The Emerald Hills Blog

The summer slowdown may be starting a little early this year in Emerald Hills. There was only one new listing to report this week in all of Emerald Hills and Farm Hill Estates! And only three homes closed escrow, all substantially below original list price. Clearly, the buyers are getting what they want in this market.

Click on the addresses for more details and additional photos.

Home Sales

• 1093 Eden Bower Ln: (Pictured above.) Sale Price: $1,549,000. Original List Price: $1,579,000. Difference: $30,000 below original list. DOM: 23 Days. The eastern side of Eden Bower gives some breathtaking views of the Bay Area, and this home doesn’t disappoint. You get a nice swim with your view — can’t beat that. Now only if it the weather will warm up… MLS #801627, listed by Gary Bulanti of Alain Pinel Realtors.
• 766 Canyon Rd: Sale Price: $1,080,000. Original List Price: $1,199,000. Difference: $119,000 below original list. DOM: 327 Days (81 days under the most recent listing.) MLS #777307, listed by Michelle Glaubert of Coldwell Banker.
• 1276 Fernside St: Sale Price: $785,000. Original List Price: $899,000. Difference: $114,000 below original list. DOM: 92 Days MLS #800051, listed by Vince Cardinale of Intero Real Estate Services.

New Listing(s)

• 845 Upland Rd: (Pictured Above) $1,249,000 — 4BR/2.5BA, 2,900 sq ft on a 6,720 square foot lot. MLS #811958, listed by Bob Bredel of RE/MAX Today. This one should get great traffic through its open house — it’s the only new listing on the market this week!

Today, 5/27/08 the ten year treasury yield was up to 3.921 as the market is anticipating large auctions of the 5 year note on Thursday of an estimated $19 billion. The treasury is flooding the market with paper and we will also have an estimated $30 billion of the 2 year notes auctioned off tomorrow. Economic indicators are still weak. Rates remain flat with great opportunities for qualified borrowers.

(Colton Daines and his extended family have lived in Emerald Hills for many years; he is a loan consultant with Sage Financial Services in Menlo Park. Please feel free to contact him directly with any questions.)

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

When I first made the jump over to real estate after 20+ years in technology sales, the biggest surprise to me was the realization of how low-tech the real estate industry is. And I’m not talking about the frightening amount of paper we still consume every time a home is sold — I’m referring to the power, or lack thereof, of Internet-based tools.

Despite the fact that the Internet was developed right in our back yard, it seems that Real Estate and the Web were never destined become close friends. One need look no further than MLSListings.com, the website that Realtors must use to enter and manage their listings, to know what I’m talking about. The user interface and data mining capabilities of this site are archaic (in Internet terms) — so manipulating data and making use of all the information contained in the MLS is frustrating and cumbersome, which in turn puts a questionable light on the accuracy of the data that comes out.

Luckily in the past few years, several companies have dialed into the fact that over 80% (and likely higher in the Bay Area) of home buyers start their home search on the Internet, and have created unique business models and powerful websites that greatly enhance the user experience and even give the consumer different options for buying and selling real estate. Sites like Zillow, Trulia, and Redfin have become the destinations of choice for many buyers and sellers — and for good reason. Even though each company approaches the market with a different goal and business model, they each have pumped millions of dollars into their websites to bring to bear much of enhanced graphical interface and interactivity that has been the promise of “Web 2.0.”

Now comes the audience participation part of the show

The question I pose to the readers of the Emerald Hills Blog is this: What is your favorite Real Estate Website, and why? Do you use Trulia, or Redfin, Zillow, or even Craigslist — or do you have another cool site that you can recommend to the readers? Simply click on the “Comments” link below and let us all know. There’s no wrong answer — everyone’s opinion is valuable, and will be treated as such.

Thanks for weighing in on this topic! Also, be sure to vote on the poll at the top of the blog.

It was an interesting week in Emerald Hills according to the statistics.  Four of the five homes that closed escrow were significantly below list price, and more homes closed escrow than there were new listings.

