How High Can It Go?

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Sometimes I just can’t get my head wrapped around where these home values are. The first single family house that I ever sold is coming on the market next Friday. They bought it for $272,500 in 1990. How much you want to bet it goes at least a million over that number? Amazing!

I know the inventory is incredibly low, but I couldn’t help but look at the price points in each of the local communities to see where the bottom is on price. In other words, what are the lowest priced single family houses listed for now? Check this out:

Burlingame……..$1,475,000.  (That’s for a 2 and 1 next to the Caltrain tracks)

Belmont…………$1,090,000. (For a fixer upper probate sale)

Millbrae………….$1,269,000. (A 3 and 1)

San Mateo……….$995,000. (A 3 and 2 in Parkside)

San Carlos……….$1,399,950. (A 4 and 2 needing updates)

Redwood Shores..$1,598,000. ( A waterfront…the ONLY house either pending or active)

Redwood City…..$950,000. ( A 4 and 2 in a challenging location)

Foster City……..$1,200,000. ( A 3 and 2 on Sanderling that has a foundation bid of between $75,000 and $98,000)

Now occasionally you’ll see a house in both San Mateo and Redwood City listed below $900,000…but it’s becoming more unusual. A couple of weeks ago a house came on the market on Page in Redwood City listed for $675,000. In the MLS it said there were to be no showings until 1:00PM on the first Saturday open house. I got there at 1:20…and had to park 2 blocks away. You would have thought they were giving away Ipads. There had to have been 25 people in the front yard alone! There were 30 or 40 people inside the house! A woman asked the listing agent how many disclosures had been requested…he said 75! 20 minutes after the place was available to show he already had 75 disclosure requests!! It sold with all cash of course and closed at $835,000.

Weirdly, there’s no signs of this letting up either. On the Page house, he ended up giving out 130 disclosures. That means 129 people are interested in houses priced under a million…and are still looking! 2017 could be wild.

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