Coastal Real Estate and Lifestyles

There were 9 transactions in Nov 2009 - the month with the most transactions during this period.

There were 7 transactions in Nov 2008.

The month with the lowest # of transactions was Dec 2008 (1).  Dec 08 and Jan 08 were REALLY slow.  I’ll share what this year looked like soon.

The month with the highest median sale price was December 2008 - $1,150,000.  Well, it was just one sale!  The month with the lowest median sale price was January 2009 - $432,000 (3 sales).  Not a lot to go on, but this is what it was.

The median price for listed properties is down 6% - from $1,084,000 to $1,017,000.

The median price of sold properties is down 32% - from $1,025,000 to $699,000.

The number of properties going into contract is trending up over the last 12 months –

• 0 in November 08
• 5 in December 08
• 2 in January 09
• 2 in February 09
• 5 in March 09
• 7 in April 09
• 5 in May 09
• 5 in June 09
• 8 in July 09
• 9 in August 09
• 9 in September 09
• 9 in October 09
• 8 in November 09

The number of NEW PROPERTIES LISTED by month trended up until July 2009 and then began trending down.  The month with the largest inventory was July 09.  Eight new listings came on the market 11/09 compared to 2 new listings on the market in 11/08.

Months Supply of Inventory peaked in the first quarter of 2009 with about 41 months of inventory!  Tons of inventory but not a lot of buying going on (why?  financial meltdown).  It’s been trending down ever since with November 2009 at 7 months.  This is still not a balanced market, which for our area is more in the 4-5 month range, but definitely improving!  Also, Half Moon Bay sales prices from November 2008 to November 2009 were down about 35% - that is for all price points/neighborhoods and single family homes only (not including lots, condo/townhouses or multi-family properties).

Annual and other stat reports to come, this is just to give you an idea of the kind of numbers we’re talking about in Half Moon Bay over “roughly” the last year (11/08-11/09).  As you will see from my past stat posts if you read them, I will discuss specific towns, or the Coastside as a whole, or compare it to other areas or time periods.  To look for Statistic posts specifically, go to the Quick Search button on the right sidebar and put in “stats or statistics”.  Or if you want the full 21 page report from which these numbers were generated (the San Mateo County Multiple Listing Service - MLS - MarketMetrics), just email me at mb@mariansbennett.com.

Hope you enjoy the mocha, my favorite drink :)  Happy New Year.

…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.

A year ago inventory was plentiful.  Things are a little more settled down for now; however,  pricing and presentation are still very key factors.

This chart is from our office’s internal Market Trends report (data is taken directly from the Multiple Listing - MLS) comparing current inventory to new listings in Ocean Colony between October 2008 and October 2009:

Available listings in Ocean Colony on 11/20/2008 - 22

Available listings in Ocean Colony on 11/20/2009 -  9

There have been 14 closed sales from October 2008 to October 2009 broken down as such -

Attached homes - 2 (both bank-owned, REO)

The lowest sale price during this time period was on Pinehurst Lane.  The REO sale on 10/14/09 for $541,900 was 38% lower than the original asking price on 11/7/2008 ($869,900).  The last sale price in Feb 2004 was $715,000.

Detached homes - 12 (1 short sale; 1 lease option)

The highest sale price during this time period was on Ashdown Place.  The sale on 10/6/08 of $1,924,000 is less than 2% off the asking price of $1,949,000 on 9/26/08.

Spyglass homes - no sales during this time period

I did not look at Ocean Corners condos for this post.

There have been 12 single family home listings that have not sold during the same time frame - that means that they’ve either cancelled, withdrawn or expired.  Sometimes the seller takes the property off the market for various reasons (for example - refinance, visitors, short term rental, exhaustion). 

A brief six month look - May to Oct 09:  The highest sale in the last six months was $1,625,000 on Cypress Point Rd. among 7 of the 14 sales.  Four homes came off the market. 

In my opinion, this neighborhood - like many others - has been soft for the past year and continues to be soft for now.  I think the number of new listings coming on the market will remain low until next February or March 2010.  Since last year was such a turbulent year, the Coastside’s spring selling season of 08 didn’t start until later in the Spring, but my feeling is that it may start sooner this coming year, more in line with a normal pattern.  I could be completely off, but this is what my gut is telling me.

Related article:

Ocean Colony Facts, Figures & Trends - August 14, 2008

“Independent businesses are an intregal part of why we live here and what gives Half Moon Bay a unique identity.” writes Barbara C. in the Coastsider on 9/17/09.  It just occurred to me to make my first Twitter list for ”Local Biz” so that my followers can see the local businesses in one handy place, not to mention this is FREE exposure for all of us doing business in Half Moon Bay, El Granada, Moss Beach, Montara, Pacifica and Pescadero.  Please check out these businesses and community services next time around if you don’t rely on them already.  The business has to have a Twitter account to be able to get on the list.

