Burlingame Real Estate - The Wilkas Group » Burlingame realtors

Burlingame Market Report for May 2011

lenorewilkas — Sun, 05 Jun 2011 16:30:39 +0000

You’re looking at a snapshot of the real estate market for Burlingame California from last week. This is as close to real time as one an get. Forget what you hear on the news. Forget what you read in the papers about the Case-Shiller report. This is the real skinny of what’s happening locally. The other things you’re hearing are like painting a picture with a broad brush and wiping out every detail the eye can see. Burlingame, Hillsborough, San Mateo and Foster City are the cities I write about and sell real estate within and know. Case-Shiller knows nothing about our market so they talk about the Bay Area without understanding the macro version. Each community is unique within San Mateo County and our communities are not distressed. We see very few short sales and bank owned properties in Burlingame.

Look at this chart for Burlingame single family homes. Trends for last week were down from the week before, but trends move up and down weekly. Real estate is not a static medium and when there are only a few homes for sale within a market it’s impossible not to see swings up and down with just the sale of one property, depending on its price. Remember there are 7739 homes in Burlingame.

Now let’s see the monthly Burlingame market data to compare the market., We are seeing more homes pending sale, which is good. People are out shopping for new homes and taking out loans, and making life decisions.

We are seeing incredible lending values. Historically low interest rates, in face, that can’t possibly stay like this very much longer. What happens when the Fed finally raises interest? Your affordability will diminish, that’s what will happen. Today you might be able to afford a home for $1.5 million at 4% interest but what happens when interest rises to 5%? Your affordability will drop and you might not be able to buy into Burlingame.

We are happy to show you these things in detail so you can make an intelligent decision about buying a new home. Real estate is not an investment like stocks and bonds are, it’s a property that allows you to put down roots into a community and grow a family. It allows you to have a sense of security and ownership. It’s really important that you stop thinking about a home being your piggy bank, because it isn’t and should never become one. We want to see some appreciation of the purchase of a home so you can leverage it into a larger home down the road, but the days of insane increase of value are long gone. Appreciation is going to be about 3% a year so you will want to stay in your home for 5 or more years in order to leverage it to another one. That’s the way your parents thought about buying a home, that’s the way I thought about buying a home and now you must think that way too.

In our corner of the Peninsula it is not cheaper to rent, if you can find a decent rental. It is cheaper to buy and take the tax advantages that home ownership offer you. We don’t have enough rental property to fill the needs here, so don’t think that’s your answer because it’s not. Don’t sit on the fence waiting of prices to drop because even if they do, even a little bit, when interest rates go up you will end up paying considerably more for the same house at a lower price with higher payments and will have lost the months of deductions you could have taken for taxes while sitting on that fence. Buying a home is a long-term purchase not something you buy and flip. Think of it this way and you’ll want to own. Think of it any other way and in the long run you’ll be the loser.

Here’s what’s currently for sale in Burlingame homes.

Showing properties 1 - 5 of 8. See more city of Burlingame real estate.
(all data current as of 5/24/2012)

$1,440,000 : 617 Rollins Rd, Burlingame

0 beds, 0 baths

Home size: 7,590 sq ft

Lot size: 10,550 sqft
$2,850,000 : 740 Linden Av, Burlingame

0 beds, 0 baths

Home size: 5,000 sq ft

Lot size: 8,624 sqft
$2,100,000 : 1461 El Camino Real, Burlingame

0 beds, 0 baths

Lot size: 8,200 sqft
$1,395,000 : 4 Howard Av, Burlingame

0 beds, 0 baths

Home size: 4,268 sq ft

Lot size: 5,460 sqft
$1,795,000 : 1140 El Camino Real, Burlingame

0 beds, 0 baths

Home size: 4,883 sq ft

Lot size: 6,150 sqft

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Here’s what’s currently for sale in Burlingame condo and townhouses.

Showing properties 1 - 5 of 14. See more city of Burlingame real estate.
(all data current as of 5/24/2012)

$1,650,000 : 740 Linden Av, Burlingame

3 beds, 3 full, 1 part baths

Home size: 3,000 sq ft

Lot size: 8,624 sqft
$565,000 : 1210 Bellevue Av #207, Burlingame

2 beds, 2 full baths

Home size: 1,186 sq ft
$515,000 : 733 Fairfield Rd #1, Burlingame

2 beds, 2 full, 1 part baths

Home size: 1,205 sq ft
$1,627,500 : 512 Primrose Rd #102, Burlingame

3 beds, 3 full baths

Home size: 2,434 sq ft
$650,000 : 33 Park Rd #2, Burlingame

2 beds, 2 full, 1 part baths

Home size: 1,380 sq ft

Lot size: 653 sqft

Listing information deemed reliable but not guaranteed. Read full disclaimer.

