The Peninsula Regent in San Mateo www.PeninsulaRegent.com offers a retirement community in an urban setting. Located just two blocks from the San Mateo downtown area, residents can easily walk to shops, restaurants, the park andmovie theatres. I looked at several condominiums that are currently for sale. A lovely 1 bedroom, 1 bath condo with a remodeled kitchen is listed for $ 359,000.(listing agent Arlene Sullivan/Coldwell Banker, San Mateo) asullivan@cbnorcal.com)  An other floor plan offered a second bathroom and a den for $ 399,000 but didn’t have the kitchen up-dates. (listing agent Annie Kraemer/Coldwell Banker San Mateo annie@anniekraemer.com) Unit # 410 was a spacious 1300 sqft condo with 2 bedrooms and 2 bathrooms. The Regent is based on the  independant living concept, however if in need, residents can temporarily move to the assisted living wing. In addition to purchasing a condo, residents pay a monthly membership fee and need to pass a physical exam and qualify financially. The Peninsula Regent is offering a retirement planning seminar on Sunday November 7th. RSVP 650.579.5500.

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.

Buyers who have been focusing on the Easton Addition neighborhood in Burlingame now have choices. Currently there are 23 single family homes for sale. Compare this with the same time last year, when we had only 9 homes on the market. 10 homes show that they have accepted an offer and are pending. Prices start at $ 999,000 priced for lot value and go up to $ 2,429,000 for a 5 bedroom house.

If you like contemporary and are looking for a great school district, 45 Roxbury Lane in San Mateo is a must see. Listed by Karyl Eldridge/Coldwell Banker 650.558.6910 keldridge@cbnorcal.com for $ 1,848,000, this beautiful home has 4 bedrooms and 2 bath. The house has 2700 sqft of living space and sits on a 19,000sqft very private lot with canyon views. This Eichler was completely remodeled in 2007 with exquisite taste and beautiful materials. An Open House is scheduled for this Sunday, June 7th from 2-4PM.

On May 23rd a 3 bedroom/2.5 bath condo with a one car garage  in Foster City was auctioned off on-line. It sold to the highest bidder for $ 564,500. The cut off was at 1.07PM. With 5 minutes to go the price, which started with an opening bid at $ 300,000 had reached $ 536, 500. At this point only a few bidders remained. I was surprised  to see few neighbors and no other realtors to watch this new way of selling a property in our area. Even-though USAuction Advantage did not allow any contingencies to be written into the contract, there were still several parties interested. The last comp in this complex sold for $ 540,000 and I know of one bidder who dropped off when it reached this mark. The seller obviously had to agree to the final price and we will not know what it actually sold for until escrow closes. The final bidder had to be aware that 2% of the purchase price had to be paid to the auction company by the buyer and that a large assessment for around $ 38,000 per unit is being discussed.

After 263 days on the market, the owner of 857 Canis Lane in Foster City has now listed their home with a company called USAuctionAdvantage. The opening bid is $ 300,000. Considering that the last condo was sold for $ 540,000 and didn’t have any of these up-grades, this might be a great opportunity for someone who is comfortable with the disclosures. My understanding is that the HOA has to address a rather large capital improvement project and members have not been able to agree on how to proceed. As a result homeowners who have tried to sell in this beautiful complex have taken a huge hit. According to the website, buyers can bid until May 23, 2009. Follow the current bidding price and # of bids on their website: www.usauctionadvantage.com

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.

Bay Area home prices are falling and Burlingame Real Estate is changing as well. There is currently one bank owned home for sale at 3115 Canyon Road in Burlingame, this is a 4 bedroom/3 bath house listed for $ 1,599,000, with 3340 sqft of living space and a very large lot. For further information, please call listing agent Ioneide Sorrentino/Prudential CA E-mail: najeensorrentino@yahoo.com  or call 415-310-0102