July 1st, 2014 No Comments »
June saw a total of 25 home sales, two of which were townhouses/condos. 2014 Has been a very strong market for Belmont real estate and Belmont sellers, with a median home price of $1,220,000, compared to a median home price of $912,000 just two years ago. With summer in full swing and fourth of July right around the corner, the market has seemed to slow down just a tad. This is in part due to the fact that many families are off to vacation right now, graduation season has just ended, we’re right at the beginning of wedding season, and some buyers are just simply frustrated with the market. Although many of these buyers are frustrated, they know that more inventory coming, so will be back on the house hunt soon enough. Even though we have seen a very strong seller’s market for the past year and a half or so, I do think that the market is finally starting to normalize a bit, which could also explain the cool down. More inventory, plus a steady economy and low interest rates are all great ingredients for a normal, stable market. While home prices are projected to continue to be on the rise over the next few years, the rate at which home appreciation will rise may slow a bit. While the seller’s market has proven to be lucrative for many seller’s, it sure has been frustrating for most buyers, especially those getting bit out with all cash offers. A normal market with a healthy inventory that allows for seller’s to sell their homes at good prices, and buyers to get in to the market (especially first timers!) without so much competition and overbidding may be what’s in store for 2015.
1 Willow Lane- Listed at $1,350,000 and sold for $1,520,000.
2824 Alhambra Way- Listed at $1,299,000 and sold for $1,260,000
1557 Sixth Ave. – Listed at $1,299,000 and sold for $1,330,000
2331 Hastings Dr. – Listed at $1,199,000 and sold for $1,350,000
3410 Hillcrest Dr.- Listed at $1,188,000 and sold for $1,435,000
2302 Casa Bona Ave.- Listed at $$1,188,000 and sold for $1,200,000
1718 Notre Dame Ave. – Listed at $1,100,000 and sold for $1,105,000
2608 Belmont Canyon Rd. – Listed at $1,050,000 and sold for $1,205,000
2030 Lyon Ave. – Listed at $998,000 and sold for $1,101,000
2108 Cipriani Blvd.- Listed at $988,000 and sold for $1,120,000
1507 Folger Dr. – Listed at $969,000 and sold for $925,000
1710 Francis Dr. – Listed at $899,000 and sold for $1,180,000
2019 Lyon Ave. – Listed at $838,000 and sold for $855,000
400 Live Oak Way #407- Listed at $819,000 and sold for $825,000
496 Mountain View Ave. - Listed at $800,000 and sold for $800,000
1140 Granada St. - Listed at $799,000 and sold for $920,000
2411 Carlmont Dr. #106- Listed at $799,000 and sold for $850,000
507 Chesterton Ave. – Listed at $799,000 and sold for $940,000
1524 Desvio Way- Listed at $1,395,000 and sold for $1,505,000
2204 Ewell Rd. – Listed at $1,199,000 and sold for $1,250,000
3407 Lodge Dr. – Listed at $1,050,000 and sold for $1,152,500
2704 Prindle Rd. – Listed at $929,000 and sold for $960,000
1115 Continentals Way #201- Listed at $618,000 and sold for $635,000
1806 Notre Dame Ave. – Listed at $1,288,500 and sold for $1,525,000
2332 Hastings Drive- Listed at $1,150,000 and sold for $1,200,000
June 18th, 2014 No Comments »
Many sellers are still unsure if now is a good time to sell. As realtors, we often meet sellers who are uneasy at the thought of selling. Can buyers qualify for a mortgage? What’s going to happen to housing prices? Where will I go if I sell? These are all common and very valid questions. But, here are a few reasons why selling now is a good idea.
1. There is still pent up demand for Belmont homes. Although the inventory is increasing, there are currently only 13 homes on the market in Belmont, technically. Considering that one of those is a large land parcel that ‘s being sold as land value to be subdivided, that really only leaves us with 11 single family homes and one condo.
2. Sellers still has minimal competition right now. There is only about a 2.5 month supply of inventory on the market in Belmont right now. Historically, a 6 month supply is considered normal. In addition to that, the number of homeowners that would have liked to sell a few years back but couldn’t because they didn’t have enough equity are now seeing positive equity and putting their homes on the market, or getting ready to.
3. The home selling process is much faster now. The good old law of supply and demand is making homes sell much quicker than a few years ago, or even in a stabilized market with a healthy inventory. Most homes are selling within 7-10 days of being on the market, sometimes less if the seller will entertain a preemptive offer as opposed to waiting for an offer date. So the time a sellers home is “active” on the market is a pretty short amount of time. Even with a 30 day close of escrow, many sellers are actually renting their homes back from the buyers for 30-60 days to give them time to find their replacement property. A good agent will also negotiate favorable terms for the seller.
