The High End

I’m really not sure exactly why this is, but it’s sure seemed to me this year that the high end of the market in Foster City has been a little slow. Seems slower than our sister Mid Peninsula communities as well. While there’s been sales there, the difference is that there seems to be more demand in our neighboring towns for the high end house. In the last 3 months, there’s been 19 single family homes sold and closed in Foster City…only 1 of them went for the asking price. Nevermind overbids, there weren’t any of those.  There were 8 houses close escrow during that period as well under a million that experienced overbids in FC.

I guess the thought came to me because I’ve seen overbids on many houses in other towns around here. In San Carlos, there were 60 closings in the last 3 months, 32 of them at or over asking and 12 of them taking place in th range over a million. In Belmont 30 homes closed escrow, 18 at or over asking and 4 of them over a mil. Finally, in San Mateo there were 96 closings, 39 at or over asking and 12 of them were over the million dollar ranges.

If it wasn’t for the house at 717 Baffin closing at the asking price of $1,228,000 we would have had a blank in this category.  I’m not sure why this is? There’s currently 7 pending sales on houses priced over a million dollars, it’s going to be interesting to see where they end up. It’s not like homes in this range aren’t selling, it’s just that the competition for these homes is less in FC than it is around us.

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