The Emerald Hills Blog

For the month of October 2007, here are the sales figures for the Emerald Hills area:

• Homes sold =  4
• List Price:  High = $1,699,999.  Low = $975,000.  Average = $1,312,500
• Sales Price: High =$1,660,000.  Low = $985,000.  Average = $1,261,250
• Days on Market:  High= 50 days.  Low = 8 days.  Average = 24 days.

For more details on the properties sold, click on the links below:

631-upland.html

35-summit-ridge-pl.html

651-glenloch-wy.html

1705-cordilleras.html

(Source:  Multiple Listing Service.  All info deemed reliable but not guaranteed for accuracy) 

The Emerald Hills  real estate market took a little snooze this week, as there were no new listings nor homes that sold during this week.  Looking at the market snapshot, there are currently 37 homes that for sale in Emerald Hills, with  7 homes that are in contract, with varying levels of pending sale.

Tune in next week — I’ll post the summary information for the month of October 2007.

If you own a second home that someday you plan to move into, there’s something important that you need to know…

First, a little background: The Mortgage Forgiveness Debt Relief Bill of 2007 (aka HR 3648) is a bill that was created to give tax relief to those who are facing foreclosure, or have re-negotiated a mortgage. In a nutshell, people will no longer be taxed on the debt they were relieved of in their primary mortgage — this was also known as the “phantom tax,” since you were being taxed on income that you never really saw. The thought process behind this is that if you can’t afford to pay the mortgage, you certainly won’t be able to pay the taxes.

Well, to the surprise of absolutely no one, our government doesn’t give you anything for free (unless you count grief, and they give plenty of that.) So they need to make up the tax revenue that they will lose through HR 3648…(here’s where you second-home owners need to pay attention…) They have decided to recover this lost revenue from those who own second homes — here’s how:

• Under the current tax law, if you sell your primary residence you are able to shelter a big chunk of your capital gains from being taxed ($250,000 for singles, $500,000 for couples.) If you then move into your second residence and live there for at least two years, you can sell that house and repeat the same process over again. Pretty cool (and also one of the main reasons that real estate is such a great investment.)
• Now, the government has decided to change the capital gains shelter on the sale of your second home. If HR 3648 passes, you would not receive the same capital gains shelter as I outlined above. The new calculation is essentially a fraction that is determined by the number of years you lived in the house divided by the total number years you owned it. An example:
  • You are a couple who owned your second home for 7 years and sold it after living in it for 3 years. Instead of being able to shelter up to $500,000 of capital gains, you would now be only to shelter 3/7 of that amount, or less than half.

Obviously, there’s a little more to this than my over-simplified example and you should contact a CPA or tax attorney if you have any additional questions. But you get the general idea that your pocket is being picked again.

There’s also a great article from BankRate.com that discusses this in a little more detail — click here: Taxing Vacation-Home Owners

I’ll post more on this topic as I research it further. But if you fall into this category, do your homework on this and know your rights!!

Only one home sold this week in Emerald Hills. Here are the details:

1. 631 Upland Road. Selling Price: $1,100,000. List Price: $1,175,000. Difference = -$75,000. Days on Market (DOM) = 23 days. For more details on this sale, click here: 631-upland.html

(Sales figures for Emerald Hills are posted every week on emeraldhillsblog.com, so be sure to check back often!)

There were x new listings in Emerald Hills this week — see below for details and commentary:

1. 100 Emerald Estates Court. $2,495,000. There’s enough “wow” to go around in this house. This is a wonderfully done 5/4 on a huge lot just off Wilmington Way. It has everything going for it — so much so, that it won the “Listing of the Week” award on sf-peninsulablog.com. Check out that review at http://sf-peninsulablog.com/?p=113
2. 744 Lakeview Way. $1,999,950. 4BR/3.5BA on a nearly 12,000 square foot lot. Located in the hills above Lower Emerald lake, this home is being listed by Alex Lehr of Lehr Real Estate. For more details, click here: 744-lakeview.html
3. 3341 Oak Knoll Drive. $1,498,000. This falls under the category of a “semi-new” listing, as it is back on the market after a short hiatus. Very nicely built brand new home — 4BR/3.5 BA overlooking the canyon. Located on Oak Knoll on the way up to Lower Emerald Lake. Like any hill-side home, everything ends up on different levels, but they did a very nice job with the layout of this one. Listed by Deborah Chelini of Coldwell Banker. For more details, click here: 3341-oak-knoll.html
4. 4108 Jefferson Ave. $1,099,000. 4BR/2BA home in near the top of Jefferson. Interesting layout with the bonus room upstairs in the back. Listed by Michelle Glaubert of Coldwell Banker. For more details, click here: 4108-jefferson.html
5. 11 Bennett Dr. $1,798,000. Like the Oak Knoll listing, this is another listing that has reappeared after taking a short break. This is a 4/3.5, approximately 3,000 square f00t home with a very phenomenal kitchen. Bennett is a great street, with a number of very large executive homes. 19 Bennett is also on the market for over $3M. For more details on 11 Bennett Drive, click here:   11-bennett.html

To see all of the current homes for sale in Emerald Hills, click the “Home Search” tab on the top of the page. When you’re entering the search criteria , specify “Redwood City – Cordilleras Heights” for the area, and you’re there!

