The Mark Company Monthly Reports San Mateo County December 2017
Contents New Construction Sold Out Pipeline Summary Disclaimer Notes 1) New Construction developments are either actively selling for the first time or a rental development that has been converted to for sale and is now actively selling. Most recent closings include the last 10 reported closings that have price and square footage included. 2) Sold Out developments have completed their original sales process and are now being tracked for resales. Most recent closings include the last 10 reported closings that have price and square footage included. The list may include both new and resale closings as noted. 3) This report covers new construction developments with 20+ market rate units and selected sold out developments with 50+ market rate units located in San Mateo County. 4) Assume that developments in the New Construction section are actively selling units unless noted otherwise. In addition, list prices and number of units available are based on the month of the report and closings are based on what has been recorded to date. Please note that closings can take 30-60 days to be recorded. 5) Date On Market refers to the date the Sales Center opened. 6) Average Absorption is calculated from Date On Market through the date of the report. It accounts for units both in contract and closed. 7) Average Price/SF is calculated using only units where both square footage and price are known. Average Price/SF is defined as the average price divided by the average square footage. Averages are weighted averages. 8) Developments are considered Sold Out once the last Market Rate unit has closed OR there have been three months without a closing, all units are in contract and the Sales Center is closed (e.g. there is no active marketing). 9) Below Market Rate units are omitted from new construction and resale closings whenever possible.
New Construction The following section contains sales information and updates for actively selling developments with 20+ Market Rate units in San Mateo County. Project List Foster Square Tidelands
New Construction Address 1009 Foster Square Lane, Foster City Total Units 200 Date on Market August 2016 Closings Commenced TBD Developer Lennar Average HOA Fees $325/month Average Absorption 2 units/month Projected Price/SF TBD Foster Square Foster Square is an age restricted condominium community for homebuyers that are 55 years or older. Situated in the heart of Foster City, active adults will enjoy a new style of living with modern floor plans and finishes. The development boasts easy access to retail and dining in the nearby public plaza. The homes are priced from $999,880 to over $1.5 million. Sales Status 0 closed 30 in contract 170 available
New Construction Addresses Mariners Island Blvd and East Third Ave, San Mateo Total Units 76 Date on Market October 2015 Closings Commenced November 2016 Developer The New Home Company Average HOA Fees $506 $576/month Average Absorption 2 units/month Last Six Months Price/SF $801 (9 units) Tidelands Mariners Island Tidelands is an innovative collection of condominium residences in San Mateo. Available in one-, two- and threebedroom configurations, the residences are ideally situated with easy access to both Silicon Valley and San Francisco. Homes are priced from the low $800,000s to over $1.2 million. Sales Status 23 closed 22 in contract 31 available Most Recent Closed Sales Unit Type SF Closing Price $/SF Closed Date 204 3/2 1,437 $1,200,000 $835 11/9/2017 215 3/2 1,353 $1,035,000 $765 10/31/2017 222 3/2 1,437 $1,128,890 $786 9/11/2017 203 3/2 1,353 $1,195,000 $883 8/4/2017 124 2/2 1,509 $1,074,990 $712 8/1/2017 216 1/1 904 $800,000 $885 7/26/2017 321 2/2 1,437 $1,146,000 $797 7/21/2017 201 3/2 1,645 $1,307,500 $795 7/14/2017 220 3/2 1,262 $999,990 $792 6/23/2017 119 3/2 1,437 $1,124,500 $783 4/28/2017 Averages: 1,377 $1,101,187 $799
