To get clients the inside track on their deals, our agents constantly swap intelligence on the Peninsula real estate market, especially at our weekly all-hands meeting. I recap their collective intel and share it with you. Remember, this is banter, not a perfect representation. It reflects many individuals’ different opinions and thoughts.
Market Trends
Seller Expectations
Seller expectations are very high. A few are even refusing offers above list price.
Off Market Engagement
We’re finding off-market is such a different experience than MLS-listed properties. It’s hard to get agents to pay attention until you put a house on the market.
Unrepresented Buyers at Open Houses
Plenty of buyers are going to open houses who are not represented by an agent. Some casual lookers haven’t yet committed themselves to buying a house. Others are coming from out of state.
Buyers Under $2M
Buyers under $2M are feeling defeated and concerned about the new high watermarks. Some are looking at RWC because they are absolutely priced out of Menlo Park.
This Week’s Market Action on the Peninsula
MENLO PARK: THE WILLOWS
There are many buyers for the Willows, after a period of very limited inventory in this neighborhood, we are starting to see more properties list and continue to sell with multiple offers.
New listings: 1600 sq ft cute remodel on the corner of Laurel and O’Keefe.
Notable sales: A major fixer on a great lot in a good location went over list.
PALO ALTO
New listings: Watch what happens with the house on Hamilton; the previous owners put huge money in that house.
Coming soon: a showcase home on Webster, soon to be in Architectural Digest.
PORTOLA VALLEY
Prices have moved sharply. Portola Valley is no longer the value it was at the beginning of 2014.
New listings: Cherokee and Holden came on today. Old Spanish Trail, Campo, Ash last week.
REDWOOD CITY: THE FLATS
Pricing trend: RWC agents are hesitant about pricing, still putting mid-range prices on listings. Sellers are finally waking up and saying, “What can I get for my house?” However, a lot of what comes on the market is neither polished or pretty enough to get top dollar. More effort in prep and staging would command even higher prices.
The Alphabet Streets Have Popped: People have just discovered the Alphabet Streets, a decent area north of Whipple between El Camino and 101 that feeds into Clifford Elementary. A 3/2 for $879K on F Street, one of the best streets, is pushing the price a bit. Same for the 4/2 listed at $879.
Deal of the Week: $1.185M on 1218 Selby, a 8400 sq ft lot, looks like a pretty good deal with this week’s price reduction.
New listings: A number of listings are coming on, including several in Old Redwood City (Whipple / Hopkins / Edgewood).
Notable sales: A big sale on Iris in the Mount Carmel area. A 940 sq ft house, old everything, sold for over $900K. Prediction: someone will remodel it and turn it around for $1.4M. Lot value sale on Buena Vista, a 912 sq ft teardown sold for over $1M.
REDWOOD CITY: THE HILLS
With a lot of new inventory, patience and persistence is the watchword for now.
Notable sales: Some good homes sold quickly such as Altamont and Lake Mead, which shows that the buyers are out there. There’s some good ground underneath this market, but it’ll take a little adjustment to soak up the rest of the inventory.
New listings: We’re starting to see 2000-25000 sq ft homes in the $1.3 – 1.5M range, such as the one on Edgewood Road.
SAN CARLOS
San Carlos is still in acquisition mode. When inventory is higher, buyers could err on the side of being more frugal. But for now, buyers who want San Carlos are in acquisition mode.
New listings: San Carlos is pinking up just a little bit in terms of inventory.
Notable sales: Cordilleras sold quickly and well.
WOODSIDE
New listings: Lot of inventory in the last few weeks, such as the one on Family Farm. The high end is chasing the market (i.e. Manzanita for $11M).
Pride Reduction: Heather Ridge took an auction strategy and dropped price a million, from $2M to $999. Taking offers on Wednesday.
