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HILLSBOROUGHHILLSBOROUGHYear-End Real Estate Review 2008
Specializingin FineHillsborough Properties
Jim Arbeed
Coldwell Banker Real Estate1427 Chapin AvenueBurlingame, CA 94010
Police Non-Emergency...................Fire Non-Emergency......................Mills-Peninsula Hospital.................Public Works...............................Building Permits, Inspectors, etc......Hillsborough Town Hall...................Department of Motor Vehicles..........Garbage Collection (Allied Waste).....Recycling (Allied Waste Services)......Pacifi c Gas & Electric....................AT&T Residential Service................Voter Information........................BART........................................Caltrain & Samtrans......................Library (Burlingame Branch)............Hillsborough Recreation Dept. .........
School Phone Numbers
Crocker Middle School................North Elementary School............South Elementary School............West Elementary School.............
375-7470558-7600696-5400375-7444375-7411375-7400800-777-1033592-2411637-1411800-743-5000800-310-2355312-5222510-464-6000800-660-4287558-7400342-5439
342-6331 347-4175344-0303344-9870
Important Hillsborough andLocal Services Phone Numbers
Jim Arbeed’s Featured Hillsborough Listings
Jim ArbeedInternational President’s Premier
Top 1% Internationally
650.558.4248www.JimArbeed.com
[email protected] Chapin Avenue ◆ Burlingame, CA 94010
An UnwaveringCommitment toExcellence in ServiceJim’s Recent Hillsborough Sales
$11,000,000 $4,000,000 $3,949,000 $3,250,000 $2,700,000
$2,515,000 $2,218,000 $1,795,000 $1,700,000 $1,580,000
#1 Coldwell Banker Agent for Hillsborough
5 Bedrooms, 5.5 BathsOffered at $4,800,0005 Bedrooms, 5.5 Baths5 Bedrooms, 6.5 Baths
Offered at $5,880,000
14,000+/- S.F. ◆ 2 AcresPrice Upon Request
4 Bedrooms, 4 BathsOffered at $2,199,000
6 Bedrooms, 4 BathsOffered at $3,700,000
NewListings
CurrentInventory
ClosedSales
AverageDOM
AverageSales Price
MedianSales Price
Total SalesVolume
2008 Q1 48 39 22 50 3,389,340 2,572,500 74,565,500
2008 Q2 63 41 33 41 3,206,878 2,850,000 105,827,000
2008 Q3 54 52 20 40 2,832,891 2,323,750 56,657,833
2008 Q4 46 40 18 35 2,450,556 2,112,500 44,110,025
HillsboroughHighlighted areas refl ect Jim Arbeed's Sales (Total of 12 transaction sides)
Hillsborough Year-End
Real EstateReview
2008____________
440 Hillsborough Heights441 Brewer Subdivision, Upland442 Hillsborough Park, Oakview Terrace, Hayne Manor, Crystal Springs Park443 Parrott Drive Area444 Tobin Clark Estate, Polo Terrace445 Lakeview446 Carolands, Remillard, Chateau Acres447 Hillsborough Knolls448 Homeplace449 Country Club Manor450 Skyfarm451 Hillsborough Hills, Woodgate Hills, Black Hawk Ranch452 Hillsborough Oaks, Fagan Estate, Forest Manor, Armsby Estate, Forest View453 Ryan Tract, Newhall Manor, Elmwood
Baywood Ave.Bridge RoadEl Cerrito Ave.
Averages:
$/Sq.Ft.$1,078$703$840
$874
List Price $4,950,000$4,599,000$1,499,000
$3,682,667
Glenbrook Road
Averages:
$/Sq.Ft.$691
$691
List Price$3,950,000
$3,950,000
Sale Price$4,700,000$4,325,000$1,570,000
$3,531,667
Longview CourtHayne RoadMarlboroughEl Cerrito Ave.Brandt RoadBlack Mountain Rd.
Averages:
$/Sq.Ft.$1,046$897$560$841$704$860
$818
List Price$4,529,000$2,395,000$2,950,000$2,395,000$1,995,000$1,600,000
$2,644,000
Sale Price$4,300,000$2,850,000$2,600,000$2,480,000$2,000,000$1,530,000
$2,626,667
Sale Price$3,900,000
$3,900,000 W. Santa Inez Ave.Roblar AvenueEl Portal AvenueRoblar AvenueRoehampton RoadW. Santa Inez Ave.Woodstock RoadW. Santa Inez Ave.
