Riding the Wave

The Real Estate market this year in Foster City has been just like this…wavy! Up and down, peaks and valleys. Frankly, it’s made me a little nuts. Another thing that’s been true about it has been it’s unpredictability. Nothing will sell for weeks…and then 10 houses go all at once, and it’s been like that all year so far. What makes things even weirder is that in the upswing phase we’ve seen some pretty marginal houses sell, yet fantastic ones are just sitting there in a down period. In 2008 timing truly has been everything. I’m planning on doing something a little different later this week, I’m going to do a Podcast on the Foster City market’s first 6 months of 2008 and the numbers are really pretty interesting. In this post though I thought it would be worth while talking about what’s currently for sale.

Currently, there’s 30 single family houses on the market in Foster City. Between May 20 and June 10 16 houses sold. Between June 11 and today there’s been 3. I know I’m sort of going out on a limb here but, in my opinion, of the 30 active listings 9 of them are overpriced. If any of those 9 sold at their asking prices it would represent the most money ever spent for their floor-plans. I don’t believe that 2008 is a great year to pioneer a new price range. That has happened this year, but those houses (ie:763 Matsonia) were so extraordinary and unusual that the added value was understandable.

Of the remaining active listings some really stand out to me as worth mentioning and commenting on:

1128 Blythe listed by Ronda O’Leary of Cashin Company for $1,348,888. What a great job of preparation by these sellers and Ronda…it’s a great testament to them and the value of staging! Priced right in this great Ponderosa Shores neighborhood for a 5 bedroom house.

285 Duck Ct listed by Giovanni Bruschi of Prudential for $1,249,888. This is one of those houses I was talking about earlier. First of all, it’s stunning! Really a gorgeous house. It got multiple offers, ratified and the buyers couldn’t go through with the sale and it fell through after 13 days. Since then, no offers…it’s a real head scratcher to me.

1330 Ribbon listed by Mary Bee of Re/Max Today for $965,000. It’s the second lowest priced house in Foster City. It, too, is a very nice home…I’m surprised it’s still there after 52 days on the market. These houses are all good opportunities, I know I’ll show them.

Our last upswing came, in my opinion, following the Chronicle running a positive front page story about this market providing good opportunities for home buyers. They’ve run a dozen or more negative pieces since then, maybe they’re due to cycle around again and we’ll see something positive soon…and 16 houses will sell right away. Meanwhile, stay tuned for that Podcast on Thursday because the facts are really illuminating.

