Sleepy Town

napping

Foster City sure seems quiet to me lately, downright asleep actually. Not a whole heck of alot is going on around here when it comes to single family home sales…that’s for sure. Right now there are 31 active single family homes in town and I have NO doubt that the inventory level is just the beginning. It’ll be really interesting to see if we reach 50 listings at any given time this year. If that happens the pressure on prices will certainly become significant. I actually don’t ever remember a time when there were 50 single family homes actively for sale in Foster City. 8 houses were listed in February and 8 in January. Of those 16 houses, 1 sold. Currently there’s 3 pending sales in town and each of those sold in different months. Typically more houses are listed later in the spring too, I actually have several coming up myself, so I think it’s a safe bet that we’re going to be in for a whole bunch of new listings arriving on the Foster City scene.

What’s really fascinating is the fact that January came out of the gate well! Lot’s of folks were out there looking again…and then seemed to all go back to the sidelines just after the Inauguration. Here’s a couple of bellwether places that will be interesting to watch just to see how long it will take them to sell.

342 Menhaden listed by Christy Long of Re/Max Today for $950,000. Nice house and in great shape. This floorplan did pretty well last year. It’ll be interesting to see what happens here!

1412 Melbourne listed by Donna Marie Baldwin of Coldwell Banker for $917,888. Great location and a nice house that’s well priced (it seems?) Certainly one to keep an eye on.

In January, 3 houses sold and have closed escrow to date. One went $259,000 under it’s orginal list price, one went $190,000 under asking and the third went $49,000 under asking. Wow! The first one comes from a home originally priced over $1,300,000…a category that I feel is really soft and where values are particularly vulnerable. In other words…if you’re a buyer you should experience a great opportunity to negotiate if you have the courage to jump in the water in the near future. Go ahead…take the plunge!

What’s really interesting to me about this photo is that it precisely symbolizes the future of the FC real estate market. Right now it’s pretty safe for this guy to snooze in that spot…but at some point a pilot could get in that plane, start the engine and provide this character with a somewhat rude surprise! One day the market will start up again too…and I have no doubt surprising alot of buyers…who will still be sound asleep.

Comments

  1. Just LOVE this picture!! Nice weathering the storms with you Jim- appreciate your positive attitudes!

  2. Eugene Berman says:

    I think this guy IS a pilot, that’s why he sleeps so peacefully 🙂 He knows that nobody else would fly his bird (BTW, if I’m not mistaken, that’s new Boeing C-17 Globemaster, an amazing plane with very short field takeoff and landing capabilities).

  3. Eugene Berman says:

    Correction – this is KC-135 🙂

  4. Jim Minkey says:

    Holy Cow! Now THAT’S good knowledge! Way to go Eugene!

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