Hillsborough, Burlingame Luxury Homes Real Estate

The Lyon and Hoag area of Burlingame sits immediately north of Peninsula Avenue between North Humboldt and California Drive and south side of Burlingame Avenue.  This development by built by builders who were developing homes in Burlingame and San Carlos in the 1930’s.  The homes are older, averaging about 70 years old, smaller and full of character.  The homes are near Washington Park, Burlingame High School and an easy walk downtown.

For Sale this week:

• $848,000 - on the market for 122 days - 2 bedrooms and 1 bath - 1170 square feet and 78 years old
• $859,950 - on the market for 56 days - 2 bedrooms and 2 baths - 1350 square feet and 90 years old

Pending but continue to Show:

• $799,000 - on the market 27 days - 2 bedroom and 1 bath - 1050 square feet and 86 years old
• $899,000 - on the market 72 days - 3 bedrooms and 1 bath - 1710 square feet and 73 years old - Price reduced from $998,000
• $998,000 - on the market 58 days - 2 bedrooms and 1 bath - 1220 square feet and 81 years old - Price reduced from $1,150,00

Pending Sale:

• $1,085,000 - on the market 11 days - 3 bedrooms and 2 bath - 1550 square feet and 72 years old

There were no listings withdrawn, cancelled or expired.  A Pending Show indicates that the contract has contingencies written in it, likely for appraisal and perhaps for further inspections.

Burlingame Park, the charming neighborhood west of El Camino and a short walk to downtown Burlingame, has some of the prettiest houses in the city.  Sitting next to Hillsborough and San Mateo Park, these homes are stately, generally more than 60 years old, and full of character.

For Sale this week:

• $1,635,000 - on the market for 102 days - 3 bedrooms & 2 baths at 2620 square feet - 87 years old - Price reduced from $1,695,000
  
• $1,698,000 - on the market for 59 days - 3 bedrooms & 2 1/2 baths at 2620 square feet - 96 years old - no price reduction
  
• $2,150,000 - on the market for 25 days - 3 bedrooms & 2 1/2 baths at 2620 square feet - 83 years old - Price reduced from $2,275,000
  
• $2,325,000 - on the market for 24 days - 5 bedrooms & 4 baths at 3200 square feel - 5 years  old - Price reduced from $2,458,000
  
• $2,398,000 - on the market for 64 days - 5 bedrooms & 3 1/2 baths at 3066 square feet - 68 years old - Price reduced from $2,498,000
  
• $2,595,000 - on the market for 27 days - 5 bedrooms and 3 1/2 baths at 3530 square feet - 80 years old - Price reduced from $2,695,000
  

Pending Sale this week:

• $1,788,000 - on the market for 12 days - 4 bedrooms and 3 baths at 2700 square feet - 58 years old
• $2,295,000 - on the market for 58 days - 5 bedrooms and 4 baths at 3248 square feet - 1 year old - Price reduced from $2,395,000
  

There were no homes sold this past month.  No homes on the market were withdrawn, cancelled, or had expired listings.

What does this tell us?  There are plenty of homes to choose from but they have all been on the marke for a while and had significant price reductions.

Last week Hillsborough had 46 homes for sale and saw 4 houses close escrow.  With a median priced home hovering around $4 Million dollars that’s quite a few homes for people with means to choose from.  The lowest priced home in Hillsborough is $1,850,000 and the highest is $18,000,000.  Obviously, there is quite a difference between these two properties both in size and amount of land.  Hillsborough is known for its fabulous schools, privacy, and lovely tree filled hillsides and some great views of the bay.  It’s the home to some serious movers and shakers of Fortune 500 companies and is considered “the” move-up place to be by many around here.

What you get for $4 million is a large home likely sitting on half an acre minimum.  The median sized home has 5 bedroom, 4 bathrooms and is about 4700 square feet.  There are several neighborhoods in Hillsborough, but only two, the Carolands, and the Uplands have a real neighborhood feel to them.  Many parts of Hillsborough has homes sitting behind high fences or deep hedges providing privacy to them, but keeping them distant from neighbors.  Sidewalks don’t exist, roads can be narrow in places, too.  It’s home to some beautiful and old estates including the Chateau Carolands a 98 room mansion built by the heiress to the Pullman Railcar fortune around 1915 and that was totally restored several years ago.

The inventory of houses on the market in Hillsborough has been rising lately.  Some of this is traditional this time of the year, but there may be some sellers who find they’re now stretch beyond their means and need to sell.  Altos Research says Hillsborough is a Cool Buyer’s Market and that means there are some bargains to be had.  Take the lowest priced home.  A year ago you couldn’t find anything under $2 Million there and now, this 3 bedroom, 2 bath 1900 square foot home is for sale at $1,850,000.

