Endangered Species?

Interestingly, the high end in Foster City seems to be changing somewhat. I guess what I mean by that is what was once a pretty active price range…that above $1,300,000 sure seems to be becoming and endangered species around here. A couple of days ago I noticed that there were only two active single family listings in Foster City priced over that 1.3 mark and that sort of seemed strange to me. I looked at the history and discovered that since January 1 of 2007 there were a total of 57 houses that sold above that mark. Only 5 of them sold in 2010. The most expensive house to sell was the wide waterfront at 851 Grenada that closed in April for $1,400,000. In that same 2007 period there had been 15 houses that had sold for more than that included 7 of them that closed over $1,600,000. Once of them being $1,870,000.

It’s almost impossible to accurately say why this is…maybe there just weren’t many big pricey house listed in 2010? There really were not a bunch of listings that came on in high ranges and took dramatic price reductions bringing them under the 1.3 mark. There were, in fact, 3 or 4 listings that were priced higher that came off the market without selling…but I think that overall prices just seemed to be lower than in the past in the high end. I guess I’m not really surprised by it either. I can’t help but wonder what the future of this lofty ranges will be going forward. In 2005, 3 houses came close to hitting the 2 million dollar mark…when do you think that might happen again?

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