you may not be able to afford, we encourage you to contact your mortgage holder immediately and see if they will modify your existing loan. It’s in everybody's best interest if homeowners can continue to make their monthly payments, even if it takes a loan modification to make it happen.

Belmont Housing Report--January 2009

Drew & Christine Morgan Belmont California Real Estate (Carlmont Associates) — Sat, 14 Feb 2009 15:34:04 -0600

This first month of the year is in the books as we close out the sales for January 2009 in Belmont.

With 40 homes on the market, inventory is showing signs of creeping up. Looking back on past January inventory levels, they usually hover in the low 20 range. Higher inventory levels typically means sellers will get less than their asking price as the supply and demand is in imbalance.

It's always interesting for us to look and see why inventory is up. There can be several factors but they almost all have a common thread and that's the market is slowing down.

Most buyers can easily get a loan, despite whatever impression from the media you might have. Sure you need to have a better credit score than last year, and you actually have to put some money down now, but lenders are happy to make good loans and they're doing so at a frenetic pace.

But if buyers are afraid that the market is tanking, or that they may be about of a job soon, they'll sit on the sidelines and the inventory will grow.

Seller's who think they had better get out now, or sadly ones who have perhaps already lost their job, need an exit strategy too-and they can't wait for the market values to return.

Together these factors cause inventory levels to grow and that has an inverse relationship on values.

Here are Belmont home sales for the month of January, 2009. The median price has dropped below $900,000 for the last two months in a row; and though we occasionally dip down under $ 900K due to a shift in the size of homes selling, one has to go back to 2004 to see the median price stay this low.

Bay Area Housing Market--a look back to 2008

Drew & Christine Morgan Belmont California Real Estate (Carlmont Associates) — Sun, 11 Jan 2009 14:18:21 -0600

Before we wrote this year’s forecast, we went back and re-read our assessment of where the market might be headed in 2008.

Of course very few people could have predicted that the dire real estate woes would drag the entire economy to the brink of collapse and we were no better than most.

However, for your enjoyment we’ve clipped a segment out of our 2008 market forecast made on January 4^th 2008—and highlighted some of our more interesting comments:

“This is precisely why the Peninsula should fare better than other areas [in 2008]”.

“However, it’s entirely possible we are on a precipice which could collapse at any time. What is [currently] impacting the Peninsula is the rising cost of energy—especially gasoline.”

“What could have an incalculable impact would be a prolonged recession and loss of local jobs; either of these would undoubtedly bring a decrease in home values to the Peninsula”.

In 2008, Investors eventually began to snap up undervalued properties in the central valley and a few of the nine bay area counties which were hard hit by foreclosures. This had the desired effect of liquidating the tidal wave of inventory but the undesirable effect of sinking the reported median price by skewing the sales mix to smaller homes (since smaller homes and distressed properties sell for less). The media meanwhile continued its relentless reporting of the falling median home price without appreciable application of responsible journalism. Bombarded by the media’s lack of analysis, invariably many buyers were frightened by the reports of falling home values and quite reasonably and expectedly took a “wait and see” attitude. That’s not to say the media’s information was wrong, but they do choose what to report and what to leave out and in many cases they reported numbers without the necessary perspective leading many to believe the housing situation to be far worse than it was in some areas, and far better than it was in others.

Although clearly there were several other factors which inhibited the ability of people to purchase homes—not the least of which was tighter lending standards and higher interest rates—our intrinsic evidence suggests that most credit worthy buyers on the Peninsula withheld from purchasing a home based on the fear of values spiraling down, not because they wanted to wait and “time the absolute market bottom” or couldn't get a loan.

Belmont--December 2008 Home Sales

Drew & Christine Morgan Belmont California Real Estate (Carlmont Associates) — Fri, 09 Jan 2009 16:33:06 -0600

We’ve got a lot to cover at the beginning of a new year as we go back and examine all of 2008 as well as the month of December.

This is our month-end report of home sales in Belmont for the month of December 2008. Note that while the median price dropped significantly from November, so did the size home which sold in December. The difference in size of homes in the two months was 190 square feet. At the price per square foot of $514 that could account for $97,660 of the difference in median home price—meaning that home prices were actually higher in December if you factor in for the size of home which sold.

Sales were up too. There were eight sales in November and eleven in December. That’s an anomaly as typically sales in November are greater than December. We’ll chalk that one up to the dire economic news in October (October sales are November’s closings).

Click on the chart for a readable picture.

Our 2009 Housing Conjecture

Drew & Christine Morgan Belmont California Real Estate (Carlmont Associates) — Fri, 02 Jan 2009 15:52:23 -0600

Those of you who have been following us for some time know at the beginning of each year we re-cap the previous year and take a stab at where the market might be headed in the upcoming year. We’re still compiling the numbers for 2008 and the analysis will take another few days to complete but preliminarily, it appears Belmont fared better than most of the Bay Area and even her neighboring cities. Check back next week for a full run down and re-cap of 2008.

Before I wrote this post, I went back and re-read our assessment of where the market might be headed in 2008. Of course very few people could have predicted that the dire real estate woes would drag the entire economy to the brink of collapse and we were no better at guessing that than most. However, for your enjoyment we’ve clipped a segment out of our 2008 market forecast made on January 4^th 2008—we’ve highlighted some of the more interesting comments:

EXCERPT FROM OUR 2008 MARKET FORECAST:

“This is precisely why the Peninsula should fare better than other areas [in 2008].

· There is little room for expansion

· Few new development has occurred in the past five years as compared to areas with growth potential

· High paying jobs are plentiful

· Low rate of speculative ownership

· Few sub-prime loans

Of course not to be overlooked or under-appreciated is the desire to live in the technologically and culturally rich Bay Area.

However, it’s entirely possible we are on a precipice which could collapse at any time. What is impacting the Peninsula is the rising cost of energy—especially gasoline. What could have an incalculable impact would be a prolonged recession and loss of local jobs; either of these would undoubtedly bring a decrease in home values to the Peninsula. So much of the values in the Bay Area rely on the perception that it’s a great place to live. A natural disaster (such as a large earthquake) or terrorist attack would also have a detrimental economic effect on housing. Buyers who are sitting on the sideline and not availing themselves of the current conditions are essentially betting on any one of the former conditions manifesting in the near future.”

