It’s a Tough Year

As you’ll see in next week’s Emerald Hills Report Card for April, this continues to be a brutally tough year if you’re selling a home in Emerald Hills.  Without even looking at the final numbers for April, I can tell you that nothing significant happened this past month that will pull the region any closer to the sales level of previous years.  Obviously, this is not the news you want to hear if you already have a home on the market.

But what’s important to note is that this dearth of home sales also creates a secondary level of problem:  Estimating home values. Here’s why…

No Comparable Sales…

One of the common ways to establish the value of a home, whether you’re selling a home or you’re an appraiser, is to look for other homes that have recently sold in the area that are similar in size and features.   These are referred to as sales comparables, or “comps” for short.   While it’s not the only way to establish the value of a home, it’s by far the most commonly used in a normal, healthy real estate market.   The more relevant comps you can gather, the more accurate you can peg the value of a home.

But what happens when there are very few comps, just like we’re seeing now in Emerald Hills?  The process then becomes much more subjective, and a lot less accurate.  In order to find a relevant home sale, you’ll have to either

1. Search further away in proximity from the home in question, or
2. Look much further back in time to find these sales figures, or
3. Both

You can see the potential for inaccuracy when this happens.  Different neighborhoods carry different values, even within Emerald Hills.  And when you’re living in a falling market such as this one, looking back more than 3 months at homes sales data really calls the validity of this data into question.

Appraisals?

It’s obvious to see how this situation makes it difficult for a seller and their agent to price a home properly.  But another problem that’s not so obvious is getting the home appraised once it’s in contract.   With all of the extra scrutiny by the banks on every deal, appraisals are more closely watched than ever before.  Consequently, it’s quite conceivable that a home may NOT appraise at the sales price — not because it’s not worth the price, but because the appraiser can’t gather enough data to justify the price to the bank.

The New Gold Standard.

Whether it’s right or wrong, when a home finally does sell in a given area, its sales price immediately “resets the bar” for the value of all similar homes that are on the market.    While that wouldn’t necessarily be the case in a busy market, it carries much more weight now, simply because there’s no data to compare it to.  Here’s a good example:

611 Lombardy Way is a 4 bedroom, 3-bath, 3,410 square foot home on a 12,196 square foot lot that just went into contract after being reduced to $1,495,000.    Assuming for now that this transaction closes escrow at this price, this now becomes the “gold standard” for all homes that are similar in size, features, and proximity.   Comparable homes that are priced significantly above this mark (and there are a quite a few) will now have a tough time justifying a premium with savvy buyers, and quite possibly appraisers, when this new comp becomes the sole datapoint in this area.

Until the sales volume picks up again in Emerald Hills, one can probably expect to see a ton of volatility in home values.

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Inventory Analysis

The inventory of homes for sale in Emerald Hills increased significantly for the second straight week.  Unfortunately, the number of homes sold didn’t — and consequently, the ratio of active to pending is the highest that it’s been all year.   Here’s the summary of the Emerald Hills market as of 4/25/09:

• Active: 59 Homes (Last week: 52)
• Pending Sale: 7 Homes (Last week: 7 )
• Ratio:  8.4 : 1 (Last week:  7.4 : 1)

If you’re interested in buying in Emerald Hills, you couldn’t ask for a much better situation — low rates and tons of inventory  . For information any of the homes below, simply click on the picture or address link….

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Homes Sold

50 Black Fox Way

• Pictured above — Sale Price: $2,095,000. Original List Price: $2,095,000.   Difference:  $0 (0%) from original list. DOM: 19 Days under the current MLS# 80906575.    Listed by Nino Gaetano of Cashin Company.

***To see all homes that have sold in the Emerald Hills area in the past 3 months, click here:  Homes Sold — Emerald Hills

***To see all homes that are pending sale in the Emerald Hills area, click here:  Homes Pending Sale — Emerald Hills

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New Listings

270 Lakeview Way

• Pictured Above: $2,200,000 — 4BR/3.5BA, 3,460 sq ft on a 16,790 square foot lot.    MLS# 80920063, listed by Michael Bohnert of Cashin Company.

687 S Oak Park Way

• Pictured Above: $1,999,000 — 4BR/2.5BA, 3,020 sq ft on a 7,840 square foot lot.    MLS# 80919329, listed by Morgan Lashley of Morgan Lashley Distinctive Properties.

