Sunnyvale SFH prices seem to be accelerating in the Fall. I had posted in a separate thread that the median sold price in 94087 for past month had shot up to $2.9M.
More evidence for the price acceleration comes from this recent sale of a 1600+ sq ft house for $2.84M - $600k greater than list price. From the description, it appears to be “well maintained”, rather than “remodeled”.
I found 2 nearby houses with similar square footage (though slightly smaller lots) that sold in the spring for 2.4M and 2.52M respectively.
So, it feels like this Nov sale is about $300k higher than the spring comps.
And here is one more crazy high sale price for the same neighborhood. This 2500 sq ft house just sold for $3.5M, more than 800k above asking.
Couple of years ago, this sale would have provoked a breathless article in the Mercury News, but now even they don’t care anymore NUMB
How about this one in Cupertino? Huge 4500ft house on 10k lot. Walking distance to Infinity Loop. Asking for 4.2M and gone pending after 8 days. Will it sell for 5M+?
Check out the price action of this Cupertino house - Listed for $4M (quite similar to the listing price for another house cited by @manch).
Sold for $4.58M, amazingly 580k above an already high list price
As I posted in a separate thread, it is difficult to beat the long term ROI on a RBA SFH such as in Cupertino, taken together with the turbo boost of leverage. Prices have gone up 3x in 10 years, and may go up 2-3x in the next 10 years, especially with the tailwind of inflation.
Next year may be the last chance (for at least the next few years) to lock in a 30 year fixed sub 3% loan on jumbo mortgage.
If someone has $1M in appreciated stock/crypto, it makes sense to sell that, pay Uncle Sam the taxes, and plow 600-800k as down payment on a $3M home. Provided one has the income to service a $2M+ loan…
A 1,300 square foot single family home in Sunnyvale has sold for $823,000 over asking, marking the city’s continued surging real estate prices. The home was originally listed for $1.858 million and sold for $2.681 million.
Was waiting for Merc to sit up and take notice. At least they have just stated the facts and kept the hyperbole to a minimum.
While it’s not outrageous, the sale price of $2.68M does represent a recent increase of $200-300k. Similar houses in that neighborhood were selling for $2.4-2.5M in the spring 7-8 months ago.
I expect 94087 SFH median price (which is currently around $2.8M) to go above $3M in spring 2022. After that, maybe it will cool off as rates rise
The ratio of the price of my Austin rental SFH/ price of my ex-CU primary keeps increasing. This is expected since many people are migrating to Austin. However, should be asymptotic to a certain ratio since CU neighborhood has better weather. Doesn’t feel like it is asymptotic yet.
Note: Please attention to choice of words. Changing the word will lead to drastic change in meaning.
As the Merc says, nearly $3M is for the entry level basic shack in this part of Sunnyvale. If you have a few more Bitcoin and want only the luxurious best, you can get this in the same neighborhood for $4.5M
