San Bruno Real Estate “Shake Up”!
Skycrest Village- New Homes- San Bruno
From the Skycrest Village, new homes in San Bruno, to the bank owned fixer uppers, San Bruno homes for sale are feeling the shift of a real estate “shake up”! Inventory over the past few weeks has dwindled down to a mere 40 homes for sale and 15 condos. That’s not too many when you consider that San Bruno consists of 14,677 households.
Currently, there are 2 two bedroom condos for sale at the Peninsula Place Condominium complex listed at $279,000. Great opportunity for investment or living in close proximity to the airport and San Francisco. There are also still some great little ranch style homes for sale in the $300,000 range.
San Bruno real estate is prime property because of its nice weather, living on the better side of a fog belt, it’s closeness to San Francisco and all of the conveniences and comforts of living in community that cares about its citizens. People are drawn to San Bruno for it’s rich and diverse cultures, awesome parks and recreation activites, and dedicated school system, as well.
- San Bruno bank owned fixer upper!
It’s great to see this activity in the market. It’s not centralized to the lower priced homes, either! Recently, I was involved in a “bidding war” for a house in the Rollingwood area of San Bruno which was handsomely priced at $564,000. This was a 4 bedroom, 2 bath home in average shape. We were up against 5 offers in less that one week!
The lower priced homes do generally get more multiple offers and a lot of them are being bought “all cash”. Imagine that! I think the real estate “slow down” in San Bruno has pick up the pace and has buyers and sellers making new decisions of whether or not to buy or sell. It’s a win win situation for both sides, it seems to me!
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16 Responses to “San Bruno Real Estate “Shake Up”!”
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Great market up date, thank you Karin. It appears that low inventory and pent up demand has hit San Bruno. The pace should continue and as inventory increases somewhat the purchasers choices increase too. Another win win. As mentioned in previous postings location has so much to do with home ownership and San Bruno is such a great location on the peninsula.
Hi Karen,
Hi Karin,
Thanks so much for the detailed update on sale price and activity in San Bruno. I will definitely refer your article to my clients who are looking to buy in San Bruno.
As one of Karin’s buyers in that recent “bidding war” she referenced, and a “property virgin” to boot, I must say I was a little surprised at the activity on that property and bummed that we weren’t the “winners”. Karin was wonderful about keeping us looped into what was going on, and teaching us about buying property.
While it does seem that houses are starting to move, as an active hunter I can vouch that there are still a lot of decent homes out there to see and consider.
Am I too picky? Perhaps. But, as a first-timer, I think of it more as “I know what I want and I’ll recognize my new home when I see it” rather than just being difficult to please.
One thing I do wish is that banks were a little more proactive in addressing and approving short-sales. Perhaps it’s just the frustrated buyer coming out in me, but I feel that if they really wanted to “unload” these homes and avoid foreclosures, they’d not sit so long on offers.
Thanks for your great response, Carla! We WILL get you a house! I am determined!
Love the fact the you are such a San Bruno connoisseur and choose to share your knowledge with all of us! Keep Shakin’ It, Karin!
Great update Karin!
The market has definitely changed for the better and will continue to do so as time goes on.
Carla,
I’m glad to hear that your experience with Karin has been a great one, I would expect nothing less. It is nice to hear that not only the real estate agents wish that the banks were a little more proactive in addressing and approving short-sales. I do think they are working on it and I predict there will a time where this will happen. How long? I just don’t know…
Very accurate update – we are definately seeing a market change!
Larry
Karin,
I love the power of positve thinking. You keep it up and this housing market will be right back where it should be.
Annie O.
We bought our first home in San Bruno 13 years ago. When the interest rates were low, so many of our neighbors were heading to other areas and buying BRAND NEW, HUGE homes. Tempted to do the same, we sold our beloved first home, but stayed here in San Bruno!!
Kept my great job in SF with my 15 minute commute, kept the kids in a great SB school and keep meeting great people like Karin who are committed to continually strenghtening our community. (Plus, who wants a house with 5 bathrooms to clean!)
I think you are right on target. The news media will start reporting all of this next month. But, right now and over the last few weeks we have seen an explosion in the market. Too many multiple offers to mention. And the return to $729,750 max conforming loan amount has energized the mid-market, $700K-$1mil. And I am involved in a multiple offer situation on a $1.345 million listing in Los Altos. So, well priced homes are really moving.
stefani
P.S.: High quality lenders can offer conventional loans to $729,750 with 10% down. This is not meant to be an advertisement. Just a reality check on all the gloom & doom. Loans aren’t that difficult to get. Many of us lenders have been lending responsibily for years; now, the rest of the market is returning to reasonable debt-to-income and credit scores. Nothing too crazy there.
Karin,
Thanks for sharing all the facts and the inventory update.
Value is the buzzword in the marketplace for most consumer goods, and San Bruno offers much value considering it’s housing stock, location, weather,schools and the community amentities.
Thanks again!
Brian
Karin,
The San Bruno-South San Francisco real estate market has turned 180 degrees. And quickly. As agents we always talk about getting our buyers in the right mind set to over bid and move quickly. We as agents have to do the same. A property comes on the market we must notify our interested clients immediately. No longer can we count on the home being available tomorrow or the next day. As agents we have to present professional clean offers. Due to the lenders backlog we cannot tighten up on the loan contingency but we need to shorten or eliminate inspeciton contingencies. It might be the time again to include a letter from the buyer to the seller. Those cute family photograghs might come in handy once again. The “Perfect Storm” has arrived. Low prices, low interest rates plus $8000 tax credit has made the San Bruno and South San Francisco and Daly City Real Estate Market red hot.
Hi Karin,
Fantastic blog & such positive energy! Thanks for sharing those stats. Whenever people ask me how the market’s doing, they are often surprised when I tell them how busy I and the rest of the office are doing. It’s great news and hopefully an indication of good things to come.
Wow wee Karin, that was so informative. Boy what a difference it makes when you break things down to prices and time frames. Thanks keeping us all updated on the San Bruno real estate market!!
I think that many people who bailed on their mortgage payments in an effort to short sell will be regreting that decision soon. I think that the activity in the less expensive homes is bound to trickle up to the high end when the loans become more available in that price range.
I wonder what % of the short sales are closing.