Bay Area Real Estate is just following national trend
Tiny lot, HOA fees, what’s not to love?
Well, here is another house on a small lot (but no HOA, admittedly), near downtown Sunnyvale (not as good school dist) that sold for $2.2M, well above asking
Seller appears to have lost money on this house after accounting for RE commissions etc.
Bought in 2018: $2,290,000
Sold in 2021: $2,375,000
Reinforces that to profit from real estate, one has to hold for a long time, preferably 10+ years. This is not a traders game.
i think that holds true at a certain high price point, where the # of buyers is limited.
if you have a 600K house and it rises to 1m in a year, you can flip like any trader. I’ve heard of people who bought for 700k in 2019 and sold in 2021 for 1.2 in my neighborhood.
No sign of a summer slowdown in Sunnyvale, if one considers this property which sold for $3.3M, or 850k above list price 
Wow. Looks like there isn’t a sign of any slowness and feels like value of cash has gone down.
True, the market at the $2.5-3M + price point has not slowed down. More evidence from this house. It’s not in the best part of Sunnyvale 94087 - falls under Santa Clara schools, and these were unincorporated County land that was subsequently annexed by the city. But still fetched $3.6M, presumably because the house is new and the lot is large.
I agree that cash has lost value - the currency to purchase houses seems to be FANGMANT stock - this one for instance is right behind the Apple spaceship - an Apple manager may have bought it
We basically flipped one in a year for 300k profit but we know of another that did 500k profit for properties originally bought for less than 1mil. Bought in 2020 and sold in 2021 for both. This was in Sac suburb but it’s a crazy market. Thinking about selling another one soon but we will wait a bit and watch the market toward the winter. Something is not right. I’ll put all the profit into crypto. 
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I was thinking that too. Thought crypto traders would plough gains to RE but @pastora does the unexpected.
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33% appreciation in Sunnyvale over the past 4 years, as per this house’s 2 most recent transactions.
2017: sold for $1.84M
2021: sold for $2.46M
Not bad appreciation for what is already an expensive area.
Good sale price for small house on small lot in Sunnyvale 94086: $2.5M
Land value in Cupertino
https://www.redfin.com/CA/Sunnyvale/1342-Frontenac-Ave-94087/home/1635589
check the list price vs sold price.
Yes, it sold for almost $1M above list price. Earlier this year, it would sold for low 3Ms. Seems like buyers bid well above recent comps.
Maybe the price of desirable Sunnyvale SFHs is going up another 5-10% this fall compared to spring
Yeah. There is no slowdown in bay area… looks like we may see another 6 to 9 months of bull run on bay area RE
Even SFH on small lots are selling for big bucks in Cupertino. Case in point is this one.
It has appreciated more than 12x in 25 years since 1996. That is truly phenomenal.
“Public Record” says the house was rebuilt or newly built in 2011.
Who knows what it looked like in 1996 when it sold for 230k.
But you are right, the CUP prices are insane. One of mine has gone from 2.5m last November (appraisal) to 3.4m right now (based on comps).
Several metropolitan cities have seen 25-30% growth past year. 2.5 Million become 3.4 million is part of the trend. US average last year was about 15%.
The cities experiencing the biggest price hikes include Austin, Texas, which saw a 30.5% increase over 2020; Phoenix, which was up 23.5%; and Salt Lake City, with prices climbing 20.6% in the same time frame. Collectively, typical prices grew 10% or more in 46 of the U.S.’s 50 largest metros.
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Wow! Cupertino house sold for well over $5M. I think this may be a new ATH record for Cupertino.
I wonder whether this will remain the record for a few years, given the recent increase in interest rates and corresponding weakness in stock markets
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sold price:list price ratio doesn’t mean too much since many agents lower their listing price to attract potential buyers in hope for a bid war. That said, 3.5M for this 2,326 sq ft (7,919 sq ft lot size) SFH in Sunnyvale is definitely crazy. With that type of money, I feel the buyer might be able to get the same condition/size house in Cupertino / Los Altos.