Arn Cenedella

Archive for the 'Redwood City real estate' Category

Deadline for San Mateo County Property Tax reductions is Feb. 15

If you believe your home’s value is below the assessment provided by San Mateo County, you may petition the County to reduce your assessment and thereby reduce your property taxes.

If you have purchased a home within the past 3 or 4 years, its value may very well be below your purchase price.

If this is the case, please go to: http://smcare.org/assessor/homeownerresources/form_declineapp.asp

I need to be clear – just because your home’s value has dropped, you are not automatically entitled to a property tax reduction. So if you bought your home 10 years ago for $800,000 and at the peak it was worth $1,100,000 and now is worth $950,000, you WILL NOT be entitled to a reduction.

One is only entitled to a property tax reduction if the San Mateo County assessment is above what you believe the current market value is.

The request can be made over the web and if you need any comparable sales to bolster your case, just let me know.

Transfer Taxes upon sale of real estate

Transfer taxes on the sale of real property are collected by San Mateo, Santa Clara, and San Francisco Counties.

These transfer taxes are paid in escrow and are part of buyer and seller closing costs.

Typically, the County transfer tax is $1.10 per $1,000 of value and are generally paid by the seller.
So upon sale of a $500,000 house, the seller will pay a transfer tax of $1.10 x 500 or $550 to the County.

Some cities also have City transfer taxes.
On the San Francisco Peninsula; San Francisco, San Mateo, Palo Alto, Mt. View and San Jose have City transfer taxes.
Generally, city transfer taxes are spilt 50/50 between buyer and seller.

The City transfer tax in Palo Alto, Mt. View, and San Jose is $3.30 per $1000 of value.
So on a $500,000 sale in these cities, the City transfer tax is $3.30 x 500 = $1650.
Buyer pay $825. Seller pays $825.

The City transfer tax in San Mateo is $5.00 per $1,000 of value.
So on a $500,000 sale in San Mateo, the City transfer tax is $5 x 500 = $2500.
Buyer pays $1250. Seller pays $1250.

So if you are buying or selling in those cities, be sure to take into account these City transfer taxes.

Real Estate Market to Rebound in 2011

so says Warren Buffet…………

The Real Estate Bloggers report that Warren says:

“within a year or so, residential housing problems should largely be behind us”

“prices will remain below “bubble levels”"

“many families that couldn’t afford to buy an appropriate home a few years ago now find it well with their means”

Click here for full article.

I would say Don’t bet against Buffet.

The real estate market on San Francisco Peninsula has heated up

In my previous few posts, I documented that the number of homes sold in San Carlos Menlo Park and Palo Alto during the second quarter of 2009 was TWICE the number of homes sold in the first quarter of this year.

The numbers tell the story – but stories also illiminate the numbers.

I recently wrote an offer for a buyer client of mine on a property listed listed at $619,000.

My clients offered $670,000 “as is” - had a solid pre-approval and a 35% cash down payment.

This offer had only an appraisal contingency and would close in 30 days.

The buyers had read and approved all reports, inspections, and disclosures.

So basically the offer was as clean an offer as any seller could want.

Offers were due earlier this week in the early afternoon of the offer day.

In the morning, I checked with seller agent and was told there were 8 offers.

By the end of the day, there were 25 offers on this property!

I am not sure what property sold for but it was over $700,00 and I suspect closer to $750,000 by the time the dust settled.

I have heard of other properties priced in the $400,00 to $500,00 range in Redwood City selling for $100,000 over list.

So if you are waiting for the bottom, I think we may have already hit bottom and have started back up.

This is certainly true under $1,000,000 price range.

Redwood City Real Estate Update 6/21/09

Here is this week’s data:

12 new listings this week in Redwood City

18 new pending sales this week in Redwood City

137 current active listings in Redwood City.

100 current pending sales in Redwood City.

73.0% pending ratio.

Redwood City Real Estate Update 5/31/09

Redwood City Real Estate Update 5/24/09

Redwood City Real Estate Update 5/17/09

Redwood City Real Estate Update 5/10/09

Redwood City Real Estate Update 5/3/09

Redwood City Real Estate Update 4/19/09

Redwood City Real Estate Update 4/12/09

Redwood City Real Estate Update 4/5/09

Redwood City Real Estate Update 3/29/09

Redwood City Real Estate Update 3/22/09

Redwood City update 3/15/09

Redwood City update 3/6/09

Redwood City update 2/27/09

For real-time Redwood City listing updates, click here.

Redwood City Real Estate Update 5/31/09

Here is this week’s data:

10 new listings this week in Redwood City

12 new pending sales this week in Redwood City

160 current active listings in Redwood City.

