What Can You Buy in San Mateo County for $350,000?

I’ve been working with a client lately who is looking to buy a condo in our county.  She is looking at what we call entry level — under $350,000, and yes there are some to look at.  Not many., but some and some of those are not short-sales, but not very many.  We have looked at everything available in Daly City.  Almost all of those are short-sales. We have looked at everything in South San Francisco and none of those are short-sales.  We have looked at everything in San Bruno and again, almost all of them are short-sales.  There is nothing in Millbrae under $350,000.  There is nothing under $350,000 in Burlingame.  In San Mateo there are a few but nothing to interest her. Nothing in Foster City under $350,000 and only one in Belmont.  We have seen them all.  We even tried looking in Pacifica but nothing there, and nothing in Brisbane either.  San Mateo County is expensive and getting more so every year.

It has been an interesting exercise for me.  $350,000 buys a large home in many places in this country but in San Mateo County it buys a really small condo that generally needs work and is under 800 square feet.  Now what are we, as a society, going to do to help middle class buyers when property keeps getting more and more expensive?  We have pretty much built out.  The last new projects have generally been priced at $500,000 plus for the smallest units.  There’s a beautiful new complex in San Mateo starting in the low $500,000′s for a one bedroom with top of the line appliances and finishes.  It’s really beautiful but at that price it certainly isn’t for an entry level buyer.  The next jump for one bedrooms condos up in the hills in in the mid-$500′s as well. The lot where the Palm Theater used to be has been used to build some townhouses beginning in the mid-$500′s.

There’s a place in Burlingame, on El Camino Real, trying to sell two apartment buildings that have been refurbished at TIC’s (Tennants In Common).  They’re starting the the low $400,000′s but  have been slow to sell.  TIC’s are a necessary evil in San Francisco where there is a moratorium on condo conversions but this isn’t the case in Burlingame.  Only two have gone into escrow in the five months they’ve been listed.  There have been a few small complexes with new units, but they go pretty fast and aren’t at the entry level in price, either.

Millbrae has two new complexes but the entry level units flew off the shelf at the high $500,000′s in one and the other started in the $700,000′s.  There’s talk about a large development where Bay Meadows sits today but that’s a couple of years away and you can be sure prices will not be entry level.  What is really missing in San Mateo County is affordable housing.  Why can’t this be built?  Why are these builders building high-end units everywhere?  Does everyone have to have granite in the bathrooms and kitchens?  Do they need high-end appliances?  What’s happened to basic housing for people to live in?

I know I am not the only person to be asking these questions.  We do not need larger and larger homes to heat and eat up utilities.  Most people live in only a small portion of their homes.  We need affordable housing providing safe construction.  If you care about this let your elected officials know that is what you want to see approved. Start with your city council and move up to the County Board of Supervisors.  Write the local papers and tell others what you think.  Maybe we can do something if we all do it together!