Coastal Real Estate and Lifestyles

This has been an good year for these two Pacifica neighborhoods.  This chart shows two things 1) Average and Median sales prices on the left axis.  I wanted to show you both so you can see that they’re pretty consistent.  Note there are 2 lines for these unless they overlap.  This means there probably weren’t any properties that sold out of range (an outlier) for the area, which is one possible reason for differing numbers.  2)  Inventory (the number of properties for sale) on the right axis.  Note how different the numbers were a year ago compared to now.  Those of us working in the Park Pacifica and Sun Valley neighborhoods have been aware of this for months.  Below the graph are some key points.

This is a different market from a year ago.  I wrote about these neighborhoods in April 2009, titled Pacifica Buyers Find Value.    “Except for 2 sales in February 2009, there have been no closed sales since September 2008.”

The dip in January 2009 means that there were no closed sales that month.

Inventory peaked in late Winter and again in late Summer, a little earlier than more typical Spring and Fall inventory bumps.  In Nov 2008 there were 13 single family homes for sale and 1 sale (13 months of inventory); last month there were 4 homes for sale and 2 sales (2 months of inventory.  In the last 3 months, the absorption rate has been between 2-3 months!

The Median Sale Price broke the $600K mark in the Spring of 2009 and has sustained.  The Median  Sales Price in Nov 08 was $475,000; Median Sales Price in Nov 09 was $663,000.  Who knows if this approximately 28% increase will last in 2010 but it’s a welcome upturn for sellers who have seen a downturn since the peak in Quarter 1 of 2005 when the average sale price in these neighborhoods was $1,033,838.  At that time the Median sale price was $812,500, which is probably the more accurate range if we look at the trends.

Average Days on Market at the peak was 34; average days on market over 6 months is 58; average days on market over the last 3 months is 35.  This is with only one bank-owned (REO) property in the mix (1166 Fassler, originally listed for $513K, reduced to $498K 30 days later, accepted offer 10 days later, closed on 12/20/09 for $523K.)  I mention this because distressed properties can wreak havoc with days on market averages, but not for this market right now.

Potential sellers in Park Pacifica and Sun Valley - get a Comparative Market Analysis if you’re thinking about selling but wanted to wait for the market to stabilize.  There have been enough sales to satisfy appraisal concerns and price intelligently.

Potential buyers considering Park Pacifica and/or Sun Valley - have your financing in place BEFORE you make your offer.  Listing Agents may contact your mortgage broker or lender if there will be some financing.   Also, there are still cash buyers in the market.  Work with a Realtor who can guide you through a strategy that will insure you end up with the right house for you.

Search Pacifica properties or get listing alerts.

Search Pacifica properties in the $400K-$700K range or get listing alerts.

Related Article:Comparing Sun Valley and Park Pacifica - 3/31/2009

Premier Termite and Cameron’s Inn have come together (well, they’re related anyway - brothers) to offer a couple of Holiday Specials you should know about.

$50 off your next Structural Pest Inspection with Inspectors Kevin Palmer or Gabe Pack (650-726-7756)

AND

Buy ONE get ONE free at Cameron’s Inn - either a Burger or Fish & Chips Plate (650-726-5705)

Offer good through January 31, 2010

If you’re planning to list your property for sale in February, a January inspection is good timing.  This gives you time to decide if you want to take care of any of the necessary repairs yourself as part of your pricing strategy.  Or if you’re not planning on selling and it’s been five or more years since you’ve had an inspection, the winter is a good time and having a little discount is nice too.  Premier Termite is one of the local inspection companies that is well respected because they know the ins and outs of local pest, dry rot and construction issues, as well as being professional and timely.  (And no, we get no special favors…Realtors use the companies who provide the best service to our clients, period.)

Related article:

Bugs as Guests:  Orange Oil an Option - Fumigation may still be needed

The Cliff House Restaurant views were amazing as usual.  I was invited to a Coldwell Banker Northern California Top Producer lunch hosted by CBNorCal’s President, Rick Turley, yesterday.  Realtors from places such as Santa Rosa, Marin, Palo Alto, San Francisco, Half Moon Bay-Coastside, Petaluma, Burlingame, among other areas, enjoyed a delicious meal in the light filled private room overlooking the Pacific.  Last time I attended one - earlier this year, we went around the tables introducing ourselves and giving a quick overview of our local markets.  This time, Rick asked us to share an old lesson and a NEW lesson of this past year.  I always know I’m in the right field for me when I listen to colleagues at these types of events.  Here’s what top producers are saying about their businesses right now:

