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1010 Misty Lane, Belmont. Listed by Mary Yeargan of Remax Today. This is a beautiful home on a quiet street where not many homes come up for sale often. Very contemporary floor plan, but can use a face lift. I don’t think this one will sit on the market long.

3210 Longfellow, Belmont, listed by Vicki Ferrando of Intero Real Estate. It’s quite a climb to get up there, but no worries, there is an elevator! Not very often you see an elevator in a home in Belmont. This home is updated, has a nice floor plan and great entertaining space.

2019 Arbor Ave., Belmont listed by Christine Beard of Remax Today. This home has a lot of space, is completely updated, and an open floor plan.

604 Southview Ct. Belmontlisted by Janet Pepe Davis of Carlmont Associates. This home has very spacious bedrooms, nice views, and a good floor plan with a secluded master suite. This home also has a pool.

528 Davey Glen Belmont, Listed by Bryce Cook of Remax Today. This home has a lot of space and great outdoor space for the money. Probably one of the best deals in Belmont right now. This home was on the market previously, but at the new price, it should sell rather quickly.

1424 Sixth Ave. Belmont, listed by Weng Chia of City Life Real Estate. This home has charm and a lot of character and a bonus room.

332 Malcolm Ave. Belmont, listed with Robin Wrigley of Intero Real Estate. This home has a level yard, good floor plan, and is priced just under $800K. For the price and location, I wouldn’t be surprised if this home went with multiple offers. Yes, we are seeing some!

519 Cambridge Belmont, listed with Gregory Cohen of Coldwell Banker, this home is completely updated and has a living room and family room, an open floor plan, a nicely landscaped yard and a spa. Move in ready, and priced right.

520 Chesterton Ave. listed by Justine Ford of Remax Today. This home has an updated kitchen and and a good floor plan, but is also competing with other homes in the neighborhood that came on recently. There has been a sudden increase of inventory on the east side of Belmont this week.

506 Middlesex Rd. Belmont. Listed with Glenn Sennet of Coldwell Banker, this home has a lot of space for the price and will probably go with multiple offers per my conversation with the listing agent.

1105 North Rd. Belmont. Listed with Maria Schuster of Prudential Realty. While not technically a new listing, there has been a major price reduction from $689,000 to $599,000. While not the best location, the price correction should attract attention, however it is a short sale, so any potential buyer will most likely need some patience.

501 Middlesex Belmont. Listed with Tara Jaramillo of Coldwell Banker. This home is about 5 years old, and is completely remodeled from the foundation up! It boasts modern finishes and an open floor plan, plus a lot of space. Shouldn’t last long!

If you would like more information about any of these homes, don’t hesitate to contact us!

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2406 Casa Bona Ave. Belmont, CA. Listed by Janet Pepe Davis of Carlmont Associates.

501 Middlesex Rd. Belmont, CA. Listed by Tara Jaramillo of Coldwell Banker, Woodside.

533 Seagate Way Belmont, Ca. Listed by Kendra Wall of Vanguard Properties. This is a Bank Owned Property (REO).

808 Ruth Ave. Belmont, CA Listed by Loren Holden of Alain Pinel Realtors.

1500 Sixth Ave. Belmont, CA. Listed by Dominic Nicoli of Intero Real Estate. This is also a bank owned property.

While Belmont is generally not an area heavily saturated with bank owned properties and/or short sales, it seems as though we are seeing an increase.

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3. New Listings for the Week of 4/29/08 As of Tuesday, April 29, 2008, there are currently 51...

1592 Harbor Ave. Listed by Janet Pepe Davis of Carlmont Associates.

1737 Terrace Dr. is actually the Khoury-Kaileh Teams listing! Great house with a wonderful flow and outdoor space.

3633 Hillcrest Dr. listed by Dave Blewett of Inter Real Estate.

1200 Lane St. listed by Laura Bertolacci of Remax Today.

17 Oxford Ct. listed by Joshua Motto of J. Motto & Co. This is a bank owned property.

2002 Forest
Ave. listed by David “Tap” Tapper of Cashin Company.

1789 Belburn listed by Mary Molinari of Coldwell Banker.

323 Chesterton listed by Jaime Gonzalez of Remax Mid-Peninsula.

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1. New Listings for the Week of May 26, 2009 2227 Coronet Blvd. Belmont, CA. Listed by Rick Barrelier of...
2. Belmont Sales for January 2009 2501 Sherbourne-Listed by Carol Rodinsky of Alain Pinel Realtors. This home...
3. New Listings for the Week of 4/29/08 As of Tuesday, April 29, 2008, there are currently 51...

A short sale is the step before foreclosure.   In most circumstances, the homeowner is unable to continue paying their mortgage (not to mention HOA fees, if any, and property taxes), and the value of the home is worth less than what the owners owe on it.  For example, if you purchased a $1,000,000 home in June of 2005, today the home may be worth $900,000.  In order to sell the house, the bank has to approve any offer recieved on it, in other words, the bank comes up “short” when they get their payoff.

Short sales require a lot of patience, as most banks have multiple short sale cases on their books, and are not adequately staffed to handle them.  They alsotake a long time to  approve or disapprove the offer.  Although the seller is still on title, it’s the bank that ultimately decides exactly how much of a loss they are willing to take.  Often times, the buyers end up backing out of the transaction for various reasons, but often times, they get fed up with waiting or locate another property that works for them.

As a seller, the benefits of doing a short sale is that it’s better than having a foreclosure on your credit, and in the meantime, you can still live in the property.  For a buyer, you can sometimes make out with a pretty sweet deal, but it requires a lot of patience.  The downside is that you don’t know what interest rates are going to do, and by the time the bank makes a decision, you may no longer qualify for the loan you originally qualified for.

