Burlingame Real Estate - The Wilkas Group » san mateo condos for sale

Market Report – San Mateo, CA – 10.05.2011 – Condo/Townhouses

lenorewilkas — Wed, 05 Oct 2011 22:56:15 +0000

As the second largest city in San Mateo County, the city of San Mateo offers many kinds of housing choices. Earlier today we talked about the market report for single family homes. Now let’s look at what’s going on with the condo and townhouse market.

Townhouses sell at many different price points from entry level to multi-million dollar luxury units with views from San Francisco down towards San Jose. You can live near downtown or up in the hills each area offers a nice selection of affordable homes. If you love living along the bay, there are several wonderful communities to look over. Let us know what your needs are and we’ll help you find the right home.

90-day stats for Condo properties in SAN MATEO, CA as of May 18, 2012
Median List Price:	$421,926	Average List Price:	$477,619
Total Inventory:	93	Price per Square Foot:	$365
Average Home Size:	1,075	Median Lot Size:	n/a
Average # Beds:	1.78	Average # Baths:	1.67
Homes Absorbed:	8	Newly Listed:	7
Days on Market:	146	Average Age:	30

If you’re interested in seeing some of the properties for sale in San Mateo give us a call. It’s important that you, as a buyer, be represented by your own agent in all real estate transactions. Whether you’re a first-time buyer or a seasoned real estate investor, we can help you figure out what is the best buy for your needs.

Here’s what’s for sale in San Mateo for a condo or townhouse right now.

Showing properties 1 - 40 of 57. See more city of San Mateo real estate.
(all data current as of 5/25/2012)