Thankfully, the events we eluded to which did not occur was a terrorist attack or natural disaster. Investors did begin to snap up undervalued properties in the central valley and a few of the nine bay area counties which were hard hit by foreclosures. This had the desired effect of liquidating the tidal wave of inventory but the undesirable effect of sinking the reported median price by skewing the sales mix to smaller homes (since smaller and distressed properties sell for less). The media continued its relentless and incessant reporting of the falling median home price without the slightest application of responsible journalism. Bombarded by the media’s reckless lack of analysis, invariably many buyers were frightened by the reports of falling home values and quite reasonably and expectedly took a “wait and see” attitude. That’s not to say the media was wrong, they just reported numbers without the necessary perspective leading many to believe the housing situation to be far worse than it was in some areas, and far better in others.

What’s in store for 2009?

With the perfunctory disclaimer that past performance does not predict future results, we fear in 2009 it may however be quite true. We wouldn’t be surprised at all to see a continuation of the stagnant real estate market which has had a choke-hold on home values for the past two years. Interestingly, the last major downturn in real estate which began in 1989 was caused by an overall weak economy and most importantly the loss of jobs. In contrast, the current housing downturn has in effect created the recession—a causal reversal from past cycles.

That’s a long way of saying that housing cannot recover until the economy does. And while it appeared in the second quarter of 2008 that the real estate recovery might begin in 2009, we since believe that will be pushed out another year. That said, any recovery will begin with a leveling off of inventory and declining home values. A period of stagnant home values will invariably last for another year or two following the price plateau as buyers still wary of a volatile market will only reluctantly reenter the market. Most will wait too long and catch prices on the way back up but there’s no telling when that will happen. We’re not telling you to run out and buy a home as part of a fear based campaign, “Hurry or you may miss the bottom”. We learned long ago to resist trying to explain to people why they should buy a home and rather help those who are already motivated. Like the old saying, “You can lead a horse to water…” but he has to be thirsty.

Cheers,

Drew

Revitalizing a home in Belmont (with background music)

Drew & Christine Morgan Belmont California Real Estate (Carlmont Associates) — Wed, 10 Dec 2008 17:41:26 -0600

Many of you saw this home on our web page and at the open house. Several homes in the Hallmark area of Belmont have languished on the market for months without selling and everyone has been asking us how we sold our listing so fast. Well, here's the answer in video form. Obviously we had to price the home attractively but we also had to add value. Preparing a home for sale takes a lot more than staging. Thanks to a cooperative seller, we transformed this home in only a few weeks and the transition was phenomenal--then we listed and sold the home in a week. Take a quick peek at this short video where we show you before and after results--then call us to transform your home for sale.

Download Revitalized Belmont Home

Are you a Bidder's Fool?

Drew & Christine Morgan Belmont California Real Estate (Carlmont Associates) — Sun, 30 Nov 2008 17:00:52 -0600

As part of our Real Estate REVEALED series we answer another Frequently Unasked Question in our latest Podcast—how do you know when a home is priced right? In addition to this latest Podcast, we’ve added a web page that makes finding the entire series of archive issues in one place.

Podcasts

Drew & Christine Morgan

"Helping People Make Good Decisions"sm

(650) 508-1441

Click the mic for the web version of this page.

Thanks for visiting our Podcasts. Each week we offer a housing market update podcast on our blog at BeautifulMountainBlog.org as well as our series titled "Frequently Unasked Questions" where we tackle questions buyers and sellers should be asking but frequently aren't, and "Real Estate Revealed" where we discuss industry insider information. Enjoy and don't forget you can subscribe to our podcast stream to be automatically updated with any new releases by clicking on the orange RSS icon.

Bidding on a home

When NOT to sell your home

Pitfalls of Dual Agency

Negotiating Real Estate fees

The Big Broker Myth

Staging your home for sale

(opens in a Media Player)

Note: For detailed market discussion visit our blog at:

BeautifulMountainBlog.org

Drew and Christine Morgan

(650) 508-1441

dmorgan@morganhomes.com

"Helping People Make Good Decisions"sm

When a little common sense goes a long way...

Drew & Christine Morgan Belmont California Real Estate (Carlmont Associates) — Thu, 20 Nov 2008 12:10:45 -0600

I found the picture that accompanied the article in the San Francisco Chronicle, Saturday November 15^th 2008 title "Increase in Deaths, injuries on dangerous San Francisco Streets" a bit symptomatic of the problem.

The article is reciting statistics on just how dangerous the streets are for pedestrian and bicyclists and yet the picture shows a pedestrian walking right out in front of a car without looking having eye contact the driver poised to potentially run him over.

(click on the picture for a full-sized view)

Don't get me wrong, in most accidents drivers are in fact at fault and hitting pedestrian accounts for more than half of the fatalities each year in San Francisco. That doesn't mean we should subjugate personal responsibility or common sense for laws. Traffic lights are there to tell drivers they need to stop, and laws are there to help enforce that they do so, but if they fail to stop who really wants to be dead right?

I applaud Belmont, the city I live in, for installing the flashing crosswalk signals to alert drivers that a pedestrian is about to cross. This extra "heads-up" could save many lives if it were employed in San Francisco. And while their proposal to install cameras to award citations for failure to stop will generate much needed traffic fine revenues, it will do little prevent accidents; remember the citations are given after the fact-once there has already been a violation. That said, if the fines generate enough revenue to be self-sustaining or better yet offer extra revenue to fund lighted crosswalks I'm all in favor.

Not being privy to the statistics, intuitively, I'll bet that the person who purposely runs a red light does so by just missing a yellow one. If the lights were timed with a little more delay, a pedestrian would not receive a green light until well after the opposing light had turned red. The real danger is in drivers who plow on through a red light oblivious to its warning, well after the driver should have stopped-giving pedestrians ample time to wander out in front of an oncoming car.

When I was a child my mother taught me to stop, look and listen before crossing a street. Somehow those simply life saving lessons have been lost as people become more reliant on traffic lights and less reliant on common sense-traffic signals do not substitute for common sense and personal preservation. Sure people are supposed to stop, but pedestrians fail to remember that sometimes they don't, or can't always do so.