Only two truly “new” listings hit the market this week — there were a couple of second rounders that came back on.  Clearly, it’s taking longer for things to sell in Emerald Hills.    Here’s the scoop.  Click on the address for more details and photos.

Homes Sold

• 214 Sylvan Way: (Pictured above.) Sale Price: $2,000,000. Original List Price: $2,199,000. Difference: $199,000 below list. DOM: 188 Days. MLS #781659, listed by Nino Perrone of Bay Area Estates.
• 3531 Highland Ave: Sale Price: $1,250,000. Original List Price: $1,389,000. Difference: $139,000 below list. DOM: 54 Days. MLS #780914, listed by Sandra Comaroto of Coldwell Banker.
• 1257 Westwood St: Sale Price: $1,175,000. Original List Price: $1,250,000. Difference: $75,000 below list. DOM: 34 Days. MLS #786379, listed by Mike Sokolsky of Coldwell Banker.
• 870 Bayview Way: Sale Price: $977,000. Original List Price: $1,160,000. Difference: $183,000 below list. DOM: 83 Days. MLS #799638, listed by Liz Daschbach of Cashin Company.
• 2711 Carson St: Sale Price: $805,000. Original List Price: $775,000. Difference: $30,000 above list. DOM:32 Days. MLS #787477, listed by Vicki Moore of RE/MAX Dolphin.

New Listings

• 103 Lakeview Way:   (Pictured above)  $850,000 — 2BR/2BA, 1,010 sq ft on a 10,600 square foot lot. MLS #810602, listed by Judy Litteer of Prudential California Realty.
• 3749 Farm Hill Blvd:   $1,588,000 — 4BR/3.5BA,  3,130 sq ft on a 10,200 square foot lot. MLS #810618, listed by Blaise Lin of Acel Development & Investment.

When people decide where they’re going to buy a home, the school district they will reside in can play a huge factor in that decision. Yesterday, the California API scores were released, and they bode well for residents of the Emerald Hills and Farm Hill areas. Roy Cloud School, Clifford School, and to a lesser degree John Gill School are the primary schools that feed this area, and you’ll note below that they occupy 3 of the top 5 on the list for all Redwood City schools. Here are the scores:
Redwood City Elementary School District 765

North Star Academy – 981

Roy Cloud Elementary – 889

Clifford Elementary – 804

Adelante Spanish Immersion Elementary – 797

John Gill Elementary – 786

Henry Ford Elementary – 774

Taft Elementary – 753

Selby Lane Elementary – 719

Hawes Elementary – 716

Roosevelt Elementary – 698

Fair Oaks Elementary – 694

Hoover Elementary – 687

Garfield Charter Elementary – 675

Newcomer Academy – 381

As you look at all of the communities on the Peninsula, the ones where the home values are remaining steady (or increasing) are those that reside in strong school districts — this is almost without exception. This is yet another reason why Emerald Hills and Farm Hills are highly sought-after areas by many home buyers.

–another new feature to the Emerald Hills Blog — Colton Daines is a Loan Consultant with Sage Financial Group in Menlo Park. He and his extended family have lived in Emerald Hills for many years. “Colton’s Corner” will be a regularly occurring series in the blog where you’ll get the latest and greatest on what’s happening in the mortgage industry. Feel free to contact Colton directly with any questions or post a comment on the blog. Either way, it will get answered promptly.

May 21, 2008

Today the ten year treasury yield went up three basis points to 3.81 at noon. The inflation fears caused by higher oil and gold prices reacted by bonds to be sold. For homeowners wanting a tip on mortgage rates, follow the ten year yield as a good indicator of rate activity. However the Fed meeting notes indicated a continuation of a weak economic environment into 2009. As for rates they remain attractive for qualified borrowers. The jumbo-conforming loan limit of $729,000 has continued to see competitive rates that benefit our high priced real estate environment. Please feel free to contact me with any questions.

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

This is a new feature that will appear weekly in the Emerald Hills Blog — since I tour all of the new listings in Emerald Hills each and every week, I’ll pick a home that I think is noteworthy and highlight it on the blog — CG.

