How has property value been doing in Emerald Hills (hils in Redwood City, CA)? I'm thinking about selling

Asked by Seller, Redwood City, CA Sat Jun 9, 2007

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Jamie Glenn’s answer
Jamie Glenn, , San Mateo, CA
Mon Jun 11, 2007
It appears that area is doing well as average listing prices are up over the past month. The Oak Knoll neighborhood, which is close to Emerald Hills has seen average listing price increase the past few weeks. Check out the link below for more information.
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Holder Real…, Agent, Menlo Park, CA
Fri Sep 17, 2010
Hi there.

Based on Quarterly sales since Q1 2008, the average sale price in the Emerald Hills area is down about 15% dropping an average of about 2% per quarter. The past three quarters have seen growth in the average sale price and quarterly sales volume has not been relatively affected. Average days on market has definitely risen from around 90 days to above 120 on average.

No Realtor is qualified to do most of the analysis that Realitycheck mentions (were not allowed to comment on the strength of schools believe it or not - its illegal) but they can be very important factors to consider. There are many sources to get a great idea on those questions and there very well could be more foreclosures...its happening everywhere...even Menlo Park, Woodside, and Atherton but in far fewer numbers.

A quick analysis but I hope that helps!
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Realitycheck, , Redwood City, CA
Fri Sep 17, 2010
Funny, no one mentions the potential downside, such as the amount of foreclosures and potential foreclosures in this area. These answers all look like Realtor hype to me. "Things are great - jump in - the waters fine".

My advise, do your own research on the following:
- Average age of homeowners - older average means more properties will come available as couples downsize and cash-in.
- Number of foreclosures - there are many and many have lingered.
- Schools are a dicey proposition. If you want upside or at least downside protection - look at the towns with impenetrable school districts (Woodside, Menlo, Palo Alto)
- Are jobs increasing ? Net income ? When will we have some giant IPO wealth flooding the market again (ala 1990's)
- California has a serious budget deficit that will take years to resolve, the consequences could be serious for homeowners (e.g. gradual repeal of Prop 13)

Good luck in your search !
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Jim Tierney, Agent, San Carlos, CA
Tue Aug 19, 2008
If your house is in a good neighborhood (and the neighborhoods vary in Emerald Hills), is in good condition, and is priced right, it will sell. Pricing is the key in this market. Even a low priced home with other issues will have a hard time selling. So make sure you get good advice on pricing. A house that is priced right will generally end up selling for more than a house that is priced too high and sits on the market forever.
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Cliff Keith, Agent, San Carlos, CA
Thu Apr 10, 2008
As I interpret the market in Emerald is strong. Values have gone up over the past few years and this year we see prices going up but only at a slower 1% level or so.
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Athena Chili…, Agent, Weston, FL
Sun Sep 16, 2007
The challenge is that Sellers want to sell high and buyers want to buy low. It's the natural state of consumption. The answer depends upon the equilibrium of every market. The other challenge is that sellers sometimes get tunnel vision when it comes to selling and miss opportunities to grow their real estate porfolio and / or leverage the market because there is too much concentration on the walk away dollars vs. the return on investment from the ENTIRE transaction.

For example, a darling couple (who accumulated over 540K in equity) negotiated for a purchase of a replacement property in the perfect unit in a retirement community - and negotiated at a terrific price with a contingency to sell their home. Unfortunately, lowering their price to where the buyer was willing to buy - approx 6K price reduction, was uncomfortable. The whole transaction? poof! gone!

My recommedation to my sellers is that they put on the Buyer hat and determine if the purchase is going to enable them to maximize their investment and meets their personal goals. If the answer is yes, then the walk away dollars for the sale of their home becomes secondary. Not that the property is given away... Oh no! All reasonable offers should be considered.
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Ed Gory, Agent, San Carlos, CA
Thu Aug 23, 2007
The answer really is "it depends". In general, I'd say the area is holding its value well -- not depreciating but also not making leaps and bounds (relative to other areas with good school districts). As you know, Emerald Hills has a wide variety of lots, styles and sizes of houses, not all of which will appeal to every buyer out there. An updated house, good sized and relatively flat lot, easy to get to -- that's what the majority of buyers in Redwood City are looking for, which is why homes in areas like Edgewood Park, Mt. Carmel, and Woodside Plaza tend to sell exceptionally well. Some homes in Emerald Hills sell quickly, but it really comes down to whether it's priced well. True, views are phenomenal up in the Hills, but homes with steep lots, narrow roads, and not much on-street parking will only appeal to a smaller segment of buyers out there.
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0 votes, , Los Altos, CA
Mon Aug 13, 2007
Where are you thinking about moving to? Once you know that you might want to see how that market is doing there. That should help in your decision process.
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Bob Bredel, Agent, San Carlos, CA
Wed Jun 20, 2007
The Emerald Hills area continues to do very well. While the peninsula as a whole continues to do well, there are certain pockets which are ahead of the pace. Emerald Hills is one of those areas. Homes that are priced fairly will sell quickly and at least at the asking price. With new construction, countless remodels, an outstanding elementary school and larger, more private lots, Emerald Hills is gaining a well deserved reputation for being one of the more exclusive neighborhoods on the peninsula.

With the huge bio-tech boom in South San Francisco and Silicon Valley on the rebound, countless companies are trying to lure talent from around the country for key positions. I speak from a great deal of experience when I say that many of these higher end relocation hires find Emerald Hills very attractive over other areas on the peninsula for reasons mentioned above. While prices are well into the one, two and three million dollar range, the area is more affordable than Palo Alto and Woodside, yet offers exclusivity and some of the best weather and views on the peninsula.

Price your home reasonably and you will not have any issue selling it quickly, and with a lot of interest.
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