I've driven around Belmont for many years and I'm always amazed as I approach an intersection to see for example, a mother with a stroller fixated on the WALK signal in front of her and not on whether I am poised to heed my signals. They'll blindly push their stroller right out in front of my vehicle on the assumption that in a perfect world I will see the red light, heed the laws, that I will physically be able to stop and my car will mechanically be able to do so-should you really have that much faith in the average driver or the maintenance of their vehicles?

Look, listen, be aware of your surroundings and a lot of these accidents could be avoided.

Belmont--Holiday Festivites

Drew & Christine Morgan Belmont California Real Estate (Carlmont Associates) — Wed, 19 Nov 2008 14:16:25 -0600

Twin Pines Holiday Craft Faire -

Nov 22 & 23 10 am - 4 pm - Twin Pines Park

Belmont's City Parks and Recreation department would like to remind you about some fun, free and low cost events coming up. The Holiday Craft Faire in Twin Pines Park, Belmont, is on Sat. and Sun., November 22nd and 23rd - FREE for visitors! Many vendors with all handmade items, all price and interest ranges.

When: Saturday & Sunday, November 22nd & 23rd, 2008

Time: 10:00 am to 4:00 pm

Location: 20 twin pines lane, Belmont, ca 94002

Info: the faire will be held in 3 buildings at the beautiful twin pines park - twin pines senior

& community center, lodge building and cottage.

Bait & Swtich--Alive and well in the media

Drew & Christine Morgan Belmont California Real Estate (Carlmont Associates) — Mon, 17 Nov 2008 17:30:27 -0600

This article featured in the October 12^th Sunday edition of the San Francisco Chronicle Real Estate section (K20) is emblematic of sensationalism rampant in the media.

I don't care how many times I hear the media defend itself with a thinly veiled excuse for this sort of distortion by saying we're just reporting the facts, their headlines reveal a different motive-to sell papers.

The article actually tells an entirely different story than the headline insinuates. A more appropriate title would have been "Many Mortgages are still available..."not "Some".

In fact, most mortgages are still available despite what the media's headline would have you believe-and their article even says so, they just don't admit it in their headline.

Belmont--October Housing Report

Drew & Christine Morgan Belmont California Real Estate (Carlmont Associates) — Wed, 05 Nov 2008 19:27:44 -0600

The housing market is in a state of flux so we spent added time this month helping you understand the numbers and our local Belmont market:

(Click on the report for a size you can read)

Understanding the Belmont’s October 2008 housing market takes a lot more than listening to the numbers being bantered about without insight or analysis.

Read on, as we’ll tell you what these indicators mean and how to put them into perspective.

First the overall picture:

We rate each indicator with an arrow depending on its effect relative to increasing home values from a homeowner's perspective. From a buyer's perspective these indicators would all be reversed. In other words, if inventory levels are growing we would rate that with a down arrow since it would put pressure on lower prices—bad for sellers but good for buyers.

Here we explain each indicator:

MEDIAN SIZE HOME SOLD:

This gets a down arrow because the median size home INCREASED in 2008 yet the median home price dropped. If this is taken into consideration the true median home price in October would be $807,639—a 27% year-over-year drop.

AVERAGE LOT SIZE:

This gets a plus arrow since it accounts for SOME of the discrepancy in the median price from 2007-2008. That’s because while the median home sold in 2008 was larger, the lots were smaller and while the lot size does not have as great an impact on the median price as the home size itself, one must account for this to help explain some of the change in median prices. It’s interesting to note for example that in 2008 none of the high priced homes which sold were in the more sought after area after referred to as “Hallmark”, or more accurately Belmont Woods, while in 2007 four of the 15 sales were in this area—no doubt accounting for some of higher home sale prices.

MEDIAN PRICE

This is of course the mother of all data point often reported by media organizations. Not to beat a dead horse, but without more explanation this number alone could really throw you for a loop.

Yes the median home price is down significantly for 2007 but one needs to remember that back in 2007 this number was an anomaly and we discounted it back then as such.

The problem is that the median size home that sold this October is dramatically larger than back in 2007 which flies in the face of what the numbers are telling us unless there’s been a substantial decrease in median home values—which undoubtedly there has been—just not to the degree the numbers may be hinting at.

One reason has already been mentioned—the fact that no homes in the tony Hallmark are were included in October’s 2008 sales data. These homes have larger lots—many level—sidewalks, underground utilities and a highly rated elementary school. All factors that are hard to quantify in terms of real dollars, but certainly could explain why the price per square foot in 2007 was $563--$50 more than in 2008.

SALES

Sales were virtually unchanged—one more this year than last. However, given consumer confidence, which is at its lowest point in its 23 year history at 38.0, this is a great sign since despite consumer worries the pace of homes sales as remained steady. In fact Belmont’s inventory of homes for sale has dropped in recent weeks; though some of the lower inventory is attributable to the fact that in the last two weeks NO NEW LISTINGS have come on the market—a first as far back as we can remember!

From the Consumer Confidence web site:

“The Conference Board Consumer Confidence Index™, which had improved moderately in September, fell to an all-time low in October. The Index now stands at 38.0 (1985=100), down from 61.4 in September. The Present Situation Index decreased to 41.9 from 61.1 last month. The Expectations Index declined to 35.5 from 61.5 in September.

“The Consumer Confidence Survey™ is based on a representative sample of 5,000 U.S. households. The monthly survey is conducted for The Conference Board by TNS. TNS is the world's largest custom research company. The cutoff date for October's preliminary results was October 21st.”

DAYS ON THE MARKET

This stat tells us how long it takes to sell a home. At first glance it appears to have dropped by a few days this year which would be a sign that homes are selling faster. Further analysis reveals that the Total Days on Market (also referred to as the continuous days on the market) has actually increased. What can account for this? Simply put, more agents are playing the game of re-listing a home that has been sitting on the market too long. That resets the Days on Market stat which consumers see but not the CDOM stat that agents are privy too. Don’t worry, your agent must disclose the real CDOM if you are making an offer.

