drew christine morgan: Shiny Penny Home Tour on the Peninsula 1/24/2012 - 01/25/12 10:12 PM
Undeniably the best deal today was this home on Hamlet in San Mateo offered by Patriott Properties. It's a bank owned home and they are ready to deal. Listed for only $439,900 we suspect it won't last until the weekend.
On a side note, the Best of Tour home from our Shiny Penny Tour last week that is hearing offers tomorrow, is up to 27 interested parties. We'll post the actual sale price as soon as we find out--stay tuned...
The information contained in this article is educational and intended for informational purposes only. It does not constitute real … (0 comments)
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drew christine morgan: San Carlos Home Sellers Enjoy Multiple Offers Again - 07/17/11 08:11 PM
We culled everything from the San Mateo County Multiple Listing Service for San Carlos home sales in the past six months with a limiting parameter of a minimum price of $998,000 as we wanted to stay away from sales with stimulated financing.
As is apparent from the spreadsheet there are quite a few homes which have sold in the last six months for over the asking price (44%) for on average $54,000 more than seller’s asking price with a high of $187,000 and a low of $2,000 and a median selling point of $46,000 over what the seller was asking.
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drew christine morgan: Avoiding The Dreaded Doomed House Syndrome - 07/10/11 06:04 PM
The Pitfalls of Over Pricing A Home
Why is that home still on the market? That’s a question many people ask as they drive by the same for sale sign in their neighborhood week after week and sometimes month after month. Why do some homes fly off of the shelf and others languish for months?
Whether or not a particular home sells quickly or not has often little to do with the market and more to do with the presentation of the home—including the pricing. In today’s tech savvy real estate world, home buyers have nearly unfettered access to listing information. … (0 comments)
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drew christine morgan: What the Media Isn't Reporting About Our Housing Market - 07/07/11 07:45 PM
The media helps keep us informed about the world we live in. They tell us what is going on globally, what our government is up to and on a local level what the weather might be like (even though they bat just over 500 on that one), and they can even tell us the best route home when there’s traffic. We trust the media to give us accurate information and they have a duty to ensure that it is. But what about the stories they just choose not to report?
Let’s face it. Bad news sells and … (1 comments)
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drew christine morgan: Belmont Home Sales for May 2011 - 07/07/11 07:42 PM
Belmont Home Sales for May 2011 Belmont home prices slipped back a bit in the month of May 2011 while sales continued to be less than impressive.
Home sales in Belmont were down considerably from May of 2010 and for good reason—home sales last May were buoyed by the last minute deadline for the $8,000 tax credit which lifted sales across the nation. Our sales analysis for May of 2010 addressed the temporary nature of the uptick in homes sales for the month of May 2010.
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drew christine morgan: Belmont Home Values on the Rise - April 2011 Home Sales Report - 07/07/11 07:40 PM
The sale of single family homes in Belmont increased this April to 16 over last April’s 10—a 60% increase in home sales. This is important to note since last year in April homebuyers enjoyed the $8,000 tax incentive program (and also because we went out on a limb and predicted this might happen). During the same time the average days it took to sell a home dropped from 76 days to 50.
• Last April four homes took price reductions of on average $48,000 in order to attract a buyer. This April five sellers had to reduce their prices by … (0 comments)
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drew christine morgan: Belmont Housing Review - February 2011 - 07/07/11 07:39 PM
Belmont Housing Review - February 2011 Once again if we are lulled into believing the raw numbers Belmont’s median home price shot up 14.7% over last February and an unbelievable 23% since just last month—unbelievable being the operative word.
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drew christine morgan: Can San Mateo Survive a Tidal Wave? POSY FEBRUARY 2011 - 07/07/11 07:36 PM
San Mateo County Market Snapshot--Are We Treading Water?
Those of you who follow our market updates know we put our hometown, Belmont, under a market microscope every month to get a glimpse as to where the market appears to be headed.
Of course that really is living in a Petri dish when it comes to the real estate market as a whole.
Real estate is very local—what goes on in even one part of a city could be entirely different from another. That said eventually positive market trends trickle down and negative ones up.
As evidence of this phenomenon one can go … (0 comments)
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drew christine morgan: Belmont to Outlaw Open Houses Next - 06/30/11 07:35 PM
Helping to spur the real estate recovery, and at the same time tackle the city’s need for cash, we can thank our great leaders of Belmont for taking on one more urgent problem in the midst of our city’s financial crises—rampant real estate signs. "You have to hand it to Belmont for taking on such a controversial issue in the midst of the worst real estate market in our country's history. They [Belmont] are once again leading by example and ending decades or carnage caused by the deluge of real estate signs on Sundays", said a Belmont resident who wished to … (1 comments)
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drew christine morgan: Case-Shiller Report for November 2011 Shows Little Sign of Recovery - 01/25/11 08:11 PM
The Case-Shiller index reported today for November 2010 showed a decline in 17 of the 20 MSA reported. Several areas including San Francisco showed a slight decrease over October but are still higher than levels in 2009. Will a double dip occur where levels hit an all time new low?