Averages:
$/Sq.Ft.$978$874$792$1,054$656$814$687$971
$853
List Price$8,995,000$3,999,000$3,875,000$3,850,000$2,795,000$2,799,000$2,595,000$2,298,000
$3,900,750
Sale Price$8,258,333$3,949,000$3,875,000$3,700,000$2,750,000$2,533,000$2,500,000$2,175,000
$3,717,542
DOM16835
111
105
DOM58
58
DOM3
1950103171
31
DOM15710221667495548
53
Area 440
Area 441
Area 442
Area 443
# Sales Avg. Price Median Price Avg. $/Sq. Ft.2007 5 $3,134,174 $3,350,870 $9472008 8 $3,717,542 $3,225,000 $853
# Sales Avg. Price Median Price Avg. $/Sq. Ft.2007 10 $3,585,706 $3,387,500 $8162008 3 $3,531,667 $4,325,000 $874
# Sales Avg. Price Median Price Avg. $/Sq. Ft.2007 17 $2,677,919 $2,397,500 $7802008 6 $2,626,667 $2,540,000 $818
# Sales Avg. Price Median Price Avg. $/Sq. Ft.2007 2 $2,017,500 $2,017,500 $6542008 1 $3,900,000 $3,900,000 $691
Tournament DriveTobin Clark DriveSugar Hill DriveAnguido CourtClydesdale DriveSugar Hill Drive
Averages:
$/Sq.Ft.$717$549$801$605$896$522
$682
List Price$2,788,000$2,590,000$2,695,000$2,448,000$2,698,000$2,228,000
$2,574,500
Sale Price$2,575,000$2,570,000$2,562,500$2,418,000$2,400,000$2,020,000
$2,424,250
Ralston AvenueRobin DrivePullman RoadDarrell RoadCraig RoadPinehill RoadCraig RoadKingswood DriveDarrell RoadDarrell RoadBarbara WayLaurent RoadRalston AvenueRemillard DriveDenise DriveRobinwood LaneDarrell RoadMoseley Road
Averages:
$/Sq.Ft.$1,139$1,054$543$849$985$941$675$745$643$662$627$774$652$603$768$823$721$801
$778
List Price$10,900,000$10,990,000$6,800,000$2,595,000$2,550,000$2,499,000$2,399,000$2,399,000$2,495,000$2,395,000$2,350,000$2,150,000$2,199,000$2,350,000$1,998,000$1,895,000$1,850,000$1,799,000
$3,478,500
Sale Price$11,000,000$10,900,000$5,990,000$2,500,000$2,442,500$2,380,000$2,350,000$2,310,000$2,300,000$2,290,000$2,250,000$2,168,000$2,125,000$2,100,000$1,998,000$1,860,000$1,825,000$1,738,000
$3,362,583
DOM982071214811
45
DOM2
14208
701649102615
1342
17171
1257
155
35
Area 444
Area 446
# Sales Avg. Price Median Price Avg. $/Sq. Ft.2007 7 $3,069,357 $2,800,000 $7462008 6 $2,424,250 $2,490,250 $682
# Sales Avg. Price Median Price Avg. $/Sq. Ft.2007 22 $3,036,182 $2,225,000 $8292008 18 $3,362,583 $2,295,000 $778
Aster AvenueBrewer DriveBromfi eld RoadEucalyptus AvenueEucalyptus AvenueEucalyptus AvenueBarroilhet DriveEl Centro RoadHillsborough Blvd.Hillsborough Blvd.Bromfi eld Road
Averages:
$/Sq.Ft.$868$677$958$871$910$953$600$819$955$1,061$863
$867
List Price$6,995,000$4,990,000$3,395,000$3,990,000$3,475,000$3,495,000$3,295,000$2,995,000$3,195,000$2,525,000$1,895,000
$3,658,636
Sale Price$6,500,000$4,450,000$4,005,000$3,850,000$3,475,000$3,375,000$3,250,000$3,210,000$3,000,000$2,525,000$1,795,000
$3,585,000
Geri LaneGeri LaneOaks Drive
Averages:
$/Sq.Ft.$1,053$1,044$828
$975
List Price$4,295,000$4,495,000$2,399,900
$3,729,967
Sale Price$4,200,000$4,000,000$2,700,000
$3,633,333
DOM528490
1206
16123
766
34
DOM0
9912
37
Area 448
Area 449
Area 447
