The Emerald Hills Blog

The “What Sold, and What’s New” Series, as the name implies, is a quick summary of what homes sold during the past week in Emerald Hills and Farm Hill Estates, as well as any new listings that hit the market.

As you might expect, activity in the real estate market tends to slow down during the holiday season. This year is no different. In fact, there were no home sales nor new listings to report the week prior, and there are no new listings again this week!

For additional details and photos, click on the home addresses below.

Homes Sold

• 949 Stony Hill Rd: — – Pictured Above.  Sale Price: $1,198,000. Original List Price: $1,249,000.   Difference: $51,000 (4.1%) below original list.   I featured this home as the (click here) New Listing of the Week in Emerald Hills when it first hit the market.  I really liked this home, and I’m thrilled to see that it sold.  DOM: 35 Days. MLS# 80842134.   Listed by Pam Piers Hammer of Coldwell Banker.
• 16 Don Ct: — Sale Price: $1,075,000. Original List Price: $1,195,950.   Difference: $120,950 (10.1%) below original list.   DOM: 21 Days under the current MLS# 80832104.  It originally listed 148 days ago under a different MLS listing number at $1,295,950 so the total difference turned out to be $220,950 or 17%.   Listed by Maxine Dumas of Dumas & Associates.

New Listings

There were no new listings to report this week.

(“Colton’s Corner” is an occasional series on the mortgage and financial market provided courtesy of Colton Daines, Loan Consultant with Sage Financial Services and a long-time Emerald Hills resident.)

Black Friday has been said to be the busiest retail shopping day of the year and November 28, 2008 was an important day for retailers trying to get off to a positive start in this struggling economy.  Rising job losses, declining assets and home values along with a number of other economic concerns have shoppers buying for fewer people and looking for bargains.  About 84% of shoppers compared to 66% last year said they are discount driven according to America’s Research Group.  Promotions by retailers helped lead better then expected sales, but whether they can hit their holiday sales goals remains an unanswered question.

Cyber Monday, which refers to the Monday immediately following Black Friday, is the ceremonial kickoff for holiday online shopping, and over the past five years has seen a steady increase in volume. As the average consumer becomes more and more comfortable using the internet to make transactions the numbers of online shopping will rise. It allows a consumer to simply search and click rather then getting in the car and driving to multiple stores. Many Wall Street analysts said the rush in traffic is unlikely to last through the holidays, but the turnout was very positive with crowds lining up for early morning shopping.

Rates are close to all time lows!!

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

The “What Sold, and What’s New” Series, as the name implies, is a quick summary of what homes sold during the past week in Emerald Hills and Farm Hill Estates, as well as any new listings that hit the market.

This week, buyers definitely got some good deals.  Three of the four homes that closed escrow this week took significant discounts (>25%) to get them into contract.   But it’s a buyer’s market now, and it’s simply a phenomenal time to purchase real estate in Emerald Hills and Farm Hill Estates!

For additional details and photos, click on the home addresses below.

Homes Sold

• 3869 Bret Harte Dr: – Pictured Above.  Sale Price: $1,265,000. Original List Price: $1,269,000.   Difference: $4,000 (0.3%) below original list.   DOM: 68 Days. MLS# 80832104.   Listed by Alex Lehr of Lehr Real Estate.
• 6 Goodwin Ct: — Sale Price: $1,100,000. Original List Price: $1,199,000.   Difference: $99,000 (8.3%) below original list.   DOM: 21 Days under the current MLS# 80840902.   It originally listed 161 days ago under a different brokerage at $1,739,000 so the sales price represents a drop of $639,000 or 36.7%.  Listed by Royce Cablayan of Coldwell Banker.
• 1033 Wilmington Way:   –  Sale Price: $1,050,000. Original List Price: $1,395,111.   Difference: $345,111 (24.7%) below original list.   DOM: 67 Days under the current MLS# 80832259.   Total days on the market:  199 Days.  It originally listed then at $1,699,000 — so the sales price represents a total drop of $649,000 or 38.2%  Listed by James O’Connor of Peninsula Estates.
• 3647 Glenwood Ave: — Sale Price: $665,000. Original List Price: $849,000.   Difference: $184,000 (21.7%) below original list.   DOM: 50 Days. MLS# 80829885.   Listed by Judith Beisler of Coldwell Banker.

New Listings

• 611 Lombardy Way: — Pictured above.  $1,698,000 — 4BR/3BA, 3,410 sq ft on a 12,196 square foot lot.  MLS# 80848274, listed by John Shroyer of RE/MAX Today.
• 3859 Bret Harte Dr: — $1,135,000 — 3BR/3BA, 2,197 sq ft on a 9,240 square foot lot.  MLS# 80847413, listed by Gary Bulanti of Alain Pinel Realtors.

Life happens at a more relaxed pace in Emerald Hills.  That’s a big reason why people choose to live up on the hill — to get away from the bustle of living in the flats.   But if you happen to be selling a home right now in either Emerald Hills or Farm Hill Estates, I don’t need to tell you that homes are also selling at a “relaxed” pace right now.

But that’s not something that’s unique to the Emerald Hills area.  The Continuous Days on Market (CDOM) statistic for all cities on the Peninsula has risen significantly this year, as it’s simply taking longer to sell homes in a soft economy.

If you look at the list of homes sold in Emerald Hills and Farm Hill Estates over the past three months, it took an average of 51 days for a home get into contract.   That’s actually not too bad, and reflects that these homes were priced correctly for this market.

But if you have a home that’s still on the market, you’re in good company.  The average CDOM for homes for sale in Emerald Hills and Farm Hill Estates stands at 113 Days.  That’s almost 4 months.  It’s important to note that the actual figure in both of these cases is probably a little higher, since there were a number of homes that were taken off the market after an unsuccessful attempt to sell and then re-listed at a later date.  But you get the general idea.

If you’re shopping for a home on the Hill this trend plays in your favor, since you’re more likely to negotiate a better deal on a house that’s been on the market for longer, and has static inventory around it.

Is there good news in this for home sellers?  Yes.   There’s a saying in real estate:  Everything will sell eventually.  A serious dose of patience and a willingness to adjust your list price will get you through this market.  It’s just going to take a little bit longer.

As you might expect with the short week and the beginning of the holiday season, the rate of closed home sales and new listings slowed down quite a bit this past week in Emerald Hills and Farm Hill Estates.    However, with rates have dropping in the past few weeks, and with the hope of the credit market loosening up, buyers should have a renewed mission in the next few months.

Here’s what happened this past week.  Be sure to click on the addresses for more photos and information.

Home Sales

• 850 California Way: — Pictured Above.  Sale Price: $2,200,000. Original List Price: $2,495,000.   Difference: $295,000 (11.8%) below original list.  You may recall that I featured this home as a New Listings of the Week due to its contemporary architecture and its extensive use of “green” technology.  I feel this home is a blueprint of where new construction will go in the next decade.   DOM: 113 Days. MLS# 80824403.   Listed by Steven Lessard of Coldwell Banker.

New Listings

• 16 Don Ct: — Pictured Above.  $1,195,950 — 3BR/2BA, 1,720 sq ft on a 14,405 square foot lot.  This one isn’t actually a “new” listing since it’s back on the market, but it’s worth mentioning because it is located on a HUGE lot with redwood trees, which opens some great expansion options.   MLS# 80846731, listed by Maxine Dumas of Dumas & Company.