Let’s visit Millbrae again, because it needs some Burbed love. Simply mentioning it in passing because its zip code was the 366th most expensive in the county will not do for keeping Millbrae in our sights.
Fortunately, Burbed Reader Paul has found us a wonderful wishing price washout, showing what happens when sellers expect a particular price and the market fails to comply. Thanks very much, Paul!
SQ. FT.: 1,147
$/SQ. FT.: $522
LOT SIZE: –
PROPERTY TYPE: Condominium
STORIES: 1-3 (Low Rise)
YEAR BUILT: 2009
COUNTY: San Mateo
ON REDFIN: 61 days
Sophisticated living in the heart of Millbrae. Built in 2009, this Garden Level 2br/2ba condo offers approx 1147 sqft of living space. The gourmet kitchen is decked out with beautiful granite counter tops and backsplashes and a myriad of energy-efficient features. The interior is spacious and full of light. Common areas include multiple landscaped courtyards, a spa, barbeque area, & gym.
When Paul first sent this listing in, the asking price was $628,000, so after a month, with great trepidation, the sellers decided to cut the price all the way to… $615,000. This did not lead to a packed Open House, flyers going through windows, and overbidding bringing offering prices right where they need to be. So our dauntless sellers, guided by their brilliant and knowledgeable agent, took another deep (2.5%) price cut to the bone! $599K!
Here’s how Paul described it:
Hey, the folks just down the street at 151 El Camino are selling new units in the $600s—we should get AT LEAST as much! Just because we bought near the market peak doesn’t mean we can’t walk with $100k of profit today! And besides, we have 2 parking spaces to their 1 (which you’ll need because it’s too far to walk to BART).
Paul should have mentioned that the $525,000 sale was in 2009. Everyone knows that was a market low, and it’s completely reasonable to expect a
$100K $74K profit from the year the credit dried up.
Also I really like this picture of the kitchen, with the mid-oughties trifecta of granite, stainless, and hardwood (or at least Pergo).