VIDEO--Have prices dropped since January 2009 in Atherton, CA 94027?

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Real Estate Agent with Today | Sotheby's International Realty CA BRE# 01215160

"Have prices dropped since January 2009 in Atherton?"

Thus started the question from an accountant working on behalf of one of her clients. I'm happy to help other professionals gather the information their clients need, and did a bit of research for her.

Pulling information from our MLS for the part of Atherton in question for the last two years showed the following:

Atherton area stats

Interesting--there has been virtually no change; in fact, the median sales price was exactly the same both years--$3,650,000.00

Next, I prepared a comparative market analysis for homes in the area of similar square footage, active listings, pending sales and solds since 2010. The median price of the 4 sold properties was $3,302,500, and an amazing $1,045 per square foot!

Later today I read the article, "Big Spenders Buoy Housing" in The Wall Street Journal, WSJ.com. Hear for youself what researchers have found:

 

 

The gist of the article is that "big spenders are still lavishing money on luxury homes in the Bay Area." They went on to say that sales of homes priced at $2,000,000 or more was up nearly 20% from 2009 levels, and that Atherton is the town with the most sales priced above $5 million in 2010--20 such homes sold. San Francisco was second highest, with eight sales over $5,000,000 in 2010.

The quiet, upscale Town of Atherton remains the most highly sought-after location for buyers.

I think the accountant has some great news to share with her client!

 


 

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Ambassador
1,082,802
Bryan Robertson
Catarra Real Estate, Inc - Los Altos, CA
Broker, Author, Speaker

Atherton, as with some of the other high-end markets in this area, has been doing quite well.  We're still waiting for Los Altos Hills to come back but I think this will be the year.  I'd like to see Atherton come back really strong as well.

January 28, 2011 11:55 AM #1
Rainmaker
1,199,577
Tony & Darcy Cannon
Keller Williams Legacy - Woods Cross, UT
The C Team

Lottie, that is an interesting article.  I am glad to see that those with money are willing to spend it, even in areas where home prices haven't fallen.  It proves the law of supply and demand, if the demand is there, the prices won't move downward too much!

January 28, 2011 12:27 PM #2
Ambassador
514,387
Cindy Marchant
Keller Williams Indy NE 317-290-7775 www.marchantteam.com - Carmel, IN
"Cindy in Indy" , Realtor, Fishers Real Estate
Sounds like your part of the country is beautiful enough for big spenders to spend $$. I would love just to walk through one of those homes! lol Cindy in Indy
January 28, 2011 03:15 PM #3
Rainmaker
851,282
Lottie Kendall
Today | Sotheby's International Realty - San Carlos, CA
Serving San Mateo County and San Francisco

Hi Bryan - That Wall St. Journal article was a very positive report. Seeing the high end market selling well is very encouraging. And there's an energy in the market here in San Mateo County that I love seeing. Hopefully it will trickle to LAH soon.

January 28, 2011 03:27 PM #4
Rainmaker
851,282
Lottie Kendall
Today | Sotheby's International Realty - San Carlos, CA
Serving San Mateo County and San Francisco

Tony, we've been fortunate here. Prices are down, no denying that, but they haven't plummeted. Our condo market, both in San Francisco (especially south of market, where many new condos have recently been built) and San Mateo County has been hit harder than the single-family home market. High end was slow in 2009; 2010 was good!

January 28, 2011 03:29 PM #5
Rainmaker
851,282
Lottie Kendall
Today | Sotheby's International Realty - San Carlos, CA
Serving San Mateo County and San Francisco

Cindy, with San Francisco being a destination city and west coast financial center, and the Silicon Valley 40 or so miles south with all the high-tech companies and growing green energy industry, we're lucky. Companies are hiring, and that feeling of confidence is spilling over.

When you come for a vacation some day, we'll take an afternoon and visit a few of these high-end houses. OK?

January 28, 2011 03:32 PM #6
Ambassador
514,387
Cindy Marchant
Keller Williams Indy NE 317-290-7775 www.marchantteam.com - Carmel, IN
"Cindy in Indy" , Realtor, Fishers Real Estate

Yes....yes...I'll be in Anaheim in February but if my geography serves me well, not really near you! lol

 

January 28, 2011 04:52 PM #7
Rainmaker
851,282
Lottie Kendall
Today | Sotheby's International Realty - San Carlos, CA
Serving San Mateo County and San Francisco

You get an "A" in geometry, Cindy. Anaheim is about 400 miles south --- do you have time for a couple of days in the SF area?

January 28, 2011 04:57 PM #8
Rainmaker
882,898
Jane Peters
Power Brokers Int'l - Los Angeles, CA
Connecting you to the L.A. real estate scene

Perfect example of how real estate is local.  I shouldn't imagine there is a huge amount of foreclosures and short sales in your area. 

January 29, 2011 12:07 AM #9
Rainmaker
851,282
Lottie Kendall
Today | Sotheby's International Realty - San Carlos, CA
Serving San Mateo County and San Francisco

Right you are, Jane. While there are some short sales in our area, they are the exception, not the rule. What I liked about this research is that the trend is heading upward!!

January 29, 2011 01:30 AM #10
Rainmaker
238,453
David Ames
Zephyr Real Estate, San Francisco - San Francisco, CA
San Francisco

Good news and great video, Lottie.  I tried to find that $15m home they mentioned, but couldn't find it in the MLS...probably a private sale. ;-)

January 29, 2011 02:53 PM #11
Rainmaker
851,282
Lottie Kendall
Today | Sotheby's International Realty - San Carlos, CA
Serving San Mateo County and San Francisco

That was definitely a positive news story, David. You have a number of private sales of high-end properties in SF, don't you? Many agent here list private sales in our MLS just for comp purposes.

 

January 30, 2011 09:24 AM #12
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Rainmaker
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Lottie Kendall

Serving San Mateo County and San Francisco
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