November 28, 2017

Bubblicious Sunnyvale home sells for $780K over asking

Now this is ridiculous: $782,000 over asking for a house in Sunnyvale

The once modest community has become one of the Bay Area’s real estate hot spots

A house in Sunnyvale just sold for close to $800,000 over its listing price.
Your eyes do not deceive you: The four-bed, two-bath house — less than 2,000 square feet — listed for $1,688,000 and sold for $2,470,000.
“I think it’s the most anything has ever gone for over asking in Sunnyvale — a record for Sunnyvale,” said Dave Clark, the Keller Williams agent who represented the sellers in the deal. “We anticipated it would go for $2 million, or over $2 million. But we had no idea it would ever go for what it went for.”

$2.5M crapbox. In Sunnyvale. Really.

This house in Sunnyvale recently sold for $2,470,000 — nearly $800,000 above its asking price. Close to tech centers, once modest Sunnyvale has become one of Silicon Valley’s real estate hot spots. (Courtesy/Dave Clark and Keller-Williams)

This delightful news is from a couple months back, but why not savor this wonderful event? This house sold for more than “not a lot of money” over the overly modest asking price. Remember when asking prices were called “wishing prices” back in 2009? If amazing results like this keep happening, we’ll have wishing prices back even sooner than you think!

Discuss among yourselves.

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Comments (27) -- Posted by: madhaus @ 6:13 am

27 Responses to “Bubblicious Sunnyvale home sells for $780K over asking”

  1. A. Lewis Says:

    First? Miss you all at Burbed. If this is what’s happening in Sunnyvale, how much are houses going for in Palo Alto (you know, the good parts, not on a busy street, etc.)?

  2. madhaus Says:

    Ohai A! (You don’t mind if I call you A, do you?) Admit it, you’ve missed Burbed. I sure have. Let us know how the the East Bay is pricing everyone our forever.

    Palo Alto… $2.7M median, $5M Old Palo Alto median. Breaks my heart.

  3. burbed Says:

    This is indeed ridiculous. Why isn’t this house at $3.5M?

    The “Better Cupertino” advocacy group needs to step up their game and be more successful and blocking homes from being built in ALL Bay Area cities, not just cities adjacent to Cupertino.

    https://modernluxury.com/san-francisco/story/whats-the-matter-cupertino

  4. A. Lewis Says:

    You can call me A :-). Just don’t call me late for an open house in Menlo Park with free food!

    The East Bay just struggles to keep up with the Peninsula. I mean, you could have the house featured in this post for a mere $1M in my neck of the woods. Only $1M for a perfectly boring middle class home built over 50 years ago with no special features, and maybe an obstructed view of the Richmond bridge through power lines and trees. That’s value!

    I keep watching house buying programs on HGTV in other parts of the country, and when they show the prices, I’m like “Is that for the parking spaces?”.

  5. Real Estater Says:

    Can you really put a price on the privilege of being within a 3 mile orbit of the Apple Spaceship campus?

  6. DreamT Says:

    The overbid amount is about what we paid to live on what is now 1 mile away from Apple Park… Money is cheap and plentiful these days, and inventory scarcer than ever. Word is that with Google’s expansion in San Jose, we ain’t seen nuthin yet.

  7. DreamT Says:

    The price makes more sense when you consider the lot is 13k sqf and in the back of a court.
    https://www.redfin.com/CA/Sunnyvale/1129-Prunelle-Ct-94087/home/1376492
    The next lot is 8547 sqf, those on the next street west are all between 7k sqf and 8k sqf.
    Ultimately in the RBA, land rather than improvements drives the price.

  8. Real Estater Says:

    DreamT, the caveat here is that you’re on the dark side of the Apple campus that is NOT in 94087.

  9. ed Says:

    As someone who works in SV I can say with certainty that I really can’t stand hardly any of the areas around it. Not only is horribly congested with even the shortest of trips taking forever but then the overall atmosphere and attitude there feels stuffy and fake. Lots and lots of Teslas, Porsches, BMWs and other luxury cars, and most of the cities these areas reside within totally gentrified with no charm whatsoever.

    Yes- I get it. You pay more to live closer to work. But if where the office exists also kind of sucks then whats the point? I usually cannot wait to get out of there and go back to the east bay.

  10. Real Estater Says:

    Ed, you would expect to see a lot of Teslas because they build it on the East Bay!

    What is charm to you? 60’s ranch houses with a Sienna parked in front?

