April 20, 2015

Home prices up 31% in Redwood City, 40% in Mountain View – Congrats!!

MedianHomePrice

 

Congrats to the Real Bay Area cities whose median sold home price went up greater than 30%!

Now, let’s dissect the data. Obviously Hillsborough and Atherton went up by 40% because everyday a new millionaire is minted (billionaires are only minted on Thursdays.)

Mountain View is kind of obvious because of Google, Google, Google, and Global Beads at 345 Castro Street.

But Redwood City? Damn!

The last time Redwood City soared like this was back in 2006… when dead people were getting mortgages. But this time it’s different. The paradigm has shifted. There’s Facebook next door and a Philz.

And look at the difference it has made to the schools according to Great Schools:

RWC-Schools

Oh. Uh. Yeah.

Well whatever. Nothing can stop us now. It’s only a matter of time before even Redwood City will beat our mortal enemy Manhattan in price per square foot. (I hear they’re already whimpering in fear.)

Let’s look at how house prices will look in 5 years based on the current growth levels (and as always, past performance is indicative of future results):

MountainViewHomeForecast

Yep, that’s right. You heard it first. I’m calling Redwood City at $4.3M and Mountain View at $4.7M in 2019. Nothing can stop us now!

What are your forecasts for 2019?

Comments (16) -- Posted by: burbed @ 6:40 am

16 Responses to “Home prices up 31% in Redwood City, 40% in Mountain View – Congrats!!”

  1. nomadic Says:

    I’m amazed the RWC median is so close to MV now, but I think MV will increase faster than RWC, so let’s say MV = $5M in 5 years! Woohoo!

    Here’s an article for RE: http://www.psmag.com/business-economics/new-theory-on-san-franciscos-inequality-problem

  2. Skip Smith Says:

    Housing to tank hard in 2020!

  3. deertick Says:

    Good to see the old Burbed back! This reminds me of the sort of posts from back in the bad ole’ days of the last bubble. Just some ancedotal observations: I swear every single day on my drive to work to Palo Alto there must be at least 5-6 brand-new BMWs, Mercedes, Audis or some other general-purpose luxo-brand car with the dealer stickers and all passing me by. Things are reallllly frothy out there at the moment. I can’t help but wonder: Were these car buyers around for the last dot-com?

  4. maryjane Says:

    Here in SF things there is no discernible end in sight. 178 Sea Cliff, listed for $6.3, just sold for $11,000,000! What do you think it’ll go for after the renovation?

  5. CBVA_AA Says:

    @Maryjane

    …is actually renovation making any difference in this market, in terms of prices?

  6. maryjane Says:

    @CBVA_AA

    In SF every house seems to be a total gut renovation. Four year old kitchens cause gasps of disgust. Not only do you expect the house to be renovated but it will wind up with a few thousand extra square feet. If a flipper can’t expect to double the price I don’t know if he’d even bother.

  7. CBVA_AA Says:

    @Maryjane

    …so, you are telling me that is should go for 22M$? 🙂

    For that price I would buy 10 apartments in Paris and London (..those “grey, fast-paced, dirty” cities..brrrrr..)

    By the way, I read recently that the Farallon Islands are a nuclear waste disposal with 14000 barrels of nuclear material deposited there in the ’60s. It seems also that the exact location of those is quite different from the official one (..where tests for radioactivity are made…)…
    Does anybody know, or simply they do not give a @@#$@ing s#$#$ about it?

    I guess a salmon glaring in the dark is easier to cook..

  8. maryjane Says:

    $22 million wouldn’t surprise me at all. Apartments have gone for over $30,000,000. This is a lovely piece of property and is right on the Bay. (RBA for sure.) When the Farallones start glowing at night it’s going to be spectacular!

  9. nomadic Says:

    Wow, CBVA_AA, 47,800 containers of low level radioactive waste. Among other stuff.

    https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=4&cad=rja&uact=8&ved=0CDcQFjAD&url=http%3A%2F%2Fnepis.epa.gov%2FExe%2FZyPURL.cgi%3FDockey%3D9100OJMW.TXT&ei=6BI3VcqrK8qKyASjsYCICQ&usg=AFQjCNGATZ5z8LlEwtiMk5C6lIiRZc1XBA&sig2=yCyNuYyuvRnvZos26gbFSg

  10. nomadic Says:

    I meant this link to a PDF:
    https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=3&cad=rja&uact=8&ved=0CC0QFjAC&url=http%3A%2F%2Fpubs.usgs.gov%2Fcirc%2Fc1198%2Fchapters%2F193-206_Disposal.pdf&ei=6BI3VcqrK8qKyASjsYCICQ&usg=AFQjCNGKRrxGXkAYQyfXZOALeloZYqXIag&sig2=9c6bVKbCMUbhEpol4G9cjg

  11. deertick Says:

    I’d read about the Farallon islands some time ago: Apparently a WW2 era carrier is also sunk out there. The carrier was used in the Operation Crossroads ( Bikini Atoll tests) and became highly radioactive. Not many people know this but after the test a lot of the ships that survived were brought back to coastal California, a few making their way to the Bay Area where tests were performed on how to decontaminate them. A lot of contaminated water got into the ground around those test areas. There is a whole history of radioactivity in the Bay Area, much of which is unknown to the folks who live here.

  12. maryjane Says:

    Superfund sites make great condo developments.

  13. nomadic Says:

    Yes, Maryjane, just like Gable’s End!

  14. Wave9x Says:

    The whole phenomenon of having the median house go for over a million dollars yet still have crappy schools filled with illegal aliens is somewhat baffling to me. I’m guessing property owners have abandoned the schools?

  15. CBVA_AA Says:

    @deertick

    It amazes me that I have to know whether or not someone has died in the house, but not whether that house is sitting over a “decontaminated” former nuclear waste disposal…..
    Am I missing something?

  16. burbed Says:

    I have heard that private schools are overflowing. Just like the number of Porsche on the road around here lately.


Leave a Reply

Please be nice. No name calling, no personal attacks, no racist stuff, no baiting, etc. Let's be nice to each other in the true Bay Area spirit! (Comments may be edited/removed without notice.)