• Is Edgewood Park's High-End Market as Dry as a Desert?

    Rhetorical question, I know.

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    Edgewood Road — particularly between Alameda de las Pulgas & El Camino Real — boasts some of the coolest, full-of-character, historical, and BIG homes in the neighborhood (big in very cheap viagra home size as well as lot size).  Owning a home on this slice of Edgewood Road is akin to reaching that “dee-luxe apartment, in the sky-high-high”.

    But in today’s market, where are the buyers for these homes? Sure, they’re out there…somewhere.

    The hard statistics to swallow for any home seller relate to how well your home is priced for THAT segment of the market, at THAT moment in time.  I’m not marginalizing at all the value of these high end homes — heck, if I had $3M+, I’d love to live in one of these mansions too.  But then again, a home’s true value is only what a buyer is willing (and able) to pay at that time of the market.

    In 2009, in Redwood City, only 1 home sold above the $2.8M mark. It’s interesting to see how this compares with neighboring “high end” areas.

    In 2009, here are how many homes sold that were OVER $3M in sale price:

    • Woodside:         9 homes sold over $3M
    • Portola Valley: 5 homes
    • Hillsborough:   31 homes
    • Atherton:           33 homes
    • Los Altos:           9 homes
    • Palo Alto:          14 homes

    So as it stands now — looking purely at black and white market stats — we have a 3 year inventory of $3M homes in Edgewood Park.  Yes, there are still buyers willing to buy. They will only respond to properties that are aggressively priced and work with sellers who are flexible as to terms and conditions.  An even bigger surprise this year is that even more of the buyers are all cash buyers.  So, if you are a seller, price your property “to sell.”  If you are a buyer, this is the opportunity to get into the high-end at the price of a lifetime.

    This entry was posted on Tuesday, March 9th, 2010 at 10:16 am and is filed under Redwood City. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
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