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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Topic:
Real Estate Market Trends
Location:
California San Mateo County Atherton
Groups:
31 Days of January - New Years Resolution
Addicted to Active Rain
Realtors®
San Francisco Bay Area Real Estate
The Recovery Train
Tags:
31 days of january
real estate stats
atherton
ca 94027
info for sellers
info for buyers

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Anonymous
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Rainmaker
796,714
Lottie Kendall
Helping make YOUR dreams a reality
Today | Sotheby's International Realty

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
Rainmaker
864,010
Jane Peters
Connecting you to the L.A. real estate scene
Power Brokers Int'l

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
Rainmaker
796,714
Lottie Kendall
Helping make YOUR dreams a reality
Today | Sotheby's International Realty

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
Rainmaker
234,539
David Ames
San Francisco
Zephyr Real Estate, 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
Rainmaker
796,714
Lottie Kendall
Helping make YOUR dreams a reality
Today | Sotheby's International Realty

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
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Rainmaker
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