No matter what anybody says the market around here is pretty darn hot. OK, it’s not as ravenous as it was in the spring…but it’s pretty freaking hot all the same. In my office today I heard an agent tell some body that the market has slowed. What market is that, I wanted to say! I have 2 escrows in Foster City right now on townhouses that got multiple offers and went WAY over asking. In both case they’ll close as all time highs for their projects. Today I wrote an offer on a house in San Mateo that was listed for $1,349,000. We came in at $1,601,000 with no contingencies and a 45 day free rent back and finished second. What I marvel at is the fact I sold a house with the largest floorplan in that area about 15 years ago for $485,000. I actually sold one 3 years ago for $975,000!
Meanwhile, I have a listing in El Granada at 307 Ferdinand that’s listed for $850,000 and I can’t give the house away. Check out those pics…the place is gorgeous! It’s got ocean views. It’s remodeled. When I hold an open house I can sit on the deck and hear the band at Sam’s Chowder House playing on Sunday afternoon. I love it over there! Oh yeah, the open houses usually fetch about 10 to 15 people if I’m lucky. The last FC open house I did got 175 people…and that was a Saturday! What the heck? Currently in El Granada there’s 22 active single family listings…vs 7 in Foster City. I’ll bet there 2 or 3 time more people in Foster City! There’s 3 pendings in El Granada. The last house that sold for over $899,000 was on May 15. As amazing as all this is…the comments I get from folks are even more amazing. “Oh, my client really like the house but she’s going out of town for two weeks. If it’s still on when she gets back I’ll give you a call” “Oh, it’s nice but my client just doesn’t feel comfortable with the street light being next to the house”. “I like it but it doesn’t have door on the master bedroom”. Are you kidding? The house I wrote on today had a standing water issue under the house and the hardwood floors were all cupped and warped. No big deal…we went over asking $250,000 and still didn’t get it.
The agent in the office next to me put a fixer upper Eichler on the market in Palo Alto yesterday listed for $1,199,000. It’s 1650 sq ft. He got 25 phone calls today and 4 agents who told him they had offers already. His deadline is next Wednesday. Oh by the way…$1,199,000 makes it the LOWEST priced house in Palo Alto right now. Meanwhile…in El Granada. OK, I get the commute thing being a little longer. I get the fog thing in the summer too, but don’t people have those issues in the Sunset district in SF? Why are those places getting 10 offers? El Granada may as well be Iowa I guess?
Anyway…thanks for letting me vent.