You can see our data as reported by Case-Shiller here...
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drew christine morgan: Orion in Belmont's night sky - 10/09/10 10:21 AM
Just thought I'd share this with everyone.
We've always enjoyed astronomy and I love it when there's a new moon and we can get a good look at the night sky.
In Belmont, we're pretty close to the city (San Francisco) and get a lot of city light which tends to wash-out the night sky.
If we look south-south-west however it's much darker as we're looking towards the Santa Cruz mountain range.
When I got up early this morning I had to grab my camera and capture one of my favorite constellations-Orion.
This was taken today, October 9th 2010 just after … (1 comments)
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drew christine morgan: Bay Area Housing Affordability Index Reaches High - 08/06/10 06:04 PM
The California Association of Realtors tracks the "HAI" which is the Home Affordability Index. Their methodology can be found here, but in a nut shell they take into consideration the median home price for a particular area, the median income, the current interest rates and mash it into an index which essentially says what percentage of the population can qualify for the median price home assuming they put 20% down and have 30% (which is conservative) income to debt ratios. The higher the index the more home people can afford to buy a home. Since there are three variables which could … (1 comments)
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drew christine morgan: What if I hate my neighbors? - 08/02/10 03:18 PM
Finding a home with great neighbors can be the luck of the draw.
When buyers we help find a home are concerned about who their new neighbors might be, I'm reminded of my childhood experiences trying to lay claim to the perfect campsite.
When I was a young, like so many of our generation, our parents took us on summer camping trips as a frugal way to enjoy a vacation. As we entered the campground, finding the perfect campsite was always a moment of great anticipation. Competition was fierce for the great sites; as with most people who want to get … (1 comments)
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drew christine morgan: Home Sales Dip as Unsold Inventory Persists from the WSJ - 07/26/10 09:33 PM
"Some 60% of the 109 economists and other analysts surveyed by MacroMarkets LLC expect home prices to decline this year, up from 40% in May."
via online.wsj.com
I found this amusing. If their numbers are right, at 66% the economists are no better than the Supreme Court Justices at arriving at a consensus, and probably no more accurate than our local weather announcer when they do.
… (1 comments)
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drew christine morgan: How Low INterest Rates are Your Friend, For Now... - 07/14/10 05:55 PM
MorganHomes.com | (650) 508-1441 | Residential Real Estate Specialists … (0 comments)
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drew christine morgan: Belmont Home Sales Market Report for June 2010 - 07/09/10 06:24 PM
SALES
Home sales in Belmont held their own as 25 homes sold in the month of June. Last month as you may recall 34 homes sold, the most in as many months. In June of 2009 20 homes sold and last year there wasn't a looming deadline to close escrow for a tax credit.
(click on the graphic for a full size picture)
Speaking of tax credit, don't forget we've effectively extended the $8,000 tax credit by offering any first time buyer 1% of the purchase price as a credit towards their closing costs for anyone who buys a home … (0 comments)
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drew christine morgan: Buyer Incentive Programs - about to phase out (part 1 of 3) - 01/13/10 06:16 PM
With the real estate landscape changing almost daily it’s admittedly hard for Real Estate Agents and Lenders to keep up with all of the new programs and limitations.
Recently, you may have heard on the news or read in the media about the $8,000 tax credit extension for first-time homebuyers. But are you aware you may easily qualify for it and not even know?
Our guess is probably not. That’s because there hasn’t been a great deal of quality reporting on what the income threshold is to qualify; and even if you knew that, what does that translate to in terms of purchase … (0 comments)
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drew christine morgan: Peninsula Home Vales - then and now... - 01/10/10 05:12 PM
What happened in 2009 and what might be in store for 2010?
THE PAST
The median price in San Mateo County ended the year at $678,750 which is a dramatic drop from 2008’s year-end median price of $795,000. It continued to drop precipitously throughout the beginning of 2009, though it appears that January of 2009 was its lowest level when the median price reached $553,750—the median price has not been that low since 2000.
It wasn’t until April of 2009 that the median price reached the $600,000’s and the last four month have seen small but steady increases culminating in … (0 comments)
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drew christine morgan: Peninsula Homes Values Continue to slide - 01/10/10 05:10 PM
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drew christine morgan: July Belmont Stats (per Request) - 01/10/10 05:07 PM
We’re posting the sales for Belmont from back in July at the insistence of one of our readers (thanks for being so patient). We skipped that month since we were so busy ourselves. Quite a few buyers came out of the woodwork in July and we noticed it on one of our listings in San Carlos that had multiple offers. In our estimation, the Peninsula real estate market has not recovered significantly enough to warrant such activity but the low interest rates probably spurred people into action—all at once.
At 24, July had the most sales and of any month … (0 comments)
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