Yesterday I held open my new listing at 780 Upton in Redwood City. Listed for $799,000 the house has three large bedrooms and two
updated baths. It also features a cooks kitchen with granite counters and gas range. One of its most prominent features is the English garden which makes good use of the large lot.
We had over 40 people come through and the open house was busy from the moment I unlocked the door. Just one more indication that we are having a very active S.F. Mid Peninsula summer real estate market.
This past weekend I held open a house in Woodside listed for $1,795,000. Several groups came through and interestingly enough all were long term peninsula residents who were looking to either down size or trade up to a larger house. All agreed that houses were selling in their neighborhoods and they felt that the peninsula continued to be a solid location. They also indicated that stable prices in the area meant that this was a good time for them to consider a move. I have always felt that open houses are a good guage of both buyer and seller sentiment. Charts and graphs are a wonderul measure of past activity but open house activity reflects current sentiment that can translate into future trends.
This is not to say that we do not have some challenges in our mortgage markets and buyers need to get prequalified before actively entering the market. My advice continues to be: 1) There is no more land on the peninsula to develop(this will continue to impact future values) and 2) buy for the long term (at least five years).