HOMES SOLD OVER/UNDER ASKING

More homes sold over asking this year than last October but that isn’t important if prices are lower. This could just mean that more agents are pricing homes lower intentionally in order to bring more attention and get homes sold in multiple offers (yes multiple offers are still happening on well priced properties). What’s important to note here is that homes which sold over the asking price sold for half of the amount over in 2008 as they did in 2007; and homes that sold under the asking price sold for twice as much less in 2008 as compared to 2007. That’s definitely a sign a weaker market.

NUMBER/AVERAGE REDUCTIONS

This number provides us with little insight this month as these two periods are virtually unchanged. It’s nevertheless a good sign that they haven’t increased significantly at all.

PERCENT RECEIVED OF ASKING

This number can also be misleading if homes are selling for significantly less, but closer to the asking price—this number could actually be higher in a down market. All it would take is for sellers to list their homes decidedly lower than market value, get multiple offers and create an environment where the homes sell over the asking price, yet lower in real dollars.

If you’ve gotten this far good for you. These are just some of the variables we take into consideration when analyzing our local market. So what does all this mean for home values in Belmont?

We expect prices to decrease year over year into 2009. On what magnitude? Probably not much since Belmont is insulated rather nicely on the Peninsula with no room for real growth and a relatively short supply of homes. Of course the impact of the current recession (yes we believe we are in a recession) and its affect on jobs will be a determining factor for inventory levels—if homeowners are forced to sell due to job relocation or losses and the market is flooded with homes for sale, with few new home buyer prospects prices could drop precipitously—in the neighborhood of 15%. Absent those dire conditions we expect a tamer drop of 6-8% through the third quarter of 2009. The next several years may remain flat in terms of appreciation has trepidatious buyers reluctantly return to the home buying market.

Other extraneous factors such as the cost of money could have a huge bearing on prices as well. Homeowner affordability is a key factor in bringing buyers into the market and while lower prices mean more buyers can afford homes, any increase in interest rates could easily wipe out the savings of lower home prices and forestall any market rebound.

This information is for entertainment purposes only and includes no legal, accounting or real estate advice nor is this intended to be specific to your situation-always consult a specialist who is familiar with the details of your situation. Data retreived from the multiple listing service--ProLIstings, San Mateo County

Belmont--Week in Review, November 1, 2008

Drew & Christine Morgan Belmont California Real Estate (Carlmont Associates) — Sat, 01 Nov 2008 21:03:14 -0500

This is an abbreviated version of our recap for the last week's activity in Belmont because it's been a busy week and I'm beat. That and not much transpired in Belmont real estate.

30 year mortgage rates on jumbo loans underwent a huge increase as money previously available to Fanny and Freddie Mac became more expensive.

And if you're shopping for a home right now don't forget, lender are not taking applications for loans qualifying for the $729,750 conforming rate cap after December 1, 2008 of THIS year. Better lock down a home if you want favorable rates before then. Here's an article we did that discussed the housing reform bill's elements that apply to our market which explains the cost of getting non-conforming loan instead.

How's this for a slow time of year-there were NO new listings last week-a first I can remember.

One home went into pending status-our listing at 2825 Hallmark Drive. No we can't tell you what it sold for until it closes-scheduled for December 16^th 2008.

SOLD

These four homes closed escrow last week:

↓2105 Cipriani 4 Bed 3.5 Bath 2320 Square foot home LISTED for $ 1,199,000, lowered to $1,159,000 and SOLD for $1,057,500 two weeks after it was lowered.

↓80 Edgewood Place-3 Bed 2.5 Bath 2,030 ATTACHED home LISTED for $998,000 and SOLD for $970,000 in 25 Days.

↔512 Alameda de las Pulgas-2 Bed 1 Bath 1,230 Sq. Ft. home LISTED for $804,000 and SOLD for $804,000 in 37 days. This home needed a LOT of work but it was on a 9,375 Sq. Ft. lot.

↑1980 Alden Street-3 Bed 1 Bath 1,260 Sq. Ft. home LISTED for $799,000 and SOLD for $815,000 in 18 days with two offers.

This information is for entertainment purposes only and includes no legal, accounting or real estate advice nor is this intended to be specific to your situation-always consult a specialist who is familiar with the details of your situation. Homes sold do not necessarily represent homes sold by Drew & Christine Morgan.

All Hallows' Eve in Belmont

Drew & Christine Morgan Belmont California Real Estate (Carlmont Associates) — Fri, 31 Oct 2008 15:16:29 -0500

Halloween might mean a night of relentless doorbell rings and handing out candy, or if you are lucky enough to still have trick-or-treaters of your own to take around, a night of scaring your nieghbors with your little goblins, but this Holly day is steeped in tradition.

All Hallows' Eve gets its contraction "Halloween" from the "eve" or "even", both abbreviations of evening. It's the eve before All Hallows' Day, perhaps better known as All Saints Day.

Rooted in Celtic origin, All Hallows' Eve was the one day a year that the dead could come back and mingle with the living. Jack-o-lanterns and bonfires were lit to safeguard the living from the spirits.

For an interesting history of how the Catholics commandeered this day to prevent the Pagan holiday celebration, here's a great link.

Be safe, and have fun.

Happy All Hallows Eve!

2824 Hallmark Drive, Belmont NEW LISTING!

Drew & Christine Morgan Belmont California Real Estate (Carlmont Associates) — Tue, 21 Oct 2008 18:11:45 -0500

Drew & Christine Morgan (650) 508-1441

2824 Hallmark Drive, Belmont

Just Listed!

$1,298,900

FIRST OPEN SUNDAY-OCTOBER 26TH 2008 1:30-4:30

Check out our podcast series on Real Estate Revealed at Belmont's blog site, Beautiful Mountain Blog.org

Mute your speakers if you don't want to hear the background music.

Belmont is known for its exceptional views but rarely will you find these views accompanied by an expansive level rear yard as well. If you’ve been searching for this perfect combination you need look no further. Situated adjacent 300+/- areas of open space and trails leading to Water Dog Lake, this unique home offers pastoral canyon views and an exceptional rear yard.

The soaring entrance leads to nicely appointed rooms with oak hardwood flooring. Each of the ground level rooms is spacious and freshly painted with designer tones while the recessed Halogen lighting casts a warm glow on the earthen tone walls and flooring.

