Market Insights – August 26, 2017

Well you are hearing it here first, some very exciting sales this week:

The Mossbrook Eichler had something like 18 packages out which turned into 7 offers.  It ended up at about $1.7m — yes, $300k over list price and where 2 doors down I just sold in January a brand new rebuild Eichler at $1.556m.  Crazy?!

The Fairorchard Willow Glen Eichler, which was completely updated (with Blomberg sliders by the way) had offers that pushed it up to $1.75m where the highest sale in that neighborhood was about $1.5m last year.  Crazy?!

So, what I think is happening is the ripple effect.  People who were thinking they could get into Sunnyvale or Cupertino around $1.8m+/- have accepted that won’t happen, so they are being pushed to their next tier choice which will be Mossbrook and Willow Glen.  That means they have a lot more ability to drive up prices in those areas from $1.5 to where we see them now.  Is it sustainable?  Probably.  Just because one person offers $1.75m for Fairorchard doesn’t mean there is another one who will do it again on the next house, but it does make a statement.

Just my take on it.

SOLD: 3624 Evergreen Dr, Palo Alto 94303

3624 Evergreen Dr – $2,195,000.  Sold for $2935K, COE 9/8/17

– 3 bed, 2 bath

– 1690sf living space on a 8050sf lot

– Built in 1956

– Mackay home on a meticulously landscaped lot, Elegant interiors and hardwood floors

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Mark’s Preview Notes:

MLS Photos:

Listed 8/22/17 (David & Sunny of Alain Pinel Realtors represents the Seller)

Pending: 3049 Harding Ave, Santa Clara 95051

3049 Harding Ave – $1,399,000.  Pending, COE 9/29/17

– 3 bed, 2 bath

– 1240sf living space on a 5000sf lot

– Built in 1954

– Lovely home on a peaceful street, Open floor plan with well connected kitchen, Large fenced front court yard

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Mark’s Preview Notes:

MLS Photos:

Listed 8/22/17 (Lisa Yang of Keller Williams represents the Seller)

Terminated: 396 Raymundo Dr, Woodside 94062

396 Raymundo Dr – $10,800,000.

– 5 bed, 5.5 bath

– 8299sf living space on a 129373sf lot

– Built in 1964

– Stunning modern design and open floor plan with 4 Fleetwood wall systems, Expansive flat backyard area

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Mark’s Preview Notes:

MLS Photos:

Listed 8/21/17 (Greg Goumas of Intero Real Estate represents the Seller)

SOLD: 229 Hamilton Ave, Mountain View 94043

229 Hamilton Ave – $1,495,000.  Sold for $2000K, COE 9/14/17

– 3 bed, 2 bath

– 1280sf living space on a 5300sf lot

– Built in 1955

– Stunning mid century modern in Monta Loma neighborhood, Spacious courtyard entry, Open floor plan

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Mark’s Preview Notes:

MLS Photos:

Listed 8/17/17 (Tim Foy of Midtown Realty represents the Seller)

12950 Robleda Rd, Los Altos Hills 94022

12950 Robleda Rd – $19,400,000.

– 4 bed, 4.5 bath

– 5440sf living space on a 524462sf lot

– Built in 1955

– Mid century modern home with sweeping views, Faithfully modernized, expanded & renovated, Spacious European kitchen

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Mark’s Preview Notes:

MLS Photos:

Listed 8/17/17 (Richard Williamson of Today Sotheby’s International Realty represents the Seller)

SOLD: 17923 Foster Rd, Los Gatos 95030

17923 Foster Rd – $3,398,000.  Sold for $3375K, COE 9/29/17

– 4 bed, 3.5 bath

– 3358sf living space on a 216800sf lot

– Built in 2011

– Custom modern two story executive home with spectacular city light views

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Mark’s Preview Notes:

MLS Photos:

Listed 8/15/17 (Joe Piazza of Coldwell Banker represents the Seller)