# Sales Avg. Price Median Price Avg. $/Sq. Ft.2007 3 $2,660,000 $2,750,000 $7592008 0 NA NA NA
# Sales Avg. Price Median Price Avg. $/Sq. Ft.2007 9 $3,257,000 $3,150,000 $7662008 11 $3,585,000 $3,375,000 $867
# Sales Avg. Price Median Price Avg. $/Sq. Ft.2007 9 $2,847,778 $2,900,000 $8632008 3 $3,633,333 $4,000,000 $975
Summit DriveWoddgate CourtOak Tree PlacePatton PlaceBella Vista DriveSummit Drive
Averages:
$/Sq.Ft.$655$641$854$680$775$920
$754
List Price$3,480,000$3,295,000$2,890,000$2,675,000$2,198,888$1,750,000
$2,714,815
Sale Price$3,250,000$2,995,000$2,810,000$2,250,000$2,100,000$1,665,000
$2,511,667
Irwin DriveForest View AvenueSharon AvenueKammerer Court
Averages:
$/Sq.Ft.$1,075$1,170$1,000$ 873
$1,029
List Price$4,995,000$4,800,000$2,545,000$1,850,000
$3,547,500
Sale Price$4,785,000$4,780,000$2,500,000$1,685,000
$3,437,500
DOM8854
123961113
64
DOM191
1937
19
Area 451
Area 453
Skyfarm DriveCinnamon CourtSkyfarm DriveSkyfarm DriveSkyfarm DriveSkyfarm Drive
Averages:
$/Sq.Ft.$821$501$698$808$630$664
$687
List Price$5,500,000$4,880,000$3,488,000$2,580,000$2,488,000$2,049,000
$3,497,500
Sale Price$5,500,000$3,790,000$3,275,000$2,400,000$2,400,000$1,925,000
$3,215,000
DOM3
17238782921
57
Area 450
# Sales Avg. Price Median Price Avg. $/Sq. Ft.2007 9 $2,436,111 $2,402,500 $7992007 6 $3,215,000 $2,837,500 $687
# Sales Avg. Price Median Price Avg. $/Sq. Ft.2007 4 $4,300,000 $3,750,000 $8622008 6 $2,511,667 $2,530,000 $754
# Sales Avg. Price Median Price Avg. $/Sq. Ft.2007 5 $3,587,000 $3,500,000 $ 8442008 4 $3,437,500 $3,640,000 $1,029
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Forest View AvenueJackling DriveOakdale RoadJackling DriveJackling Drive
Averages:
$/Sq.Ft.$806$1,079$777$898$878
$887
List Price$3,250,000$2,695,000$2,398,000$2,335,000$1,675,000
$2,470,600
Sale Price$3,250,000$2,805,000$2,337,500$2,200,000$1,650,000
$2,448,500
DOM0
12171848
19
Area 452
# Sales Avg. Price Median Price Avg. $/Sq. Ft.2007 6 $3,085,167 $2,805,000 $8032008 5 $2,448,500 $2,337,500 $887
2008QuarterlySales
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Miranda CourtSearsville CourtLakeview DriveWedgewood DriveFalkirk LaneWedgewood DriveBrandt RoadTartan Trail RoadLakeview DriveRizal DriveLakeview DriveBraemar DriveWedgewood DriveOak Rim DriveKingswood DriveTartan Trail RoadSouthdown Road
Averages:
$/Sq.Ft.$601$536$630$752$728$672$718$653$528$776$671$683$704$646$814$630$664
$671
List Price$3,695,000$3,250,000$2,890,000$2,899,000$2,785,000$2,550,000$2,195,000$2,488,000$2,295,000$2,295,000$2,275,000$2,089,000$2,298,000$1,999,000$1,588,888$1,995,000$1,595,000
$2,422,464
Sale Price$3,393,000$2,950,000$2,780,000$2,720,000$2,700,000$2,515,000$2,450,000$2,400,000$2,295,000$2,218,000$2,100,000$2,050,000$2,027,025$1,937,500$1,790,000$1,700,000$1,580,000
$2,329,737
DOM21268438642812194
401
1844028154412
39
Area 445 # Sales Avg. Price Median Price Avg. $/Sq. Ft.2007 19 $2,527,762 $2,100,000 $6812008 17 $2,329,737 $2,295,000 $671
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Closed Hillsborough Sales by Area (COE: 1/01/08-12/31/08)Data Sources: MLS Listings
All information deemed reliable but not guaranteed.If your property is currently listed for sale, this is not a solicitation.