• The Market “is what it is” - not good or bad
• It’s our job to educate and interpret the massive amounts of information and data as it applies to our clients
• Our clients are watching the market too, respect that
• It’s not about the number of listings but the quality of the listings - some agents are turning down listings if the seller is unrealistic
• Always remain calm
• Listen to your clients, really listen
• You can’t be at your best for your clients if you don’t also take time for yourself and family
• We create solutions and we do it  honestly
• We are communicators and problem-solvers
• This year it’s not unusual to write multiple offers for one client - we heard of 17 offers being written before the buyer got the house
• Understand and take seriously the “internet buyer” - someone who contacts us via an email rather than a phone call
• Respect your fellow Realtors, always

On my way back from lunch, I received a call from another Realtor who asked me if I had time and would be interested to represent a prospective buyer on her listing because her seller client did not want her to represent both sides and the Realtor who the prospective buyer had tried to call wasn’t calling her back.  We’re writing an offer today.

The Coastside continues to have a low count of distressed properties in the past 12 months.  This post will only be discussing short sales.  Eight have sold in the last 12 months.  Eight short sale listings have either expired, canceled or withdrawn within the same time period.  Here are the 8 sold:

I left off the days on market for the above list because I don’t think it’s an accurate indicator of how long a distressed property is truly available.

This is what the status is on the current short sale offerings.  There are currently 4 active short sales - 3 single family homes and one townhouse/condo:

1010 Date - 83 days on market.  MLS shows this being on the market in 98-99, 04-05, then 5/09at $1,050,000; 9/09 at $949,000, and it ’s now at $749,950.  Currently listed by Joy Terrell, Keller Williams.

1558 Mizzen - 32 days on market.  MLS shows this being on the market in 1/08 at $725,000; then 11/09 at $639,000.  It is now at $599,000.  Currently listed by Cresencia Orozco, Ameriland Real Estate.

443 Correas - 5 days on market.  MLS shows this being on the market in 9/08 at $640,000; now in 12/09 at $549,000.  Currently listed by Maria Schuster, Prudential California Realty.

72 Patrick - 16 days on market.  MLS shows this being on the market in 9/07 for $829,000, now listed 11/09 for $599,000.  Currently listed by Robert Downes, Alain Pinel.

We continue to watch the trends.  Between Half Moon Bay, El Granada, Moss Beach and Montara, there are currently 55 Notices of Default, 27 Notices of Trustee’s Sale, and 31 foreclosures (3 in Half Moon Bay, 3 in Montara, 1 in El Granada, 1 in Moss Beach).

The government’s plan to stem foreclosures, the Make Home Affordable Plan, is not producing the number of refinances and modifications that were originally expected so far.  Recently, the government introduced a “mortgage modification conversion” program to try and finalize those who are still in the trial period.  I’m torn between thinking the government is really mucking up the waters here and wondering how bad it would have been if they didn’t step in when they did.  I guess I’ll just have to continue to live with my conflicted feelings.

…the annual Night of Lights in downtown Half Moon Bay.  If you’re looking for a special gift, you’ll find a great selection of treasures at the many shops that will be OPEN UNTIL 9 P.M. and shopping in downtown Half Moon Bay is FUN; but you don’t have to spend anything to enjoy the parade, decorations, carolers and treats that await.  So make it a date or a family outing.

Most importantly, this is one of several annual events that really brings the community together to celebrate each other and our local businesses.

The brochures that highlight the events are in many of the downtown shops, but here’s a quick run down:

KELLY & MAIN (Mac Dutra Park)

6 p.m. - Tree Lighting of the 10 ft tree donated by a local farm

7:30 - Half Moon Bay Sit Down Marching Band

8:30 - Blame it on the Dog Band

MAIN STREET

City Hall Parking Lot - Children’s Area & Food Court

Cunha Grocery - karaoke

HMB Electric parking lot - roasted chestnuts

7 p.m. - Parade beginning at IDES Parking Lot and ends at Mill & Church

7 p.m. - The Dalton Blues Band at Pasta Moon Lounge

7:30 - Santa Claus and Snowflakes on Coastside.net’s Front Porch

7:30 - Greg Frisbee Variety Show

7:30 - Harpist and Vocalist at Plum Tree Court

LA PIAZZA

6 p.m. Scottish Fiddlers

7:45 - Solimeno Belly Dancers

8:00 - Coastside Corale

9:00 - Solimeno Belly Dancers

Welcome this new shop… Moonglow at 545 Main (650-726-6066)…sister store to The Posh Moon at 519 Main.

If you want to be able to walk to downtown events like this, check out these neighborhoods - Spanish Town, Alsace Lorraine, Arleta Park, Highland Park, or Pilarcitos Park.