Sold Out The following section contains selected sold out developments located in San Mateo County. Project List 1001 Laurel Brightside at Bay Meadows One Marina Belamor Millbrae Paradise * Sorted in alphabetical order
Sold Out Address 1001 Laurel Street, San Carlos Total Units 90 Date on Market July 2009 Closings Commenced December 2009 Developer 1000 El Camino Associates, LLC Average HOA Fees $320 - $420/month Sold Out 2012 Last Six Months Price/SF $844 (4 units) 1001 Laurel Located in quaint San Carlos, 1001 Laurel offers 90 condominium homes in junior one-, one-, two- and threebedroom floor plan configurations. The centrally-located community is close to great restaurants, public transportation and freeways, as well as some of Silicon Valley s largest employers, including Oracle, Stanford University and the Palo Alto Medical Foundation. The homes are designed to provide space and light for casual everyday living. The kitchens feature custom maple cabinetry, black slab granite countertops and high-end, energy-efficient appliances. Community amenities include a central courtyard, well-apppointed outdoor grilling area, fitness center and onsite retail. Floor plans range from approximately 700 to 1,400+ square feet. Most Recent Closed Sales Unit Type SF Closing Price $/SF Closed Date Sale Type 206 2/2 1,138 $1,015,000 $892 11/13/2017 Resale 415 2/2 1,318 $1,050,000 $797 10/31/2017 Resale 220 2/2 1,094 $1,001,000 $915 8/9/2017 Resale 111 3/3 1,494 $1,190,000 $797 7/28/2017 New 419 3/3 1,494 $1,205,000 $807 3/27/2017 Resale 101 2/2 1,138 $975,000 $857 1/31/2017 Resale 227 3/2 1,232 $1,048,000 $851 4/28/2016 Resale 223 3/3 1,494 $1,150,000 $770 11/13/2015 Resale 422 2/2 1,138 $988,000 $868 7/2/2015 Resale 216 2/2 1,094 $915,000 $836 5/5/2015 Resale Averages: 1,263 $1,053,700 $834
Sold Out Address 358 E 28th Avenue, San Mateo Total Units 80 Date on Market January 2013 Closings Commenced July 2013 Developer Shea Homes Average HOA Fees $300 - $325/month Sold Out 2016 Past Six Months Price/SF n/a Brightside at Bay Meadows Offering 80 townhomes, Brightside is conveniently situated between Bay Meadows and Paddock Parks. The development offers plenty of green space, a lushly planted courtyard and elegant architecture. The distinguished homes feature colorful parapets, bay windows, wrought iron details, covered porches, raised stoops, balconies and garden patches. Most Recent Closed Sales Unit Type SF Closing Price $/ SF Closed Date Sale Type Unk 2/2.5 1,410 $1,238,000 $878 4/14/2017 Resale 384 28th 3/2.5 1,714 $1,499,000 $875 8/4/2016 New 372 28th 3/2.5 1,714 $1,334,000 $778 4/8/2016 New 370 28th 2/2.5 1,391 $1,075,000 $773 4/7/2016 New 376 28th 3/3.5 1,714 $1,289,000 $752 3/29/2016 New 386 28th 3/3.5 1,714 $1,254,000 $732 3/17/2015 New 2862 Baze 3/3.5 1,714 $1,168,500 $682 12/23/2015 New 2860 Baze 3/3.5 1,714 $1,215,000 $709 12/22/2015 New 2875 Paddock 4/3.5 1,878 $1,351,000 $719 12/18/2015 New 2870 Baze 2/2.5 1,391 $985,5000 $708 12/10/2015 New Averages: 1,635 $1,240,900 $759