The Wilkas Group is here to assist you in the purchase or sale of your home. We bring our expertise, skills and excellent to all of our clients. You can contact us above by clicking the the Contact Us! link, or try to chat real time. We’re here to be your advocate.

How’s the Market in Burlingame CA 2.03.11?

lenorewilkas — Thu, 03 Feb 2011 22:10:50 +0000

How’s the market doing? It’s a question we get often and one that doesn’t have a simple answer. It’s not necessarily good or bad, it depends. It depends on whether you want to buy, sell, invest, rent or are just curious to know if you home’s value has stopped dropping.

The chart above shows the median price for Burlingame homes in 2010 versus 2011. Obviously we’re only a month into 2011 so who really knows what’s to come for sure. The signs are looking favorable, though. Prices have gone down over the past year. Whether they continue to drop is anyone’s guess but one thing we are pretty confident about is that interest rates will go up. So even if the house of your dreams drops a little after you buy it, what’s the worry if you have a loan at historic low interest rates? Rising interest versus dropping prices equals bigger payments. If you don’t believe me I have a chart I can send you to show this to you, just ask.

I’m beginning a monthly tracking of the market for Burlingame single family homes. The chart below is January( into the first 3 days of February). There are 30 homes for sale, 19 are pending sale and under contract and since the first of the year 2 homes have sold. The average price for a house in Burlingame right now is $1,266,656.

Here’s what’s currently for sale in Burlingame. If you see something give us a call at 650-696-2820 for a showing.

Showing properties 1 - 30 of 36. See more city of Burlingame real estate.
(all data current as of 5/24/2012)

