$1,000,000

About 4 months ago somebody asked me if there were still houses in Foster City that could be had for under a million dollars. “Of course” I said…thinking of various Eichlers (particularly fixer uppers) as well as ranchers on busy streets and the neighborhood around Boothbay Park on streets like Chesapeake and Winchester. Well, what do I know? Nothing it would appear.

Since September 1 of last year only 3 houses sold under that glorious 1mil figure. One is attached in Williams Landing and I almost don’t consider that a house since it has an HOA and a shared wall. Even that one sold for $985,000. Another was on Beach Park and it went for $965,000. The third one was an Eichler…the one in the picture above actually, and it went for $875,000.

Right now I honestly am not sure if ANY house this year will sell for under a million. Seriously. Last week a 1470 sq ft house on Cumberland was listed for $989,000, it got a ton of offers and sold for $1,250,000. This place was on a huge lot, but it’s a small house just like the ones on Chesapeake. A house over there sold last year for $1,100,000 and I gasped at that. I gave out 28 disclosures on my listing on Schooner last week and got incredible offers on it yesterday. It’s simply amazing what’s going on here now and it’s inescapable that you’re most likely not going to be able to buy a single family house in Foster City going forward under a million dollars. What’s shocking to me, and is always confirmed when I host open houses, is just how much in denial people are about that fact. But that is the subject for another post.

 

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