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Appraisal: APN 053-182-030, S.E. Corner of Maple & Lathrop Streets, Redwood City, Calif.Page 16 <br />2025CNA112 <br />In the first quarter of 2025, there were two transactions recorded in San Mateo <br />County, closing for a total of $17.6M. The top sale was 350 Marine Parkway <br />($12.9M) in Redwood City, with the buyer being an owner-user. Recent sales <br />transactions have been in assets with a history of strong leasing, secured pre- <br />leasing or owner/user. Similar transactions are expected to close in the coming <br />months, signaling long-term faith in the market. <br />E. Residential Market Conditions <br />National and local providers of real estate sales data do not typically report <br />statistics on residential land sales, since there are too few residential land sales to <br />provide reliable statistics. Because there are few residential lot sales, and because <br />land sales are more susceptible to quick supply and demand changes, the selling <br />and pricing trends for land do not always mimic the residential housing market. <br />Market participants indicated that land sales have slowed due to elevated interest <br />rates, high costs of construction, and limited sites available that are not <br />challenging in terms of development. Most market participants opined that <br />competing land selling prices peaked in early 2022, declined in the latter half of <br />2022 and have generally been stable since that time despite few sales and below <br />average demand. <br />Using data from the local MLS, among all residential sales in Redwood City, <br />which includes detached single-family dwellings, duets, and condominiums, the <br />median sale price was generally declining over the second half of 2022 and first <br />few months of 2023 before increasing through about October 2023. Following a <br />sharp decline through January 2024, the median price has oscillated up and down. <br />Between March 2024 and March 2025, the median sale price increased 4.8 <br />percent from $2,100,000 to $2,200,000. Within this time frame it troughed at <br />$1,608,000 in October 2024. The median price is currently at the same level it <br />was in April 2022 and just $20,000 higher than the October 2023 median. Over <br />the last twelve months the medium number of days to sell a home in Redwood <br />City increased from 9 to 11 days. Within San Mateo County, the MLS reports the <br />median sale price for all homes was $1.63 million in March 2025, essentially flat <br />from the $1.628 million reported in March 2024. <br />As of Q1-2025, the median sale price of condominiums and townhouses in <br />Redwood City was $1,153,750, according to the MLS, which is considerably <br />higher than the $910,000 median sale price reported in Q1-2024, but was down <br />from the median of $1,280,000 reported in Q1-2023. In general, median pricing <br />peaked around Q2-2023, declined through Q1-2024, increased in Q2-2024, and <br />8.K. - Page 63 of 105 <br />313