A Window Into A Listing

As you all know…the inventory out there really stinks. I mean virtually NO inventory at all. Consequently, the sellers around here are holding a whole bunch of cards when it comes to marketing their homes and getting offers. The house at 381 Boothbay is a great example of that. It’s one of the few houses to come on the market in Foster City this year priced under $1,000,000. It’s listed for $989,000. Having said that, it’s a pretty cute little house on a big 7296 sq ft lot. It’s a really nice lot too. The house is cute and fixed up, but only 1440 sq ft. It’s right across from the park.

The seller has a tad bit of leverage and I’m sure there’s been a ton of interest already. I’m sure because I requested disclosures for a client of mine and got a response yesterday in the form of an email. Here’s what it said:

“Thank you so much for your interest in the property located at 381 Boothbay Ave. As of today, over 20 disclosures have been downloaded, or emailed to agents of potential buyers. 
I currently have 3 offers, rest assured no offer will be responded too until after 4/23/2014.
No inspection reports are being provided by the seller, buyer is encouraged to obtain their own inspections. The TDS and seller supplemental is informative.”
WOW. 20 disclosure requests and 3 offers sent in already. (I can’t imagine sending in an offer that far before the offer date…but hey, I believe it happens).  These are houses that were selling for $800,000 just a couple of years ago…and back then there would be complaining because it was right across the street from the park. Go figure.
I may have said this before…AMAZING!

Comments

  1. Let me take a wild guess…$1.15m, that’s roughly $800 per sq/ft

  2. Jim Minkey says:

    That was my first thought too…but a couple of people I know are predicting $1,2

  3. Jim, any explanation why the inventory has been so low for such a long period of time? It has been like this since 2012 and is getting worse. There must be an underlining reason for this shortage of supply.

  4. Jim Minkey says:

    I guess I feel like there’s multiple reasons for it Tony…and it sort of feels like a great topic for a blog post for next week. Stay tuned.

  5. “Amazing”, only for sellers and agents. “Pathetic” for buyers.

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