What's happening in our local market is the number one question we receive so here's the good the bad and the ugly for May 2009 in Belmont. The Good The number of homes sold in creased in May to 15 from April's paltry 12. Still, compared to 2004 when 32 homes sold there's not a lot of activity. The number of days it took to sell a home in Belmont went from 48 in April down to only 37 in May. Of the 15 sales in May, 5 sold over the asking price, none sold at asking, and 10 sold under the seller's asking price. And for buyers wanting to get into a home, interest rates remain low--for now--and home affordability is on the rise. The Bad Homes which were originally overpriced took a beating. Overprice Homes 10 Homes Priced Well 5 DOM   76.8 DOM   18.8 Percent Received of Original List Price ... 06/28/2009

The homes sale report for April shows a continuing slide in both sales and median price for the Peninsula cities, though we appear to have a lull in the action. Take the median price of single family homes in San Mateo County for example. In April of 2008 it stood at $925,000. This April that number came in at $610,000-a whopping 34% decrease. Sales have dropped 15% over last year at the same time and 40% off the peak of the market in 2005. Yet every month so far this year the median price has been creeping back up-ever so slightly. Exciting news? Not really. The median price almost without fail creeps up this time of year.  (Click on the image to see a full sized graphic)  For Belmont, April home sales came in at a disappointing 13 for the entire month, a 38% decrease over last year's ... 05/10/2009

The home sales are in for Belmont for the month of March 2009 and they exhibit all the indications of a continuing declining market. We wrote a short post on what the numbers mean when compared to the same period just a few years back.               This is the same period just twoyears ago... 04/11/2009

If you're wondering where the housing market is headed in Belmont you can get a good indication by these two snap shots taken for the month of March 2007 and 2009. We use 2007 as a benchmark since it was the last year where the impact of the housing crises had not yet been realized in our market. Here are some startling yet revealing statistics:   The far right column of this chart says it all-every indicator in red illustrates a deterioration of the seller's market which has prevailed for so long. You may notice that even though larger homes sold in 2009 the median price still dropped $161,500 in 2009. Adjusting for this, the real median price drop is actually $252,850 or 26%. Today, on average it will take almost three times as long to sell a home in Belmont; when you do sell you are ... 04/11/2009

This first month of the year is in the books as we close out the sales for January 2009 in Belmont. With 40 homes on the market, inventory is showing signs of creeping up. Looking back on past January inventory levels, they usually hover in the low 20 range. Higher inventory levels typically means sellers will get less than their asking price as the supply and demand is in imbalance. It's always interesting for us to look and see why inventory is up. There can be several factors but they almost all have a common thread and that's the market is slowing down. Most buyers can easily get a loan, despite whatever impression from the media you might have. Sure you need to have a better credit score than last year, and you actually have to put some money down now, but lenders are happy to make... 02/14/2009

We’ve got a lot to cover at the beginning of a new year as we go back and examine all of 2008 as well as the month of December. This is our month-end report of home sales in Belmont for the month of December 2008. Note that while the median price dropped significantly from November, so did the size home which sold in December. The difference in size of homes in the two months was 190 square feet. At the price per square foot of $514 that could account for $97,660 of the difference in median home price—meaning that home prices were actually higher in December if you factor in for the size of home which sold. Sales were up too. There were eight sales in November and eleven in December. That’s an anomaly as typically sales in November are greater than December. We’ll chalk that one up to t... 01/09/2009

Those of you who have been following us for some time know at the beginning of each year we re-cap the previous year and take a stab at where the market might be headed in the upcoming year. We’re still compiling the numbers for 2008 and the analysis will take another few days to complete but preliminarily, it appears Belmont fared better than most of the Bay Area and even her neighboring cities. Check back next week for a full run down and re-cap of 2008. Before I wrote this post, I went back and re-read our assessment of where the market might be headed in 2008. Of course very few people could have predicted that the dire real estate woes would drag the entire economy to the brink of collapse and we were no better at guessing that than most. However, for your enjoyment we’ve clipped a... 01/02/2009

Many of you saw this home on our web page and at the open house. Several homes in the Hallmark area of Belmont have languished on the market for months without selling and everyone has been asking us how we sold our listing so fast. Well, here's the answer in video form. Obviously we had to price the home attractively but we also had to add value. Preparing a home for sale takes a lot more than staging. Thanks to a cooperative seller, we transformed this home in only a few weeks and the transition was phenomenal--then we listed and sold the home in a week. Take a quick peek at this short video where we show you before and after results--then call us to transform your home for sale. Download Revitalized Belmont Home 12/10/2008