4. It’s a good time to move up. If your plan is to sell your current home and move up to a larger, more expensive home, the cost of doing that will go up in both down payment and interest rates. By 2018, prices are projected to appreciate by 19%, if not more. Interest rates are projected to be in the low 5′s by this time next year.
5. Maybe it’s just time to move on. Whether it’s not getting around to that remodel you’ve always planned, you want to be closer to family, or it’s time to retire and downsize or relocate, sometimes the benefits of moving on are outweighed by money and potential gain by holding on to your home. This is a question only you can answer, but if you’ve entertained the thought of selling your home, now could be an opportune time to take advantage of the market.
Click Here To View Belmont Average Price Per Square Foot over Two Years!
June 3rd, 2014 No Comments »
The month of May saw a total of 23 sales, two of which were town houses. Although the market has been strong and home prices have been steadily climbing, we are finally seeing more inventory, which is great news for frustrated buyers that are ready and able to buy. Not only is there an increase in homes up for sale, but there is also a decrease in the number of offers homes are receiving. That’s not to say that multiple offers are not happening anymore, but there are homes going with 2-3 offers vs. 10-12 that we saw in the past. Currently, there are 28 active homes available for sale in Belmont, and we expect that this number will begin to climb through the summer, creating a more normal market than what we have been seeing over the past year.
1512 Pine Knoll Drive – Listed at $1,848,000 and sold for $1,950,000
2728 St. James Road - Listed at $1,695,000 and sold for $1,908,000
1932 Oak Knoll Drive – Listed at $1,595,000 and sold for $1,800,000
1250 Chula Vista Drive- Listed at $1,450,000 and sold for $1,460,000
2613 Barclay Way – Listed at $1,298,000 and sold for $1,300,000.
2628 Carlmont Drive- Listed at $1,288,000 and sold for $1,502,000
231 Lyndhurst Ave. – Listed at 1,275,000 and sold for $1,350,000. This home was originally listed for $1,458,950
2615 Hastings Drive- Listed at $1,199,000 and sold for $1,470,000.
1615 Manzanita Ave. - Listed at $1,188,000 and sold for $1,150,000
2310 Hastings Drive- Listed at $1,150,000 and sold for $1,280,000
52 Rinconada Circle- Listed at $1,050,000 and sold for $1,276,000
3308 Adelaide Way- Listed at $1,049,000 and sold for $1,200,000
1057 Lassen Way- Listed at $998,000 and sold for $1,212,000
1 Arroyo View Circle – Listed at $975,000 and sold for $1,000,000.
122 Farallon Drive- Listed at $899,000 and sold for $952,000.
2013 Lyon Ave. – Listed for $850,000 and sold for $940,000
1160 Judson St. – Listed for $848,000 and sold for $970,000
1901 Alden St. – Listed for $799,999 and sold for $880,000
200 Live oak Way $203- Listed for $798,000 and sold for $805,000
935 Old County Rd. #15- Listed for $579,000 and sold for $605,000
May 13th, 2014 No Comments »
We have are proud to introduce two new Belmont listings! The first home is at 1750 Terrace Drive and offers almost 3000 sq. ft. of living space. The contemporary architecture, soaring ceilings and views of the surrounding hills capture the essence of just how unique homes in Belmont are. For more information you can visit www. 1750Terrace.com
Our second listing is at 2332 Hastings Drive, Belmont. Homes on this home have been in demand this year!! It’s a 3 bedroom, 2.5 bath home with canyon views. You can view more information at www.2332Hastings.com. Both of these lovely homes will be open this Sunday from 1-4 pm.
May 5th, 2014 No Comments »
Belmont had a total of 20 homes close escrow in April, 2014. The lowest priced home sale was $1,032,000 and the highest home sale was $2,000,000. Spring is in full bloom and so is the market!
