The Sun Is Rising…I Think

Sunrise1

OK, I know it’s early but 2010 sure seems to be off to a good start…at least if houses selling is of interest to you. It’s probably not that good of a start if you wanted more significant price erosion. It’s just that it seems like every house I’ve shown since the first of the year has gotten multiple offers. In one case, I had a client interested in a little foreclosure at 960 3rd Ave in Redwood City that got 20 0ffers last week. That’s a pretty good turn out if you ask me.

What really surprised me was my own listing at 18 Dory Ln in Nantucket Cove in Foster City. My clients and I had contemplated listing it last fall but for several reasons decided to wait until this month to put it on. The townhouse category had shown improvement but it still was fairly sluggish. Other similar floor plans to ours had sold at Nantucket Cove last year for less than ours was going to list at ($748,000) and while I had hoped that 2010 would bring some energy I was a liitle concerned.

It came on the market last Friday afternoon, by Saturday morning I had an agent who had written an offer. I told him I wasn’t looking at offers until Tuesday…and on Sunday at the open house I had 80 to 90 people. By Monday afternoon I had handed out 14 disclosure packets. We looked at offers on Tuesday afternoon and we had 7 of them. Four of them were over the asking price. Needless to say, the sellers and I were very happy. There’s very little doubt in my mind that this outcome would not have happened if we had listed in November.

I recall other sluggish markets, the fall of 2001 comes to mind, where the market shifted from asleep to fully awake virtually overnight right after the first of the year. 2009 was a difficult and frightening year for many people. There had to be demand that’s been pent up. For now at least, it sure feels to me like the market is moving forward. Of course it’s way to early to crown the market back again…but we’re off to a good start.

Comments

  1. Hey Jim – congrats on Dory Ln.! That’s quite a turnout…multiple offers on Townhouses pretty much didn’t exist in 2009.

  2. Hey Jim, any comments on 650 celestial ln. This is a bank owned property. There 2 more townhouses are on sale in same complex.

  3. Jim Minkey says:

    That seems like a really well priced place to me Kavita. The 3 bedroom on Pavo is $729,000 and 650 Celestial is $614,900. It’s less than the 2 bedroom on Celestial plus it’s all upgraded inside. I think I’ll follow up later with this one and see how it does…

  4. Hi Jim:
    Congrats on Dory sale! I see that HOA for Dory is about 400 (high in Foster City in general). Just wondering what are included in the HOA. I heard that even single family homes in Pitcairn have HOA(different coverages?)
    Thanks.
    Al

  5. Jim Minkey says:

    Some single family developments in FC have HOA and dues, many are much smaller than the condo/townhouses and usually include a common area pool…etc. Believe it or not $406.00 a month is about average. There’s several projects that have dues close to, or over, $500.00 a month

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