The Market is Happy So I Am Happy!

Real Estate UPDATE! SF Peninsula — Sales activity is increasing in Burlingame with 25 ratified offers in the past couple of weeks. There are cash buyers at every price point. The sweet spot right now in Hillsborough seems to be just under $3 million with several attractive properties to choose from. There is quite a bit of new inventory just hitting the market or in the pipeline for spring in the $6-10 million range as well. The Previews market has improved, our Burlingame North office says. But buyers are still cautious. Only well-priced, well-staged homes in the best locations are selling for premium prices. Across the hill in Half Moon Bay, the market has been steady. A couple Previews high-end properties are pending that have been on the market for over nine months. Our Menlo Park offices report that sales activity has been increasing. Of the 18 sales, six were over $2 million. We are finally seeing some real strength in the $2 million-plus range. Prices here and in Palo Alto have been creeping up in the last couple of weeks. Our local manager says that some buyers may be feeling that they should buy now before Facebook, Twitter, LinkedIn, Zunga, etc. go public and create a mini boom in the area. Our RWC/San Carlos office reports that open houses have been extremely busy for the first time opens, especially in San Carlos. Offers are coming in quickly on properties that are well located, show well and are priced right. There seems to be a positive air to the market. The Palo Alto market is very strong up to approximately $4 million, our local office says. The activity at open houses is in excess of three dozen or more groups at each open house – at all price points. However, they are still short on inventory. About a week ago, they had 12 sales – nine of which were multiple offers – in a 36-hour period! The San Mateo market has been strong as well in recent week with open houses very well attended. Finally, sales activity is on the rise in Woodside with 14 ratified offers in the past couple of weeks, four of which were multiple offers.