Single Family Inventory-February

Street Address List Price Orig List Price DOM Status Beds Baths Bldg SqFt
100 FLYING CLOUD IS 1700000 2275000 182 A 3 3 3382
1011 WINDJAMMER CI 1688000   54 A 4 3 2900
159 FLYING MIST IS 1590000 1980000 226 A 5 3 1/2 3691
1307 MELBOURNE ST 1488000   3 A 4 2 1/2 2700
602 PORTSMOUTH LN 1399000 1498000 187 A 5 2 1/2 2540
982 FLYING FISH ST 1389000 1488000 119 A 5 3 1/2 3000
249 SURFBIRD ISLE 1350000   49 A 4 3 2500
710 SOMERSET LN 1338000 1439000 219 P 4 2 1/2 2700
602 SOMERSET LN 1330000   124 A 3 2 2340
350 SEA HORSE CT 1279900   39 A 4 3 2360
145 SHOOTING STAR IS 1275000   59 A 4 2 1/2 1990
350 STAYSAIL CT 1248000   13 A 4 3 2250
365 THATCHER LN 1239000   11 P 4 2 1/2 2550
711 TENDER LN 1199000 1249000 73 A 3 2 1/2 2300
1460 SWORDFISH ST 1199000   26 A 5 3 2540
377 MULLET CT 1190000   13 A 3 2 1/2 2210
257 PUFFIN CT 1180000   24 A 4 3 2450
112 BARKENTINE ST 1168000 1235000 181 A 4 3 2360
127 FLYING MIST IS 1150000 1335000 199 P 3 2 1820
201 SPINNAKER ST 1078000   49 A 5 3 2560
623 BAINBRIDGE ST 1078000   13 A 4 2 1810
260 STILT CT 1050000   11 A 6+ 3 1930
607 PORTSMOUTH LN 1024888   8 A 3 2 1/2 1800
231 BARKENTINE ST 999888   62 A 5 3 1/2 3873
842 GRENADA LN 958888   62 A 3 2 1810
1181 MARLIN AV 940000 965000 33 P 3 2 1890
198 BOOTHBAY AV 920000 999000 76 A 3 1 1/2 1620
781 CORONADO LN 918000   10 A 3 2 2110
730 VESPUCCI LN 889000 889000 23 A 3 2 2110
300 BODEGA ST 860000 860000 26 A 3 2 1280

 

Here’s an amazing fact: Since September 15 there have been only been 3 houses priced over $1.3mil that have sold. The fourth is the pending sale at 710 Somerset. That’s amazing to me. The days on the market are getting pretty long in that category. Right now we have 26 single family homes on the market and 4 pending sales. 16 of these listings have experienced price reductions. The market is one tentative place right now. Still, there are houses on the market right now that sure appear to be pretty good opportunities to me at this point. Here’s a couple of examples:

300 Bodega listed by Debbie Wong of Prudential for $860,000 is looking pretty good to me now. It’s lower than the seller paid for it in 2006 and it’s a pretty cute house…the lowest priced house in Foster City actually.

607 Portsmouth listed by Carmen Miranda of Alain Pinel for $1,024,888. This is a pretty good deal on a Whaler’s waterfront. Not the biggest house in the world but it’s priced right and seems to be in good shape.

The bottom line right now is the fact that the market in Foster City is still frozen…and sellers are holding the line on price, for the most part. The pressure on the higher priced properties is going to increase in my opinion and a great many of these prices are going to have to come down if they’re going to sell…unless these sellers are willing to wait indefinitely.

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