The grand style living and dining room are perfect for accommodating large gatherings and have bow style dual pane wooden sash windows. The kitchen with Birdseye maple cabinetry and recessed lighting sports all new appliances and a bay window that looks out upon the rear yard and canyon. The adjacent family room and dinette area also benefit from the quite canyon backdrop and offer access to the level rear yard—perfect for outdoor activities.

A lower bedroom adjacent the downstairs bath makes for a perfect overnight or extended stay guest suite.

Rich oak banisters lead to the second story bedrooms outfitted with new carpeting and designer paint scheme. A hall bath services the two general bedrooms while a master suite bath addition is reserved for the master bedroom and dons an oversized jetted tub overlooking the canyon though windows which encompass the entire wall.

Drew and Christine Morgan

"Helping People Make Good Decisions"sm

(650) 508-1441

dmorgan@morganhomes.com

Carlmont Associates 1940 Ralston Avenue, Belmont CA 94002

Square footage and/or acreage information contained herein has been received from seller, existing reports, appraisals, public records and/or other sources deemed reliable. However, neither seller nor listing agent has verified this information. If this information is important to buyer in determining whether to buy or the purchase price, buyer should conduct buyer’s own investigation.

Four Bedrooms

Three updated baths

Kitchen with Birdseye maple cabinetry, new appliances, Corian counters, hardwood floors, recessed Halogen lighting and canyon views

Family room, kitchen and dinette combination offers access to the rear yard

Lower bedroom with full bath

Large dining and living room with wooden dual paned bow windows

Designer color paint treatments

Level rear yard with open space canyon views

Approximately 2430 Sq. Ft.