Sold Out Address 600 Bair Island Road, Redwood City Total Units 249 Date on Market November 2011 Closings Commenced April 2012 Developer The Pauls Corporation Average HOA Fees ~$227/month Sold Out 2014 Last Six Months Price/SF $856 (6 units) One Marina One Marina enjoys a central location with equal access to San Francisco and Silicon Valley. The development will eventually encompass 27 buildings situated around a marina and adjacent to wetland trails, open space preserves and estuaries. The two- and three-bedroom homes feature stainless steel appliances, oak cabinetry and 9-foot+ ceilings. Optional upgrades include air conditioning, lighting fixtures, refrigerators and washer and dryers. Most Recent Closed Sales Unit Type SF Closing Price $/SF Closed Date Sale Type 1912 2/2 1,227 $1,068,000 $870 11/10/2017 Resale 2207 3/2.5 1,589 $1,450,000 $913 11/3/2017 Resale 212 2/2 1,227 $1,040,000 $848 10/31/2017 Resale 908 2/2 1,443 $1,150,000 $797 10/10/2017 Resale 2203 3/2.5 1,595 $1,450,000 $909 8/16/2017 Resale 1601 3/2.5 1,689 $1,350,000 $799 6/20/2017 Resale 2201 4/3.5 1,861 $1,548,000 $832 5/22/2017 Resale 2306 3/2.5 1,595 $1,380,000 $865 3/2/2017 Resale 917 2/2.5 1,391 $1,050,000 $755 12/30/2016 Resale 913 2/2.5 1,340 $930,000 $694 9/27/2016 Resale Averages: 1,496 $1,241,600 $830
Sold Out Address 151 El Camino Real, Millbrae Total Units 142 (129 Market Rate) Date on Market July 2010 Closings Commenced March 2011 Developer Millbrae Paradise, LLC Average HOA Fees $250 - $450/month Sold Out 2013 Last Six Months Price/SF n/a Belamor Millbrae Paradise Centrally located on the Bay Area s peninsula, Belamor Millbrae Paradise offers easy access to both San Francisco and the South Bay. Each residence offers gourmet kitchens, large bedrooms with walk-in closets and modern finishes. Residents have access to a beautifully-landscaped courtyard with barbeque grills, clubhouse and convenient underground parking. Most Recent Closed Sales Unit Type SF Closing Price $/SF Closed Date Sale Type 327 2/2 1,196 $980,000 $819 4/1/2017 Resale 225 2/2 1,073 $955,000 $890 3/24/2017 Resale 223 2/2 1,124 903,805 $804 12/6/2016 Resale 209 2/2 1,275 $950,000 $745 9/29/2016 Resale 329 1/1 793 $780,000 $984 5/23/2016 Resale 327 2/2 1,196 $1,005,000 $840 2/10/2016 Resale 226 2/2 1,027 $900,000 $876 10/13/2015 Resale 229 2/2 1,212 $935,000 $771 10/5/2015 Resale 225 2/2 1,043 $900,000 $863 8/17/2015 Resale 411 2/2 1,074 $850,000 $791 6/3/2015 Resale Averages: 1,101 $915,881 $832
Pipeline Summary Under Construction Approved Under Review
Pipeline Summary Condominium & Townhome Pipeline Summary Area Under Construction Approved Under Review Belmont 32 0 0 Brisbane 0 30 36 Burlingame 0 42 21 Menlo Park 0 0 0 Pacifica 0 0 24 San Bruno 0 0 0 San Mateo 27 75 74 South San Francisco 20 0 0 Foster City 0 0 70 Redwood City 0 68 157 Half Moon Bay 0 0 0 Daly City 50 44 305 Millbrae 0 0 0 San Carlos 163 0 33 Rental Pipeline Summary Area Totals: 292 259 720 Under Construction Approved Under Review Belmont 0 0 0 Brisbane 0 0 0 Burlingame 0 558 407 Menlo Park 394 0 215 Pacifica 0 0 0 San Bruno 83 0 0 San Mateo 599 112 343 South San Francisco 341 285 0 Foster City 240 0 0 Redwood City 402 341 1,331 Half Moon Bay 0 0 0 Daly City 0 77 0 Millbrae 0 0 0 San Carlos 202 0 0 Totals: 2,261 1,373 2,296 The Mark Company maintains a detailed list of all upcoming developments in the pipeline. Contact Erin Kennelly at erin@themarkcompany.com for more information.
Pipeline Summary TBD Pipeline Summary Area Under Construction Approved Under Review Belmont 73 0 0 Brisbane 0 0 4,400 Burlingame 0 0 26 Menlo Park 0 205 0 Pacifica 0 0 0 San Bruno 0 0 227 San Mateo 1,066 0 0 South San Francisco 0 191 97 Foster City 0 0 160 Redwood City 0 0 0 Half Moon Bay 0 0 0 Daly City 0 0 0 Millbrae 0 0 0 San Carlos 0 0 0 Totals: 1,139 396 4,910
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