The winner of the Emerald Hills Blog’s inaugural “Best of the Broker’ Tour” is 242 Sylvan Way; this was the runaway winner of the new listings in Emerald Hills this week. 242 Sylvan Way is listed at $2,275,000 by Marguerite Casey.

You should expect that you’ll get a lot of home for a price in this range, and this home doesn’t disappoint. It’s a 4,241 square foot, 4BR/3.5BA home on a 39,059 sq ft lot — in other words, it’s a BIG house on 9/10 of an acre. The first smart move they made when they built this home is to put some of the ample acreage between the home and the street. It’s at the end of a private driveway, so road intrusion is virtually non-existent.

The home has soaring ceilings and massive windows that give you a view of Edgewood Park that you’ll never grow tired of. The yard is surprisingly level, considering how far up in the hills it is. It doesn’t have a pool, but it wouldn’t be difficult to put a killer on in here (just the $$, of course.) Bottom line, if you have kids, they’ll love this yard. It’s huge and very private.

The entry level of the home is large, elegant and very open. The kitchen is gorgeous, as you’d expect from a $2M home. Upstairs, the bedrooms are generous sized, and the master suite is indeed sweet.

If you’re looking for a “move-up” in the $2M range and you value your privacy, you should definitely check this one out. Click here for more details and photos:

242 Sylvan Way

See you next week…

Not a bad week for Emerald Hills — two of the three homes that sold fetched prices above list price, and there are some really nice new homes that came on the market this week. Check out the details below — remember to click on the address for more photos and info:

Home Sales

• 558 Live Oak Ln: (Pictured above.) Sale Price: $1,095,000. Original List Price: $1,049,000. Difference: $46,000 above asking. DOM: 8 Days. MLS #784753, listed by Greg Garcia of Atlas Realty.
• 3673 Farm Hill Blvd: Sale Price: $1,385,000. Original List Price: $1,295,000. Difference: $90,000 above asking. DOM: 2 Days. MLS #787887, listed by Erika Demma of Coldwell Banker.
• 3714 Country Club Dr: Sale Price: $1,000,000. Original List Price: $1,099,950. Difference: $99,950 below asking. DOM: 7 Days. MLS #800677, listed by Kraig Constantino of Intero Real Estate Services.

New Listings

• 3527 Oak Knoll Dr: (Pictured above.) $1,550,000 — 3BR/2BA, 2,400 sq ft on a 8,857 square foot lot. Another head-turning contemporary home designed by Fred Herring. There are several of these in the Emerald Hills area, and their liberal use of curved architecture make them very distinctive. MLS #808130, listed by Brian Chancellor of Alain Pinel Realtors.
• 242 Sylvan Way: $2,275,000 — 4BR/3.5BA, 4,241 sq ft on a 39,059 square foot lot. MLS #809351, listed by Marguerite Casey, Realtor.
• 612 Lakeview Way: $2,195,000 — 5BR/3.5BA, 3,050 sq ft on a 11,565 square foot lot. Had the Fred Herring home not been on the market at the same time, this would have been our photo feature. This is a very elegant, well appointed home. Awesome kitchen, spacious floorplan. MLS #808049, listed by Vicky Constantini of Alain Pinel Realtors.
• 266 Sylvan Way: $1,695,000 — 3BR/3.5BA, 2,920 sq ft on a 8,800 square foot lot. The good news is that if you can find your way up Sylvan without getting lost, you’ll have two homes to see — this one and 242 Sylvan. MLS #809554, listed by Nick Corcoleotes of Anagnostou Properties.
• 570 S. Oak Park Way: $1,199,000 — 4BR/2BA, 1,870 sq ft on a 11,520 square foot lot. You’ll need to use your imagination or ESP powers on this one because there aren’t any property photos posted yet. MLS #809387, listed by Anthony Peterson of Prudential California Realty.
• 920 Round Hill Rd: $998,000 — 3BR/2.5BA, 1,630 sq ft on a 8,400 square foot lot. Think “pink” on this one. MLS #808155, listed by Marc Roos of Intero Real Estate Services.