$470,000 : 2283 Vista Del Mar, San Mateo

2 beds, 2 full baths

Home size: 1,211 sq ft
$583,000 : 2319 Armada Wy, San Mateo

2 beds, 2 full, 1 part baths

Home size: 1,223 sq ft
$445,000 : 845 Highland Av #2, San Mateo

2 beds, 1 full, 1 part baths

Home size: 1,336 sq ft
$275,000 : 821 N Humboldt St #306, San Mateo

1 bed, 1 full bath

Home size: 693 sq ft
$299,000 : 1705 Palm Av #7, San Mateo

1 bed, 1 full, 1 part baths

Home size: 802 sq ft
$518,000 : 231 N El Camino Real #106, San Mateo

2 beds, 2 full baths

Home size: 970 sq ft
$435,000 : 876 Wharfside Rd, San Mateo

1 bed, 1 full, 1 part baths

Home size: 1,150 sq ft
$369,000 : 815 N Humboldt St #414, San Mateo

2 beds, 1 full bath

Home size: 903 sq ft

Lot size: 24 sqft
$849,000 : 111 Saint Matthews Av #307, San Mateo

3 beds, 2 full baths

Home size: 1,801 sq ft
$248,000 : 2425 S Norfolk St #306, San Mateo

1 bed, 1 full bath

Home size: 690 sq ft
$247,000 : 1 Baldwin Av #515, San Mateo

1 bed, 1 full bath

Home size: 800 sq ft
$429,000 : 1632 Vista Del Sol #7, San Mateo

2 beds, 2 full baths

Home size: 1,070 sq ft
$265,000 : 3050 Los Prados St #9, San Mateo

2 beds, 2 full baths

Home size: 900 sq ft
$599,500 : 1113 Yates Wy, San Mateo

2 beds, 2 full, 1 part baths

Home size: 1,254 sq ft
$719,000 : 13 Tollridge Ct, San Mateo

3 beds, 2 full, 1 part baths

Home size: 1,920 sq ft

Lot size: 1,260 sqft
$230,400 : 711 S Bayshore Bl #7, San Mateo

2 beds, 1 full bath

Home size: 740 sq ft
$385,000 : 817 N Humboldt St #314, San Mateo

2 beds, 1 full bath

Home size: 974 sq ft
$455,000 : 425 N El Camino Real #310, San Mateo

2 beds, 2 full baths

Home size: 1,473 sq ft
$558,855 : 215 Virginia Av #201, San Mateo

2 beds, 2 full baths

Home size: 1,233 sq ft
$330,000 : 1 Baldwin Av #306, San Mateo

1 bed, 1 full bath

Home size: 930 sq ft
$648,888 : 1705 Palm Av #15, San Mateo

2 beds, 2 full, 1 part baths

Home size: 1,322 sq ft
$689,000 : 50 Mounds Rd #207, San Mateo

2 beds, 2 full baths

Home size: 2,076 sq ft
$769,000 : 111 Saint Matthews Av #104, San Mateo

2 beds, 2 full baths

Home size: 1,348 sq ft
$639,000 : 222 8th Av #Unit 204, San Mateo

2 beds, 2 full baths

Home size: 1,400 sq ft
$649,000 : 10 Crystal Springs Rd #2113, San Mateo

2 beds, 2 full baths

Home size: 1,255 sq ft
$490,000 : 818 Wharfside Rd, San Mateo

1 bed, 1 full, 1 part baths

Home size: 1,150 sq ft

Lot size: 1,150 sqft
$1,799,000 : 222 6th Av #301, San Mateo

3 beds, 2 full, 1 part baths

Home size: 2,544 sq ft

Lot size: 12,600 sqft
$658,000 : 225 E Santa Inez Av #1, San Mateo

3 beds, 2 full, 1 part baths

Home size: 1,550 sq ft
$498,000 : 926 Peninsula Av, San Mateo

3 beds, 2 full, 1 part baths

Home size: 1,394 sq ft
$390,000 : 14 El Cerrito Av, San Mateo

2 beds, 1 full, 1 part baths

Home size: 1,250 sq ft
$578,888 : 2116 Vista Del Mar, San Mateo

3 beds, 2 full, 1 part baths

Home size: 1,476 sq ft
$569,000 : 2363 Ticonderoga Dr, San Mateo

2 beds, 2 full, 1 part baths

Home size: 1,470 sq ft

Lot size: 969 sqft
$530,000 : 601 Laurel Av #407, San Mateo

2 beds, 2 full baths

Home size: 1,450 sq ft
$458,000 : 465 Fathom Dr #212, San Mateo

2 beds, 2 full baths

Home size: 1,219 sq ft
$525,000 : 103 Madison Av, San Mateo

3 beds, 2 full baths

Home size: 1,300 sq ft

Lot size: 8,000 sqft
$235,000 : 4129 George Av #3, San Mateo

1 bed, 1 full bath

Home size: 840 sq ft
$260,000 : 1 Baldwin Av #819, San Mateo

1 bed, 1 full bath

Home size: 1,000 sq ft
$812,000 : 10 Crystal Springs Rd #2513, San Mateo

2 beds, 2 full baths

Home size: 1,293 sq ft

Lot size: 1 sqft
$530,000 : 601 Laurel Av #307, San Mateo

2 beds, 2 full baths

Home size: 1,450 sq ft
$439,000 : 619 Woodside Wy #C, San Mateo

2 beds, 2 full baths

Home size: 912 sq ft

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

Attention FHA Buyers!!! BIG Changes are Coming October 4th – San Mateo, CA

lenorewilkas — Wed, 11 Aug 2010 01:05:25 +0000

One of the loan brokers we like to refer our clients to is Jed Thibodeau who is with Bankers Preferred in Burlingame. He often speaks at our weekly office meetings and told us about a major change coming to FHA loans beginning on October 4, 2010. This change will cost you money every month for the entire length of your FHA loan and it’s a huge change. If you think this change is short notice, it’s better than what we heard on Monday, with the original date in early September. Either way, don’t wait too long to make a purchase if you are planning on using FHA as your loan source. Take your time reading this because there is a lot of alphabet soup in it.

Please read below:

Avoid increasing costs of FHA financing. On Thursday, August 5, 2010 Assistant Secretary for Housing/Federal Housing Commissioner, David H. Stevens, issued a memo informing the housing industry of changes to Federal Housing Administration (FHA) mortgage insurance premiums. The changes are scheduled to take effect on October 4, 2010. These changes increase borrower costs for using FHA financing. To avoid this cost increase make sure to start your FHA loan prior to October 4. It is worth noting that these changes will not affect mortgage insurance premiums on existing FHA mortgages.

