Dead Cat Bounce

Not really…at least not this cat! The cat in question is the Foster City Real Estate market. That’s the Dead Cat Bounce I’m talking about…and maybe, just maybe it’s more than a dead cat bounce. What I’m talking about is the fact that in Foster City, in the last month 6 single family houses sold as well as 5 condo/townhouses. Currently we have 26 single family active listings and 34 condo/townhouses. This isn’t bad news.

Interestingly, none of the single family pendings are over $1,300,000, and with the exception of Sue Dickey of Alain Pinel’s listing at 116 Goldhunter, all the rest of these sales are priced at $1,150,000 or less. All together 17 of the 26 active listings are priced higher than that and their average days on the market are 73 days. Still…it’s good news. Better than a poke in the eye.

Naturally, the condo/townhouses will be priced lower and the pendings reflect the gamut of ranges available with the exception of the very high end and it’s interesting to note that the last sale at Promontory Point, other than a $750,00 foreclosure steal that happened in October, was in July of 2007. That’s amazing really…nothing has sold there in over a year.

Considering how very slow the overall economy is right now and how tight the market has been, I think it’s a very interesting and positive sign that these places sold in the last 30 days. I’m hoping for a fully alive cat in 2009!

Comments

  1. It may be a stock market term but no more references to dead cats.
    Would love to see another post about Project Bay Cat!
    Thanks Jim!!

  2. SteveTinFC says:

    Dude, now you’re going to get tons of replies from the Homeless Cat Network, et al! Dead Cat Bouncing? LOL, you slay me.

    Stevie-Cat

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