Ten Small Business Social Media Marketing Tips - Mashable 10/28/09.

These articles may also be of interest…

A Visual Explanation of Twitter

RE BarCamp Follow Up

Whether you enjoy Half Moon Bay’s Pumpkin Festival or make a point of staying away for the town’s annual showcase event, here are a few vendors we visited that you can enjoy without ever stepping foot onto high-energy Main Street during 2 full days of music, food, shopping, haunted house, and basically PUMPKIN everything.

Via Ripatti - www.viaripatti.com - I buy a shirt for my husband here every year.  The artist, Steve Ripatti draws a new design every year and I always look forward to his inspirations.  The clothing is wrinkle resistant, doesn’t fade, and is very comfortable.  The husband and wife team also create beautiful wraps and other pieces for women.

Ladybug Design - www.lady-bug-design.com - nothing to do with ladybugs…this is custom made jewelry from wood.  It’s light-weight, original, and stunning.  This is a regular stop for my daughter and me.  She had many pieces that are not on the website.

Goldenspirits  Candle Works - a new vendor this year from Paradise, CA - I was impressed.  It takes a lot for me to get impressed with candles, consequently I usually don’t buy them.  I bought 4 in various scents and designs.  The early favorite, she predicted, is Citrus Cranberry.  1.530.872.2082

Nzalamba Artworks - www.nzalamba-artworks.com - The website doesn’t do justice to his work.  Paul shared the stories behind the prints he showed us - “Not to Worry”, “At Play”, “Love”, and “The Drums”, which the website does not give you.  When you buy a print, you will receive the story, he told us.

Photography by Pame - pixelpame.com - She had some great photos of Pillar Point Harbor and other local scenes, not showcased on the website.

http://www.miramarevents.com/pumpkinfest/

This is a beautiful neighborhood of spacious homes, many of them with ocean views.  However, buyers haven’t been making their move on this neighborhood for several months.  The last single family home sale in Miramar was in January 2009 - 4 months ago!  That sale was a small 3 bedroom, 2 bath home on a approx. 5,000 square foot lot on the west side, within an easy walk to the coastal trail and beach.  As a bank-owned property, it sold for over-asking price at $432,000.  It’s highest sale price in 2006 was $685,000.  That’s a 36% drop - significant for the Coastside, Half Moon Bay, and the Miramar neighborhood.

I’ve been holding open 365 Coronado, eastside Miramar, for the last several months for the Listing Agent, Margot Lockwood, Coldwell Banker Woodside.  This is a lovely approx. 2600 square foot, 3 bedroom, 2 bath home with tons of light and a great cook’s kitchen with plenty of room for entertaining and work-from-home options.  You can note this home and other homes and property types in this Miramar search link HERE.

Finding a few new interesting folks on Twitter this morning, I came across “DariusDunlap”.  He writes a blog about tech, music, politics, etc., which looked interesting, so I started following him.  He tweeted that New Leaf Market will be donating 5% of all sales today to Square Peg Foundation, a program to enhance life skills by working with horses.  This caught my attention because my daughter started riding and living in a world with horses at age 5 and I believe it changed the way she viewed the world.  We still have a horse that needs a new home.  She’s now in college.  Check out this local program, or you could stop by New Leaf on this crisp winter day for some of their delicious warm soup…or stock up on junk healthy snacks for Superbowl Sunday.

Rich, at local vacation home Harbor Vista includes me on his mailing list.  I got this notice this morning…then sent a note to see if I could make this available to my readers as well, so here’s the offer:

We’ve got an open week coming up at our house, from Jan 23 (update:  just booked this afternoon) Jan 25 to 30th.  I wanted to offer it to our mailing list first, at 50% off, or $200/night for Mon-Thurs and $250/night for Fri-Sun, with a 3 night minimum.  Lodging tax or pet fees are not included.

In case you need a reminder of our home’s amenities, our website is http://www.harborvista.us/. 

We recently converted the downstairs to a 4th bedroom, and pictures are available on our site.

I’m also offering February nights at 15% off.

If you’re interested, you can reach me at the number or email address below.

Regards,

Rich Gaushell

(650) 284-4098

owners@harborvistahmb.com”

Check the Coastside page for more fun things to do in the area.