87 current pending sales in Redwood City.

54.4% pending ratio.

Redwood City Real Estate Update 5/24/09

Redwood City Real Estate Update 5/17/09

Redwood City Real Estate Update 5/10/09

Redwood City Real Estate Update 5/3/09

Redwood City Real Estate Update 4/19/09

Redwood City Real Estate Update 4/12/09

Redwood City Real Estate Update 4/5/09

Redwood City Real Estate Update 3/29/09

Redwood City Real Estate Update 3/22/09

Redwood City update 3/15/09

Redwood City update 3/6/09

Redwood City update 2/27/09

For real-time Redwood City listing updates, click here.

Redwood City Real Estate Update 5/24/09

Here is this week’s data:

19 new listings this week in Redwood City

14 new pending sales this week in Redwood City

171 current active listings in Redwood City.

90 current pending sales in Redwood City.

52.6% pending ratio.

Redwood City Real Estate Update 5/17/09

Redwood City Real Estate Update 5/10/09

Redwood City Real Estate Update 5/3/09

Redwood City Real Estate Update 4/19/09

Redwood City Real Estate Update 4/12/09

Redwood City Real Estate Update 4/5/09

Redwood City Real Estate Update 3/29/09

Redwood City Real Estate Update 3/22/09

Redwood City update 3/15/09

Redwood City update 3/6/09

Redwood City update 2/27/09

For real-time Redwood City listing updates, click here.

Redwood City Real Estate Update 5/17/09

Here is this week’s data:

18 new listings this week in Redwood City

10 new pending sales this week in Redwood City

160 current active listings in Redwood City.

87 current pending sales in Redwood City.

54.4% pending ratio.

Redwood City Real Estate Update 5/10/09

Redwood City Real Estate Update 5/3/09

Redwood City Real Estate Update 4/19/09

Redwood City Real Estate Update 4/12/09

Redwood City Real Estate Update 4/5/09

Redwood City Real Estate Update 3/29/09

Redwood City Real Estate Update 3/22/09

Redwood City update 3/15/09

Redwood City update 3/6/09

Redwood City update 2/27/09

For real-time Redwood City listing updates, click here.

The San Francisco Peninsula real estate market is picking up!

There is lot of data about the local real estate market out there.

Much of it is conflicting and one really needs to pay attention to what the data SPECIFICALLY measures.

So I am going to write about what I see and am experiencing on a first hand basis in my own business and in my office.

The past few weeks, my office has averaged about 15 sales per week.

During the first three months of the year, I would say my office weekly sales were more like 5 to 7 per week.

In the past few weeks, my office has sold some property at very high prices – $6M, $4M, and $3M.

That being said, the upper end of the market is still much weaker than the lower end.

In the past week, I wrote 4 offers for my buyer clients and 1 was accepted - the other 3 lost out in multiple offer situations. This offers were in the entry level price range.

This increased market activity is due to several factors in my humble opinion:

1. Buyers are feeling a little more confident about their jobs and the economy.

While the economy is still weak, the attitude is much more positive NOW than it was in October and November 2008. When the stock market was dropping like a rock and our wonderful leaders in Washington DC (Not!) were preaching doom and gloom, many of us were worried about whether our economic/financial system would survive as we know it. I believe at the present time, most of us believe we will survive – that some tough times are still ahead but that our economic and financial systems will not collapse.

2. Sellers are getting more realistic about prices. Buyers are getting to believe prices are attractive.

Sellers are always about 6 to 9 months behind the buyers – ie the buyers know the market has changed while the sellers refuse to accept reality and hope for the market when there wer 10 offers for every listing.

3. Interest rates are about as low as they can go.

For months, buyers have been wiating for rates to drop and they have. But I think it is now apparent that rates will not go much lower if at all.

We are not out of the woods yet. But things look better than they were 6 months ago.

There are some good buys out there!

Redwood City Real Estate Update 5/10/09

Here is this week’s data:

16 new listings this week in Redwood City

17 new pending sales this week in Redwood City

166 current active listings in Redwood City.

77 current pending sales in Redwood City.

46.4% pending ratio.

Redwood City Real Estate Update 5/3/09

Redwood City Real Estate Update 4/19/09

Redwood City Real Estate Update 4/12/09

Redwood City Real Estate Update 4/5/09

Redwood City Real Estate Update 3/29/09

Redwood City Real Estate Update 3/22/09

Redwood City update 3/15/09

Redwood City update 3/6/09

Redwood City update 2/27/09

For real-time Redwood City listing updates, click here.