665 W Glen Way

• $1,649,500 — 3BR/2BA, 1920 sq ft on a 16,117 square foot lot.    MLS# 80920220, listed by Linda Bibbler of Merrill Properties.

2470 Park Road

• $1,488,000 — 4BR/3BA, 3,540 sq ft on a 11,526 square foot lot.    MLS# 80920370, listed by Robert Stuart of Professional Real Estate Brokerage.

659 W Glen Way

• $1,095,000 — 1BR/1BA, 720 sq ft on a 28,314 square foot lot.    MLS# 80919288, listed by Steven Lessard, Coldwell Banker.

2356 Harding Avenue

• $949,000 — 3BR/3BA, 1,740 sq ft on a 8,976 square foot lot.    MLS# 80920171, listed by Perry Mistry of Coldwell Banker.

**To see all of the homes that are currently for sale in the Emerald Hills area,  click here: Emerald Hills Area Single Family Residences For Sale

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Back on the Market

541 Oak Park Way

• Pictured Above: $1,899,981 — 4BR/3.5BA, 3,760 sq ft on a 10,200 square foot lot.   Last time on the market was October ‘07 when it listed for $1,999,999.  Currently under MLS# 80919327, listed by Donna Marie Baldwin of Coldwell Banker.

266 Upland Road

• $1,795,000 — 4BR/4+BA, 3,000 sq ft on a 9,500 square foot lot.   First hit the market in June ‘08 when it listed for $1,950,000.  Currently under MLS# 80919293, listed by Kelly Lawson of Alain Pinel Realtors.

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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.

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If you like contemporary…

…then you’ll love this home.   Unlike some homes that add a few fixtures here and there and pass themselves off as “contemporary,”  this home is the real deal.  The clean, modern feel is infused in every room and hallway of the home.   678 S Oak Park Way is a 4-bedroom, 2.5 bathroom gem that is being offered at  $1,999,000 by Morgan Lashley of Morgan Lashley Distinctive Properties.

Lots to see, inside and out.

There are so many cool touches to this home that it’s hard to list them all.  But you’ll notice them immediately when you walk through the door.  Immaculate custom walnut hardwood floors grace the entry and living room, which lead to a really unique seagrass carpet (yes, real seagrass) in the family room and on the stairway to the lower level.

Another striking feature is that both woodburning fireplaces upstairs are adorned with massive, split granite slabs that are at least a foot thick.    The ceilings in living room, family room and kitchen are vaulted, giving the upstairs a clean, loft-like feel.

If the spectacle inside doesn’t wow you, the views of the Bay Area will.   Here’s  just a glimpse of what you see from this home:

You can take in this spectacular view from the massive picture window in the family room;  or if you choose to be outside, there are no fewer than three decks from which to enjoy the panoramic views of the bay.

Grace through simplicity.

Much of attractiveness of contemporary styling is in its simplicity — its understated grace.  The kitchen is  a perfect example of this.  There are long, unbroken stretches of custom dark counter tops that are nicely offset by the light custom maple cabinets.   And the location of the kitchen, adjacent to both the living room and family room, is perfect for entertaining.

But make no mistake, this is no lightweight kitchen.  With a six-burner Miele cooktop, double-oven, and warming drawers, it will handle even the most demanding chef.

Smart layout

All of the bedrooms are located on the lower level, which is an ideal arrangement for families with children.  And don’t think the contemporary touch is just limited to the upstairs.  Each and every room, including the bathrooms, has been thoughtfully designed to carry this modern feel throughout the home.  It is truly a unique home.

So if you’re looking for a home that’s graceful, modern, and most importantly full of good karma, you absolutely need to see this home.

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For more details and additional photos of this home, click here:  678 S Oak Park Way

For an awesome virtual tour of this home, click here:  Virtual Tour–678 S Oak Park Way

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Here’s the summary of the Emerald Hills market as of 4/18/09:

• Active: 52 Homes (Last week: 48)
• Pending Sale: 7 Homes (Last week: 9 )
• Ratio:  7.4 : 1 (Last week:  5.3 : 1)

Inventory is starting to grow, with the addition of a couple nice, large homes came on the market this past week. For information any of the homes below, simply click on the picture or address link….

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Homes Sold

3647 Glenwood Avenue

• Pictured above — Sale Price: $870,000. Original List Price: $979,000.   Difference:  $109,000 (11.1%) below original list. DOM: 48 Days under the current MLS# 80906575.    Listed by Bob Johnston of Cashin Company.