7,000+ Sq. Ft. lot

Excellent Schools

$1,298,990

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Comments or Questions?		</article> <article> <h1>Belmont Housing Activity-Week Ending September 20th, 2008</h1> <p>Drew & Christine Morgan Belmont California Real Estate (Carlmont Associates) — Sun, 21 Sep 2008 14:10:55 -0500</p> <p class="MsoNormal" style="MARGIN: 0pt 0pt 10pt"><span face="Calibri">Belmont’s inventory of homes for sale ended exactly where it started off for the third week in row at 47 homes for sale. There were four news listings, six homes went pending and four closed escrow while two homes dropped off the inventory rolls as sellers gave up on trying to sell their homes.</span></p> <p class="MsoNormal" style="MARGIN: 0pt 0pt 10pt"></p> <p class="MsoNormal" style="MARGIN: 0pt 0pt 10pt"><strong><u><span style="color: #115642;"><span face="Calibri">NEW LISTINGS</span></span></u></strong></p> <p class="MsoNormal" style="MARGIN: 0pt 0pt 10pt"><span face="Calibri"><a href="http://beautifulmountainblog.typepad.com/.shared/image.html?/photos/uncategorized/2008/09/21/cipriani.jpg"></a><a href="https://pro.mlslistings.com/Reports/FlyerPage.aspx?propertyID=873054&x=332ca46d-7c3c-4d48-a72a-4eb386aaa441"> 2305 Cipriani </a><span face="Calibri">3 Bed 2 Baths 1,840 Sq Ft home for $ 1,050,000.</span></span></p> <p class="MsoNormal" style="MARGIN: 0pt 0pt 10pt"><span face="Calibri">If you’re looking for a move-in condition home here’s one for the top of your list. Ok Cipriani is a busy street but the home sits back far enough to afford privacy and offers a nice level, large rear yard that looks like a park.</span></p> <p class="MsoNormal" style="MARGIN: 0pt 0pt 10pt"></p> <p class="MsoNormal" style="MARGIN: 0pt 0pt 10pt"><a href="https://pro.mlslistings.com/Reports/FlyerPage.aspx?propertyID=874209&x=044f119c-8bd6-43dc-b574-875e543c9bc7"><span face="Calibri">1136 North Court</span></a><span face="Calibri"> 3 Bed 2 Bath 1,290 Sq Ft. Home for $765,432</span></p> <p class="MsoNormal" style="MARGIN: 0pt 0pt 10pt"><span face="Calibri">Too new to review but it looks like a nice home. FYI it sold in 2005 for $719,000—more on this one next week. In case you didn’t notice the exhaustive research that went into calculating the exact listing price—just count backwards…</span></p> <p class="MsoNormal" style="MARGIN: 0pt 0pt 10pt"><sub><span style="color: #c00000;"><span style="FONT-SIZE: 48pt; COLOR: #c00000; LINE-HEIGHT: 115%; FONT-FAMILY: "Wingdings 2"; mso-bidi-font-size: 11.0pt">E</span></span></sub><span face="Calibri"> </span><a href="https://pro.mlslistings.com/Reports/FlyerPage.aspx?propertyID=874228&x=6d9c9eb3-27a1-4776-9fb1-42ff861fd56f"><span face="Calibri">2404 Palmer</span></a><span face="Calibri"> 3 Bed 2.5 bath 2,120 Sq Ft. home for $1,085,800<a href="http://beautifulmountainblog.typepad.com/.shared/image.html?/photos/uncategorized/2008/09/21/palmer.jpg"></a> </span></p> <p class="MsoNormal" style="MARGIN: 0pt 0pt 10pt; LINE-HEIGHT: normal"><span face="Calibri">Also too new to review is this awesome looking home on Palmer—an excellent street in the Belmont hills.</span></p> <p class="MsoNormal" style="MARGIN: 0pt 0pt 10pt; LINE-HEIGHT: normal"><span face="Calibri">It might just be too good to be true at that price. If you want a level yard, quiet street and newer home in Belmont this is a must see. This will in all likelihood be our <span style="color: #c00000;">BELMONT’S BEST DEAL for the week.</span></span></p> <p class="MsoNormal" style="MARGIN: 0pt 0pt 10pt"><a href="https://pro.mlslistings.com/Reports/FlyerPage.aspx?propertyID=874230&x=65789e1c-db94-479a-a862-121cef40ee27"><span face="Calibri">2122 Forest</span></a><span face="Calibri"> 3 Bed 2 bath 2,198 Sq Ft. home for $ 975,000.</span></p> <p class="MsoNormal" style="MARGIN: 0pt 0pt 10pt"><span face="Calibri">Who know what is up with this home. There’s no agent tour, no open houses listed, it’s tenant occupied and there’s no pictures, virtual tour or anything. I guess they think this home will sell itself.</span></p> <p class="MsoNormal" style="MARGIN: 0pt 0pt 10pt"><span face="Calibri">BOM (or back on market)</span></p> <p class="MsoNormal" style="MARGIN: 0pt 0pt 10pt"><a href="https://pro.mlslistings.com/Reports/FlyerPage.aspx?propertyID=857295&x=f9020384-16b6-494a-8ebd-fefe043bc0fb"><span face="Calibri">1224 North Road</span></a><span face="Calibri"> 2 bed 1 bath 980 Sq. Ft. home for $599,000</span></p> <p class="MsoNormal" style="MARGIN: 0pt 0pt 10pt"><span face="Calibri">This home had a pending sale that fell through. No yard at all but nice Bay views. Better than a condo and all remodeled inside.</span></p> <p class="MsoNormal" style="MARGIN: 0pt 0pt 10pt"><a href="https://pro.mlslistings.com/Reports/FlyerPage.aspx?propertyID=842615&x=5308567d-5fd4-41a2-985b-4591186f6479"><span face="Calibri">803 Alameda de las Pulgas</span></a><span face="Calibri"> 2 homes on one lot.</span></p> <p class="MsoNormal" style="MARGIN: 0pt 0pt 10pt"><span face="Calibri">This one’s strictly for an investor but there’s some opportunity here.</span></p> <p class="MsoNormal" style="MARGIN: 0pt 0pt 10pt"><span face="Calibri">Remeber--if you are interested in seeing any of these homes we can represent you under our <a href="http://www.morganhomes.com/rebates.htm">Buyer Rebate program where you receive a 20% rebate!</a></span></p> <p class="MsoNormal" style="MARGIN: 0pt 0pt 10pt"><strong><u><span style="color: #c00000;"><span face="Calibri">SOLD HOMES (CLOSED SALES)</span></span></u></strong></p> <p class="MsoNormal" style="MARGIN: 0pt 0pt 10pt"><strong><u><span style="color: #c00000;"><span face="Calibri">↓</span></span></u></strong><a href="https://pro.mlslistings.com/Reports/FlyerPage.aspx?propertyID=860416&x=02c55b4f-dd58-4419-9464-9f0d9115a321"><span face="Calibri">3442 E Laurel Creek </span></a><span face="Calibri">Listed for $ 768,500 SOLD for $765,000 in 9 days. This was one of our <span style="color: #c00000;"><a href="http://beautifulmountainblog.typepad.com/beautiful_mountain_blog/2008/07/belmonts-best-d.html">BEST DEALS</a></span> when it hit the market.</span></p> <p class="MsoNormal" style="MARGIN: 0pt 0pt 10pt"><strong><u><span style="color: #c00000;"><span face="Calibri">↓</span></span></u></strong><a href="https://pro.mlslistings.com/Reports/FlyerPage.aspx?propertyID=856161&x=5045c6c4-e9c6-4ea4-a5cf-56d8b668de5c"><span face="Calibri">11 Kimmie Court </span></a><span face="Calibri">4 Bed 2.5 Bath 2,690 Sq. Ft. home LISTED for $1,125,000 SOLD for $1,035,000</span></p> <p class="MsoNormal" style="MARGIN: 0pt 0pt 10pt"><span face="Calibri">Completely original condition.