Jim Represented Buyer Jim Represented Seller Jim Represented Buyer and Seller
February 2009
Dear Neighbor,
As a Hillsborough market specialist, long time resident, and the #1 Coldwell Banker agent for Hillsborough, I am happy to share this comprehensive year-end review with you. While the current economic and real estate market conditions are challenging to say the least, Hillsborough has performed relatively well compared with other parts of the Bay Area. The following information provides the year 2008 total closed sales data for the 14 areas comprising Hillsborough. It is worth noting that current available inventory, while up from the same period last year, is still relatively low and refl ects approximately 1.2% of the nearly 3,900 homes in town. As this review goes to print, there are 47 active listings on the market, with 22 of those below the $3 million price range, and 20 above $4 million. Consequently, there is a defi nite shortage of inventory in the $3 million to $4 million range. While it is a fact that the number of sales is down roughly 26% from 2007, the median price is off by only 3.5%, and the average price is actually slightly higher. This clearly shows that even in diffi cult economic times, there is still typically a fl ight to safety and quality. People seek less volatile markets, and there are few locations that are as stable as Hillsborough is and has been over the years.
In terms of demand, there is still good turnout at open houses, and listings are generally experiencing good showing activity. Yes, more buyers may be on the sidelines due to tight fi nancing, lack of job security, and a sense that the market may soften further. Then there are always those who want to wait and catch the bottom. The problem with that mindset is that when a “bottom” is identifi ed, it is usually too late. Subsequently, the ones who are buying are very cautious and more particular than in past years. However, it is important to note that real estate is not driven strictly by the economy. People choose to buy and sell for a variety of reasons, many of which are not necessarily tied to current economic conditions. Some of these reasons include job relocation, schools, trust or probate sales, the desire to upsize or downsize, and a host of personal factors.
While it is true that the healthy gain in median price that we experienced in the fi rst half of the year (up 8.2% from 2007) was erased by the ensuing crisis in the fi nancial and equity markets during the 4th quarter, we should still put things in perspective. We have experienced nearly a decade of robust growth in the real estate market; and, as with any market, this kind of growth is simply not sustainable year after year. Some might say that the trend is defi nitely down and that things will get worse before they get better. Whether this is true, no one knows for sure. However, what I do know for sure is that this market will recover, and when it does, there is no community better poised to do so than the town of Hillsborough. With its temperate climate, natural beauty, privacy, outstanding schools; and proximity to San Francisco, Silicon Valley and major airports, Hillsborough will continue to always be in demand. In the meantime, it is imperative for anyone thinking about selling to price their properties appropriately, prepare them so that they show well, and work with a full-time, local realtor to represent them. Proper marketing is now more important than ever, as buyers need to perceive a true sense of value before they will act.
Should you have any questions about the information contained in this report, or if I can be of any assistance regarding your real estate needs, please don’t hesitate to contact me. I look forward to speaking with you soon. Sincerely,
Year # of Sales Avgerage Price Median Price Price Recv’d Avg. DOM2003 141 $2,178,479 $1,860,000 95% 532004 169 $2,460,387 $2,250,000 97% 432005 152 $2,769,140 $2,500,000 98% 492006 123 $2,963,690 $2,500,000 97% 502007 127 $2,959,767 $2,600,000 96% 512008 94 $3,035,748 $2,507,500 96% 42
% List
2008 Price Breakdown:# of homes sold +$10MM = 2 (2%)# of homes sold +$5MM-$10MM = 4 (4%)# of homes sold +$4MM-$5MM = 9 (10%)# of homes sold +$3MM-$4MM = 15 (16%)# of homes sold +$2.0MM-$3.0MM = 49 (52%)# of homes sold under $2MM = 15 (16%)
Highest Sale Price = $11,000,000Lowest Sale Price = $1,530,000
2007 Price Breakdown:# of homes sold +$10MM = 0# of homes sold +$5MM-$10MM = 7 (5%)# of homes sold +$4MM-$5MM = 14 (11%)# of homes sold +$3MM-$4MM = 25 (20%)# of homes sold +$2.0MM-$3.0MM = 67 (53%)# of homes sold under $2MM = 14 (11%)
Highest Sale Price = $8,700,000Lowest Sale Price = $1,600,000
Totals: 2007=127 ◆ 2008=94(decrease of 26% vs. 2007)Note: In 2008, 10 homes(approx. 10% of total sales)sold under $1.8MM, whereasin 2007 only 2 sold for under $1.8MM
__________________________ _________________________
Hillsborough Closed Sales2008 vs. 2007 Comparison
Hill20082008QuarterlyQuarterlySalesSales
t