The numbers are in for the first two months of 2017! Most cities in the Peninsula have strong upward trends – what will the rest of the year bring? Get in touch if you don’t see your city or if you have questions.
“Silicon Valley has the strongest momentum out of any other major metro in the country when it comes to its economy and commercial real estate, according to a new report by JLL. ”
Another reason to buy on the Peninsula instead of in San Francisco. While this article is mostly about commercial real estate, it’s a great insight into what is happening in Silicon Valley. Read the entire article or visit our Facebook page @SternsmithGroup.
Niche.com just came out with the best public schools in California based on analysis of key statistics and millions of reviews from students and parents using data from the U.S. Department of Education. Ranking factors include state test scores, college readiness, graduation rates, SAT/ACT scores, teacher quality, and high school ratings. Here are the top 25. Click here for the complete list of all 100.
It’s official! Ground breaking happened yesterday, February 13, at Burlingame Point, the largest development project in the San Francisco Peninsula. A wonderful article by The Registry reports that this modern corporate campus, focusing on science and technology, will boost innovation in the Peninsula. The site is at 300 Airport Boulevard, Burlingame just north of Coyote Point and Peninsula Avenue on the east side of Highway 101. From what I see on the website, www.burlingamepoint.com, there is no housing planned there, just office space and hotel plus fitness center, day care, etc.
Burlingame Point Property Highlights: (taken from burlingamepoint.com)
More information about the development can be found at the Burlingame Point website, so make sure to check it out!
A project that’s this grand in scale will certainly affect our local real estate market. Contact me if you’d like to know more about what this means for Burlingame and let’s talk.
Hillsborough, California Real Estate at a Glance
A Look Back at 2016
Hillsborough reached another record high average price in 2016 with a 1% increase to $4,474,333. Since the economic downturn, Hillsborough home prices have increased 70% from the low in 2011. The median price (half of the homes sold below this price and half sold above) was down yet still reached $3,900,000. There were 4 sales in excess of $10 million (compared to none in 2015) and there continued to be no sales for less than $2 million.
Demand was clearly strong with 27% of the homes selling for more than list price and 50% selling in 19 days or less. Some homes though, 16%, required a price reduction prior to selling.
The price per square foot also reached a record high at $1,050. This represents a 54% increase since the low in 2010 following the recession.
Outlook for 2017 in Hillsborough, California
2017 is a year of change with a new administration and interest rates already rising. It is too early to tell how this will impact our real estate market. The financial markets continue to rise, which bodes well for our real estate market and the few number of homes available for sale favors sellers. Getting your home on the market now before the typical spring market heats up is key in taking advantage of this record-breaking market.
There are currently just 17 homes for sale in Hillsborough and 8 of these have been on the market for 6 months or more. With proper preparation of your home and outstanding marketing, including social media, your home should sell very quickly.
If you are interviewing Realtors, please contact me. My sellers in Hillsborough have all received top dollar very quickly. To get my full report, contact me.