Riding the Wave


The Real Estate market this year in Foster City has been just like this…wavy! Up and down, peaks and valleys. Frankly, it’s made me a little nuts. Another thing that’s been true about it has been it’s unpredictability. Nothing will sell for weeks…and then 10 houses go all at once, and it’s been like that all year so far. What makes things even weirder is that in the upswing phase we’ve seen some pretty marginal houses sell, yet fantastic ones are just sitting there in a down period. In 2008 timing truly has been everything. I’m planning on doing something a little different later this week, I’m going to do a Podcast on the Foster City market’s first 6 months of 2008 and the numbers are really pretty interesting. In this post though I thought it would be worth while talking about what’s currently for sale.

Currently, there’s 30 single family houses on the market in Foster City. Between May 20 and June 10 16 houses sold. Between June 11 and today there’s been 3. I know I’m sort of going out on a limb here but, in my opinion, of the 30 active listings 9 of them are overpriced. If any of those 9 sold at their asking prices it would represent the most money ever spent for their floor-plans. I don’t believe that 2008 is a great year to pioneer a new price range. That has happened this year, but those houses (ie:763 Matsonia) were so extraordinary and unusual that the added value was understandable.

Of the remaining active listings some really stand out to me as worth mentioning and commenting on:

1128 Blythe listed by Ronda O’Leary of Cashin Company for $1,348,888. What a great job of preparation by these sellers and Ronda…it’s a great testament to them and the value of staging! Priced right in this great Ponderosa Shores neighborhood for a 5 bedroom house.

285 Duck Ct listed by Giovanni Bruschi of Prudential for $1,249,888. This is one of those houses I was talking about earlier. First of all, it’s stunning! Really a gorgeous house. It got multiple offers, ratified and the buyers couldn’t go through with the sale and it fell through after 13 days. Since then, no offers…it’s a real head scratcher to me.

1330 Ribbon listed by Mary Bee of Re/Max Today for $965,000. It’s the second lowest priced house in Foster City. It, too, is a very nice home…I’m surprised it’s still there after 52 days on the market. These houses are all good opportunities, I know I’ll show them.

Our last upswing came, in my opinion, following the Chronicle running a positive front page story about this market providing good opportunities for home buyers. They’ve run a dozen or more negative pieces since then, maybe they’re due to cycle around again and we’ll see something positive soon…and 16 houses will sell right away. Meanwhile, stay tuned for that Podcast on Thursday because the facts are really illuminating.

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  1. podcast directory…

    Excellent post. Could not have said it any better myself. Hat’s off to a post well said….

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