So, right after I write that post about the storm coming…here comes the proof. Last night a 1700 sq ft 4 bedroom house at 908 Constitution hits the market priced at $1,358,000. The house looks nice, but the last 2 comparables of this floor plan in Foster City closed last April and May (that’s 2014 mind you) at 899 Constitution and 936 Constitution…for $1,230,000 and $1,258,000. Both of these places went over their asking prices by at least $130,000. Now we have this place listed a full $100,000 over the last comp for Foster City.
Here’s the problem…no inventory. As much as it pains me to say it, this place will almost certainly get multiple offers. How could it not? What does this all say about values around here in 2015? At least to start it certainly doesn’t mean that prices will decline. Been to any open houses lately? There’s certainly no shortage of buyers. It’s scary.