If you are a regular reader of my market reports you know that the red line across this chart is the division between a Buyer’s Market and a Seller’s Market.  Hillsborough dropped out of the Seller’s market around March 2007 and hasn’t been back since.  Homes are taking longer to sell, averaging 95 days on the market and with money getting tight, the ones that will move are likely the ones on the high end of the market since those buyers are more resistant to swings in the lending industry. 

There are some good buys at the lower end of Hillsborough’s homes, but the market really never bottomed out the way our other communities have.  Is Hillsborough insulated?  Probably not if we end up in a deep recession, but this kind of a community is less affected by the lending industry. 

Would you like the full Hillsborough report?  Either sign up for it, or ask me for one.

Last week, Belmont had 62 homes on the market averaging 67 days.  8 homes went off market, 1 sold, and 7 were either cancelled or withdrawn according to Altos Research.  Altos tabulates both homes on the MLS and those for sale by owner.  The MLS numbers are slightly different with 55 active homes as of this writing and 28 homes pending sale.  We’re finally seeing more inventory but prices are still high.  The Median priced home was $1,004,500 and the average price was slightly higher at $1,066,713.  The most expensive house for sale in Belmont is at $2,500,000 and the least expensive house is $589,900.  Prices are showing some weakening with 42% of the listings seeing a price decrease, and 77% had listings renewed for sale.

Belmont sits in a great spot on the Peninsula, almost half way between San Francisco and San Jose.  There aren’t many track homes, so it’s personality is unique.  People either love Belmont or they hate it.  It has narrow roads climbing along the sides of hills, some fabulous views of the bay and San Francisco, and good public schools. The average sized home on the market today is about 1929 square feet and is a 3 bedroom 2 bath multiple level home, going up or down a hillside.  That home is likely about 49 years old. 

Median Price

Prices climbed steeply in early 2007, dropped down a lot around late summer of last year and started climbing up after that.  The prices have held around the $1 million mark except for a spike in the spring.  Belmont used to be this little jewel with nice homes and great prices, but alas, it was found out about last year and prices climbed up, as you can clearly see above. Prices have been basically flat for a while now and the price per square foot has been coming down.  This is a good thing for the buyer as they can get more house for their money.

Market Action Index

The Market Action Index is the indicator that tells us when a market shifts from a seller’s to buyer’s market. We are sitting hard and flat as a  Cool Buyer’s Market at the number 20.  The indicator for a Seller’s Market is at 30.  Belmont is not at the bottom of the market any longer, it’s moved up a bit and has stayed there for a while.  That’s a good sign that people are looking at and buying real estate now.  The higher priced homes are selling faster than the low priced ones.  Much of this is due to the tight money market today as those are the move up homes. 

Over all it’s a great time to buy a home.  Belmont has a healthy supply to choose from and prices  have been coming down.  What does that mean for you if your sites are on Belmont?  Be prepared to make an offer and negotiate price.  You might get a bargain.

If you’d like the complete report on Belmont just ask.

This Sunday, downtown Burlingame will turn into a bicycle raceway, when the 5th annual Ryan Phua Criterium takes place, so beware.  Parking will be tight.  Streets will be closed and it will be a great day to bring the family and watch the fun.  Starting at the intersection of Burlingame Avenue and Lorton Avenue, the 7/10 of a mile race is serious business and the bicycles are moving fast.  Crossing the street when they’re coming down the raceway is dangerous and won’t be allowed, so plan accordingly.

The first race begins at 7 AM.  There is a 60 minute children’s race for kids 12 and under, at 10:20 AM, that runs the same course, as well as  other adult races during the day.  Most of the races run 40 minutes long, with bicyclists whizzing around the track at amazing speeds.  It’s an exciting race and something you will truly enjoy watching. 

The Criterium race will accept registration through Friday here.  There will be same day registration for an additional fee .Go to  the front of Copenhagen Bakery on Burlingame Avenue to register.  The biggest race offers a $1000 prize to the winner.  The others offer $500 prizes.A Portion of each entry fee will be donated to the Burlingame Community for Education and Ryan Phua foundation benefiting the Lance Armstrong Foundation. Over $235,000 has been raised to date. 

Burlingame has hosted criterium bicycle races for years, with some in residental areas and most downtown.  The present course offers tight turns, and a small course with both men and women competing.  Street will be closed between 5 AM and 4 PM and the Burlingame PD will ticket if you are parked in an illegal area.  Some garages are going to be off limit,  Park a few blocks away and way over to the course areas.  Have fun and make this an annual event for the family to attend.