</span></p> <p class="MsoNormal" style="MARGIN: 0pt 0pt 10pt"><strong><u><span style="color: #c00000;"><span face="Calibri">↓</span></span></u></strong><a href="https://pro.mlslistings.com/Reports/FlyerPage.aspx?propertyID=864301&x=8ecb0f8b-2805-41a8-8950-d65fab6833d2"><span face="Calibri">2117 Cipriani </span></a><span face="Calibri">4 Bed 4+ Bath 2,400 Sq. Ft. home LISTED for $1,358,000 SOLD for $1,295,000 in 22 days. Completely remodeled home. BTW-this sale makes the home at</span><a href="https://pro.mlslistings.com/Reports/FlyerPage.aspx?propertyID=874238&x=fd3b52b5-2f3c-42c4-b7d0-eafccecb6af9"><span face="Calibri"> 2037 Monroe </span></a><span face="Calibri">that was lowered to $1,199,000 a good deal now! It’s a 5 bed 4+ bath remodeled 2,650 Sq. Ft. home!</span></p> <p class="MsoNormal" style="MARGIN: 0pt 0pt 10pt"><strong><u><span style="color: #c00000;"><span face="Calibri">↓</span></span></u></strong><a href="https://pro.mlslistings.com/Reports/FlyerPage.aspx?propertyID=873056&x=dbed116e-54e1-4710-956d-fe3753049d03"><span face="Calibri">1811 Valdez</span></a><span face="Calibri"> 3 Bed 2 bath 1,220 Sq. Ft. home LISTED for $799,000 SOLD for $795,000. ALL original—never hit the market.</span></p> <p class="MsoNormal" style="MARGIN: 0pt 0pt 10pt"></p> </article> <article> <h1>Bog Broker Myths REVEALED</h1> <p>Drew & Christine Morgan Belmont California Real Estate (Carlmont Associates) — Wed, 17 Sep 2008 14:55:27 -0500</p> <p><strong></strong></p> <p><strong></strong></p> <p><strong></strong></p> <p class="MsoNormal" style="MARGIN: 0pt 0pt 10pt"><span face="Calibri"><span face="Calibri">This Podcast delves into the Frequently <em>Unasked </em>Question, "What's the difference between </span><span face="Calibri">large brokerage firms and smaller independent firms?" We discuss several important differences that most people would never know to ask.</span></span></p> <p class="MsoNormal" style="MARGIN: 0pt 0pt 10pt"><span face="Calibri"><span face="Calibri">If you are cons</span>idering selling your home you’ve no doubt driven around to see what real estate signs are in your area. Big corporate broker signs are everywhere due to the large volume of agents they employ, but what are you getting when you hire an agent from a big branded firm, substance or brand image? More importantly, what might you be missing?</span></p> <p></p> <p>Listen to our Podcast as we ask and answer some important questions.</p> <p class="MsoNormal" style="MARGIN: 0pt 0pt 10pt"><span face="Calibri">For example, are you aware:<a href="http://beautifulmountainblog.typepad.com/.shared/image.html?/photos/uncategorized/2008/09/15/unasked3_4.jpg"></a> </span></p> <p class="MsoListParagraphCxSpFirst" style="MARGIN: 0pt 0pt 0pt 36pt; TEXT-INDENT: -18pt; mso-list: l0 level1 lfo1"><span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin"><span style="mso-list: Ignore"><span face="Calibri">1)</span><span roman new times style="FONT: 7pt "> </span></span></span><span face="Calibri">Most large corporate firms control the fess their agents charge and why negotiating a good commission rate may be harder than you think?</span></p> <p class="MsoListParagraphCxSpMiddle" style="MARGIN: 0pt 0pt 0pt 36pt; TEXT-INDENT: -18pt; mso-list: l0 level1 lfo1"><span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin"><span style="mso-list: Ignore"><span face="Calibri">2)</span><span roman new times style="FONT: 7pt "> </span></span></span><span face="Calibri">Often buyers calling on your home’s ads are directed to new agents who have never seen your home?</span></p> <p class="MsoListParagraphCxSpMiddle" style="MARGIN: 0pt 0pt 0pt 36pt; TEXT-INDENT: -18pt; mso-list: l0 level1 lfo1"><span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin"><span style="mso-list: Ignore"><span face="Calibri">3)</span><span roman new times style="FONT: 7pt "> </span></span></span><span face="Calibri">Why your ad may not appear in the newspaper at all!</span></p> <p class="MsoListParagraphCxSpMiddle" style="MARGIN: 0pt 0pt 0pt 36pt; TEXT-INDENT: -18pt; mso-list: l0 level1 lfo1"></p> <p class="MsoListParagraphCxSpMiddle" style="MARGIN: 0pt 0pt 0pt 36pt; TEXT-INDENT: -18pt; mso-list: l0 level1 lfo1"><span face="Calibri">Thanks for tuning in!</span></p> <p class="MsoListParagraphCxSpMiddle" style="MARGIN: 0pt 0pt 0pt 36pt"></p> <p class="MsoListParagraphCxSpLast" style="MARGIN: 0pt 0pt 10pt 36pt"></p> <p><span face="Calibri"><strong><a href="http://beautifulmountainblog.typepad.com/beautiful_mountain_blog/files/Myths.mp3">Download Myths.mp3</a> </strong></span></p> </article> <article> <h1>Belmont Housing Week in Review--Sept. 12th 2008</h1> <p>Drew & Christine Morgan Belmont California Real Estate (Carlmont Associates) — Wed, 17 Sep 2008 14:51:20 -0500</p> <p>It was a busy week for Belmont real estate which was expected now that summer vacations are over and agents get back to work like everybody else.</p> <p>Out of the gate there were seven new listings, two re-lists, seven pending sales and three homes closed escrow bringing the inventory of single family homes for sale to 47-just like last week.</p> <p><strong><span style="text-decoration: underline;">NEW LISTINGS</span></strong></p> <p><a href="http://beautifulmountainblog.typepad.com/.shared/image.html?/photos/uncategorized/2008/09/12/tahoe.jpg"></a><a href="https://pro.mlslistings.com/Reports/FlyerPage.aspx?propertyID=871117&x=27e2116a-612e-4d70-9328-106f3a083a4a"> 1132 Tahoe</a> 3 Bed 2 Bath 1,610 Sq Ft. listed for $899,000. This home was purchased in June of 2006 for $900,000 and it was a major dump back then. The new owner has done a lot to the home and although it's not quite finished, it's pretty nice-especially for $899,000. Put this one on your short list if you're out this weekend.</p> <p> </p> <p><a href="https://pro.mlslistings.com/Reports/FlyerPage.aspx?propertyID=871179&x=57f1fcd1-63b2-4431-9421-468447344966">925 Waltermire</a> 3 bed 1 bath 1,120 Sq Ft home for $749,000. If you don't mind living next door to Safeway this home could be for you. Better yet you can run a business out of it since it's zoned commercial according to the listing agent.</p> <p> </p> <p><a href="http://beautifulmountainblog.typepad.com/.shared/image.html?/photos/uncategorized/2008/09/12/hillcrest.jpg"></a><a href="https://pro.mlslistings.com/Reports/FlyerPage.aspx?propertyID=871267&x=7930f3cc-f9a9-4e4b-ad47-feedd21c96d1"> 3410 Hillcrest Dr</a>. 3 Bed 2 Bath 1,640 sq. ft. home for $849,000 is even better yet. It's in great shape with a level yard. The street is busier than Tahoe but it costs a lot less too. Move-in condition and our BEST DEAL OF THE WEEK.