32 Elder Drive – Listed at $1,798,000 and sold for $2,000,000
15 Waterloo Ct. – Listed at $1,698,000 and sold for $1,750,000
2731 Hallmark Drive- Listed at $1,659,000 and sold for $1,765,000
2812 San Juan Blvd. – Listed at $1,495,000 and sold for $1,678,800
2260 Ralston Ave. – Listed at $1,398,000 and sold for $1,565,000
3812 Naughton Ave.- Listed at $1,200,000 and sold for $1,350,000
1517 Sunnyslope Ave- Listed at $1,195,000 and sold for $1,460,000
2855 San Juan Blvd. – Listed at $1,150,000 and sold for $1,150,000
2730 Monserat Ave.- Listed at $1,138,000 and sold for $1,320,000
1120 Tahoe Drive- Listed at $1,100,000 and sold for $1,318,,000
8 Arroyo View Circle- Listed at $1,188,000 and sold for $1,088,800
1755 Terrace Drive- Listed at $1,088,000 and sold for $1,200,000
2311 Hastings Drive- Listed at $1,088,000 and sold for $1,302,800
1251 Talbryn Drive- Listed at $1,078,888 and sold for $1,200,000
1909 Lyon Ave. – Listed at $995,000 and sold for $1,220,000
3047 St. James Road- Listed at $998,000 and sold for $1,010,000
2115 Shirley Road- Listed at $975,000 and sold for $1,430,000
1117 Villa Ave. – Listed at $965,000 and sold for $1,220,000
2008 Monroe Ave. – Listed at $940,000 and sold for $1,180,000
2401 Buena Vista Ave. -Listed at $838,000 and sold for $1,032,000
Although there are more homes coming on the market, it still remains very competitive for buyers out there as there is still pent up demand. With every closed sale, prices also inch upwards, so many buyers that started their home search 6 months to a year ago can’t purchase the same type of homes today as they could back then. It is important to come up with a strategy so that when the right property or opportunity for you comes along you can move quickly in this competitive market. If you would like any additional information about any of these sales, please get in touch with us!
May 2nd, 2014 No Comments »
Belmont offers lots of unique homes because of the numerous hills, winding streets, and overall topography of the land. One thing that attracts people to Belmont aside from the schools, proximity to SF and Silicon Valley, and great schools and weather, is the fact that one can find a home with Character and an artistic flow that still renders the home functional. We just put a listing on the market at 1512 Pine Knoll and this home is going to attract lots of attention!
This home was custom built in 2004 and offers dramatic architecture, high ceilings, views, and one of the most amazing kitchens that I have ever seen! With 4 bedrooms, 2.5 baths, a breakfast room, and an elevator to lead to the lower level (not that there’s a lot of stairs in the house), this home offers just about every amenity that one could as for.
The kitchen alone is worthy of highlighting. It has a large island with a trough sink, Viking appliances, a large pantry, honed slate backsplash, 2 dishwashers, 2 ovens, and custom cabinet and drawer pull-out organizers. Any chef would be happy in this kitchen, and even if you hate cooking, this kitchen could very well change that. It’s not often you see a home like this, so if you’re looking for a new home, or have friends and family looking, or would just like to simply stop in and have a look at it, drop by the Open House this Sunday from 1-4.
More details and photos of this home can be seen at www.1512PineKnoll.com.
April 11th, 2014 1 Comment »
This home we have at 1615 Manzanita Ave. in Belmont is a great value for those looking to build equity quickly. This home offers 4 bedrooms, and 2.5 baths, plus a bonus room that’s accessible from the yard with 2110 sq. ft. of interior living space (not including the bonus room). There’s a large level yard with a patio plus additional space that can easily be leveled or terraced. The lot size is 6300 sq. ft. Like any home, this one has a few drawbacks, in that it has no garage, and the lower level can use some slight reconfiguring, but this home certainly offers a lot of space for both living and storage space to make up for the lack of garage. This really is a great home that just needs a bit of work to bring it up to modern day living lifestyles. And, in real estate, everybody knows is all about location, location, LOCATION! Manzanita Ave is a very quite street that’s quite short. In fact, many Belmont residents don’t even know it exists! If you are looking for home to make your own in a great location that also has views of the surrounding mountains, drop on by our open house this Sunday, April 13, from 1-4 and have a look.
April 8th, 2014 No Comments »
You’ve finally landed the home of your dreams, and in this competitive market, that’s a feat in itself! But now what? We’ve been asked at least 3 times in the past month what happens once you have an accepted offer and have found that many buyers get consumed with their home search and spending every waking moment they have either looking at homes online or going to view properties that the process of what happens once their offer is accepted is not really given much thought until they actually have an accepted offer. So here it goes:
From the time your offer is accepted, you have 3 days to get your earnest money deposit check into escrow. If you have contingencies, the clock starts ticking for any contingency period you may have (generally, financing and property condition contingencies are the most common). Contingency periods are based on Calendar days, not business days.
If you are getting a loan for your home, your accepted offer along with the preliminary title report should be sent to your lender as soon as possible in order for them to order an appraisal. Once the appraiser has been out to the property and completed their appraisal report, it is sent back to the lender. Assuming there are no issues with the appraisal (i.e. the appraised value is not less than the purchase price on your contract), then usually the lender will sign off on the loan file and order loan documents. Sometimes the lender’s underwriter will come back and request more information or documentation from you, the borrower. These are also known as conditions. Given there are no conditions and all your contingencies are removed, your title company will need to review your loan documents and prepare them for you to sign. Once you have signed off on all your loan and escrow documents, you will bring in the balance of your down payment to the title company either by a cashiers check or wire transfer. Once the balance of your down payment and loan funds are received by the title company, the title company will then release the file to “record” the next day. In other words, the grant deed is taken to the county recorders office to file the new grant deed with you as the legal owner of the property. The title company will call to inform your agent that the file is “on record”, this is the point where you are officially the legal owner of the property and your home has successfully closed escrow.