So what do you do?  You’ve located a property that suits your needs, is in your price range, but it’s a short sale.  I’d say put in an offer, but don’t stop looking or pass up another house that may suit your needs.  A good agent will structure your offer so that you can back out at anytime and not risk losing your deposit.  Now, of course, this is just a brief summary and my experience with short sales.  I’d love to know what you think or hear about your experiences.

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1. Belmont Sales for January 2009 2501 Sherbourne-Listed by Carol Rodinsky of Alain Pinel Realtors. This home...
2. Home Sales and Pendings From 04/01/08 to 04/22/08 Sold Homes 1040 Judson St. listed with Charles Rauch of...
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2408 Palmer Ave.- Listed by Sandi Paoli of Remax Today.  This home was listed for $749,950, and sold in 8 days for $719,000.  This home also needed upsating. 

2827 San Juan Blvd-Listed by Maureen Conner of Equity Capital.  This home was listed for $479,900 and sold for $400,000.  This home was a bank owned property and was red-flagged by the City of Belmont.  Great lot, great potential, but a huge project.  Good luck to the new owner!

Condominium/Townhouse Sales

There were no  condo/towhhouse sales for the month of January.

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 1.  The city of Belmont has a tree board or department.

 2.  The city of Belmont has a tree care ordinance.

 3.  Belmont has a comprehensive community forestry program.

 4.  Belmont also has an Arbor Day observance and proclomation. 

While I have talked to a number of people that are at times frustrated with all the restrictions the city has regarding trees, they do keep our community beautiful, improve our air quality, and help keep property values stable.

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• 2406 Coronet Blvd.  Listed with Sheila Johnston and Kathy Banks of Coldwell Banker for $2,500,000.  This home is still being built.
• 1665 Sunnyslope Ave. listted with Dzovig Derounian and Sandy Camaroto of Coldwell Banker for $1,995,000.
• 1500 El Verano Way listed with Chuck Gillooley of Remax Today for $1,325,000.
• 2319 Coronet Blvd. listed with Mary Duvall of Coldwell Banker for $1,175,000.  This home was already on the market originally listed for $1,225,000.
• 2524 Dekoven Ave. listed with Jon Celliti of Jon Dolores Celliti, Broker, listed for $1,139,000.
• 140 Virginia Ave. listed with Deborah Wilhelm of Coldwell Banker for $1,139,000.  This home was recently on the market for $1,188,000.
• 721 Alameda de las Pulgas, listed with Alex Palen of Alain Pinel Realtors, for $1,081,000.  This home is a fixer upper. 
• 116 Clipper Dr. listed with Anne Pearson of Equus Realty, listed for $879,000.
• 328 Chesterton listed with Arena P. Cho of Prudential California Realty. listed for $718,000.

Pending Sales for the week of 4/29/08

• There are no new homes that went pending this week.

Sold Homes for the week of 4/29/08.

• No homes have closed escrow within the past week.

Related posts:

1. New Listings for the week of April 22, 2008 As of Tuesday, April 22, 2008, there are 50 active...
2. New Belmont Listings for the Week of June 2, 2009. Well, a lot has come on the market in Belmont...
3. Home Sales and Pendings From 04/01/08 to 04/22/08 Sold Homes 1040 Judson St. listed with Charles Rauch of...

• 1040 Judson St. listed with Charles Rauch of CR properties was listed for $769,500 and sold for $790, 000 in one day.  This home was completely remodeled. 

Homes Pending the Close of Escrow.

• 2109 Arthur Ave. listed with Erica Damelio of Alain Pinel Realtors was listed at $1,299,950, recieved an offer after being on the market for 12 days. 
• 1802 Oak Knoll Dr Listed with Janet Pepe Davis from Carlmont Associates, at $1,150.000 recieved an offer withing 5 days.
• 1303 Notre Dame Ave listed with Joyce & Tatum of Intero was listed at $1,049,000 and recieved an offer within 7 days.
• 2205 Bettina Ave. listed with Fred Eftekari of Remax Today was listed at $989,000 and recieved an offer within 8 days.
• 2118 Coronet Blvd. listed with Patrick Ryan of Alain Pinel Realtors was listed at $750,000 and recieved an offer within 10 days.
• 417 Yorkshire Way listed with Stephanie Lashkoff of Ace Real Estate was listed at $599,000 and recieved an offer within 10 days.

Clearely, the market is not as slow as the media leads us to believe, and properties are still selling with sitting on the market for too long. 

Related posts:

1. Belmont Sales for January 2009 2501 Sherbourne-Listed by Carol Rodinsky of Alain Pinel Realtors. This home...
2. Belmont Real Estate Market Ending March 31, 2008 As of March 31st there are 39 single family homes...
3. New Listings for the Week of 4/29/08 As of Tuesday, April 29, 2008, there are currently 51...

The following homes came on the market within the past week.

• 1649 Sunnyslope Ave listed with Omer Tamturk of Century 21,  asking price of  $1,468,500.
• 2717 Sequoia Way listed with Emily Lim of Remax Star- asking price of  $1,398,000. 
• 1726 Terrace Dr. listed with Penelope Huang of Taylor & Huang properties- asking price of $1,299,000.
• 2411 Lincoln Ave. listed with Corina Colby of Coldwell Banker- asking price of $1,128,000.
• 1132 Lassen Dr. listed with Michael Haywood of Keller Williams- asking price of $1,098,000.

Related posts:

1. New Listings for the Week of 4/29/08 As of Tuesday, April 29, 2008, there are currently 51...
2. Home Sales and Pendings From 04/01/08 to 04/22/08 Sold Homes 1040 Judson St. listed with Charles Rauch of...
3. New Listings for the Week of May 26, 2009 2227 Coronet Blvd. Belmont, CA. Listed by Rick Barrelier of...