The Emerald Hills Blog

The summer siesta continues in the Emerald Hills real estate market.  There were only two “new” listings on the entire hill this entire week — not counting a few homes that were re-listed after taking a break for a few weeks.   As well, only two homes closed escrow this week.

This is not a big surprise, as July and August are typically slow months in this region.  Click on the addresses below for more details and additional photos.

Home Sales

• 3564 Altamont Way: (Pictured above) Sale Price: $1,160,000. Original List Price: $1,225,000. Difference: $65,000 below original list.  DOM: 151 Days. MLS# 80770054, listed by Rudy Helin of Cashin Company.
• 1975 Cordilleras Rd: Sale Price: $620,000. Original List Price: $649,516. Difference: $29,516 below original list.  DOM: 98 Days. MLS# 80784703, listed by Nancy Palmer of Alain Pinel Realtors.

New Listings

• 1711 Edgewood Rd: (Pictured Above) $1,888,000 — 4BR/4+BA, 2,480 sq ft on a 10,700 square foot lot.  MLS# 80822455, listed by Shima Alaghemand of Vanguard Properties.
• 806 Bayview Way: $1,295,000 — 4BR/3BA, 3,042 sq ft on a 8,201 square foot lot.  MLS# 80821351, listed by Diane Kneis of Coldwell Banker.

As you might expect, the week following the 4th of July holiday was a slow one in Emerald Hills real estate.   Only one home closed escrow, and there were only two “new” listings (i.e. not re-listings.)    Click on the addresses for more details and photos.

Home Sales

• 855 Canada Rd: (Pictured above) Sale Price: $1,075,000. Original List Price: $1,275,000. Difference: $200,000 below original list.  DOM: 51 Days. MLS# 80784135, listed by Arlene Connors-Duran of Intero Real Estate Services.

New Listings:

• 1757 Edgewood Rd: (Pictured Above) $1,449,000 — 4BR/2.5BA, 2,350 sq ft on a 11,800 square foot lot.  MLS# 80821163, listed by Sheryl Fleming of Alain Pinel Realtors.
• 1620 Cordilleras Rd: $1,350,000 — 3BR/2BA, 2,008 sq ft on a 10,500 square foot lot.  MLS# 80819733, listed by Glenn Sennett of Coldwell Banker.

Every year, the Emerald Hills Homeowner’s Association elects a new board of directors.  For 2008, here is the current board.  For more information, be sure to check out the Emerald Hills Homeowner’s Association website.

Current EHHA Directors

It was a pretty brisk week for home sales, by Emerald Hills standards anyway.  Note that a few of the homes that sold gave up a significant chunk of their original list price.  Strong buyers are getting good deals in this market.

Some great new homes hit the market as well.  I particularly liked John Herrmann’s listing on Cirrus Lane — that court used to be the lower playground at Roy Cloud….waaaaaay back when..

Click on the addresses for more info and photos.

Home Sales

• 738 Sylvan Way: (Pictured above) Sale Price: $1,685,000. Original List Price: $1,999,999. Difference: $314,000 below original list.  DOM: 43 Days. MLS# 80809351, listed by Darlene Cowan of Coldwell Banker.
• 10 Danford Ct: Sale Price: $2,450,000. Original List Price: $2,550,000. Difference: $100,000 below original list.  DOM: 69 Days. MLS# 80788683, listed by John Shroyer of RE/MAX Today.
• 3724 Hamilton Way: Sale Price: $1,275,000. Original List Price: $1,359,000. Difference: $84,000 below original list.  DOM: 95 Days. MLS# 80779430, listed by Mark Scafine of SC Properties
• 3647 Country Club Dr: Sale Price: $1,223,000. Original List Price: $1,298,000. Difference: $75,000 below original list.  DOM: 53 Days. MLS# 80801137, listed by Lou Carlos of Cashin Company.
• 3024 McGarvey Ave: Sale Price: $865,000. Original List Price: $879,000. Difference: $14,000 below original list.  DOM: 11 Days. MLS# 80812453, listed by Ed Gory of Intero Real Estate Services
• 3719 Hamilton Way: Sale Price: $850,000. Original List Price: $849,000. Difference: $1,000 over original list.  DOM: 3 Days. MLS# 80814049, listed by A. Lehr of Lehr Real Estate.

New Listings

• 7 Cirrus Ct: (Pictured Above) $1,779,000 — 5BR/4+BA, 3,110 sq ft on a 8,055 square foot lot.  MLS# 80818616, listed by John Herrmann of RE/MAX Today.
• 522 Sunset Way: $1,499,000 — 4BR/3BA, 2,350 sq ft on a 9,333 square foot lot.  MLS# 80818583, listed by Michelle Glaubert of Coldwell Banker.
• 832 Occidental Way: $1,195,000 — 3BR/2BA, 1,960 sq ft on a 14,100 square foot lot.  MLS# 80819045, listed by Michelle Glaubert of Coldwell Banker.
• 874 Crompton Rd: $1,027,000 — 3BR/2BA, 1,550 sq ft on a 7,000 square foot lot.  MLS# 80819635, listed by Raquel Nikravesh.