As part of our Real Estate REVEALED series we answer another Frequently Unasked Question in our latest Podcast—how do you know when a home is priced right? In addition to this latest Podcast, we’ve added a web page that makes finding the entire series of archive issues in one place.   Podcasts Drew & Christine Morgan "Helping People Make Good Decisions"sm (650) 508-1441 Click the mic for the web version of this page. Thanks for visiting our Podcasts. Each week we offer a housing market update podcast on our blog at BeautifulMountainBlog.org as well as our series titled "Frequently Unasked Questions" where we tackle questions buyers and sellers should be asking but frequently aren't, and "Real Estate Revealed" where we discuss industry insider information. Enjoy and don't forget you can ... 11/30/2008

I found the picture that accompanied the article in the San Francisco Chronicle, Saturday November 15th 2008 title "Increase in Deaths, injuries on dangerous San Francisco Streets"  a bit symptomatic of the problem. The article is reciting statistics on just how dangerous the streets are for pedestrian and bicyclists and yet the picture shows a pedestrian walking right out in front of a car without looking having eye contact the driver poised to potentially run him over. (click on the picture for a full-sized view) Don't get me wrong, in most accidents drivers are in fact at fault and hitting pedestrian accounts for more than half of the fatalities each year in San Francisco. That doesn't mean we should subjugate personal responsibility or common sense for laws. Traffic lights are ther... 11/20/2008

Twin Pines Holiday Craft Faire - Nov 22 & 23 10 am - 4 pm - Twin Pines Park    Belmont's City Parks and Recreation department would like to remind you about some fun, free and low cost events coming up. The Holiday Craft Faire in Twin Pines Park, Belmont, is on Sat. and Sun., November 22nd and 23rd - FREE for visitors! Many vendors with all handmade items, all price and interest ranges.    When: Saturday & Sunday,  November 22nd & 23rd, 2008 Time:  10:00 am to 4:00 pm Location:  20 twin pines lane, Belmont, ca  94002 Info:  the faire will be held in 3 buildings at the beautiful twin pines park - twin pines senior & community center, lodge building and cottage.        11/19/2008

The housing market is in a state of flux so we spent added time this month helping you understand the numbers and our local Belmont market: (Click on the report for a size you can read)   Understanding the Belmont’s October 2008 housing market takes a lot more than listening to the numbers being bantered about without insight or analysis. Read on, as we’ll tell you what these indicators mean and how to put them into perspective. First the overall picture: We rate each indicator with an arrow depending on its effect relative to increasing home values from a homeowner's perspective. From a buyer's perspective these indicators would all be reversed. In other words, if inventory levels are growing we would rate that with a down arrow since it would put pressure on lower prices—bad for selle... 11/05/2008

  This is an abbreviated version of our recap for the last week's activity in Belmont because it's been a busy week and I'm beat. That and not much transpired in Belmont real estate. 30 year mortgage rates on jumbo loans underwent a huge increase as money previously available to Fanny and Freddie Mac became more expensive. And if you're shopping for a home right now don't forget, lender are not taking applications for loans qualifying for the $729,750 conforming rate cap after December 1, 2008 of THIS year. Better lock down a home if you want favorable rates before then. Here's an article we did that discussed the housing reform bill's elements that apply to our market which explains the cost of getting non-conforming loan instead. How's this for a slow time of year-there were NO new li... 11/01/2008

Halloween might mean a night of relentless doorbell rings and handing out candy, or if you are lucky enough to still have trick-or-treaters of your own to take around, a night of scaring your nieghbors with your little goblins, but this Holly day is steeped in tradition. All Hallows' Eve gets its contraction "Halloween" from the "eve" or "even", both abbreviations of evening. It's the eve before All Hallows' Day, perhaps better known as All Saints Day. Rooted in Celtic origin, All Hallows' Eve was the one day a year that the dead could come back and mingle with the living. Jack-o-lanterns and bonfires were lit to safeguard the living from the spirits. For an interesting history of how the Catholics commandeered this day to prevent the Pagan holiday celebration, here's a great link. Be ... 10/31/2008

