Inventory

inventory

One of the reasons the Foster City real estate market has been hot so far this year has been the low amount of inventory here in town. We hovered around 10 active single family listings for most of the first quarter and as a result multiple offers have been common. Well, that’s starting to change as 9 new listings have come up in the last 11 days here in town. It’s going to be very interesting to see if the momentum continues and we still have multiple offer scenarios around here in the coming months. Here’s a few of the new ones that are worth a look:

851 Grenada Lane listed by Sue Dickey of Alain Pinel for $1,498,000. This is one gorgeous house. 4 bedrooms, 2.5 baths on the water in Plum Isle. Remodeled everywhere and it has a nice backyard too.

701 Baffin listed by Joan Wachter of Coldwell Banker for $1,229,000. Interesting 4 bedroom, 2.5 bath house in Sea Colony. Good size backyard here too. It’s going to be interesting to see if this place gets this price.

52 Williams Lane listed by Joe Benvenuto of Alain Pinel for $888,000. This used to be a 2 bedroom floorplan at Williams Landing but the sellers completely remodeled it, added into what was once attic space and created a grand staircase to get there too. It’s now 4 bedrooms and 3 baths…and completely unique. It’s a nice property too.

See all this new inventory is like reading a mystery…will they sell? Will there be overbids? Is more coming on the market that will slow the pace? We’ll see…

Comments

  1. Hi Jim,

    Except the one on WIlliams lane and the one on Shad (overpriced!!), the newer listings are not geared to the traditional first time buyers. It seems the Jumbo limit of 730K or so has to do something with the places priced around 900K getting multiple offers and those over 1M are staying on market longer.

  2. Jim Minkey says:

    About a month ago I would have agreed completely. Yesterday, I presented an offer on a house in San Mateo listed for $1,099,000. There were 8 offers, we came in at $1,155,000 and were not even close. I have no doubt it went over 1.2mil. I can think of 2 other houses I presented on in the last few weeks that also went $100,000 or more over asking, originally priced at 1mil or more. It feels sort of like 2005 to me right now.

  3. just my 2 cents. yes i was first time home buyer until i bought last year. if you just can’t afford, keep saving money by renting cheap- meaning by not renting in miramar like places. once you saved up, wait for the right house, buy it. yes williams lane ( for 4 bed 3 bath ), it is priced right. dont know what do you expect the price to be? if it is 750k, i bet everyone will be interested in buying it @ the price.

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