The Emerald Hills Blog

Being a Roy Cloud grad, I have always had a soft spot for that section of Farm Hill Estates that’s sandwiched between Jefferson Avenue and Farm Hill Boulevard.  Most of the kids I went to school with lived in this area, so there are always LOTS of memories when I drive through.

Many of the people who live in this area now also have children who attend Roy Cloud School.  That’s why I always like to highlight a good “family” home in this area when I see it hit the market.  949 Stony Hill Road fits that role quite well.

This is a very clean, 4BR/2.5BA home that is being offered at $1,249,000 by Pam Piers Hammer of Coldwell Banker.   This home has lots of good things going for it — it’s nicely updated, and has a very nice open and functional layout.  The extra office space is a big plus for those who like to work out of their home.

Most of the street is on a hill (hence the name Stony Hill) but this particular lot is on the relatively level mid-section of the street.  This means the 7,700 square foot lot is essentially flat, which is another plus.  The back yard is nicely landscaped, and there’s a newly refinished deck that’s great for entertaining.

Finally, one of the big attractions here will be the location.   It’s in a great neighborhood and it’s a breeze to 280 for the commute.  Oh yeah, let’s not forget the whole Roy Cloud connection.

Be sure to check this one out….

You know things are starting to slow down when there’s almost nothing to report for home sales and new listings.   That was the case this past week — not one home closed escrow in Emerald Hills, and there was only one new listing.   Here it is…

New Listings

• 510 Oak Park Way: (Pictured Above)  $2,695,000 — 6+BR/4+BA, 4,070 sq ft on a 0.5 acre lot.  MLS# 80839489, listed by Sam Anagnostou of Anagnostou Properties.   I featured this as the “New Listing of the Week” below….I had no idea that it would be the “Only Listing of the Week.”

Big homes are not a big deal in Emerald Hills.  There are lots of them here.  But that’s one of the reasons why people choose to live in Emerald Hills — with larger lots and more privacy, you can build pretty much as big as you can afford.  But in my opinion, homes can sometimes get so large that they lose the “homey” feel, and they can end up feeling more impersonal than cozy.   So there’s a fine line between being big enough, but not TOO big.

This week’s New Listing of the Week at 510 Oak Park Way walks that line beautifully.   This 6+BR/4+BA home is being offered at $2,695,000 by Sam Anagnostou of Anagnostou Properties.  It’s situated on a fantastic half-acre, cul-de-sac lot at one of the highest points in all of Emerald Hills (with the exception of those homes close to the Cross.)

At 4,070 square feet, this is no small house.   But the layout of the home makes great use of the space, and gives the home a warm, “home” feel.  This is no small feat with a home this size.   If you visit this home, you’ll also find that the big attraction is the back yard.   With the incredible pool, and the pool house that’s the size of some starter homes in San Carlos, this home will become one of the most popular destinations in the neighborhood.

For more details and additional photos on this great home, click here:

510 Oak Park Way

Sometimes when a house hits the market and it doesn’t sell in the first few weeks, it can suffer from a lack of visibility, especially if a wave of new listings hit the area.  The listing essentially falls below the buyer’s “radar screen”, despite any re-listings and price reductions.  Is that what has happened with this home at 3288 Oak Knoll?   I don’t know, but I can’t think of another reason why this one hasn’t sold yet.

This is a 4BR/4BA 3,100 square foot home on a 13,000 square foot lot that was built within the last 3 years, according to the MLS.   As you might expect, it’s high-end throughout, and sports some nice views of the lower Emerald Hills canyon and the South Bay.  But even with the views, it’s still conveniently close to stores and other conveniences downtown, thereby overcoming one of the biggest obstacles of living in Emerald Hills.  It originally went on the market in late July at $1,799,888.

Fast forward to now… after a broker change and numerous price reductions,  the same house is available for $1,450,000 which represents a whopping reduction of nearly $350,000, or 19%.   That’s one BIG drop.   The current price weighs in at about $467/sq foot, which is very competitive anywhere in this area (especially for newer construction.)

The only drawbacks I can think of are perhaps the shared driveway, or the fact that it overlooks Oak Knoll Drive?  But there are far more good things going for this home, especially at the new price.   It’s currently being offered by Meagan Chen of Elite Realty Services.

