This pic is sort of what it’s like to be a buyer right now…isn’t it? It’s nothing short of amazing. Here’s a couple of horror stories: a 3 bedroom, 1 bath house on Edgehill in San Carlos came up a few weeks ago at $849,000. It had a small problem…actually not a small problem, it had a $250,000 foundation and drainage problem. I don’t think I ever saw a $250,000 foundation problem before. Is that enough to stop this insane market? HA! It closed yesterday at $1,200,500! Unbelievable! Once upon a time this kind of problem pretty much killed your deal. Not now!
You like that one? Here’s another. a 1770 sq ft house on Valparaiso just west of El Camino in pretty much original condition came up last week at $1,398,000. Because it’s on the north side of the street it’s technically in Atherton. Across Valpo is Menlo Park, which is crazy too of course. Valpo is a busy street for crying out loud! Anyway…3 offers came in yesterday over $1,900,000!!
I have a listing myself at 765 Sequoia in San Mateo. It’s a real nice 2 bedroom, 2 bath house in a great location. A couple of days ago I got a call from a buyer who essentially begged me to help her get the house. She told me that she and her husband had sold their townhouse over a year ago with the hopes of moving up. They’ve been staying with relatives for awhile now and are exhausted. She asked if I would work with her, as her agent, to help her achieve her goal of buying. Unfortunately I won’t do that dual agency thing so she’ll have to use an agent. Still..it’s the begging that surprises me.
There’s never been a market like this.