  11. madhaus Says:

    But Sunnyvale, Santa Clara, even most of Mountain View is exactly that: 50s and 60s ranch houses with Siennas parked in front.

    We keep our Teslas in the garage, thank you. Why would you park a 6 digit vehicle on the driveway?

  12. Real Estater Says:

    When your home is valued at over $1600 per sf, you don’t use your land to park a mere 6 figure vehicle.

  13. Real Estater Says:

    Burbed needs a new post on the Republican tax reform bill, because it will surely bring many benefits to the Bay Area. The high income earners will have more discretionary income to buy new Teslas and shop at Santana Row. The spending will then trickle down to everyone. By capping mortgage deductions, more people will be priced out forever, which ensures only the truly deserving cash buyers will be able to move into our neighborhoods. It will also cause more people to become long term renters, which is great for the rental market and rental property owners.

  14. ed Says:

    “What is charm to you? 60’s ranch houses with a Sienna parked in front?”

    “Charm” for me means that there’s evidence that actual “mortal” people live in an area. There is nothing charming out somewhere like downtown Palo Alto where every single store front is either some kind of very pricey restaurant, an art gallery, a tech startup, or a real estate office showing an array of tiny, working class houses with 1.5 Million+ price tags.

    I think this has become further pronounced with the latest tech boom. The last few occasions that I’ve gone out with coworkers for a beer its amazing that even beer now is at least $10 per beer in most of the bars we go to. That and the parking lot of said bar has a greater percentage of luxury cars than normal ones. Sure- I too am probably a part of the problem since I work in the tech industry myself. But I generally can’t wait to get out of the area when the work day is done.

  15. gallileo Says:

    $780K over asking? All that tells you is that the real estate agent is playing a game. The game might work.

    I’ve thought a fun feature would be to track the average difference between ask and get by agent, and to give awards for it somewhere.

    You could have a whole set of awards, based on what actually happened in the market vs the stupid dollar-sales tier awards (diamond-platinum agents? BS–you just work in an expensive city.)

    And the biggest asking-price liar is….

    And the most unrealistic agent is….

  16. Real Estater Says:

    The only way to solve the housing crisis here is to build high rises. We need to build a new Manhattan here. That’s what the market is calling for. Enough of these low slung apartments and strip malls. Tear’em all down and start over. Mountain View is already going in that direction. Sunnyvale needs to do the same.

  17. burbed Says:

    I can’t tell if this is for real, or trolling.

  18. DreamT Says:

    That’s his genius

  19. Real Estater Says:

    Not sure how stating the obvious can be perceived as a troll. Here we go again. People who don’t believe, those who like to ridicule will be burned again by good common sense.

  20. Real Estater Says:

    Anybody following the news lately? Google undertaking major expansion in Sunnyvale and San Jose. Apple spaceship ready for takeoff. Tesla ramping up on Model 3 production and will soon rule the trucking industry. Amazon is building its “real” HQ3 in the Bay Area. Where are all the workers going to live? They aren’t making any more land here. We need to start building up. No new building under 10 stories should be allowed here anymore.

  21. steve Says:

    thanks for the Christmas present, burbed!

  22. madhaus Says:

    The tax discussion is a good idea, and I’ve started another post on that topic. I see this new plan as temporarily blowing the doors off the $1-$2M range here (which is pretty much 90% of Sunnyvale SFH); lower still qualifies for full deductibility, and higher are probably rolling in enough cash for it not to matter much.

  23. nomadic Says:

    RE has a valid point about building up. All of the NIMBYs crying about tall buildings need to shut up. And let’s do something about the horrible traffic too while we’re at it. Starting with light rail up 85, please.

  24. burbed Says:

    This also seems relevant…

    http://www.hindustantimes.com/india-news/h-1b-visa-rules-trump-admin-considers-tweak-that-may-lead-to-mass-deportation-of-indians/story-38JGWQ7LA1vk2xmK6YUIlM.html

  25. LGgal Says:

    Saw this today and had to share with you guys. 1.8M for a teardown. Only in Palo Alto!!

    https://www.redfin.com/CA/Palo-Alto/3107-Greer-Rd-94303/home/940082

  26. Real Estater Says:

    You do realize Madhaus’ shack is now worth over $2 million, right?

  27. Real Estater Says:

    This is what we need in the Bay Area:
    http://edition.cnn.com/style/article/shenzhen-skyscraper/index.html

    It will solve the housing shortage for good.


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