The Emerald Hills Blog

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.

Quality…that’s the word of the week in Emerald Hills and Farm Hill Estates. Some quality homes hit the market this past week, and one of my favorites sold this week. Some good options are available for buyers in all price ranges.

Click on the addresses for more information and additional photos.

Home Sales

• 54 W Summit Dr: (Pictured Above) Sale Price: $1,900,000. Original List Price: $1,988,000. Difference: $88,000 below original list. DOM: 112 Days. This is one nice place. When it first came on the market, I featured at as the “New Listing of the Week.” I know, you’re thinking that for $2M it had better be nice. But everything about this house is just right — great floorplan, unbelievable kitchen, nice gently sloping lot that is just begging for a killer pool. Congrats to the new owners — they have a great home. MLS #771741, listed by Sam Anagnostou of Anagnostou properties.
• 1204 Edgewood Rd: Sale Price: $1,157,000. Original List Price: $1,199,000. Difference: $42,999 below original list. DOM: 87 Days. MLS #771305, listed by Bob Bredel of RE/MAX Today.
• 3657 Highland Ave: Sale Price: $1,170,000. Original List Price: $1,239,000. Difference: $69,000 below original list. DOM: 79 Days. MLS #770867, listed by Vicky Constantini of Alain Pinel Realtors

New Listings

• 9 Woodhill Dr: (Pictured Above) $1,898,000 — 4BR/3BA, 2,820 sq ft on a 12,000 square foot lot. Woodhill Estates is a nice neighborhood right across Farm Hill Blvd from Canada College. (How long have I lived in this area? I remember when this neighborhood was first being built, we used to park our cars up there and watch the medfly helicopters. OK, I’m dating myself.) Nice house, great pool. MLS #812400, listed by Sean Foley of Coldwell Banker.
• 3848 Jefferson Ave: $2,250,000 — 4BR/3.5BA, 4,121 sq ft on a 15,400 square foot lot. MLS #812454, listed by Norma Sayage of Alain Pinel Realtors.
• 6 Goodwin Ct: $1,739,000 — 4BR/2.5BA, 3,116 sq ft on a 14,040 square foot lot. MLS #812457, listed by Anna Wong of Alain Pinel Realtors.
• 837 Seminole Way: $1,399,000 — 3BR/2.5BA, 2,105 sq ft on a 6,500 square foot lot. MLS #813626, listed by Morgan Lashley of Morgan Lashley Distinctive Properties.
• 2453 Park Rd: $1,150,000 — 3BR/2BA, 1,967 sq ft on a 11,440 square foot lot. MLS #813431, listed by Sonia Sester of Coldwell Banker.
• 3024 McGarvey Ave: $879,000 — 3BR/2BA, 1,483 sq ft on a 6,720 square foot lot. MLS #812453, listed by Ed Gory of Intero Real Estate.

Thanks to blog reader Greg for catching this one. As some of you may be aware, there is a controversial ordinance under consideration by the County of San Mateo which is aimed to protect the watershed in Emerald Hills. Whether or not to protect the watershed is not the hotly debated topic — more so, the potential impact on existing homeowners and those who have construction plans is what has residents fighting back on this ordinance. Here’s a great article from today’s San Mateo Daily Journal with more detail: Watershed Protection

Also, according to an announcement in the Emerald Hills Homeowners Association Website, the county is hosting a meeting this week to solicit input from public on this matter. According to the website:

San Mateo County is inviting property owners in Emerald Hills to attend a meeting at Clifford School Auditorium, 225 Clifford Avenue, Redwood City, on June 5, 2008 at 7 pm to participate in the development of recommendations to address watershed protection issues in the unincorporated areas of San Mateo County, including a potential zoning ordinance.

If you own property with a 10% SLOPE OR GREATER or if your property is near ANY creek or stream, the recommendations coming out of this meeting could result in new regulations that will affect you!

Hmmm….a 10% or greater slope and/or near water pretty much defines most of Emerald Hills. Sounds like a good meeting to be at.