Redwood City resale exceeds 2x price in 5 years

http://www.redfin.com/CA/REDWOOD-CITY/1174-Junipero-Ave-94061/home/1616957

Sold for $545,000 in 2011.

Asking $1.3M now. F@^&#@#%^&#!!!

Wow…who said real estate is not the investment of choice???

yeah… Not even all that great of a property.

Well, the proof will be in the pudding…the final selling price. With news of reduced pricing and homes not selling, this could be one of them. The problem is that there is not a whole lot of inventory for sale so that could play into it too. And unfortunately RWC is the hot place to be.

Agreed. I doubt it’ll sell for $1.3M. But I do think it’ll get $1.1 or more… which is still double.

My first thought would be i wonder what the house looked like back in 2011 since it sold for less than asking and how much was invested in the remodel. Under 600k for 1800sq ft seems low for 2011 without looking up any data time will tell how long it takes to close and the all important sold price.

Nov 9, 2011 Sold $545,000
Sep 21, 2011 Listed $579,000

Getting ready for the “bargain hunting” soon, @Terri???

Good observation… Part of the house is an addition that felt cheaply made. Sounded like a platform when you walked on it. I can’t remember exactly how much of the house that was, but at least 300 sq ft. May have accounted for some of the decrease… Also at that point, Redwood City was not “hot” at all. No Google, no Box, no Facebook competition for the housing.

Redfin estimate is 1.442M. Maybe it will go higher.

Wow!!!

We should not compare 2011 price, only IRS can account , as we all know 2008 and 2011 are deep troubled period for real estate.

This is exactly like my primary home purchase in 2011/2012 period jumping 18% to 19%.

If I take 1978 price, It works out 7.47% YOY price increase, which is really high compared to 5.% to 6% normal appreciation over many years.

This 7.47% is real appreciation happening year over year at that place. Still we do not know the final price.

Even though I see the Redfin Hot home, this has got some waterways at the back side, potential flood risk. Any flood or splash flood may introduce big claim on insurance, between $50k and $150k range.

This house may need flood insurance, I hope, additionally. I see this will keep away some buyers from bidding.

Redfin estimate is skewed, not right. This home backs waterways which will not be reflecting in estimates.

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Sorry, but it’s hard for me not to compare. I toured that house back in 2011 when I was starting to look at homes… :frowning:

Sound like you have analysis paralysis.

Sold for $1.2m…Redfin says it is still worth over $1.4m

RWC is getting hard and prices are going high. Do you still own any redwood city properties? If you own some rentals, it is going to be cash cow forever !

My Bay rentals are in Oakland and Discovery Bay…My Redwood City house was priced at the top of the market. .The low and mid range saw much bigger appreciation than the high end…Over $2m people will go to the surrounding cities, caps Redwood City…although there have been a dozen or so sold over $3m in the last few years…RWC has no snob appeal…The rich snobs want Woodside, PV, SC, MP, PA.
I lived in a spec house in MP, never talked to my neighbors, much preferred RWC…Dont like snobs. .especially pretend wannabes…The truly rich don’t care about snob appeal…They don’t even want people to see their house…They live behind high walls in Atherton

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Could this be a good rental? I visited the home with a friend. In side, the home looks nice as shown in picture, outside (esp walkways or corridors), I feel like the building may fall any time or county/city may ask them to demolish any time !

This is in good rental location.

I did some research, someone sold 10 units (1bd and 2bd) for 2M.

http://www.loopnet.com/Listing/18339367/1614-Hudson-Street-Redwood-City-CA/

Studio rent may be $800-$1000
one bed may be $1000-$1250
Two bed may be appx $1500

The rents may be higher than what I guessed.

I believe the building is a Co-op…hard to get financing. .best for cash buyers…May have rental restrictions

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