Kind of a long hiatus…but I’m back! Ready for the new era of Real Estate…sort of! So I put nice listing on the market a couple of weeks ago on Pompano and I expected the same insanity with it as I had on my Beach Park listing a month or so ago. I knew in the first hour of the first open house that the market was a tad slower. We did fine of course, still had multiple offers but it just wasn’t as zany as it was just a few weeks before. Who knows why? Kids out of school? Folks on vacation? You’re guess is as good as mine. It could also been because 4 other 2 story 4 bedroom houses came on the market the same week?
Well, some of the other places out there had the same experience. Decent response but not crazy, not 10 offers. Not $300,000 over asking. What’s my assumption? The market is cooling off a tad. That probably means it’s a good time for some buyers I’m working with to, at least, have less competition.
What do I know? I know nada! Yesterday, after encouraging some folks to write an offer on a house in Belmont listed for $1,098,000 cuz of the lower level of activity in the market….we end up in a 10 offer frenzy. $1,098,000 turned into $1,400,000.
I guess the point is, this market is VERY strong. It ebbs and flows but often the ebbs don’t last too long. Last week we had an economist speak at our office and she’s of the opinion that this market has another 2 to 3 years of life left in it. That’s based upon the large number of Silicon Valley companies that are scheduled to go public in the next 18 months and the fact that the average cost per square foot here (1250) is so much less than it is in places like Hong Kong or Shanghai where it approaches $7000 per sq ft. What a scary thought, huh? Prices could go up another 25%? Sheesh.