I am pleased to inform you that I will now expand this blog to cover the Woodside part of Emerald Hills (aka MLS map code 275.)  This means you’ll start to see properties featured that are on the “back side” of the hill, or between Canada Road and roughly the Cross.

Still, with the additional coverage it was a pretty slooooow week in the world of Emerald Hills Real Estate.  Only one home sold this week, and there were three new listings.    Check out the details below, and remember to click on the address for more details and photos.

See you next week….

Home Sales

• 242 Sylvan Way: (Pictured above) Sale Price: $2,150,000. Original List Price: $2,275,000. Difference: $125,000 below original list. This was the only home to sell in Emerald Hills this entire week, but it deserves the spotlight.  I featured this home when it first hit the market, and I knew it would sell fairly quick.  It’s a great set-up:  beautiful home, lots of privacy, and a huge lot with great views of Edgewood Park.  Congrats to the lucky owners!  DOM: 39 Days. MLS# 80809351, listed by Marguerite Casey.

New Listings

• 515 Eastview Way (Pictured Above) $2,000,000 — 3BR/2BA, 1,350 sq ft on a 57,500 square foot lot.  Definitely a horse property, as you can tell from the pictures.  Great location on the Woodside side of Emerald Hills.  MLS# 80818375, listed by Tony Gabb of RE/MAX Dolphin.
• 1750 Cordilleras Rd: $1,499,000 — 3BR/2.5BA, 2,120 sq ft on a 22,233 square foot lot.  Another big lot in Emerald Hills.  MLS# 80818294, listed by Nino Perrone of Bay Area Estates.
• 647 Park Rd: $1,198,950 — 3BR/2.5BA, 1,770 sq ft on a 3,500 square foot lot.  MLS# 80818191, listed by Jerry Girouard of Giouard Properties.

Today, (6-27) the ten year treasury rates were down four basis points to 3.992. Bonds were in demand sending yields down as the stock market was weak with concerns about further writeoffs by major financial institutions. This means rates will move in our favor. I expect Monday to be a good day for rates as lenders look to close the quarter with strong loans on their balance sheets.

If you have any additional questions, feel free to contact:

Colton Daines
Loan Consultant
Sage Financial Services
724 Oak Grove Suite 140
Menlo Park, Ca. 94025
office: (650) 618-3622
cell: (650) 400-0804
Email: colton@sagetrust.com
www.coltondaines.com

Not a terribly busy week in Emerald Hills and Farm Hill Estates with only two new listings to choose from. And notice that all of the homes that closed escrow this week were well below the original list price, one by as much as 21%. Buyers are clearly getting the concessions that they’re asking for in this market.

Here’s the scoop. Click on the address for more info and additional photos…

Homes Sales

• 167 Springdale Way: (Pictured above) Sale Price: $1,910,000. Original List Price: $1,985,000. Difference: $75,000 below original list. This is a nice home on top of the hill on Springdale with a great pool that probably got some good use this past week. DOM: 39 Days. MLS# 80784706, listed by Robert Stuart of Professional Real Estate Brokerage.
• 3657 Farm Hill Blvd: Sale Price: $1,200,000. Original List Price: $1,299,000. Difference: $99,000 below original list. DOM: 50 Days. MLS# 80788020, listed by Deborah Chelini of Coldwell Banker.
• 514 Live Oak Ln: Sale Price: $1,099,000. Original List Price: $1,399,000. Difference: $300,000 (21%) below original list. DOM: 56 Days. MLS# 80787856, listed by Eli Leichter of Anagnostou Properties.
• 4108 Jefferson Ave: Sale Price: $875,000. Original List Price: $949,000. Difference: $74,000 below original list. DOM: 96 Days — total of 232 days under various listings. MLS# 80780379, listed by Michelle Glaubert of Coldwell Banker.

New Listings

• 3361 Oak Knoll Dr: (Pictured Above) $1,825,000 — 5BR/3.5BA, 2,920 sq ft on a 12,500 square foot lot. MLS# 80816658, listed by Maura Pratt of Alain Pinel Realtors.
• 925 Round Hill Rd: $1,275,000 — 4BR/2.5BA, 1,630 sq ft on a 7,840 square foot lot. MLS# 80816946, listed by Susan Chong of Coldwell Banker.