When you’re not working on your swing, work on finding another type of address…a beautiful golf course home.  An Ocean Colony update is timely due to the dynamics within this neighborhood.  I’ll explain…

This gated community has only seen 2 sales since October 2008 (Ashdown and Eagle Trace) and 4 closings since October 2008:  2 closings in Oct 08 (Turnberry, Cypress Point); 1 closing in Nov 08 (Ashdown); and 1 closing in Dec 08 (Eagle Trace).  There are currently no pending sales.  Yet there are 16 active homes on the market! 

For sellers, be very careful about your pricing strategy.  Keep your long term goals in mind if you’re unhappy about the price your Realtor recommends, particularly if you purchased in 2003 or later.  It may be wise to also consult with your financial planner and tax consultant.  Sellers who bought in 2002 or earlier may see this as an opportune time to move on with their lives if selling is in the picture.  For buyers who want to move into a coastal gated community near the Ritz and the coastal trail…Hel-lo!  Time to pay attention to this special neighborhood.

Here’s what to watch out for:  2 of the homes are short sales; another may may be a short sale if the seller agrees to a purchase price that is below what is owed on the loan(s) - then the lender needs to agree to the price.  That’s what we know from the MLS.  There is one bank-owned (reo) property in this neighborhood at this time..  This is not enough distressed properties to cause great concern for rapid declining values.  I’ve been told by reliable sources (appraiser, my broker) that appraisers take this into consideration when looking at comps for lenders.

List prices have been coming down to reflect market changes.  The list price trend just in the last two months shows an increase in the number of properties with price reductions, from 37% to 41%, and an asking price per square foot of $448, compared to $465 back in November 2008, according to Altos Research data.  We will have to wait for a balanced market in this neighborhood, but we ‘re trending in the right direction.  A balanced market will occur when more of these current listings are absorbed (sold or taken off the market) and new listings are kept to a minimum.  If more distressed properties come on the market and the inventory remains high, the current home value correction of approximately 9% off the peak of 2005 could decrease further.  In my opinion, sellers need to revisit their pricing strategy if the property has been on the market six months or longer.

That being said, special properties in this neighborhood can sell quickly.  Sometimes homes sell before they’re put on the open market.  If you see a home with 0 days-on-market, this obviously was not marketed to the public.  It may have been a pocket listing.  A seller usually has his/her own reasons for selling in this manner.

Here’s a look at some history showing number of sales in the Ocean Colony neighborhood only.

The volume for these sales went from a high of $69,534,000 in 2005 to $20,944,656 in 2008 - a 70% reduction. 

Median/Average prices by year between 2003 and 2008:

• 2003 - $1,025,000/$1,126,941

• 2004 - $1,080,000/$1,357,590

• 2005 - $1,260,000/$1,545,200

• 2006 - $1,150,000/$1,277,435

• 2007 - $1,177,000/$1,277,672

• 2008 - $1,150,000/$1,396,310

This neighborhood in particular, has different types of homes, varying ages, and proximity to the highway and the oceanfront.  A very detailed Comparative Market Analysis would be necessary to see where a specific property fits into the current market.

OCEAN COLONY HOMES FOR SALE INTERACTIVE LINK HERE.

8/14/08 - Ocean Colony:  Facts, Figures & Trends

Marian Bennett’s Half Moon Bay Market Report for week of January 12, 2009 (listing trends)

The first article I wrote about this very unique benefit of living (or visiting) the San Mateo County coast with the Peninsula Open Space Trust in our backyard was back in August 2007 when I spotlighted the Princeton-by-the-Sea neighborhood in El Granada.  Again, last month, POST completed three sales totaling 1001 acres in Half Moon Bay, Moss Beach, and San Gregorio, enabling these parcels to remain open space.  Forty-nine (49) of those acres are between the under 10-mile stretch of Half Moon Bay and Moss Beach.

December 23, 2008:  Sale of 32 acres in Half Moon Bay for $650,000.

December 24, 2008:  Sale of 952 acres on the the east side of Highway 1 north of San Gregorio for $3 million.

December 31, 2008:  Sale of 17 acres near Moss Beach at Pillar Point (adjacent to Fitzgerald Marine Reserve per POST) for $1.825 million.  According to POST, “Informal trails have crossed this private property for years; eventually trails will be improved and opened officially to the public.”

The Peninsula Open Space Trust prepared a press release this week to make the announcement.

Our local open space and available recreational activities are one reason why home price values are what they are.  Local buyers and sellers understand this.  Those relocating to the Half Moon Bay area for nearby jobs in San Francisco or Silicon Valley have to get used to the sticker shock before they can settle on a home.  Note:  This post isn’t about home prices; there are many articles, tools, and references throughout the site highlighting the current opportunities and trends.

Related articles:

One Reason people move to the Coastside, by Marian Bennett 12/28/07

Quiet neighborhood reaps the benefits of POST, by Marian Bennett 8/27/07