$1,200,000 : 738 Linden Av, Burlingame

3 beds, 2 full, 1 part baths

Home size: 2,000 sq ft

Lot size: 8,624 sqft
$2,150,000 : 135 Valdeflores Dr, Burlingame

4 beds, 3 full, 2 part baths

Home size: 3,550 sq ft

Lot size: 9,976 sqft
$2,195,000 : 1005 Drake Av, Burlingame

5 beds, 4 full, 1 part baths

Home size: 3,168 sq ft

Lot size: 6,250 sqft
$1,349,000 : 516 Burlingame Av, Burlingame

3 beds, 2 full baths

Home size: 2,110 sq ft

Lot size: 5,000 sqft
$980,000 : 1016 Paloma Av, Burlingame

3 beds, 2 full, 1 part baths

Home size: 1,310 sq ft

Lot size: 5,750 sqft
$2,695,000 : 2202 Summit Dr, Burlingame

3 beds, 2 full, 1 part baths

Home size: 2,341 sq ft

Lot size: 2.66 ac
$1,717,000 : 1513 Sanchez Av, Burlingame

4 beds, 3 full, 1 part baths

Home size: 2,390 sq ft

Lot size: 7,050 sqft
$1,050,000 : 1000 Park Av, Burlingame

3 beds, 2 full baths

Home size: 1,684 sq ft

Lot size: 5,400 sqft
$2,249,000 : 1537 Drake Av, Burlingame

4 beds, 4 full, 1 part baths

Home size: 2,940 sq ft

Lot size: 6,000 sqft
$1,749,000 : 2504 Easton Dr, Burlingame

4 beds, 3 full baths

Home size: 2,500 sq ft

Lot size: 6,000 sqft
$1,428,000 : 23 Dwight Rd, Burlingame

4 beds, 2 full baths

Home size: 2,200 sq ft

Lot size: 4,960 sqft
$987,000 : 411 Bayswater Av, Burlingame

3 beds, 2 full baths

Home size: 1,585 sq ft

Lot size: 5,060 sqft
$739,000 : 737 Crossway Rd, Burlingame

2 beds, 1 full bath

Home size: 810 sq ft

Lot size: 3,000 sqft
$2,195,000 : 1257 Balboa Av, Burlingame

4 beds, 4 full, 1 part baths

Home size: 2,715 sq ft

Lot size: 6,000 sqft
$985,000 : 107 W Fey Dr, Burlingame

4 beds, 3 full, 1 part baths

Home size: 2,330 sq ft

Lot size: 17,767 sqft
$2,298,000 : 1037 Balboa Av, Burlingame

4 beds, 3 full, 1 part baths

Home size: 3,000 sq ft

Lot size: 6,000 sqft
$2,795,000 : 1526 Los Altos Dr, Burlingame

5 beds, 5 full, 1 part baths

Home size: 4,000 sq ft

Lot size: 8,320 sqft
$1,280,000 : 205 Howard Av, Burlingame

3 beds, 2 full baths

Home size: 1,520 sq ft

Lot size: 4,738 sqft
$2,950,000 : 3004 Hillside Dr, Burlingame

5 beds, 4 full, 1 part baths

Home size: 4,500 sq ft

Lot size: 11,250 sqft
$1,200,000 : 1435 Edgehill Dr, Burlingame

5 beds, 3 full baths

Home size: 1,780 sq ft

Lot size: 6,016 sqft
$1,900,000 : 1445 Cabrillo Av, Burlingame

4 beds, 2 full, 1 part baths

Home size: 2,480 sq ft

Lot size: 6,000 sqft
$1,100,000 : 1512 Ralston Av, Burlingame

3 beds, 1 full, 1 part baths

Home size: 1,990 sq ft

Lot size: 7,896 sqft
$1,149,000 : 23 El Quanito Wy, Burlingame

3 beds, 2 full baths

Home size: 1,620 sq ft

Lot size: 13,250 sqft
$2,395,000 : 1360 Columbus Av, Burlingame

5 beds, 4 full, 1 part baths

Home size: 2,975 sq ft

Lot size: 6,000 sqft
$900,000 : 22 Bancroft Rd, Burlingame

2 beds, 1 full, 1 part baths

Home size: 1,570 sq ft

Lot size: 6,000 sqft
$2,295,000 : 1032 Balboa Av, Burlingame

5 beds, 4 full, 1 part baths

Home size: 3,000 sq ft

Lot size: 6,000 sqft
$1,595,000 : 1513 Ralston Av, Burlingame

4 beds, 3 full baths

Home size: 3,100 sq ft

Lot size: 8,064 sqft
$1,350,000 : 1437 Balboa Av, Burlingame

2 beds, 1 full bath

Home size: 1,370 sq ft

Lot size: 6,000 sqft
$1,295,000 : 1318 Edgehill Dr, Burlingame

4 beds, 3 full baths

Home size: 2,050 sq ft

Lot size: 7,200 sqft
$749,000 : 812 Howard Av, Burlingame

2 beds, 1 full bath

Home size: 1,010 sq ft

Lot size: 5,250 sqft

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Burlingame Market Report 8.25.09: Burlingame, CA

lenorewilkas — Tue, 25 Aug 2009 23:19:51 +0000

The market, she is a-changing. Last week Burlingame had 85 houses for sale and the average time they have been on the market is about 70 days. The inventory is increasing and so is the time it is taking to sell a property. There could be several reasons for this: One, being the difficulty in buyer’s getting loans; Two, the problems the real estate industry across the county is having with appraisals coming in accurately; and Three, these houses are move-up properties and the people wanting to move up to Burlingame can’t get their houses sold either. So much for the housing stimulus in San Mateo County.

The Median priced house last week was $1,388,000. The Average priced house was $1,564,274. The most expensive house for sale last week in Burlingame was listed at $3,395,000 and the least expensive house was listed at $514,900, the one and only Bank Owned property in Burlingame. By the way, there are 12 Short Sales in Burlingame.

We are seeing fewer houses being re-listed and my guess is because listing are now being taken for up to 1 year rather than 90 days like it used to be done. Prices are being reduced in 40% of all listings. What does this tell you? Prices are still too high so if a house doesn’t sell it is because of the price. Many people are trying to sell before their loans reset to higher interest rates — these are the ARM and alt-A ARMS that were taken out by many buyers during the real estate frenzy 3-7 years ago. They were the 3/1, 5/1 and 7/1 hybrid loans so many people took advantage of to buy a house. Some of these loans will be fine and will reset into prevailing rates, many will not, and we in the real estate community, expect to see a tsunami coming forth in our area of San Mateo County. Nationwide over half a million loans (523,000) are due to reset in 2009 alone!

The Market Segments

Our wonderful research company, Altos Research, divides the market into quartiles to show how each segment of the market is different from the other in price and property. The top Quartile is doing the best, but the houses sold last week had huge price reductions prior to selling. A house sells if the price is right. Generally the bottom Quartile moves faster in Burlingame because it has been the entry to this great town but not in this case. It’s languishing and I must guess the reason is due to the difficulty in getting loans. It’s only a guess…..

Prices in Burlingame have dropped over the past couple of years but clearly they’re still high and trending that way, yet we’re seeing 40% of all listings getting price reductions so some how there is a disconnect with the sellers in Burlingame. Price matter and it is still mostly too high or these houses would be selling.

The Market Action Index clearly shows that Burlingame hit bottom around March of this year bounced up a bit, and has stayed around the level since. Burlingame is a Strong Buyer’s Market and sits at 16, well below the line that moves it into Seller’s Market, at 30. There are seller’s markets today, believe it or not, but not on the Peninsula. We are still short housing for the number of people living here but clearly the prices in Burlingame are not reflecting this.

Burlingame, California, 94010, is still one of the sought after communities to live in on the San Francisco Peninsula because of the fine schools and beauty of the community. If you want to live in Burlingame you will have to pay a lot of money and if you are lucky enough to either have a loan approved, or money in the bank in order to pay full cash, the selection of houses is very plentiful.

I have a complete report with more data on Burlingame available for you, but you must ask for it. Click on the Contact Us button and make your request.