Inventory Analysis

Activity continues to pick up in the Emerald Hills and Farm Hill Estates area, albeit in small steps.   670 Cambridge Road went into contract after only 7 days on the market.  But the increase in activity is starting to be reflected in the stats below, as the ratios continue to improve from prior weeks.  Here’s the summary of the Emerald Hills and Farm Hills Estates market as of 5/30/09:

• Active: 63 Homes (Last week: 65)
• Pending Sale: 12 Homes (Last week: 10)
• Ratio:  5.3 : 1 (Last week:  6.5 : 1)

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Homes Sold

Below are the homes that sold this past week in Emerald Hills and Farm Hills Estates.  For information any of the homes below, simply click on the picture or address link….

3859 Bret Harte Drive

• Pictured above:  Sale Price: $965,000. Original List Price: $1,135,000.   Difference:  $170,000 (15.0%) below original list. DOM: 147 Days under the current MLS# 80847413.    Listed by Gary Bulanti of Alain Pinel Realtors.

874 Crompton Road

• Sale Price: $729,000. Original List Price: $759,000.   Difference:  $30,000 (4.0%) below original list. DOM: 22 Days under the current MLS# 80904898.    Listed by Raquel Nikravesh, Broker.
  

***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

Below are the new listings that hit the market this past week in Emerald Hills and Farm Hills Estates. Click on the respective addresses to get all the details.  (Note:  If  a generic map comes up instead of a property profile, it likely means that particular home  is already Pending Sale.  Click the link in the “Homes Pending Sale” section to check.)

525 Summit Court

• Pictured Above:  $2,295,000 — 4BR/3.5BA, no sq ft specified on a 15,372 square foot lot.    MLS# 80926076, listed by John Shroyer of RE/MAX Today.

515 East View Way

• $1,650,000 — 3BR/2BA, 1,350 sq ft on a 57,500 square foot lot.    MLS# 80925593, listed by Robert Young of Coldwell Banker.

902 Emerald Hill Road

• $998,000 — 3BR/2.5BA, 2,130 sq ft on a 7,700 square foot lot.    MLS# 80925754, listed by Stanley Lo of Greenbanker 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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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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Inventory Analysis

Activity picked up a bit this week — 611 Lombardy Way, 932 Pleasant Hill Road, and 919 Wilmington Way all went into contract this week.  Hopefully, this is a sign of good things to come.   If nothing else, they’ll provide some much-needed comparative data-points for buyer, sellers, agents, and appraisers.  Here’s the summary of the Emerald Hills and Farm Hills Estates market as of 5/23/09:

• Active: 65 Homes (Last week: 62)
• Pending Sale: 10 Homes (Last week: 7)
• Ratio:  6.5 : 1 (Last week:  8.9 : 1)

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Homes Sold

Below are the homes that sold this past week in Emerald Hills and Farm Hills Estates.  For information any of the homes below, simply click on the picture or address link….

3239 Oak Knoll Drive

• Pictured above:  Sale Price: $1,922,500. Original List Price: $2,095,000.   Difference:  $172,500 (8.2%) below original list. DOM: 47 Days under the current MLS# 80913242.  I featured this home a few weeks back as the “New Listing of the Week” in Emerald Hills, and deservedly so.   It’s a very nice home.  Listed by Lynn Roberts of Alain Pinel Realtors.

***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

Below are the new listings that hit the market this past week in Emerald Hills and Farm Hills Estates. Click on the respective addresses to get all the details.  (Note:  If  a generic map comes up instead of a property profile, it likely means that particular home  is already Pending Sale.  Click the link in the “Homes Pending Sale” section to check.)

842 Mohican Way

• Pictured Above:  $1,999,950 — 4BR/4BA, 3,100 sq ft on a 7,800 square foot lot.    MLS# 80925030, listed by Keri Nicholas of Coldwell Banker.

647 Park Road

• $998,950 — 3BR/2BA, 1,770 sq ft on a 3,500 square foot lot.    MLS# 80924315, listed by Jerry Girouard of Girouard Properties.

670 Cambridge Road

• $950,000 — 3BR/2BA, 1,420 sq ft on a 9,000 square foot lot.    MLS# 80924870, listed by Michelle Glaubert of Coldwell Banker.

901 Pleasant Hill Road

• $869,000 — 3BR/2BA, 1,300 sq ft on a 7,000 square foot lot.    MLS# 80925004, listed by Gary Bulanti of Alain Pinel Realtors.

2479 Edith Avenue

• $850,000 — 3BR/2BA, 1,660 sq ft on a 6,450 square foot lot.    MLS# 80924173, listed by Dianne Viviani 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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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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Parcel Tax for Education.

Like many other communities on the Peninsula, the Redwood City School District is feeling the pinch of the tough economy.   Decreasing sales and property tax revenues combined with cuts in state funding has forced the District to make some painful cuts in their budget, which has resulted in programs being eliminated and some teachers getting lay-off notices.   And like many other communities on the Peninsula, Redwood City is pinning its hopes on its residents to approve a $91 parcel tax to make up a portion of these losses.