Update — this home is finally pending sale.  I will post the final sales data when it closes escrow:

3288 Oak Knoll Dr

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Home Sales

• 844 W California Way: (Pictured Above)  Sale Price: $1,678,000. Original List Price: $1,688,000.   Difference: $10,000 (0.6%) below original list.  DOM: 11 Days,   MLS# 80828564, listed by Joann Bedrossian of Cashin Company.
• 522 Sunset Way: Sale Price: $1,375,000. Original List Price: $1,499,000.   Difference: $124,000 (8.3%) below original list.  DOM: 71 Days,   MLS# 80818583, listed by Michelle Glaubert of Coldwell Banker.

New Listings

• 827 Upland Rd: (Pictured Above)  $1,498,000 — 4BR/3BA, 1,490 sq ft on a 11,475 square foot lot.  MLS# 80839251, listed by Debbie Wilhelm of Coldwell Banker.
• 3651 Highland Ave: $799,876 — 2BR/1.5BA, 1,090 sq ft on a 5,824 square foot lot.  MLS# 80838227, listed by Brian Mustante of RE/MAX Dolphin.

Here’s how wacky the market is now?  With the financial market cratering around us, two of the three homes that closed week fetched more than the asking price.

Check out below for what sold and what came on the market last week in Emerald Hills and Farm Hill Estates.  Click on the addresses for more pictures and information.

Home Sales

• 719 Lakemead Way: (Pictured Above)  Sale Price: $1,260,000. Original List Price: $1,249,950.   Difference: $10,050 (0.8%) above original list.  DOM: 9 Days,   MLS# 80829851, listed by Rich Thomas of Terrace Associates.
• 570 S Oak Park Way: Sale Price: $1,000,000. Original List Price: $1,199,000.   Difference: $199,000 (16.6%) below original list.  DOM: 112 Days,   MLS# 80809387, listed by Anthony Peterson of Prudential California Realty.
• 979 Edgecliff Way: Sale Price: $960,000. Original List Price: $899,000.   Difference: $61,000 (6.8%) above original list.  DOM: 18 Days,  although it has been on and off the market since September of 2006.   MLS# 80825185, listed by John Lee of MRL Group.

New Listings

• 25 Danford Ct: (Pictured Above)  $2,395,000 — 4BR/3.5BA, 3,959 sq ft on a 17,032 square foot lot.  This is the seventh of eight custom homes that are being built on Danford Court.   MLS# 80837836, listed by John Shroyer of RE/MAX Today.
• 830 Shepard Way: $975,000 — 3BR/2BA, 2,050 sq ft on a 6,800 square foot lot.    MLS# 80837772, listed by Loren Dakin of Alain Pinel Realtors.

Re-Listings:

Here are a couple that are back on the market:

• 50 Black Fox Way: $2,295,000 — 4BR/3.5BA, 3,450 sq ft on a 20,002 square foot lot.    MLS# 80836961, listed by Nino Gaetano of Cashin Company.  Most recently, it was on the market in April of 2008 at $2,495,000.
• 747 Hillcrest Way: $1,950,000 — 3BR/2.5BA, 2,600 sq ft on a 14,040 square foot lot.    MLS# 80836788, listed by Debra Cutty Smith of Keller Williams.  This was on the market last year at $2,245,000.   This is a very unique home — originally built in 1928, it has been almost completely remodeled.  I say “almost” because they left some of the original windows and fixtures in the home, which keeps a little bit of the regal heritage of this home’s past alive.  Definitely a nice touch — don’t miss this one…

It’s possible…The basis for many Adustable Rate Mortgages is the London Interbank Offered Rate, or LIBOR.   How many?  According to reports, LIBOR is used to calculate rates on $360 trillion (with a t) worth of financial products worldwide.  Basically, the rate that a bank will charge on a LIBOR-based ARM is calculated by the simple equation:

Margin + LIBOR = Rate.

Since the bank’s margin is usually a fixed amount when you close your loan, your ARM will fluctuate as the LIBOR changes.   Well, one of the effects of Congress’ failure to pass the $700B bailout plan was that the overnight LIBOR rate spiked by a record level yesterday.   Here’s an article from Bloomberg News with more details:

Libor Rises Most on Record After U.S. Congress Rejects Bailout

What impact will this have on adjustable rate mortgages?  It’s tough to say, because you have to factor in when a particular ARM is due to adjust, and what rate caps may be in place.  But if you have a LIBOR-based ARM that’s due to adjust soon, you might be in for an unwelcome increase.   Check with your lender to see if you’re potentially in this situation, or simply take a look at your Note for those details.

The good news from Wall Street just keeps on coming…