Condo & Townhouse Inventory

Street Address	Status	List Price	Beds	Baths	Bldg SqFt	Age	DOM
720 PROMONTORY PT LN #02207	A	1299000	3	2 1/2	2264	18	57
740 PROMONTORY PT LN #3303	A	1298000	2	2 1/2	2224	4	93
720 PROMONTORY PT LN #02109	A	999000	3	2 1/2	2264	18	56
893 ERICKSON LN	A	879500	4	2 1/2	2030	35	6
830 BALBOA LN	A	875000	3	2 1/2	2140	33	26
950 DIAZ LN	P	849000	4	2 1/2	2030	33	34
815 SPRUANCE LN	P	799000	4	2 1/2	1880	33	13
755 NEPTUNE LN	A	795000	4	2 1/2	1700	36	86
810 BALBOA LN	A	749000	2	2	1395	33	41
828 PEARY LN	A	749000	3	2 1/2	1340	34	6
777 VESPUCCI LN	P	749000	3	2 1/2	1600	34	9
1025 HELM LN	A	748888	3	2 1/2	1580	12	18
42 E COURT LN	A	748000	3	2 1/2	1580	22	14
1023 HELM LN	A	739000	2	2	1240	12	2
1033 DOVE LN	A	720000	2	2 1/2	1290	37	34
152 ALBACORE LN	P	719000	3	2 1/2	1370	22	71
926 LIDO LN	A	712850	2	2	1490	33	2
211 VILLAGE LN	A	709000	2	2 1/2	1260	12	34
254 BONITA LN	P	709000	3	2 1/2	1370	23	52
247 BONITA	P	699900	3	2 1/2	1370	23	21
134 E COURT LN	P	699000	3	2 1/2	1580	22	5
774 COMET DR	A	688888	3	2 1/2	1290	36	76
820 SEA SPRAY LN #206	A	675000	3	2	1535	27	9
102 CITYHOMES LN	A	669000	2	2 1/2	1530	21	37
860 MERIDIAN BAY LN #00232	P	658888	2	2	1245	9	99
972 VASCO DA GAMA LN	A	649950	2	2	1260	34	54
814 BALBOA LN	A	649000	2	2	1270	33	90
780 SEA SPRAY LN #213	A	639213	2	2	1235	25	54
196 BEACH PARK BL	P	639000	2	1 1/2	1270	34	52
1457 MARLIN AV	A	618000	2	1 1/2	960	38	0
778 COMET DR	A	599200	2	1 1/2	980	36	5
1171 COMPASS LN #213	A	595000	3	2	1593	32	16
1131 COMPASS LN #00303	A	590888	2	2	1286	35	161
1061 BEACH PARK BL #00304	A	565950	2	2	1250	35	102
1061 BEACH PARK BL #00307	A	550000	2	2	1286	35	119
1041 SHELL BL #1	A	549000	2	2	994	36	19
1061 BEACH PARK BL #00204	A	545000	2	2	1349	35	34
1025 SHELL BL #1	A	539000	2	2	994	36	12
1061 BEACH PARK BL #00110	A	538888	2	2	1349	35	30
800 SEA SPRAY LN #00210	A	538800	2	2	1213	24	58
900 BEACH PARK BL #00147	A	529000	2	2	1060	35	239
820 SEA SPRAY LN #00102	P	499000	2	2	1500	27	115
7209 ADMIRALTY LN	A	487000	2	1 1/2	998	43	57
5209 ADMIRALTY LN	A	474800	2	1 1/2	998	43	51
1103 ADMIRALTY LN	A	473000	2	2	1003	43	47
800 SEA SPRAY LN #216	P	439000	1	1	995	24	25
4106 ADMIRALTY LN	A	415000	1	1	748	43	26
820 SEA SPRAY LN #00217	A	400000	1	1	1053	27	216
1049 SHELL BL #00011	P	329888	1	1	825	35	137

 

The Condo/Townhouse segment of the Foster City market is holding it’s own about as well as single family houses over all with 36 active listings and 13 pending sales as of today. The pendings are in the lighter tone above. That ratio has increased a tad since I did this report six weeks ago, when there were 31 active units and 18 pending sales, but it’s interesting to note that a large number of those sales, 10 of 13, sold since May 27. That sort of reflects the same little boost we had with Single Family houses during that same period. Of course these units vary tremendously in size and utility, but I can’t resist highlighting a few that are worth seeing because they’re so darn nice! I would expect to see them sell relatively quickly:

893 Erickson listed by Jan Majeski of Alain Pinel for $879,500. This is one really adorable townhouse at Winston Square. 4 bedrooms, 2.5 baths…and really done nicely! A top drawer remodel, I like this place alot.

1025 Helm listed by Debbie Wong of Prudential for $748,888. This wide waterfront 3 bedroom, 2.5 bath unit at Bayfront Court is also done well and it’s rare to see a waterfront exposure this terrific. Shows really well, it’s a great listing!

4106 Admiralty listed by Guillermo Reyes of Keller Williams for $415,000. I know, I know…the Admiralty has it’s issues, and yes, the refrigerator is in the dinning room, but you don’t see many folks willing to really fix up a one bedroom unit like these folks have. It’s a really cute unit!

Go have a look…tell me if you disagree.