Sound Familiar?

It should.   This is the third time in the past 17 years that the district has tried to get a school parcel tax approved by the voters.   Previous Measures A and V failed to garner the necessary 2/3 votes required for passage.   Supporters hope this time will be different.

Redwood City’s neighbor San Carlos recently faced a similar situation, holding a special mail-only election on Measure B which called for a $78 per parcel tax to go directly to the San Carlos School District.   This measure was also the second try for San Carlos, after the similar Measure S failed less than a year ago.   This time around the Measure got the necessary votes for passage.

More info on Measure E…

For more information on Measure E, here are some informative links:

San Mateo County Times Article

Redwood City School District:  Yes on E

San Mateo County Official Election Site

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Inventory Analysis

“Patience” is the operative word if you’re buying or selling a home in Emerald Hills or Farm Hills Estates.  This was another week of dreadfully little activity — but with 37 Woodhill Drive selling near its asking price, and some price reductions on certain Emerald Hills homes, don’t be surprised to see some movement in the coming weeks.  Here’s the summary of the Emerald Hills and Farm Hills Estates market as of 5/16/09:

• Active: 62 Homes (Last week: 62)
• Pending Sale: 7 Homes (Last week: 7)
• Ratio:  8.9 : 1 (Last week:  8.9 : 1)

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Homes Sold

Below are the homes that sold this past week in Emerald Hills and Farm Hills Estates.  For information any of the homes below, simply click on the picture or address link….

37 Woodhill Drive

• Pictured above:  Sale Price: $1,775,000. Original List Price: $1,795,000.   Difference:  $20,000 (1.1%) below original list. DOM: 12 Days under the current MLS# 80914518.  Listed by Jami Arami of Alain Pinel Realtors.

***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

Below are the new listings that hit the market this past week in Emerald Hills and Farm Hills Estates. Click on the respective addresses to get all the details.  (Note:  If  a generic map comes up instead of a property profile, it likely means that particular home is already Pending Sale.  Click the link in the “Homes Pending Sale” section to check.)

16 W Summit Drive

• Pictured above:  $1,175,000 — 3BR/2BA, 1,770 sq ft on a 11,700 square foot lot.    MLS# 80922878, listed by Joyce Inouye of Intero Real Estate Services.

103 Lakeview Way

• $749,000 — 2BR/2BA, 1,390 sq ft on a 10,600 square foot lot.    MLS# 80924012, listed by Judith Litteer 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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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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A Sign of the Times…

Redwood City is facing the same dilemma that virtually every community on the Peninsula is trying to solve:  how to balance their budget in tough economic times.  Redwood City is facing a deficit of nearly $5.8M for the current fiscal year which ends on June 30 of this year.  The gap for next fiscal year is anticipated to swell to nearly $8.2M.   Declining sales and property taxes have forced many communities into drastic cost cutting measures, and Redwood City is no different.

Letter from the Mayor.

Yesterday, Mayor Rosanne Foust broadcasted and email that outlined the budget crisis, and outlined a solution to close the gap.  The near-term fix is to freeze the salaries of City employees, and to dip into the City’s cash reserves.   Here’s her email in it’s entirety:

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Managing Redwood City’s Budget Issues
It will come as no surprise to you that the economic downturn is continuing to take an increasingly severe toll on Redwood City’s two largest sources of revenue. The decline in sales tax revenue and markedly weakening property tax revenue are largely responsible for the current fiscal year’s deficit of $5.8 million and the estimated $8.2 million deficit for next fiscal year.

Despite the bleak financial situation which is affecting all of us, I want to assure you that I have great confidence in our ability to address the City’s ongoing budget deficit. I can report with real optimism that the entire City organization, through a combination of programmatic reductions, salary freezes, and use of reserve funds, is working diligently toward bringing our finances back in balance over the next three-to-four years.

Redwood City workers are pulling together to reduce costs at every level while working to maintain crucial City services for the community.  All five of the City’s bargaining units and the Executive Group have agreed to a one-year salary freeze that will save the city nearly $4.5 million through the next two fiscal years. I want to say with sincere gratitude that this agreement really speaks to the remarkable group of people we have working here on behalf of the community.

The Council has already directed that the entire deficit for this fiscal year (ending June 30, 2009) will be covered through the use of the City’s reserve funds – and I want to commend my Council colleagues and their predecessors for their foresight and prudence over the years in ensuring our reserves are maintained at a substantial level. The Council has also directed that two-thirds of next fiscal year’s deficit will be addressed with reductions throughout all City departments (including the salary freeze savings), complemented by use of reserves to cover the remaining one-third. In the two fiscal years after that, reserves are anticipated to cover 25% and 10% of expected deficits, respectively, with no further use of reserves planned after that point. This will allow us to maintain reserves at a minimum of 15% of annual revenues thereafter, for future needs.