Today (6-20) the ten year treasury yield was down six basis points to 4.137. The lower yield was caused by a weak stock market and concerns about financial institutions’  financial conditions. The safe haven of treasury bonds was used by the institutions and others. Rates remain attractive for qualified buyers and the Emerald Hills area continues to be a place where families will pay more then other areas around the peninsula. I am constantly closing purchases in Emerald Hills and see firsthand that the market is strong.

If you have any additional questions, feel free to contact:

Colton Daines
Loan Consultant
Sage Financial Services
724 Oak Grove Suite 140
Menlo Park, Ca. 94025
office: (650) 618-3622
cell: (650) 400-0804
Email: colton@sagetrust.com
www.coltondaines.com

It was a good week for homes sales on the hill. More homes sold above their original list price than below, which reverses the previous trend, although probably temporarily. There are some great new homes on the market this week — I’m sure 919 Stony Hill will attract LOTS of attention.

Have a great week!

Home Sales

• 3527 Oak Knoll Dr: (Pictured above) Sale Price: $1,587,000. Original List Price: $1,550,000. Difference: $37,000 over original list. This contemporary work of art didn’t last long on the market — DOM: 12 Days. MLS# 80808130, listed by Brian Chancellor of Alain Pinel Realtors.
• 3564 Highland Ave: Sale Price: $1,750,000. Original List Price: $1,799,888. Difference: $49,888 below original list. DOM: 24 Days. MLS# 80804826, listed by Steve Eldridge of RE/MAX Today.
• 1959 Fernside St: Sale Price: $1,560,000. Original List Price: $1,450,000. Difference: $110,000 over original list. DOM: 13 Days. MLS# 80809394, listed by Sabine Dillon of Coldwell Banker.
• 3753 Farm Hill Blvd: Sale Price: $830,000. Original List Price: $675,000. Difference: $155,000 over original list, which is a whopping 22%. DOM: 7 Days. MLS# 80806154, listed by Steve Nevarez of Lakami Professional Realty.
• 3570 Oak Knoll Dr: Sale Price: $675,000. Original List Price: $789,900. Difference: $114,900 below original list. DOM: 52 Days. MLS# 80776525, listed by Rafael Castro of Prudential California Realty.

New Listings

• 919 Stony Hill Rd: (Pictured Above) $1,299,000 — 4BR/3BA, 2,214 sq ft on a 7,700 square foot lot. This looks like it has everything — great location close to Roy Cloud School, recently updated and it has a big yard. The fourth bedroom is a plus for families. I haven’t seen this one yet, but on paper it looks pretty nice. MLS# 80815201, listed by Violaine Mraihi of Coldwell Banker.
• 630 Castle Hill Rd: $2,800,000 — 3BR/3.5BA, 4,095 sq ft on a 41,000 square foot lot. MLS# 80814412, listed by John Donahue of Carlmont Associates.
• 266 Upland Rd: $1,950,000 — 4BR/4+BA, 3,000 sq ft on a 9,500 square foot lot. MLS# 80814051, listed by Kelly Lawson of Alain Pinel Realtors.
• 682 Handley Tr: $1,388,888 — 3BR/2.5BA, 2,250 sq ft on a 13,200 square foot lot. MLS# 80814085, listed by Dana Cappiello of Cashin Company.
• 828 Canyon Rd: $1,150,000 — 3BR/2BA, 2,000 sq ft (per seller) on a 7,550 square foot lot. MLS# 80814015, listed by Vicky Constantini of Alain Pinel Realtors.

It used to be that bigger was better when it came to building houses. For the past few decades, statistics have shown that the average size home in the United States has grown incrementally every year. But new data is showing that this trend may changing for a variety of reasons. People who wanted their 5,000 square foot home are starting to feel the pinch when the PG&E bill is thicker than the phone book. Or many of these families are looking to downsize after the kids have flown the coop.

Here’s a great article from CNN Money that discusses this phenomenon in more detail. Thanks to blog reader Greg for this find:

The Incredible Shrinking House

What does this mean for Emerald Hills, and surrounding areas? Don’t expect the demise of the large home. Folks still like their space, and are willing to pay for it. What you will see, however, is more demand for “intelligent” space — homes that are smaller in square footage, but much higher in utilization…i.e. no wasted or under-utilized space. Formal dining rooms and living rooms are prime examples of dead space.

For those of us in the home sales market, including buyers and sellers, this starts to change the playing field a bit. It will no longer be acceptable to base the value of a home primarily on its square footage. Homes with intelligent design and unique architecture will command a premium despite their smaller size, thus skewing the stoic “$$-per-square foot” metric.

So don’t be surprised to start seeing homes start popping up in the range north of $700/square foot, even if they’re 3,000 square feet or less. If they’re done right, they’ll be in demand and will likely fetch the price.

After all, it’s not the size of the home that matters most….it’s what’s inside that matters.