Single Family Inventory

Street Address	Status	List Price	Beds	Baths	Bldg SqFt	DOM
642 GREENWICH LN	A	1698888	4	2 1/2	2240	5
390 BRAMBLE CT	P	1680000	5	4+	2930	29
1024 WINDJAMMER CI	P	1598000	5	2 1/2	2830	41
121 BEACH PARK BL	A	1498000	4	2 1/2	2780	34
321 BOWFIN ST	A	1468000	4	3	2430	7
527 TRINIDAD LN	A	1375000	2	2 1/2	2370	56
1401 MELBOURNE ST	P	1375000	5	3	2280	13
1382 HALIBUT ST	P	1358888	4	2 1/2	2670	11
774 WIDGEON ST	A	1349000	4	2 1/2	2890	5
127 FLYING MIST IS	A	1335000	3	2	1820	33
977 CRANE AV	A	1299000	5	3	2560	86
840 CASTOR ST	A	1299000	4	2 1/2	1960	61
813 VEGA CI	A	1299000	4	2 1/2	2620	34
285 DUCK CT	A	1249888	4	2 1/2	2350	18
275 SANDPIPER CT	P	1248888	5	3	2540	10
221 PELICAN CT	A	1220000	4	3	2250	72
510 NOTTINGHAM LN	P	1199000	5	3	2250	14
158 FLYING MIST IS	P	1199000	4	2	2340	43
154 BARKENTINE ST	P	1198000	4	3	2360	8
601 BAINBRIDGE ST	P	1198000	4	2 1/2	2120	16
970 GULL AV	A	1159000	4	3	2450	40
170 TRIMARAN CT	A	1139000	3	2	2030	21
1333 TARPON ST	A	1128000	4	2 1/2	2160	4
757 N CORONADO LN	A	1099999	4	2 1/2	2760	17
970 EDGEWATER BL	P	1099000	5	3	2690	78
330 BLUEFISH CT	A	1098888	4	2 1/2	2160	8
620 BRIDGEPORT LN	P	1088000	3	2 1/2	1940	6
897 LURLINE DR	A	999888	4	2 1/2	2070	191
226 SANDPIPER CT	A	998000	5	2	1930	130
816 MARLIN AV	P	988888	3	2	1890	20
247 PELICAN CT	P	988000	4	2	1780	67
648 MATSONIA DR	A	978000	4	2	1760	26
229 STILT CT	A	968888	3	2	1700	21
382 MENHADEN CT	P	968000	3	2	1600	13
831 ARGUS CT	P	968000	3	2	1820	14
1330 RIBBON ST	A	965000	3	2	1860	25
633 CRANE AV	P	920000	4	2	1770	24
833 CHRYSOPOLIS DR	P	899888	4	2	1670	142
321 STAYSAIL CT	P	899500	3	2	1540	39
435 NANTUCKET ST	A	898888	3	2	1280	27
864 MARLIN AV	A	888000	3	2	1890	7

As I’ve written on preceeding posts, Single Family inventory had increased considerably from earlier this year until we actually reached a high of 31 houses a few weeks ago. Several sales have taken place in the last 2 weeks bringing the total number of currently active homes to 23 this morning, along with 18 pending sales. In the chart above the pending sales are highlighted in gray. DOM denotes the days on the market the house has been actively for sale.

Of the newer listings here there are a few that are worth commenting on:

642 Greenwich listed by Sue Dickey of Alain Pinel for $1,698,888 is the gem of this crop. Really and truly gorgeous! If you can spare a few minutes this weekend go visit it’s open house…you won’t regret it. Very, very nice home on wide water at Whalers.

774 Widgeon listed by Cindy Liebsch of Coldwell Banker for $1,349,000. Narrow waterfront house that’s also a real beauty! Lot’s of natural light and very nicely remodeled. Another one that’s worth a look.

330 Bluefish listed by Jessica Yau of Coldwell Banker for $1,098,888. This listing was on for a while at a higher price and was recently reduced, making it a really good buy in my opinion for a 2 story 4 bedroom home. I can’t imagine it lasting too much longer at this price.

