711 Vernon Way in Burlingame had 11 offers. Listed for $ 1,398,000 by Lorelei Keim, Coldwell Banker 650.558.6889. The 4 bedroom/3.5bath home has some tasteful up-grades and an open floorplan that appeals to a lot of buyers. Located on one of my favorites streets. Close to Washington Park and in walking distance to Burlingame Avenue. Escrow is scheduled to close on August 25th.

The city of Burlingame will be directly affected by the High Speed Rail plans. The project which was approved by voters in 2008,  will have significant impacts on Peninsula communities. The High Speed Rail service construction is scheduled to begin in 2010 and will connect San Francisco and Los Angeles. Tracks will run along the Peninsula Corridor. Burlingame residents love their train station which was built at the end of the nineteenth century and recently received a face lift. How will our station look with an elevated track behind it?The city of Burlingame has asked for an underground solution. But less expensive plans call for an elevated track and sound walls. Burlingame residents are concerned. The High Speed Rail tracks will affect the value of Burlingame Real Estate in general, not just Burlingame neighborhoods close to the tracks.
Next Public High Speed Rail Meeting 5/12/2010 @ 6PM, Burlingame Recreation Center, 850 Burlingame Ave
More information about this subject:
City of Burlingame www.burlingame.org
California High Speed Rail Authority www.cahighspeedrail.ca.gov/

There used to be a 4 bedroom/2bath home here with 1850sqft of living space that was built in the twenties. It was sold in July 2009 for lot value of $ 995,000. Located at 1441 Balboa Ave in Burlingame  this is just one example of how our neighborhoods are changing. Other construction sites that I have noticed just walking around the Easton Addition in Burlingame are located on these streets: 1100 block of Cortez Ave, 1400 block of Benito Ave, 1300 block of Columbus Ave…..I am sure there are more. If these are spec homes, they will be offered anywhere from $ 2,2 to $2.7 million in the very near future.

The C.A.R. (California Association of Realtors) predicts that the California Tax Credit of $ 10,000 for First Time Home Buyers might run out within 10 – 20 days. This is based on estimated May sales. However many first time home buyers have extended their closing date into May to take advantage of the $ 8000 Federal Credit and the California Credit. This might deplete the $ 100 million allocated for first time home buyers even faster. Applications can not be filed before May 1, 2010 with the Franchise Tax Board and require that escrow has closed. $ 100 million have been set aside for this program. An additional $ 100 million have been allocated for qualified principal residence purchases that have never been occupied.
For complete details click here:

These numbers are only for single family homes listed and sold in Burlingame.
I will post these numbers every Monday to show the trend of Burlingame Real Estate.
The absorption rate is 3.4 months. This means that it will take 3.4 months to sell the current inventory.

As of April 12, 2010
64 Homes for sale
31 Homes pending
19 Homes sold last month

16 new listings week of April 5 -12, 2010
5 pending sales week of April 5-12, 2010

Last week I wrote about the house for sale at 26 La Strada Ct in Burlingame that had been listed for $ 999,999 which I felt was a rather low price for that property. On March 25th the listing was canceled, re-listed for $ 1,880,000 and showed as a pending sale all in one day. What caught my eye today is the substantial price reduction for 707 Walnut Ave, Burlingame 4 bed/3 bath, from  $ 1,485,000 to $ 1,199,000 which is stated as being the starting bid price. Wanut Ave is a very desirable location and I think that the agent Stanley Lo/Green Banker, 650.692.4459 will get the desired attention. The house has 2700 sqft of living space and and is located on a large 11,000sf lot.

There are 38 single family homes for sale in Burlingame. Last year at this time in January we had 39. We are excited to see some movement in the market. Five homes have changed their status to pending since January 1st. These homes were priced @ $ 750,000, $ 995,000, $1,999,999  and $ 2,275,000. Inventory is needed especially in the $ 1 million to $ 1.2 million range.

The home at 1709 Ralston  Ave in Burlingame which was listed as a 3 bedroom/2bath house just closed escrow. The asking price was $ 1.3 and it sold for $ 1.4. I understand that they had seven offers and judging by the short escrow time of 7 days, it is safe to assume that they had an all cash offer. Congratulations to the listing agents.

Burlingame has now 57 single family homes for sale. 8 came on the market last week. Looking back at the inventory of March 2008 these are normal inventory numbers for Burlingame. The home at 2895 Hillside Dr listed for $ 3,149,000 is now in contract. This brought the pending sales to 14.

Last Tuesday’s Burlingame broker tour was disappointing if you were looking for some new/fresh inventory in the single family home category. 1308 Sanchez Ave, 1435 Capuchino Ave and 1540 Bernal Ave were all listed prior to the holidays and taken off the market. The house on 1405 Mills Ave was last offered for sale in December of 2007 and had been rented for a year. Agents are expecting to see an increase of the single family home inventory after the President’s holiday weekend. Currently there are 42 houses for sale compared to 44 in February of last year.