If you’ve lived in Redwood City for any period of time, you are familiar with this famous tag-line. It’s included on virtually everything that is officially sanctioned by the city, and is prominently displayed on the entry to the city. Ever wonder who made up that saying? Here’s a cool article in the San Mateo Daily Journal takes the shrouds off this mystery:

http://smdailyjournal.com/article_preview.php?id=81957

Yes…. if it’s done properly. That’s where the catch comes in.

There’s much more to staging a house than throwing in some new furniture, hanging a couple of pictures, and putting some faux flowers on the staged dining room table. Anyone can do that.

What separates a good staging job from just a housecleaning is this: A good stager knows how to maximize the strong points of the home, while minimizing those things that may make it less desirable. Sounds a little like a description of putting make-up on? In a way, it is.

How is this accomplished? Since tearing down walls and adding a second story isn’t an option, a stager has to maximize the potential of the home as it stands. They have to visualize how a prospective owner may best live in this particular house, and then create an environment that plays up that theme. For example, if a home has a large kitchen with an attached dining room, they will put their best efforts here to entice the families that tend to congregate in their kitchens. If the kitchen is a disaster, but the living room is the perfect place for a plasma TV, you’d better believe the stager is going to play up the assets of the living room.

The bottom line is that if a home is staged properly, the investment you put into staging will almost always pay for itself many times over. And that is the definition of a good investment.

Many years ago, this huge section of land bordered by Canada Road, Edgewood Road and Hillcrest Drive was PG&E-owned wildland.  You would enter this area at your own risk of getting lost.   Today, this land is known as Edgewood Park, and it is simply one of the best places to run or hike on the Peninsula.

The San Mateo County Parks Department has done a marvelous job of turning this beautiful, rugged terrain into a paradise only accessible by foot or horseback.  They carved nearly 10 miles of hiking/running trails on 5 different loops.  There’s enough to challenge the beginner and experienced runner.

In the springtime, there are docent-led tours that take you past huge fields of wildflowers.  There are numerous entrances to the park, but the main entrance is the Day Camp on Edgewood Road.   You’ll find picnic facilities, bathrooms and trail maps at the Camp.  It’s also a great place to start your run…1 mile of uphill to start!  Yeah, baby!

Check out this gem in Emerald Hills.  Click here for more details:  Edgewood Park and Nature Preserve 

Two homes sold in Emerald Hills this past week:

1. 35 Summit Ridge Place — Sales Price: $1,660,00. Asking Price: $1,699,999.   Details: 35-summit-ridge-pl.html
2. 651 Glenloch Way — Sales Price:  $985,000.  Asking Price:  $975,000.  Details:  651-glenloch-wy.html

There were five “new” listings in Emerald Hills last week — actually, four of them are back on the market after short stints in hibernation. Here are the details:

1. 19 Bennett Drive: $3,200,000. This is a stunning 5/4 home on a 17,000 square foot lot. Even though it’s on a hill, the back yard is level and has great views of Edgewood Canyon. Listed by Sam Anagnostou, Anagnostou Properties. Click here for more details: 19-bennett-drive.html
2. 10 Sienna Court: $2,149,00. Brand new construction just off Oak Knoll. 4/4, large 13,000+ square foot lot. Very nicely appointed. One of four new homes on a private street. Co-listed by Bruce Dougherty, Alain Pinel Realtors and Jane Fletcher, RE/MAX Today. 10-sienna-court.html
3. 766 Canyon Road: $1,239,000 — Reduced from $1,349,000. 4BR/3.5 BA home, nearly 2500 sq ft. Listed by Michelle Glaubert, Coldwell Banker. 766-canyon-rd.html
4. 759 Canyon Road: $950,000. 3BR/2BA on an unusually large 10,000 square foot lot. Nicely updated inside, pool and deck. Listed by Julie Ellingsen, Coldwell Banker. 759-canyon-rd.html
5. 610 Acacia Lane: $899,000. This is definitely a contractor’s project, aka a fixer-upper. Great lower-Emerald Lakes location on a nearly 12,000 square foot lot. Lots of other multi-million dollar homes in this area. 610-acacia.html

To see all of the current homes for sale in Emerald Hills, click the “Home Search” tab on the top of the page.  When  you’re entering the search criteria , specify “Redwood City – Cordilleras Heights” for the area, and you’re there!