Keep an eye on these homes, I’m betting they all sell quickly.

Condo & Townhouse Inventory

Street Address	Status	List Price	Beds	Baths	Bldg SqFt	Age	DOM
740 PROMONTORY PT#3303	A	1395000	2	2 1/2	2220	4	49
720 PROMONTORY PT #2207	A	1299000	3	2 1/2	2264	18	13
720 PROMONTORY PT #2109	A	999000	3	2 1/2	2264	18	12
740 PROMONTORY PT #3207	P	990000	3	2 1/2	2264	4	70
830 BALBOA LN	A	899000	3	2 1/2	2140	33	12
642 CELESTIAL LN	A	849000	4	2 1/2	1700	36	44
8 BINNACLE LN	A	825000	3	2 1/2	1860	20	53
755 NEPTUNE LN	A	795000	4	2 1/2	1700	36	42
854 ANDROMEDA LN	A	759500	2	2 1/2	1546	31	32
720 COMET DR	P	749000	3	2 1/2	1670	36	9
828 PEARY LN	A	749000	3	2 1/2	1340	34	18
1039 DOVE LN	P	748000	3	2 1/2	1610	37	7
152 ALBACORE LN	A	744000	3	2 1/2	1370	22	36
1003 EMERALD BAY LN	P	739888	2	2 1/2	1638	17	44
876 CARINA LN	P	729000	3	2 1/2	1667	31	45
349 CATAMARAN ST	P	725000	3	2 1/2	1340	34	24
612 AQUARIUS LN	P	718000	3	2 1/2	1430	35	5
103 E COURT LN	P	717000	2	2 1/2	1530	22	25
926 LIDO LN	A	712850	2	2	1490	33	17
254 BONITA LN	A	709000	3	2 1/2	1370	23	17
247 BONITA	A	699900	3	2 1/2	1370	23	18
117 E COURT LN	P	699888	2	2 1/2	1410	22	50
774 COMET DR	A	699000	3	2 1/2	1290	36	32
130 E COURT LN	P	698000	2	2	1230	22	16
880 MERIDIAN BAY LN #116	A	689000	2	2	1350	10	96
49 COMMONS LN	P	685000	2	2 1/2	1530	20	19
814 BALBOA LN	A	685000	2	2	1270	33	46
860 MERIDIAN BAY LN #00231	A	679000	2	2	1350	9	53
972 VASCO DA GAMA LN	A	670000	2	2	1260	34	10
860 MERIDIAN BAY LN #00232	A	668888	2	2	1245	9	70
780 SEA SPRAY LN #213	A	639213	2	2	1235	25	10
196 BEACH PARK BL	A	639000	2	1 1/2	1270	34	8
1131 COMPASS LN #00303	A	590888	2	2	1286	35	117
1061 BEACH PARK BL #00307	A	585000	2	2	1286	35	75
1061 BEACH PARK BL #00304	A	565950	2	2	1250	35	58
1151 COMPASS LN #00108	A	565000	2	2	1286	32	92
1151 COMPASS LN #00107	P	549000	2	2	1349	32	79
1033 SHELL BL #00010	P	539900	2	2	1042	36	16
800 SEA SPRAY LN #00210	A	538800	2	2	1213	24	14
900 BEACH PARK BL #00147	A	529000	2	2	1060	35	195
820 SEA SPRAY LN #00102	P	499000	2	2	1500	27	10
7209 ADMIRALTY LN	A	487000	2	1 1/2	998	43	13
1103 ADMIRALTY LN	A	482999	2	2	1003	43	3
5209 ADMIRALTY LN	A	474800	2	1 1/2	998	43	7
800 SEA SPRAY LN #00216	P	439000	1	1	995	24	25
820 SEA SPRAY LN #00217	A	429000	1	1	1053	27	172
1111 COMPASS LN #00210	P	418000	1	1	990	35	9
1049 SHELL BL #00011	A	329888	1	1	825	35	108

 

The Condo/Townhouse market has actually been remarkably strong in Foster City, with 31 active listings as of today, and 18 Pending Sales. That’s really an excellent ratio and speaks well for this segment of the Foster City market. Condos and Townhouses are naturally more affordable than single family homes in this area and we’re certainly seeing some real activity here. I’ve color coded the actives in a darker tone for easy access in the chart above. There’s actually been more activity in this segment in the last few weeks than there has been in single family sales. In the last 2 weeks 10 condo/townhouses have sold vs. 6 single family.