In our last newsletter issue we mentioned how some of Belmont’s streets got their names and we were coxed to include some more in this edition. We also included a teaser about Belmont’s first and only golf course so we’ll dispense with that first. Unfortunately for golf fans, the course is not some well kept secret—in fact it has been gone for years. Around 1925 the team of Lyon, Monroe and Miller had a grand scheme to create an 18 hole golf course adjacent a tony club house complete with swimming “tank”, tennis and handball courts and a children’s wading pool that would be the envy of the Peninsula. The clubhouse would be called “Belle Monti” and cost $65,000 to complete. An innovative tactic was employed to attract would-be buyers and included free bus rides from San Francisco where ... 09/29/2008

    This is a great opportunity to get out and support the Save the Music foundation while enjoying a great day with your neighbors and friends. The whole town becomes one giant street faire with food vendors, music and dancing—all outdoors at the Twin Pines Park. “Twin Pines Park is the perfect backdrop to grab some delicious food, sip sangria or an Oktoberfest brew, and listen to classical, jazz, rock, and salsa performances. Feeling the need to move your hips? Grab a partner and hit the Club Mistral dance floor, or just groove out in the meadow. 3 Stages brimming with music and fun!Parents will love the variety the event offers for the whole family. The Children's Area offers all the games young children love, as well as jump houses, train rides, and the wonderful children's performe... 09/29/2008

Belmont’s inventory of homes for sale ended exactly where it started off for the third week in row at 47 homes for sale. There were four news listings, six homes went pending and four closed escrow while two homes dropped off the inventory rolls as sellers gave up on trying to sell their homes. NEW LISTINGS 2305 Cipriani 3 Bed 2 Baths 1,840 Sq Ft home for $ 1,050,000. If you’re looking for a move-in condition home here’s one for the top of your list. Ok Cipriani is a busy street but the home sits back far enough to afford privacy and offers a nice level, large rear yard that looks like a park. 1136 North Court 3 Bed 2 Bath 1,290 Sq Ft. Home for $765,432 Too new to review but it looks like a nice home. FYI it sold in 2005 for $719,000—more on this one next week. In case you didn’t notice... 09/21/2008

It was a busy week for Belmont real estate which was expected now that summer vacations are over and agents get back to work like everybody else. Out of the gate there were seven new listings, two re-lists, seven pending sales and three homes closed escrow bringing the inventory of single family homes for sale to 47-just like last week. NEW LISTINGS 1132 Tahoe 3 Bed 2 Bath 1,610 Sq Ft. listed for $899,000. This home was purchased in June of 2006 for $900,000 and it was a major dump back then. The new owner has done a lot to the home and although it's not quite finished, it's pretty nice-especially for $899,000. Put this one on your short list if you're out this weekend.   925 Waltermire 3 bed 1 bath 1,120 Sq Ft home for $749,000. If you don't mind living next door to Safeway this home c... 09/17/2008

In our last "Streets Around Us" blog we included a teaser about Belmont's first and only golf course. Unfortunately for fans of the sport, the course is not some well kept secret-in fact it has been gone for years. (Historic registery home in Belmont on what was once the golf course perimeter). Around 1925 the team of Lyon, Monroe and Miller had a grand scheme to create an 18 hole golf course adjacent a tony clubhouse complete with swimming "tank", tennis and handball courts and a children's wading pool that would be the envy of the Peninsula. The clubhouse would be called "Belle Monti" and cost $65,000 to complete. An innovative tactic was employed to attract would-be buyers which included free bus rides from San Francisco where prospective buyers were plied with beer and induced to bu... 09/17/2008

Belmont's best weather is upon us in the month of September and this event should be a fun day for the whole family.   Belmont Picnic in The Park   Sunday, September 21st 2008 11AM - 3PM Twin Pines Park Meadow Celebrate National Neighborhood Day! Bring a blanket and a picnic lunch for this day of bringing families and neighbors together promoting a stronger community. Come for great fun with children's games & activities including • Tug Of War • Disaster Preparedness by Belmont/San Carlos Fire Dept. • Public Safety by the Belmont Police Dept. • Music and much more! Sponsored by: Belmont Youth Action Committee, VOICES (Volunteer Outreach Involvement in Community Events & Services) & the Belmont Parks & Recreation Department. For more info: 595-7441 09/17/2008