531 Hillside Road

• Sale Price: $650,000. Original List Price: $689,000.   Difference:  $39,000 (5.7%) below original list. DOM: 63 Days under the current MLS# 80901616.  This one originally hit the market in November ‘07 at $849,000 for a difference of 19%.   Listed by Michelle Glaubert of Coldwell Banker.

***To see all homes that are pending sale in the Emerald Hills area, click here:  Homes Pending Sale — Emerald Hills

***To see all homes that have sold in the Emerald Hills area in the past 3 months, click here:  Homes Sold — Emerald Hills

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New Listings

379 Greendale Way

• Pictured Above: $2,795,000 — 5BR/4+BA, 5,500 sq ft on a 2.25 acre lot.   MLS# 80918632, listed by Sam Anagnostou of Anagnostou Properties.

439 Lakeview Way

• $2,645,000 — 5BR/4+BA, 4,810 sq ft on a 32,582 square foot lot.   MLS# 80919013, listed by Tata Vahdatpour of Cashin Company.

3696 Brandy Rock Way

• $1,160,000 — 4BR/3BA, 2,130 sq ft on a 6,996 square foot lot.   MLS# 80918829, listed by Susan and Sabrina of Prudential California Realty.
  

**To see all of the homes that are currently for sale in the Emerald Hills area,  click here: Emerald Hills Area Single Family Residences For Sale

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Back on the Market

3977 Jefferson Avenue

• Pictured Above: $1,450,000 — 4BR/2.5BA, 3,050 sq ft on a 11,020 square foot lot.   MLS# 80919127, listed by George Chopoff of RE/MAX Star  Properties.  It first came on the market back in May ‘08 under a different brokerage at $1,738,000.

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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.

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Edgewood Park in unincorporated San Mateo County is one of my favorite local places to go (second only to the beach!). There are miles of spectacular trails that are perfect for a vigorous hike, a humbling run, or simply a casual walk. It’s so close by and easy to get to, yet the beauty and serenity of this place allows you to unplug for a little while and appreciate nature at her best.

Colors on Display…

Every spring when the wildflowers bloom, Edgewood Park transforms herself into an array of colors that you’ll only find in nature. Each open field seems to have its own unique mix of wildflowers, so the colors are a bit different everywhere you go. And the vibrant green that emanates from the rolling hills makes me think this place could pass for Ireland (I hope to get there someday, too!)

Here’s a little slideshow from our recent visit to Edgewood Park over the Easter break….

Don’t Miss It…

The wildflowers won’t stay in bloom indefinitely, and like all of our Open Space Parks in San Mateo County, the terrain changes quickly from green to brown when the rains stop and days get warmer. So make it a priority to check out this gem of a park that we’re so lucky to be able to use!

Where is it?

Here’s a map to Edgewood Park.  The main entrance that most people use is the Day Camp that’s accessible from Edgewood Road.  But if you live in the upper reaches of Emerald Hills around the Easter Cross, there’s a much more convenient (and less crowded) entrance just off Hillcrest Way.  Enjoy!

View Larger Map

Here’s the summary of the Emerald Hills market as of today:

• Active: 48 Homes (Last week: 47)
• Pending Sale: 9 Homes (Last week: 8 )
• Ratio:  5.3 : 1 (Last week:  5.9 : 1)

Not too much activity this week, which is not a surprise considering it’s a holiday week. For information any of the homes below, simply click on the picture or address link….

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Homes Sold

3039 Oak Knoll Drive

• (Pictured Above)  Sale Price: $1,050,000. Original List Price: $1,150,000.   Difference:  $100,000 (8.7%) below original list. DOM: 91 Days under the current MLS# 80849021.  This one originally hit the market in July ‘08 at $1,399,000.   Listed by Mark Martinho of Vabrato.

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New Listings

932 Pleasant Hill Road

• Pictured Above: $1,438,000 — 5BR/3BA, 2,480 sq ft on a 7,260 square foot lot.   MLS# 80917992, listed by Gina Henson.

1256 Crompton Road

• $1,095,000 — 3BR/2BA, 1,890 sq ft on a 7,260 square foot lot.   MLS# 80917549, listed by Carla Anisman of Coldwell Banker.

3831 Eastlake Way

• $899,000 — 4BR/2BA, 2,390 sq ft on a 7,320 square foot lot.   MLS# 80917684, listed by Gail Rossetti of Rossetti Realty.

