Worlds Apart

worlds

So, I’ve had this very interesting experience so far this year. I had a couple of listings in Foster City that sort of experienced a feeding frenzy and then followed those up with a listing in Daly City at a project called Pointe Pacific. The interesting part is the fact that although Foster City is only 19.5 miles from Daly City…it really is worlds apart when it comes to real estate values and sales.

Believe me, I’m in no way bashing Daly City. My listing at Pointe Pacific is adorable, the project is immaculately kept and many of the properties there have some of the best views I’ve ever seen. It’s just that there’s a dramatic difference in the market activity from there to here. Particularly when it comes to condos and townhouses.

On Tuesday I wrote that post about overbid activity around here and the fact is that since January 1 26 condos/townhouses have sold in Foster City in prices ranging from a high of $788,000 to a low of $396,000. Only 2 of those are short sales. There’s 33 active listings in Foster City right now too. During the same period of time in Daly City there have been 23 sales, but 16 of them have been short sales or foreclosures. The highest priced unit to sell was $415,000. 21 of them are actually under $400,000. 16 units are actually priced under $300,000.

If my Point Pacific listing was in Foster City at $399,000, (that’s our price in DC) we would have gotten 7 or 8 offers on it easily and it would have sold in the first week. In Daly City, we have the most upgrades of the 6 units for sale in this project and we also have the lowest price…and nothing in 30 days. Strangely, we’re at the upper end of the market at Pointe Pacific. Can you imagine the upper end of the Foster City market at $400,000? Can you also imagine 2/3 of the pending sales in Foster City being short sales of foreclosures? (For those of you that can imagine this…read Tuesday’s post!)

I guess what it all means is that real estate is an incredibly local business. Drive a few miles and the whole thing can very easily change.

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