Beating A Subject To Death

I know, I know…I always seem to beat this story to death around here. It’s just that I simply can’t get over it! The inventory problem in Foster City is amazingly horrid! Like nothing I’ve ever seen…and now I’m comparing it to the inventory of a couple of months ago which I didn’t think could improve at all. One of these days we might see ZERO active listings in both single family and condo/townhouse inventory. It wouldn’t surprise me. Right now, today in the Condo/Townhouse category there’s a whopping total of 8 units on the market. 6 of them are condos located at either Sand Harbor, Marina Point or Spinnaker Cove (actually 4 of them are at Sand Harbor). Of the others one is at The Islands ($676 a month dues) and a short sale that’s been on for 436 days at Nantucket Cove. What this means is that if you want to live in Foster City, can’t afford a single family house (who’s price range begins at about $875,000 now) and you need 3 bedrooms, you have almost no options. “What does this mean?” you ask? It means that when a townhouse comes up without significant baggage get ready for multiple offers. There’s a ton of buyers out there! I spoke to a woman on Wednesday who unsuccessfully tried to sell her 3 bedroom townhouse in Isle Cove for $635,000 a couple of years ago. I told her I was pretty sure she could hit $700,000 right now. She’s stewing on it.

Single family houses aren’t any better. Today there are all of 6 house on the market. The lowest priced one is $939,000. I’m betting it’s going to get multiples…don’t you think? I have an opinion about the others…but I won’t say what it is. I will say this, it’s the reason they’re not selling. Currently, there’s 12 pending sales in houses and 23 pending sales in condo/townhouses. Simply incredible stuff.

If the inventory remains at this glacial clip we’re going to repeat 2012’s rise in home price values. It’s coming. The really amazing thing, to me at least, is the conversations I have with sellers. “Now’s the time I say, you have no competition at all”. “We think we’ll wait until the spring”. Oh well, I guess it won’t really matter. Inventory would have to quintuple to satisfy the demand out there right now.

 

Comments

  1. Jayson and I were just talking about this last night!!!! I cant get over how few 3 bedroom townhomes there are in Foster City. There was an open house by us a few weeks ago and it felt like the whole town was there checking it out. It was sale pending by Monday. There really are no options for those that cant afford a house 🙁

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