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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: David Jones who wrote (10644)	5/11/2003 8:35:14 PM
From: Lizzie Tudor	Read Replies (1) \| Respond to of 306849

For Zip 94010 Burlingame, San Mateo, April 11th vs last year same time I see, 1.15M average price, 47.4% increase, $552 per sq. ft, 26 unites sold, 29.7% decrease in volume. So I'm reading an increase in price of some 47% for Burlingame not a decrease. To gather perspective, in Palo Alto, Santa Clara, which has two zips codes. March 26 vs same time last year. First zip 94301 has a 500k ave, -40.5% Decrease in price, 11 sold, 8.3% decrease in volume. But for 94306 which has a 760k average, 16.7% Increase in price, 17 sold, 26.1% decrease in volume. So same town two zip codes one zip a 40.5% decrease in price the other a 16.7% increase in price. Location or statistic aberrations? Those are the kind of statistics that really annoy people about the RE industry. I don't know if its a Bay Area anomaly or what. 94301 and 94306 are both really nice areas of PA, very expensive in both cases. My guess is there is no real difference in what happened to RE in either area between the late 90s and now... same money same employers in the area, same everything, the only difference is the overall economy. Sounds like Burlingame has a case of that 94306 zipcode in terms of statistics. As someone who looked extensively in Burlingame in 2000 when I was trying to buy property I can assure you that prices have gone DOWN, not UP since 2000 there. I don't know what that zipcode is, who knows maybe a new development of expensive houses in the area skewed things. Thats what happened in San Mateo, they built some houses where a racetrack used to be that caused that little area to increase, but overall prices have declined imo. A house near me was for sale for 850K then 750K and now even lower. He just missed his window, had he listed the house a few mos earlier for 850K he would have gotten over that asking price, but by the time he decided to list the layoffs at the dotcoms had started and it was the beginning of the end. I agree with that creekside realty commentary that there are 5x as many houses on the mkt as existed in 2000, too. That rarely means price increases. Not a crash or anything, don't get me wrong but the RE industry is notorious for lying with statistics and thats what is happening in the mid-peninsula, they are just making things up as they go. <gg>