Here’s the good news…there’s more inventory out there. Actually a whopping 8 single family houses listed as of today. I spoke to the photographer in my office yesterday and he told me he’s been super busy shooting virtual tours. That means we’ll see more after Easter. Yay! What’s the bad news you ask? How about the prices on those new listings?
Let’s look at 239 Puffin. It’s a 3 bedroom, 2 bath house. 1890 sq ft. It’s listed for $985,000. The most money EVER spent for this floorplan…$1,015,000. Do you think Puffin will surpass that place, which by the way was at 245 Puffin? Last year 2 of this floorplan sold listed originally for $888,000 and $899,000 and closed at $951,000. 239 Puffin is the lowest priced house in Foster City today.
How about 340 Staysail. It’s a 1780 sq ft 4 bedroom, 2 bath house. It’s listed for $999,000. Looks pretty original in the pics. The most money EVER spent for this floorplan…$1,038,000. Think this one will top $1,038,000? I do. Last year 3 of this floorplan sold, the most for $930,000. It was completely remodeled. 2 others sold for $850,000 and $890,000.
Or how about 921 Swan. It’s a big 5 bedroom, 3 bath house, 2540 sq ft listed for $1,268,000. Last year it sold as a short sale for $985,000. It closed at the end of October. The most money ever spent for this floorplan? $1,270,000 in 2007. I’m thinking Swan will go beyond it.
I think this is an important thing to consider if you’re a buyer right now. There’s a common line of thinking that if you just wait the inventory will appear and everthing will even out again. The panic will end and go back to where it was last year…or earlier. I think the new inventory will indeed help…but prices are going up and by August at this rate there won’t be a single family house sell in Foster City under a million dollars. You may have less competition, but you’ll pay more then. It’s not even April 1 and prices have undoubtedly gone up at least 10% overrall. It’s amazing.