Lindenwood - Where are All the Homes for Sale? | Dreyfus Sotheby's International Realty

Annette Smith

Annette Smith knows it's all about relationships. Whether you're a homeowner, navigating all the emotional and physical transitions of selling your house, or a buyer trying to get the best deal in a competitive environment, Annette offers both the expertise of a seasoned real estate agent and the genuine care of a good friend. It's no wonder that over 90% of her business comes from referrals. Over the years, she's also developed strong relationships with other local agents who know her reputation for professionalism, creative problem solving, and integrity-qualities that give her buyers an edge in multiple offer situations. Annette's passion for people and the community where she lives and works is evident. For 20 years she has not only been a top-performing realtor, but also an active member of the Menlo Park community-sponsoring the Summer Concert Series; serving on the board of directors for Adolescent Counseling services; shepherding her kids through the local schools, and greeting neighbors as she walks her dog, Max. As someone who has been through several boom and bust real estate cycles, Annette can give clear, calm advice to help her clients achieve their real estate goals in any economic climate. Annette makes her home in the Linfield Oaks neighborhood in Menlo Park with her husband, Cary, and their two daughters.

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The last time I wrote about Lindenwood, the big news was the year’s extraordinary price increase—a whopping 112% from the last quarter of 2012 to Q4 of 2013! At the time, I attributed most of the price jump to the change in the types of properties for sale—from lower priced teardowns in 2012 to more expensive, newer properties in 2013, and I didn’t expect those prices to hold. Turns out that was right. (Keep reading for more about prices.)

Dramatic Drop in Inventory

Now we are seeing yet another dramatic statistic in Lindenwood real estate. From Q2 2013 to Q2 2014, the inventory of homes for sale decreased 76%! Last year there were 17 houses on the market in Q2, compared to only 4 in Q2 of this year. What’s going on? I believe that since the economy is great and Lindenwood is a “move-up” neighborhood, people who are settled are happy. Lindenwood is the ultimate destination for many home buyers and once they get in, they may stay a good long time.

As bad as those inventory numbers are, things may be getting even worse for buyers. Shockingly, as I write this on July 22, there is not a single active listing in Lindenwood. Not one.

Prices are Higher for the Year

As I mentioned, the last quarter of 2013 saw a crazy price increase with a median sold price of $6,795,000. That was due to more brand new, luxury houses sold in that quarter. Prices have leveled out since then, and came in at a median sold price of $4,028,500 last quarter. This was up 6% since the same time last year—a nice bump in this high-end range, but nothing as surprising as the Q4 2013 prices.

A Tale of Two Markets

All of these numbers can be easily skewed by the low numbers of houses on the market and the differences in the types of properties sold. In Lindenwood there are basically two markets:

The older ranch style house that sits on an acre lot. It’s usually considered a teardown in this affluent neighborhood and typically goes for around $4 million. These types of properties are very desirable, as many people who spend this kind of money prefer to build a custom home exactly to their specifications.

The brand new, custom house built on one of these large lots that sells for anywhere from $6-8 million. These are attractive options for anyone who wants a quick, turnkey, luxury home, especially foreign investors.

My Advice?

With strong demand and zero inventory, if you are thinking of selling anytime in the near future, now could be your best window of opportunity ever.

If you want to buy in Lindenwood, you are facing challenges in finding a home with so few homes coming on the market. You need a local real estate agent who intimately knows the neighborhood, what’s coming on the market and the availability of off-market listings.

Whether you are buying or selling, with 20 years of experience in this local market, I can give you solid, market savvy advice to help you meet your goals. Call me and let’s talk about your situation and how I can help.