All Time High

So it seems like I hear one of two comments a lot lately. Last night I was with a group of guys and one of them said that he understood the market was better. He wondered if it would ever reach it’s high point of a few years ago. The other comment I hear…especially among agents I know, is the notion that the market has slowed down. It’s lost it’s momentum. I guess if we’re all expecting a permanent market like we had in April or May then I guess it’s slowed down. The SF Chronicle ran an article yesterday about listings experiencing price reductions. What really is going on?

Foster City’s kind of an interesting place since there really are a whole bunch of similar houses here. It’s easier to study comparable properties since so many houses have the same floorplans and square feet. So I go on the MLS and check out what’s going on. First thing I see is the distinct lack of houses priced under a million dollars. None in fact and also, in fact, it’s been quite some time since we’ve seen one. That’s amazing! The lowest priced house is the rancher at 1082 Sanderling. It’s a 3 bedroom with 1840 sq ft. It’s listed for $1,148,000. That’s reduced from $1,189,00. Slow market? The most money EVER spent for this floorplan was last year at 996 Gull. It sold for $1,150,000. The Gull house was ASTONISHINGLY nice. This one’s nice too. $2000 less than the all time high…not bad. How about 130 Barkentine? Listed for $1,349,950, down from $1,399,000. All time high? $1,355,000 at the same floor plan at 921 Laguna in 2006. How about 564 Trinidad listed for $1,288,000? Offers on it coming tomorrow. All time high? $1,300,000 at 519 Trinidad. It closed last week!

Since we’re on a roll how about the 3 bedroom at 1109 Blythe? It’s listed for $1,248,000. All time high? $1,155,000 in 2007. Umm…I think it’s safe to say that the market is pretty healthy. These prices are amazing. Seems like every time I do a study of comps in FC I bump into an all time high on a given floorplan and most of them are recent. It’s not going to go up 10% a month. It’s OK if it plateaus for awhile at the spot it is. I should say…the amazing spot it is.

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