</p> <p> </p> <p> </p> <p> </p> <p><a href="https://pro.mlslistings.com/Reports/FlyerPage.aspx?propertyID=871557&x=fb43a409-d97a-4476-87da-67f75d2fbe60">2827 San Juan</a> 3 Bed 3 Bath 2,380 Sq. Ft. home for $630,500-no-that's not a typo. It's an REO and there are no showings until 9/17 but drive by and you'll want to at least take a peak. In its prime I used to drive by this house on my way home with it all lit up and wish I could see inside. It looks like a grand old southern estate on the hill. OK, there won't be a big level yard and who knows how bad it is inside...yet. We'd make that the Best Deal of the Week except that it could need more work than even we anticipate. Sorry-no picture available.</p> <p><a href="https://pro.mlslistings.com/Reports/FlyerPage.aspx?propertyID=871564&x=ac5e2f36-1630-4895-9fe3-f71321d18097">1908 Valdez </a>3 Bed 2 Bath 1,290 Sq. Ft. Home for $ 939,000 is no steal. I'll bet that one will be around for Thanksgiving turkey.</p> <p><a href="https://pro.mlslistings.com/Reports/FlyerPage.aspx?propertyID=871582&x=bcac94dc-1e38-4c7c-9c09-493b06715054">2606 Carlmont</a> 4 Bed 2.5 Bath 2,268 Sq. Ft. home for $1,068,000. What can we say? Those homes are in a nice canyon and all seem to be selling around this price. They're technically attached though only conjoined by the garage (a small zoning concession to the city). Great square footage at a reasonable price and only 13 years old.</p> <p><a href="https://pro.mlslistings.com/Reports/FlyerPage.aspx?propertyID=871572&x=639b52fc-b8f0-4a83-b185-18d1ae374ca1">2012 Monroe</a> 3 Bed 2 Bath 1,830 Sq. Ft. home for $942,000 was going to be our BEST DEAL of the week but some savvy buyer snapped it up one day one. Very nice indeed.</p> <p><a href="https://pro.mlslistings.com/Reports/FlyerPage.aspx?propertyID=871614&x=1a9fe83f-ed08-4926-8b9e-7acf1b64a1b3">1726 Terrace</a> 4 Bed 2 Bath 1,710 Sq. Ft. home RELISTED for $1,099,000 from $1,299,000 in April. In Belmont most homes fall into two categories with the exception to the rule being ones with level yards. They are either cliff hangers (down slope homes) where you need a bungee cord to get to the rear yard or Cliff Clingers (upslope lots) where the side of a hill is your rear yard retreat. This home falls in between with some useable yard. Don't get me wrong, I'm not beating up on hillside homes-they can have amazing views.</p> <p> </p> <p><a href="https://pro.mlslistings.com/Reports/FlyerPage.aspx?propertyID=871611&x=d5dc9bdb-f10b-48da-84d3-341f64d4e6f1">2016 Lyon</a> 3 Bed 2.5 Bath 1,781 Sq. Ft. home RELISTED at $959,000 (old price $964,500).</p> <p>►If you want to see any of these homes don't forget about our <a href="http://www.morganhomes.com/rebates.htm">Buyer Incentive Rebate program</a> for first time buyers to help you close the deal.</p> <p><strong><span style="text-decoration: underline;">SALES</span></strong></p> <p>STEAL OF THE WEEK goes to:</p> <p><strong><a href="http://beautifulmountainblog.typepad.com/.shared/image.html?/photos/uncategorized/2008/09/12/sommerset.jpg"></a> ↓</strong>2581 Somerset 3 Bed 2.5 Bath 2,210 Sq. Ft. home in Hallmark Area never hit the market and sold WAAAY under what it should have for $1,040,000. To put this in perspective, the last two models like this home sold this year for $1,400,000 and $1,300,000 and there wasn't a hack of a lot of difference.</p> <p><strong>↓</strong>2613 Coronet 2 Bed 1 Bath ONLY 910 Sq. Ft. listed for $763,800 and SOLD for $758,000 great home but TINY!</p> <p><strong>↑</strong>1134 North Court 3 Bed 2 Bath LISTED for $749,000 SOLD for $810,000. It sold for $ 951,000 back in 2005.</p> </article> <article> <h1>Belmont--The Streets Around Us</h1> <p>Drew & Christine Morgan Belmont California Real Estate (Carlmont Associates) — Wed, 17 Sep 2008 14:46:49 -0500</p> <p>In our last "Streets Around Us" blog we included a teaser about Belmont's first and only golf course.</p> <p>Unfortunately for fans of the sport, the course is not some well kept secret-in fact it has been gone for years.</p> <p></p> <p>(Historic registery home in Belmont on what was once the golf course perimeter).</p> <p>Around 1925 the team of Lyon, Monroe and Miller had a grand scheme to create an 18 hole golf course adjacent a tony clubhouse complete with swimming "tank", tennis and handball courts and a children's wading pool that would be the envy of the Peninsula. The clubhouse would be called "Belle Monti" and cost $65,000 to complete. An innovative tactic was employed to attract would-be buyers which included free bus rides from San Francisco where prospective buyers were plied with beer and induced to buy a home. Membership for the club cost $100 but was included with every home sale on the very streets that bore their names. </p> <p>Around 1929 the Belle Monti project fell on financial hard times and an attempt to salvage the operation was launched by opening the club to the public. But in 1929 the stock market crash forced members to either drop out or move away and the corporation went bankrupt. The "Hillcrest" golf course was eventually subdivided into lots for the WWII returning veterans and today we find only remnants of a bye-gone era with street names such as Fairway and a few stately homes (now on Belmont's historic registry) which lay on what was once the perimeter of the course.</p> <p>On the topic of streets, did you know William Sharon, a U.S. Senator from Nevada, has a small street, Sharon Road, named after himself in Belmont? Find out why Belmont also had a lake named after Sharon in our next issue or visit our Belmont blog website <a href="http://www.beautifulmountainblog.org" title="Beautiful Mountain Blog of Belmont" target="_blank">BeautifulMountainBlog.org</a></p> <p> </p> </article> <article> <h1>Twin Pine Park Picnic--September 21st 2008</h1> <p>Drew & Christine Morgan Belmont California Real Estate (Carlmont Associates) — Wed, 17 Sep 2008 14:37:11 -0500</p> <p>Belmont's best weather is upon us in the month of September and this event should be a fun day for the whole family.</p> <p> </p> <p>Belmont Picnic in The Park</p> <p> </p> <p><strong>Sunday, September 21st 2008</strong></p> <p><strong>11AM - 3PM</strong></p> <p><strong>Twin Pines Park Meadow<a href="http://beautifulmountainblog.typepad.com/.shared/image.html?/photos/uncategorized/2008/08/22/dsc_3897hallmark_2007.jpg"></a> </strong></p> <p>Celebrate National Neighborhood Day! Bring a blanket and a picnic lunch for this day</p> <p>of bringing families and neighbors together promoting a stronger community.</p> <p>Come for great fun with children's games & activities including</p> <p>• Tug Of War • Disaster Preparedness by Belmont/San Carlos Fire Dept.</p> <p>• Public Safety by the Belmont Police Dept. • Music and much more!</p> <p><strong>Sponsored by: </strong>Belmont Youth Action Committee,</p> <p>VOICES (Volunteer Outreach Involvement in Community Events &</p> <p>Services) & the Belmont Parks & Recreation Department.</p> <p><strong>For more info: 595-7441</strong></p> </article> </main></body></html>