rockemsock: I agree with you. I don’t know where the market is going to go up here, I just reported the info for the towns I was looking in. In the two markets I mentioned actually, the under $1.5 million market has remained pretty hot because there are not many houses in that price range and folks wanting to buy an entry level house in those markets to get into the school system pounce on them. In the over $2M market in those areas, there has been consistant slow down until last month. But I still think that higher end market is softer than the under $1.5M market.
When we were looking up here, we saw a house in the nicest part of Los Altos that had an asking of $1.3M. It was not what we were looking for, but we wanted to put in an offer as an investment or flip because the price was unheard of in that area (it was a very small house, on a small lot, but along a golf course). It had just listed a few days earlier and we were told to get an offer in by 2pm that day. We could not, but it had 10 offers and sold for well above asking.
Indeed, the really expensive homes ($10M +) stay on the market forever no matter what and tend to be immune to a downturn.
stockstradr. We are neighbors, at least until I move to RSF. Did you see that house for sale on Dry Creek Road for $3.5 million? Also kind of RSF like. Expensive for this “less prestigious” part of the bay area. The other house I was referring to that was very large, is in Cupertino.