While there are a number of issues that can arise during the escrow period, a pro-active agent will read the title report and be in constant contact with your lender and the title company to troubleshoot any problems that could potentially arise in order to keep everything on track for a smooth escrow.
April 1st, 2014 No Comments »
The numbers are in!!! There were a total of 17 Belmont homes that closed escrow in March, 2014. Of these 17, 2 of them were sold off market. Below is a list and link to all the homes that sold in March. With each closed sales, the list prices keep going up, as there are more comparable sales to support higher list prices.
2712 Sequoia Way- Listed at $1,736,000 and sold for $1,850,000
2744 Wemberly Drive – Listed at $1,600,000 and sold for $1,750,000
1144 Lassen Drive- Listed at $1,400,000 and sold for $1,521,000
2716 Comstock Circle- Listed at $1,395,000 and sold for $1,760,000
2743 Wemberly Drive- Listed at $1,395,000 and sold for $1,525,000
2617 Barlcay Way- Listed at $1,350,000 and sold for $1,170,500
8 Solana Court- Listed at $1,245,000 and sold for $1,335,000
2717 All View Way- Listed at $1,274,888 and sold for $1,491,000
2807 Monte Cresta Drive- Listed at $1,199,950 and sold for $1,328,888
1619 Notre Dame Avenue- Listed at $1,125,000 and sold for $1,200,000
2016 Lyon Avenue- Listed at $998,000 and sold for $1,325,000
2123 Lyon Avenue- Listed at $965,000 and sold for $1,115,000
1614 Notre Dame Avenue- Listed at $959,000 and sold for $1,276,000
3309 Plateau Drive- Listed for $875,000 and sold for $1,135,000
403 Cornish Way- Listed for $799,000 and sold for $950,000
1142 Continentals Way- Listed for $798,000 and sold for $871,000
300 Live Oak Way #310- Listed for $799,000 and sold for $820,000
If you or anyone you know are interested in a single family, ranch style home in a quiet pocket of Belmont, contact us! We have an off market listing that has been completely renovated but the owners do not want to go on the open market.
February 28th, 2014 No Comments »
The month of February produced a total of 15 Belmont home sales. Of these sales, 3 of them were condos and one was a townhouse. Although there seems to be more inventory coming on the market, we are still below the supply needed to meet the number of willing and able buyers out there.
2606 Prindle Rd. Listed for $1,725,000 and sold for $2,025,000
3814 Naugton Ave. Listed for $1,350,000 and sold for $1,425,000
3915 Christian Dr. – Listed at $1,125,000 and sold for $1,130,000
2415 Lincoln Ave. Listed for $1,011,000 and sold for $1,100,000 We represented the buyer on this property.
2720 Yosemite Dr. Listed for $999,000 and sold for $1,020,000
2413 Hastings Dr. Listed for $998,000 and sold for $1,175,000
2111 Pullman Ave. Listed for $998,800 and sold for $1,200,000
1224 Lane St. Listed for $979,000 and sold for $1,125,000
316 Treasure Island Dr. Listed for $899,000 and sold for $1,005,000
606 Chesterton Ave. – Listed for $878,888 and sold for $965,000.
305 Hiller St. – Listed for $798,999 and sold for $880,000
508 Dale View Ave. -Listed for $739,000 and sold for $710,000
400 Davey Glen Rd. #4612 -Listed for $599,000 and sold for $572,300
400 Davey Glen Rd. #4801 -Listed for $449,950 and sold for $462,000
300 Davey Glen Rd. #3426 -Listed for $348,000 and sold for $350,000
As of today, there are currently 10 listings on the market. Of those 10, one of them (3900 Marsten Dr.) is an 18.1 acre piece of property that is being sold for land value. So in reality, there are only 9 active homes on the market. Of these homes, not one is priced under $1,000,000. The Sterling Downs area of Belmont has seen prices jump dramatically because it is attracting buyers that cannot afford the $1,000,000+ price point. This doesn’t mean that the rest of Belmont (and the SF Bay Area in general) has not seen a big jump in appreciation. What it does mean is if you are considering selling your home and you live in Sterling Downs, now would be a very opportune time to sell to maximize profit and have very minimal competition.