Is It Possible to Buy in San Mateo County under $350,000?

I am currently working with a new client who is searching for a condo in San Mateo county for under $350,000.  In most other places in the USA one can buy a four bedroom house for that but here
we’re having a hard time finding something that is livable.  She wants to live in central county  — that means between Millbrae and Belmont.  We have looked at everything out there, and yes, there are some things but believe me, not much!

We began by looking at everything within her price range beginning with Daly City.  She doesn’t want to live in the fog.  Then South San Francisco. Fog is again the issue.  Then Pacifica. The only thing near her price range needed to be gutted and rebuilt it was so bad.  Then San Bruno.  Ah, yes there are a lot of them near
her price range but she’s not sure she wants to  live in the complex that has them.  Some of the condos we saw were total messes, some pretty good and some in between.  But, as we began to look further south, and I showed her San Mateo, she decided that what where she wants to be and now we are trying to find “the one”.  We have seen many nice places but all of them are above $350,000.  Oh, did I mention that this condo needs to be at least a one bedroom place?  Yup, it does and San Mateo exceeds that price level for one bedroom condos.  So does Foster City, try $450,000 for one.  And so does Belmont, there is one in the high $300′s.  Burlingame?  Don’t even ask because you can’t buy into Burlingame for under $500,000.  Millbrae has jumped up to that level as well.

It is the middle of July and we are beginning to see a slow down in listings in all of the central San Mateo cities.  What gives?  I can’t answer that I can only ask it.  Generally real estate has ebbs and flows and summer is usually pretty busy with people moving but we are seeing a slow down early.  August starts the usual decline in listings with them hitting the low point around Thanksgiving and then it picks up again after Super Bowl Sunday.

Condos are entry level housing but one needs to make a lot of money in order to buy one around San Mateo County today.  Lenders have tightened up and are now expecting to see a down payment, so that you
have skin in the game which isn’t a bad thing to happen but it does make it difficult to try to enter the real estate game.  I don’t have any answers to this conundrum but comments.  What it says is Central San Mateo County condos are still a seller’s market.  And, getting back to my question, Can You Buy in San Mateo County for under $350,000?  Yes, you can but where the property will be will be in North County   –  Daly City, South San Francisco, Pacifica, San Bruno.  If you want to live in a sunny climate you will have to pay more.