Learning To Fly

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What do these listings from South San Francisco and San Bruno have in common?

105 Duval

125 Adrian

3936 Stein Ct

378 El Cortez

677 Spruce

2960 Ridgeway

180 Birch

414 Cavanaugh San Mateo

They all got multiple offers in the last few weeks. I’m not talking about 1 or 2 offers…I’m talking about at least 5 of them! These homes are all in the price range under $600,000. The lower the price…the more offers you get. The truth is that I’m leaving out several listings too. There’s alot of houses that have been on the market up there 100 days or more that are selling right now too. The house above at 414 Cavanaugh in San Mateo got 15 offers listed at $399,000…and it’s a short sale! A couple of months ago agents were treating short sales like the plague!

Back in December I wrote a post titled Invest O Mania where I highlighted a Daly City REO that was on the market for $382,500. It got 1 offer at asking and it was on the market for weeks. Those days are over! The same houses in the same neighborhood are at least $100,000 more right now. There isn’t any question in my mind right now that a bottom has been hit in these areas, and in fact it was hit a few months ago!

Even in slightly higher price ranges I’m seeing a difference. My listing at 1044 Fiesta in San Mateo had a really large amount of activity…and it sold close to the asking price in 13 days. No feeding frenzy like these lower ranges but sold activity.

I want to be clear here…we are not talking about the range over $1,000,000 and we’re also not talking about condos/townhouses. They’re still slow and who knows when that’ll come around. If you’ve been out there fence sitting and you’re qualified for something around $550,000 or so…nows the time. I’m serious.

Comments

  1. SteveTinFC says:

    Just curious — are there many $550k or so SFR’s in Foster City? Or are you more referring to the other areas of the Peninsula?

  2. Jim Minkey says:

    Definitely no SFR’s in FC in that range. The low prices are in many areas from San Jose to Daly City. It’s all a good sign for us in that it shows that people are out there looking

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