[quote=flu] in my mind, even at the height, $350/sqft seems about reasonable.[/quote]
The key here is, “in my mind…seems.”
$350 seems reasonable in my mind, too. But that’s not what they’re selling for. That’s not what they sold for at the height, either.
I agree that the contestant number 2 got a lot for his house. I was surpised he got that much. That does kind of seem like peak pricing. It reminds me of 5880 Great Meadow in Saratoga. It was a foreclosure for sale this summer. Nice house, about 2700 sf, big lot, on a canyon, with a pool and spa. We offered a million on it, figuring it might get a million fifty. Some joker bid $1,180,000. I’d bet the second highest bid was a hundred grand less than that.
In any case, that’s what they’re selling for right now. There’s a limited supply of canyon-backing homes, and when they come on the market, there’s people who want them and will pay for them.
The last low point came in 2009. 5001 Manor Ridge was a 2700 sf Belmont on the canyon. No upgrades, ordinary lot. Sold for $925k. You can’t find that now. So prices have definitely gone up since then. Will they go back down there? Maybe. Maybe not. Who knows, really?
