Bay Area

[my_acaba]

Sure, mansions etc.

But there seem to be quite a few 1M-2M houses, some sitting on the market for quite a few months.

Has the best elementary schools in CA, why is there not much of an interest in this city?

Nobody wants to be the "poor" man in a rich man's town?

[elt1]

Most Hillsborough houses are old and need work. Many in the hills are on steep usable lots. Many have freeway noise. Get a local realtor to explain the differences between neighborhoods/schools(some are in San Mateo school district). If you want a flat lot and snob appeal(lower Hillsborough) you'll pay north of $3m for a house that needs updating.

Buying in Hillsborough is like buying an old Jag. You'll think your happening , but you'll go broke keeping up with your neighbors, who will instantly know whether you have "real" money or not. Hillsborough is full of wannabes that are house poor--no wonder there are so many rundown houses on the market.. Plus Hillsborough weather is crap compared to Woodside and further south.

Actually the Hillsborough Market is better than you think. 39 active lisitings--close to an all time low. There were 250 in the early 90's. DOM 113 is low compared to the national average of 180 days and not bad for high end homes. Only 3 are priced below $2m. Better hurry and snap one up before they all sell

Average ask price                                                 $7.8m    $810/sf  8935sf average size.... Live isn't that bad for the top 1%

If you take out the 3over $29m average is       $5.6m    $801/sf  6656/sf   ---If you have to ask the price you can't afford it.

[my_acaba]

Which search gives 39 active listings?  I get more than 60 when searching on Redfin by city name or 94010 (includes some SM and Burl.)

I gotto go find those 3!!

[elt1]

Go to mlslistings.com. Active 39. Redfin shows 61-- but it includes a bunch that are pending and plus some stuff in San Mateo and Burlingame--for Hillsborough wannabes. If you are trully interested in Hillsborough you need to work with a local agent.

[BayAreaLifer]

I'd rather be the poor guy in the rich town than the rich guy in the poor town.  Schools, services, etc are much more likely to be stronger and stay that way.

A tax base from a thousand 3,000,000 dollar homes is equal to ten thousand 300,000 dollar homes - but think of having to take care of ten times as many people, problems, crimes, students, etc.

That said, you should make sure you're in the right school district, etc.  We live in an area where basically everyone is far more affluent than us - and I could care less about trying to keep up with them, impressing them, or doing anything else but enjoying the quality of life here.

[elt1]

If you are poor, this is the best deal in Hillsborough http://sfbay.craigslist.org/pen/apa/2821034180.html

A $5200/m rental. Of course poor in Hillsborough means you make only a little more than $200k/year and are willing to rent this 3/2 dump with a 60 year old kitchen for twice the average mean salary in America.

For only $12,000/m you can have this one--with an indoor pool. It is not warm enough in Hillsborough for an outdoor pool.

   http://sfbay.craigslist.org/pen/apa/2826087117.html    On a price/sf basis it is a screaming deal--but I bet half the footage is in the pool room.  And then of course there is the freeway noise--what do you want for a lousy $12k/m?

House pricing is similar-- cheap gets you nothing--there are real junky houses in the low end. But if you want something nice, you have go to $3m and above.

[my_acaba]

Elt1,

Cannot afford anything above 3M, cannot even afford anything close to 2M.

Have been looking at the mid 1M area for a year now, in best school districts (that means PA, MP; Cupertino is way too far).

That gets you pretty much nothing.  Just thought I'd check out Hillsb and noticed might get a better property (larger lot and home, granted old and crappy condition) than PA/MP.

It indeed looks like there are desirable areas to HB and less desirable ones.

Pending in 2-3 days, sold for above listing:

http://www.redfin.com/CA/Hillsborough/935-Chiltern-Rd-94010/home/1807103

http://www.redfin.com/CA/Hillsborough/65-Inverness-Way-94010/home/734924

Originally listed at 2.1M, sold for 1.65M, after 5 months:

http://www.redfin.com/CA/Hillsborough/1056-Whitwell-Rd-94010/home/1606741

All appear "real" HB.

Will just have to keep looking and waiting, I guess.  Good thing kids are not school age yet.

Thanks for the comments.

[my_acaba]

BayAreLifer,

Good points.

[elt1]

My-abaca,

Hillsborough at $800/sf is higher than in 2009 --$750/sf at the low. But lower than PA at $900-$1000/sf. Prime MP(not east menlo), LA, LAH, Burlingame, Atherton, Woodside, Portola Valley, San Mateo Park are all in the $800-$900/sf range.

Emerald Hills, San Carlos, Belmont, San Mateo(Aragon and Hillsdale HS areas) are in the $450-$600sf range.  All have elementary schools in the 900API+ range. Paly, Gunn and Monte Vista are the top rated high schools. But Menlo Atherton, Carlmont, Woodside, Aragon, Hillsdale, and Burlingame High schools are all pretty good. Sequoia in RWC has the Baccalaureate program that is world renowned. By limiting your search to MP, PA and Cupertino you are missing out on some of the best neighborhoods between SF and SJ.

Hillsborough has a limited number of small cheap houses and no High School--in fact some Hillsborough students are assigned to San Mateo High--rated pretty low.. Emerald Hills, Belmont, San Mateo hills and San Carlos are much larger, have smaller lots and much more affordable houses--and no "bad" neighborhoods.