Endangered Species

I’ll bet you thought it was extinct! No, not the winged frog above…I’m talking about the multiple offer driven home that closes escrow over the asking price. Believe it or not there are still a few of those around this area. Leading the hit parade here was George Chopoff of Re/Max Star Properties’ listing at 112 Flying Mist in Foster City that closed escrow right before Thanksgiving $12,000 over asking. That’s not all though, we also saw closings occur at 1500 Escondido Wy in Belmont ($125,000 over asking!), 42 Williams in San Carlos ($35,000 over asking), 2308 Casa Bona in Belmont ($26,00 over asking) and 751 Matsonia in Foster City ($19,000 over asking). All together there have been 40 single family homes in Foster City, Belmont, San Mateo, San Carlos and Redwood City close over asking since September 15…the day Lehman went belly up and the stock market started it’s downward slide. To be fair, there’s been 205 total closed escrows in those towns at the same time…and plenty of them closed well under asking! Still, 40 closings over asking is almost 20% of the total…that seems surprising to me.

The year end numbers are going to be somewhat painful as we examine where values are going in this area and December sure seems to be an extremely slow month, but this large number of overbids right now certainly demonstrates to me just how viable this area has been, is right now, and will be going forward.

I guess it’s not all doom and gloom after all.

Comments

  1. Miriam H. says:

    We create a lot of the doom and gloom our selves around here.
    Let’s all be grateful for the situation we have here on the peninsula!! We could have a job and housing market like they do in Detroit!

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