One of my favorite things about Foster City, as a realtor at least, is the fact that it’s relatively easy to study comparables. There’s a finite amount of homes and floor plans in this town so I can simply search by square footage and find what these houses have sold for historically. It’s, of course, not exactly foolproof since no two houses are the same. Some are very upgraded and others not so much. Never the less, it’s alot easier studying comps and how the market is doing in Foster City since you have lots of like kind homes. It also makes it very interesting to look at how the 2012 market is evolving. Here’s some examples:
685 Pilgrim was listed for $888,000 a month or so ago. The most ever spent for this 3 bedroom, 2 bath floor plan was $900,000 and I thought Pilgrim was priced high since it needed a roof. What do I know…it got 10 offers and closed at $908,000.
844 Vega was listed for $998,000 also about a month ago and also got multiple offers. The most money ever spent for this floor plan was $1,066,000 in 2005. 844 Vega sold for $1,050,000.
354 Bluefish was listed for $910,000..same time last month. Guess what…it got multiples. The most money ever spent for this floor plan was $1,000,000 in 2005. 354 Bluefish closed at $967,000.
There are others in escrow now that are going to extend this list. It’s an amazing thing that in just a few months the values of these homes are bouncing right back to where they were before the meltdown. I hate to say it, but heard a whole lot of commentary about how we were never going to really recover from the binge that was the subprime era. Dare I say it, I think we’re recovering nicely…thank you. Coming close to and exceeding all time highs in Foster City is really a testimony to how strong this local economy is.