Single Family Inventory

Street Address	Status	List Price	Beds	Baths	Bldg SqFt	Age	DOM
806 CHRYSOPOLIS DR	P	898000	4	2	1770	44	7
58 WILLIAMS LN	P	908800	3	2 1/2	1550	22	71
748 CRANE AV	P	920000	5	2	1930	43	21
833 CHRYSOPOLIS DR	A	923888	4	2	1670	44	98
989 CRANE AV	P	949000	3	2	1890	41	13
250 CURLEW CT	P	975000	4	2 1/2	2160	43	65
392 BLUEFISH CT	A	988000	3	2	1860	42	2
382 MENHADEN CT	A	988828	3	2	1600	41	13
247 PELICAN CT	A	1038000	4	2	1780	43	23
897 LURLINE DR	P	1050000	4	2 1/2	2070	43	119
226 SANDPIPER CT	A	1098000	5	2	1930	43	84
970 EDGEWATER BL	P	1099000	5	3	2690	39	78
360 BOWFIN ST	P	1099000	4	2	1880	41	8
241 MAINSAIL CT	P	1099000	4	2	2254	41	50
221 PELICAN CT	A	1220000	4	3	2250	43	26
158 FLYING MIST IS	A	1235000	4	2	2340	43	3
990 SWAN ST	A	1239000	4	2 1/2	2160	42	84
1407 MELBOURNE ST	A	1295000	4	2 1/2	2070	23	12
977 CRANE AV	A	1299000	5	3	2560	40	40
840 CASTOR ST	A	1299000	4	2 1/2	1960	39	15
876 POLARIS AV	A	1299000	5	2 1/2	2680	35	10
1144 HALSEY BL	A	1338000	4	2 1/2	2490	30	82
938 ARUBA LN	P	1399000	3	2 1/2	2170	30	40
813 VEGA CI	A	1399000	4	2 1/2	2620	35	64
527 TRINIDAD LN	A	1425000	2	2 1/2	2370	32	10
837 GRENADA LN	A	1449000	4	2 1/2	2530	30	64
763 MATSONIA DR	A	1645000	5	3	2996	44	3
1024 WINDJAMMER CI	A	1688000	5	2 1/2	2830	27	17

 

In the last two weeks 9 new listings have hit the market, bringing us to a total of 18 Single Family Homes for sale in Foster City…a 2008 high. In the chart above you’ll see all of the listings, both active and pending as denoted by the letter in the second column marked “Status”. 18 active is a high so far for 2008…plus 10 Pending Sales. By comparison San Mateo has 155 active listings, Belmont has 48, San Carlos has 59, Redwood City has 211. I’m fighting a strong temptation to start a pool of some kind to guess which of these active listings will sell in the next week to 10 days…I’m certain some of them will and we could be right back to 11 or 12 listings active again soon. By the way, DOM stands for Days on Market. The market is so much like a river flowing, with it’s own currents, that it’ll be really interesting to measure where the market is right now by the sales from this group of active listings. Next week I’ll post these numbers for Condos/Townhouses.

 UPDATE  Jan Majeski of Alain Pinel’s new listing at 763 Matsonia is really stunning! It’s on a pie shaped, 16,200 sq ft lot at the end of the cul-de-sac and it’s wide water exposure is something to behold. It’s truly panoramic and the remodel is very nicely done too. It’s priced at $1,645,000…if you have time, and it’s still around this coming weekend and open, it’s worth a look.