It feels as if we blinked and January passed us by and the short month of February arrived. The year seems to be off to a great start in the real-estate market ” there™s a lot of energy in the air.
The two listings that I put on the market in January, one last weekend and one the weekend before, received multiple offers and are now pending sales.
For each, I held an open house on Saturday and Sunday. The open houses were incredibly busy, and in each case I had an offer in hand by the end of the weekend.
At my office meeting this week, two agents reported that longtime listings had received offers, one, multiple offers. After a discouraging 2010 for those two homes, they are now pending sales.
So how does this excitement compare with January’s statistics? Please refer to the attached chart that compares January last year with January 2011.
In Danville, sales were steady, but median sales price and price per square foot decreased.
Blackhawk had twice as many sales this January as last ” a huge increase in the median sales price with a drop in the price per square foot.
In Alamo, there were fewer sales than last year at the same time (9 versus 12), but the price per square foot increased and so did the median sales price.
In Alamo, $400 per square foot is a figure that will serve as an optimistic starting point for pricing a home. From that point, homes with a lot of acreage, spectacular finishes and newer construction should fetch a bit more per square foot. A home on a postage-stamp lot on a busy corner that is marketed as a œcontractor special should get a lot less.
Two of the nine homes that sold last month in Alamo sold for more than $400 per square foot.
In fact, the high was $443/square foot: A home on Park Meadow Drive in Whitegate. This was a gorgeous single-story house with curb appeal (a lovely front approach with a fountain), beautiful back yard with pool and a stunning kitchen.
At the low end of the spectrum, $310/square foot, was a bank-owned home on Erselia Trail. This was a new home that went back to the bank. It had beautiful finishes throughout but the landscaping was not completed.
Even so, it was surprising to see this almost 5,000-square-foot, five bedroom new home come on the market for $1,504,500 (that was the nice round number the bank liked). It received a lot of attention at that price, and with multiple offers, sold for $1,547,500.
In Danville, three homes sold for more than $400/square foot, one of which sold for $557/square foot.
If you guessed a Westside location, you are right: a small home on a huge (1.38 acre) lot on Highland Drive.
It should be no surprise to find another bank-owned property with the lowest price per square foot in Danville as well: A townhome on Ilo that sold for $137/square foot.
In Blackhawk, there were no sales for more than $400/square foot ” the highest was $362. The lowest, a large home on Blackhawk Drive, was a short sale that sold for $1.2 million or $232/square foot.
The details for the sales in Alamo are:
- 12 Crest Ave $450,000 3 bedrooms, 1 bathroom, 1598 sq feet, .65 acre lot, built in 1917. That’s an eye-catching price in Alamo, but this house was priced accordingly. Very much in disrepair, pretty lot but freeway noise. it sold for $505,000 or $316/sf.
- 1872 Green Valley Rd $607,000 3 bedrooms, 2 bathrooms, 1590 sq feet, .35 acre lot, built in 1971. This bank-owned house started on the market in September, priced at $694,000. The location is hard, right on Green Valley Rd, but the house was in very nice shape and the back was nice and private. It sold for $610,000 or $384/sf.
- 21 Bolla Ave $859,000 3 bedrooms, 3 bathrooms, 1850 sq feet, .5 acre lot, built in 1950. Cute rancher, sitting on a flat 1/2 acre lot with pool. This was a house that went through a foreclosure and became investor-owned in the process. Originally priced at $899,000, it sold for $818,000 or $442/sf.
- 25 Crest Estates Dr $1,049,000 3 bedrooms, 2.5 bathrooms, 2634 sq feet, .45 acre lot, built in 1956. Nice rancher with some updates, a pool, located in the WC school zone of Alamo. Originally priced at $1,125,000, this home sold for $1,008,750 or $383/sf.
- 1635 Ramona Way $1,099,000 6 bedrooms, 3 bathrooms, 2859 sq feet, .54 acre lot, built in 1974. Wonderful traditional home with lots of space, nice backyard with pool, great westside location. The home needed some updating but the potential was obvious. It started on the market priced at $1,249,000 and sold for $1,040,000 or $364/sf.
- 1905 Park Meadow Dr $1,099,000 3 bedrooms, 2 bathrooms, 2372 sq feet, .42 acre lot, built in 1977. This is the home I mentioned earlier–simply gorgeous. It started on the market in June for $1,295,000, and sold for $1,050,000 or $443/sf.
- 1580 Ramona Way $1,299,950 3 bedrooms, 3 bathrooms, 3391 sq feet, 1.02 acre lot, built in 1946. Ramona was a busy street last month–more new neighbors for the folks on the street…this house is close to the Trail, and has a huge lot. It sold for $1,150,000 or $339/sf.
- 48 Bushmint Pl $1,350,000 4 bedrooms, 3.5 bathrooms, 3636 sq feet, .57 acre lot, built in 1980. Located in the Regency Woods neighborhood, just off Bolla, this house is lovely with great backyard and pool, completely flat generous lot, and a nicely updated home. It came on the market as a short sale in July, and sold for $1,275,000 or $351/sf.
- 142 Erselia Tr $1,504,500 5 bedrooms, 5.5 bathrooms, 4987 sq feet, .47 acre lot, built in 2007. This home, located in the delightful “country” feeling neighborhood off Bunce Meadows, was brand new contruction that went through foreclosure before it was completed or lived in. Priced aggressively by the bank, this home received seven or more offers. It sold for $1,547,500 or $310/sf.