**To see all of the homes that are currently for sale in the Emerald Hills area, simply click here: Emerald Hills Area Single Family Residences

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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.

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On Auto-Pilot.

Are you so conditioned to shopping at the Redwood City Costco that you could almost get there with your eyes closed?   Considering that the store has been in that location almost 26 years, that ’s understandable.   I can’t even fathom how much money I have spent at that store over the years, and I probably don’t want to know.   But starting tomorrow, you will have to break your routine and get your Costco fix elsewhere.

Major Renovation Planned…

On Saturday April 11, the Redwood City Costco will close its doors and begin a total renovation of this facility.   Employees at Costco are informing customers that this store will be closed at least 6 months (gulp.)    The store will be rebuilt from the ground up, resulting in an entirely different warehouse than the one you’re used to.  The most notable difference will be the addition of Costco’s very popular gas station.

Surprised?

We sure were.  Had it not been for the fact that we were shopping there yesterday, or the email tip I got from EH blog reader Julie S., we would have never known.  It’s hard to find an article or announcement anywhere about this project.   Consequently, I think many long-time shoppers are going to find out the hard way when they make the trek to Middlefield Road, only to find that the building is no longer there.  That will be a shocker…

Shopping at Costco is going to be a bit more difficult during this time.   The nearest warehouses outside of Redwood City are Foster City to the north, or Mountain View to the south.  You can bet both stores will be much more crowded from now on.

Support the local businesses…

There are several local businesses who make their living off of Costco’s traffic flow, especially Signona’s Family Market.   This is our favorite place to shop for fresh produce, and they will definitely feel the impact of this closure.    Be sure to support your favorite local business in this area by continuing to shop there during the closure — they’ll definitely appreciate it.

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The sales activity picked up a bit this past week, with five homes changing owners.  However, the rate of new listings to hit the market is still very slow.  Here’s the summary of the market as of today

• Active: 47 Homes (Last week: 48)
• Pending Sale:  8 Homes (Last week: 10)

The ratio spiked upward to 5.9:1, compared the previous week at 4.8:1, which just echoes the lack of new inventory on the entire hill.   See below for the details on what sold and what listed this past week.   For information any of the homes below, simply click on the picture or  address link….

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Homes Sold

489 West Maple Way

• (Pictured Above)  Sale Price: $2,525,000. Original List Price: $2,495,000.   Difference:  $30,000 (1.2%) above original list.  DOM: 24 Days under the current MLS# 80907732.  Listed by Peggy Greene of Coldwell Banker.

3749 Farm Hill Blvd

• Sale Price: $1,092,000. Original List Price: $1,248,888.   Difference:  $156,888 (12.6%) below original list.  DOM: 53 Days under the current MLS# 80901400.   The home first went on the market back in May ‘08  at  $1,588,000, making for a 31% drop.    Listed by Blaise Lin of Acel Realty.

925 Round Hill Road

• Sale Price: $1,135,000. Original List Price: $1,179,000.   Difference:  $44,000 (3.7%) below original list.  DOM: 131 Days under the current MLS# 80839744.   It first hit the market on this latest round back in back in June ‘08  at  $1,275,000.  Listed by Susan Chong of Coldwell Banker.

1620 Cordilleras Road

• Sale Price: $1,000,000. Original List Price: $1,350,000.   Difference:  $350,000 (25.9%) below original list.  DOM: 234 Days under the current MLS# 80819733.  This one ended up being a short sale.  Listed by Glenn Sennett of Coldwell Banker.

512 Maple Way

• Sale Price: $368,002. Original List Price: $299,000.   Difference:  $69,002 (23.1%) above original list.  DOM: 5 Days under the current MLS# 80909209.  Not often you’ll see a home in Woodside sell for this little, but this one had some special conditions.  Listed by Margot Lockwood of Coldwell Banker.

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New Listings

40 Siena Court

• Pictured Above: $1,899,000 — 4BR/2.5BA, 3,077 sq ft on a 12,006 square foot lot.   MLS# 80916465, listed by Brandon Denman of Pacific Coast Real Estate.

985 Cambridge Road

• $1,099,000 — 3BR/2.5BA, 1,840 sq ft on a 7,980 square foot lot.   Nice pool!   MLS# 80915803, listed by Gary Bulanti of Alain Pinel Realtors.

**To see all of the homes that are currently for sale in the Emerald Hills area, simply click here:  Emerald Hills Area Single Family Residences

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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.

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