Please be assured that every member of the Redwood City organization is redoubling their efforts to ensure efficiency and accountability, and are directly addressing both the reality of the financial situation and the need to provide the services on which our community depends. The fiscal year 2009/2010 proposed budget will be available at www.redwoodcity.org on June 5, and will be presented to the Council and the community during public meetings on June 15 and June 22. Please plan on attending one or both to learn more as the budget is finalized.

Thank you,

Rosanne Foust, Mayor

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Inventory Analysis

There was a little surge in the inventory this week as new listings outpaced the number of home sales.    However, it’s encouraging to see buyers in the higher price range, as evidenced by the Danford Court sale below.  Here’s the summary of the Emerald Hills and Farm Hills Estates market as of 5/9/09:

• Active: 62 Homes (Last week: 55)
• Pending Sale: 7 Homes (Last week: 9)
• Ratio:  8.9 : 1 (Last week:  6.4 : 1)

Here’s what sold and what’s new for the week of 5/9.  For information any of the homes below, simply click on the picture or address link….

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Homes Sold

25 Danford Court

• Pictured above — Sale Price: $2,175,000. Original List Price: $2,295,000.   Difference:  $120,000 (5.2%) below original list. DOM: 10 Days under the current MLS# 80915545.    It originally listed back in October ‘08 at $2,695,000 (-19.3%) Listed by John Shroyer of RE/MAX Today.

846 Hillcrest Drive

• Sale Price: $800,000. Original List Price: $849,000.   Difference:  $49,000 (5.8%) below original list. DOM: 35 Days under the current MLS# 80909216.  Listed by Patricia Peterson of Coldwell Banker.

***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

91 Tum Suden Way

• $3,695,000 — 3BR/4+BA, 3,548 sq ft on a 88,731 square foot lot.    MLS# 80922514, listed by Jerry Girouard of Girouard Properties

3711 Brandy Rock Way

• $1,495,000 — 3BR/2.5BA, 1,810 sq ft on a 16,170 square foot lot.    MLS# 80922807, listed by Sally Jones of Alain Pinel Realtors.

1060 Lakeview Way

• $1,249,000 — 3BR/3BA, 2,320 sq ft on a 13,285 square foot lot.    MLS# 80922367, listed by Michelle Glaubert of Coldwell Banker.

641 Emerald Hill Road

• $1,175,000 — 4BR/2.5BA, 1,630 sq ft on a 6,800 square foot lot.    MLS# 80921812, listed by Mandy Higgins of RE/MAX Properties West.

**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

611 Lombardy Way

• Pictured Above:  $1,495,000 — 4BR/3BA, 3,410 sq ft on a 12,196 square foot lot.    MLS# 80921808, listed by John Shroyer of RE/MAX Today.

70 Fox Hollow Lane

• $1,795,000 — 5BR/3.5BA, 3,460 sq ft on a 20,068 square foot lot.    MLS# 80922514, listed by Linda Ryan of Cashin Company.    Recently on the market in October ‘08 at $2,125,000.

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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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Inventory Analysis

Signs of life:  Homes are slowly starting to sell again in Emerald Hills and Farm Hills Estates.  Having 611 Lombardy Way and 37 Woodhill Drive sell will inject some life and new comparable sales data-points into the $1.5M and above range.   Here’s the summary of the Emerald Hills and Farm Hills Estates market as of 5/2/09:

• Active: 55 Homes (Last week: 59)
• Pending Sale: 9 Homes (Last week: 7 )
• Ratio:  6.4 : 1 (Last week:  8.4 : 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

1055 Silver Hill Road

• Pictured above — Sale Price: $1,095,000. Original List Price: $1,195,000.   Difference:  $100,000 (8.4%) below original list. DOM: 19 Days under the current MLS# 80911804.    Listed by Peter Vece of Dumas & 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

589 Rocky Way

• Pictured Above: $2,195,000 — 4BR/2.5BA, 1,710 sq ft on a 49,000 square foot lot.    MLS# 80920577, listed by Ginny and Joe Kavanaugh of Coldwell Banker.

36 W Summit Drive

• $1,998,000 — 4BR/4+BA, 4,795 sq ft on a 16,680 square foot lot.    MLS# 80921409, listed by Greg Celotti of Alain Pinel Realtors.

693 Upland Road

• $1,788,000 — 4BR/3BA, 3,200 sq ft on a 12,600 square foot lot.    MLS# 80921441, listed by Greg St. Clair of Mid-Peninsula Realty.

2826 Medford Avenue

• $1,059,000 — 3BR/2BA, 1,720 sq ft on a 6,500 square foot lot.    MLS# 80921445, listed by Michael Ames of Patriot Properties.

1012 Chesterton Avenue

• $998,000 — 4BR/3BA, 2,090 sq ft on a 9,550 square foot lot.    MLS# 80921397, listed by Doug Gonzalez of Coldwell Banker.

954 Glennan Drive

• $850,000 — 4BR/2.5BA, 1,890 sq ft on a 7,665 square foot lot.    MLS# 80921655, listed by Olivia & Mary of McGuire Real Estate

**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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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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