The Magic Number

So I checked the MLS today to see just how dismal the inventory is here in Foster City, there’s a whopping 4 active single family houses listed, when it occurred to me that the lowest priced house came in at $1,248,000. Huh? Really? Yes indeed, that’s the lowest priced house today. Naturally, that got me thinking…has Foster City reached the stage where a house won’t sell here now under a million dollars? Have we really reached that threshold? Maybe!

 

Currently there’s 14 pending sales and 10 of them were listed over a million. Of the four remaining, the attached home at Williams Landing gets removed immediately for simply being a big townhouse with an HOA. So that leaves us with 781 Coronado listed for $998,000 and 670 Sandy Hook which was listed for $975,000. Coronado may have sold under asking. but I’m reasonably sure that Sandy Hook didn’t. The last house was the fixer at 1082 Sanderling which was listed for $749,999. I know it got at least 8 offers…so who knows where it landed. It NEEDED work too!

How about the closed sales? There have been 42 sales since March 1…29 of them went over a million. 5 of them were at Williams Landing. The other 8 were all over $900,000. I’m not entirely sure a house can sell now under a million in Foster City. Amazing isn’t it? Not sure if this estimate includes Eichlers either? The point is that this market has sure wrought an amazing change in a very short period of time! I really do think it’s possible that houses under a million dollars are fast becoming extinct in FC. It’s going to be interesting to see what gives in the next few months.

Comments

  1. Patrick says:

    With the interest rates creeping up, do you think the magical run would end soon?

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