June 18, 2014

Peak median home prices in the Real Bay Area

Bay Area home sales great for sellers, tough on buyers

Santa Clara County, which surpassed its peak price for existing single-family homes in April, saw a gain of 6.7 percent to $800,000, and San Mateo County was up 14.2 percent to $925,000.

Wendy McPherson of Coldwell Banker in Menlo Park said recent tech company public offerings and acquisitions are creating wealthy buyers at a brisk pace. "We just had a buyer buy a $20 million property who was living in a $900,000 house," she said.

Ken DeLeon of DeLeon Realty in Palo Alto said demand is so brisk for luxury real estate that one home in Atherton sold for $14 million in three days.

As we all know, it’s been a long time dream of the readers of this site, and the homeowners and landlords of the Real Bay Area to see housing prices surpass those of our arch nemesis, Manhattan – proving that you don’t need ugly skyscrapers, integrated cultural diversity, things that open late, low crime, taxis, functioning mass transit, and <shudder> shadows to be successful.

We. Are. Almost. There.

The median home price for a single family home in San Mateo is now $925,000. Santa Clara, which includes Gilroy, $800,00.

Is there anything more beautiful than this?

Question time: What will the median price in a year from now for SM and SC? $2M and $1.8?

Post your predictions in the comments!

Comments (7) -- Posted by: burbed @ 5:28 am

7 Responses to “Peak median home prices in the Real Bay Area”

  1. steve Says:

    also at peak, the First Republic Prestige Index:
    https://www.firstrepublic.com/resource/san-francisco-bay-area-home-values

    they do it for LA too: https://www.firstrepublic.com/resource/los-angeles-area-home-values

    and San Diego: https://www.firstrepublic.com/resource/san-diego-area-home-values

    SD, I’m sad for you

  2. dollarbin Says:

    Hey Manhattan, can you do $2093 per sq. ft. cause the RBA can:

    http://www.redfin.com/CA/Palo-Alto/825-Marshall-Dr-94303/home/1784275

  3. KikiSC Says:

    Hey, this is really off topic but I thought this would be the place to ask: Is there a specific term for sociopaths who go into real estate as a vocation? I talked to a sellers’ agent last week and she lied to mea LOT about things that are readily independently verifiable. My guess is that she’s also lying to her client about the value of the property under discussion and that if she weren’t in the way we could have a sane discussion from which a deal might be reasonably negotiated. I’d love to engage in discussions free from hyperbole and deceit. Any thoughts on strategies I might employ?

  4. mtv-renter Says:

    I should have listened to my Realtor ™, he was clearly looking out for me. He told me price doesn’t matter in the bay area, since prices raise 10% per year on average. When I asked him whether this means that the $1.2M entry level house would really be worth $20M at the end of its 30 year loan, he hesitated a moment, then gave me a resounding YES!

  5. Petsmart groomer Says:

    > When I asked him whether this means that the $1.2M entry level house would really be worth $20M at the end of its 30 year loan, he hesitated a moment, then gave me a resounding YES!

    A math proficient Realtor™ (who am I kidding?) would have added something about Prop 13.

  6. For girl Says:

    The football stars, cheerleaders, ex MVPs of my hs class?
    Realtors. Every one.
    When one tracked me down on my iPhone, I hardened my settings.

  7. Real Estater Says:

    I would agree that in principle price doesn’t matter. What matters is how much you can sell later relative to how much you buy it for. The concept should be common sense, but many people have a hard time grasping it. If you go to one of the fly-over states, you’ll often run into people tell you to move over there because of what kind of house you can get for a low price. What they don’t get is the big picture – the price is low today, it was low yesterday, and it will be low tomorrow. Your net worth will make no progress no matter how long you live there.


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