Before going further, it is important to know that FHA MIP factors vary, and will continue to vary, slightly with down payment amount, 30 year fixed and 15 year fixed loan programs. This article addresses the most common FHA financing scenario, a minimum down payment of 3.5% with a 30 year fixed loan program. You’re welcome to email me at jedt at bankerspref dot com to ask about the MIP factors associated with your particular financing scenario

To establish a frame of reference to help gage the impact of these changes, let’s first review FHA mortgage insurance premiums (MIP) in general, then review current FHA MIP factors and lastly, compare the current MIP factors with the MIP factors that become active October 4, 2010.

FHA has two types of mortgage insurance, an Up Front Mortgage Insurance Premium (UFMIP) and an annual mortgage insurance premium (MIP). The current UFMIP is typically added to the loan amount (loan amount = purchase price – down payment) in the amount of 2.25% of the loan amount. The annual MIP is calculated with a factor of 0.55% and is paid monthly with the mortgage payment. FHA uses the proceeds from these two mortgage insurance premiums to fund claims on FHA insured mortgages.

Home Purchase Amount of $430,000

On October 4, 2010 the UFMIP factor for the aforementioned scenario drops from 2.25% to 1.0% and the annual MIP increases from 0.55% to 0.90%. The following table provides perspective on the actual dollar amounts of these changes with a $430,000 home purchase.

Here we see a reduction of the UFMIP by $5,187 and in increase in the monthly MIP by $121.03. More dramatic, is the total interest and MIP expense for the first 60 months of the loan. The MIP factors taking effect on October 4, 2010 will cost the homeowner an additional $5,891.

Home Purchase Amount of $750,000:

As the purchase price increases the dollar amounts increase. Let’s look at a $750,000 purchase.

Here we see a reduction of the UFMIP by $9,047 and in increase in the monthly MIP by $211.09 and an increase in total interest and MIP expense for the first 60 months of $10,275.

After October 4, 2010 FHA financing becomes much more expensive for the borrower. If you are planning to use an FHA loan program to purchase a home or refinance your home, it’s economically prudent to move quickly to avoid the increase MIP expense.

A copy of the memo can be found at the following link: http://portal.hud.gov/portal/page/portal/ver-1/HUD/federal_housing_administration/docs/August_Special_Edition_2_FromtheDeskOf.pdf.

If you have questions or if you would like to discuss your personal financing circumstances, you are welcome to email me at jedt at bankerspref dot com.

San Mateo Condo Report – 07.17.09

lenorewilkas — Fri, 17 Jul 2009 19:30:08 +0000

Last week the City of San Mateo had 129 condos or Class 2 properties for sale. This was an increase over previous weeks. These condos are taking about 142 days to sell, which isn’t really much different than many houses are taking. The Median price was $479,500 and this was for a 2 bedroom, 2 bath 29 year old condo. The most expensive condo for sale last week was listed at $2,980,000 and the least expensive was $217,888. The Median Price for all was $559,811. Prices are more stable for condos then for houses as only about 1/3 of all listings are seeing price reductions.

As in single family houses, the quartiles divides the market according to price and price determines size and amenities. The more expensive the condo the longer it will take to sell because there are fewer people out there buying them. The top Quartile, 1, has traditionally held the empty nester buyer, the one who has sold their large home and is moving into a condo for convenience. Now that it’s harder to sell the family home, it’s harder to buy downward. Quartile 2, 3, and 4 are often first time buyers and these are the FHA buyers sit. There were 4 listings and 2 sales in Quartile 4, no sales in Quartile 2 or 3. Some of this is due to the lending market right now.

As you can see, the inventory for San Mateo Condos has been pretty consistent over the past 2 years ranging from about 100 to about 130 units for sale. This week we’re up but who knows what next week will hold. We saw 3 sell last week.

Prices are down dramatically from the high s in 2007 and San Mateo bottomed out the beginning of this year and had had a nice recovery and held it, too. There are some great buys out there but the real bargains are gone. There are currently 10 short sales and 2 bank owned out there and these are only in the bottom quartile of the market, too.

The condo market has bounced along the bottom of the market for 2 years. There are some good buys out there in some very nice places. There are also some over priced condos sitting on the market. If you’re a condo buyer let me know and I can send this to you weekly.