New Housing in San Mateo — Unattractive to Buyers

March 14, 2011 / Russell Legato, Residential Property Analyst

In San Mateo County, according to the 2010 United States Census report, which is released last week, new housing in the area are not attracting enough buyers. The report shows that San Mateo County’s new housing and the additional 10,453 housing units, which are added for the past years, did not attract homebuyer compared to the previous years. About two-thirds of the extra homes in a new housing in the county are empty, according to the census report.

New Housing in San Mateo — Unattractive to Buyers

But, amid the housing decline, new housing proposals in the county keeps on coming, including the three major housing projects that would add another 17,600 home units across 2,200 acres of space.

Plus, small-time new housing projects can add up units 2000+ housing units — about 20,000 homes in total in the county alone. But, there were only 2,700 families moved in the area for the past decade.

Major new housing projects include the Bay Meadows redevelopment in San Mateo, the Baylands development in Brisbane, and the Saltworks development project in Redwood City.

According to officials and developers, the housing growth will be regaining its strength after the housing recession. A recent projection about the housing market in San Mateo County shows that there will be 93,800 households or about 35 percent increase, which will relocate in the area by 2035, not just in San Mateo, but also in Daly City, South San Francisco, and Redwood City.

And not all the cities in the county were struck during the housing recession. For instance, in Foster City, its high new housing occupancy level is steady even after the additional 450 homes.

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