Not a terribly busy week for real estate on the Hill.  New listings equaled the amount of homes sold, so the inventory essentially remained flat.  Some nice big homes hit the market this week — Sylvan and Fallen Leaf well in excess of $2M.

Here’s the scoop for this week.  Be sure to click on the address for more details and photos (although some don’t have photos this week…)

Home Sales

• 1029 Wilmington Way: (Pictured above.) Sale Price: $1,800,000. Original List Price: $1,880,000. Difference: $80,000 below asking. DOM: 39 Days. MLS #779588, listed by Michael Roza of RE/MAX Star Properties.
• 3338 Oak Knoll Dr: Sale Price: $1,440,000. Original List Price: $1,475,000. Difference: $35,000 below asking. DOM: 12 Days. MLS #781709, listed by Steven Lessard of Coldwell Banker.
• 843 Glennan Dr: Sale Price: $1,060,000. Original List Price: $1,089,000. Difference: $29,000 below asking. DOM: 18 Days. MLS #779609, listed by Omar Galindo of Century 21 Alliance.

New Listings

• 3977 Jefferson Ave: (Pictured above.) $1,738,000 — 4BR/2.5BA, 3,050 sq ft on a 11,050 square foot lot. MLS #806497, listed by Cliff Whearley of RE/MAX Today.
• 902 Fallen Leaf Way:    $2,999,500 — 6+BR/4+BA, 5,000 sq ft on a 19,000 square foot lot.   Sounds like a big place — can’t wait to see it on tour.  MLS #806599, listed by John Raleigh of Red Hawk Real Estate.
• 285 Sylvan Way: $2,188,888 — 4BR/3.5BA, 3,400 sq ft on a 10,023 square foot lot. MLS #806599, listed by Christina O’Brien of RE/MAX Star Properties.

Another week in the books in Emerald Hills real estate.    With only three new listings, you could definitely characterize it as a slow week.  Look for things to pick up in the coming weeks as folks race to get their homes on the market before the summer vacation period sets in.

Here’s the scoop.   Be sure to click on the address for more details and photos…

Home Sales

• 3623 McNulty Way: (Pictured above) Easily our BIG winner this week. I featured this home a few weeks ago when it first hit the market — see the original post here. I figured this one would draw some attention and a probably fetch a few offers, but check this out… Sale Price: $1,125,000. Original List Price: $999,950. Difference: $125,050 over list. Yeah, baby!! Made me look like a genius Seriously, whoever bought this one is a lucky homeowner. DOM: 8 Days. MLS #789342, listed by Chris Stanek of Cashin Company.
• 204 Upland Ct: Sale Price: $1,755,000. Original List Price: $1,895,000. Difference: $140,000 under asking. DOM: 78 Days. MLS #800112, listed by Greg Celotti of Alain Pinel Realtors.
• 810 Bayview Way: Sale Price: $1,341,500. Original List Price: $1,250,000. Difference: $91,500 over list. DOM: 78 Days. MLS #778463, listed by Tom Tornquist of RE/MAX Pioneer.

New Listings

• 3564 Highland Ave: (Pictured above.) $1,799,888 — 4BR/3BA, 2,740 sq ft on a 8,950 square foot lot. Nice custom home in Emerald Hills. MLS #804826, listed by Steve Eldridge of RE/MAX Today.
• 1033 Wilmington Way: $1,699,000 — 4BR/3BA, 2,900 sq ft on a 11,000 square foot lot. MLS #804866, listed by Geoff Craighead of Craighead Associates.
• 3753 Farm Hill Blvd: $675,000 — 3BR/2.5BA, 1,680 sq ft on a 9,940 square foot lot. This one is listed as a short sale; not something we’re seeing much of (yet) in Emerald Hills. MLS #806154, listed by Steve Nevarez of Lakami Professional Realty.