| Everyone has read the latest headlines predicting the | | | | back decades. A collection of unique characteristics |
| total collapse of the housing market. Potential buyers | | | | are attributable to the county's housing strength. |
| and investors nationwide are holding their breath and | | | | First, San Mateo County has an acute shortage of |
| biding their time, waiting for the bottom to fall out so | | | | build-able land. By industry standards the county is |
| they can capitalize on the weakness in the market. | | | | effectively built out. Most of the new housing |
| Sellers are shell shocked and worried, how will their | | | | construction is "in-filling" (the phenomena where is |
| home sell now? | | | | builder finds a property with an old, worn-out structure, |
| But if you are a potential buyer or seller in San Mateo | | | | demolishes it and builds a bigger, better more valuable |
| County, you might want to reevaluate your strategy. | | | | structure). This drives up the aggregate value of the |
| As David Lereah made famous in his book of the | | | | neighborhood and increases the tax base. |
| same title, "All Real Estate is Local" and local buyers | | | | Then, the county is locked in by well defined |
| and sellers need to understand the intricacies of their | | | | geographic constraints. The City of San Francisco to |
| own markets. | | | | the north, the suburban sprawl of Silicon Valley on the |
| San Mateo County, California is a performance leader | | | | south, the Pacific Ocean to the west and the Bay on |
| and it's not an accident. | | | | the east provide no room to grow. |
| While it is true that the number of sales is off from | | | | Add the best job market in America, driven by the |
| past highs and the inventory of unsold homes is up | | | | capital-rich tech industry, and you can begin to see |
| slightly, industry analysts reported the January 2008 | | | | how San Mateo County attracts some of the world's |
| average sales price in San Mateo County was | | | | best talent (along with their solid paychecks). |
| $1,206,153. When compared against an average sale | | | | Moreover, it's an area loaded with entertainment, |
| of $1,109,303 for January 2007 and $1,081,979 for | | | | recreational and cultural amenities. It's convenient to |
| January 2006, it's clear this housing market is still | | | | one of the great cities of the world, San Francisco, and |
| looking steady and strong. | | | | near two phenomenal universities, Stanford and the |
| The San Francisco Peninsula has some obvious | | | | University of California. |
| advantages to surviving the recent downturn. The | | | | Now add a Mediterranean-type climate and it's clear |
| market here was never plagued by either over building | | | | why San Mateo County will continue to prosper. |
| nor is there a preponderance of sub-prime loans. | | | | Media reports that indicate that "the real estate |
| These two factors alone have made San Mateo | | | | market" is collapsing are generalizations. Pockets of |
| County the most solid housing market in California, if | | | | strength and stability exist and are recognizable. San |
| not the entire United States. | | | | Mateo County, California is clearly alive, well and poised |
| Let's talk long term though; housing appreciates based | | | | for future appreciation. While it can't be denied that |
| upon two factors: job creation and housing supply. The | | | | consumer confidence is distinctly affected by media |
| greatest appreciation is found in markets where the | | | | commentary, it's important not to overlook the facts. |
| numbers of jobs created exceeds the number of | | | | San Mateo County, California, is still one of the best, |
| housing units being produced. San Mateo County is a | | | | and most stable, places to live, work and own a home |
| text book example of this formula, but there is also | | | | in the US. |
| more to the story. | | | | So, buyers, start looking. The best time to find a good |
| The Peninsula has a strong history of positive and | | | | deal is any time you are willing to take the time to find |
| sometimes dramatically powerful appreciation dating | | | | it. And, sellers, don't forget to breath. |