Have Brittan Heights Home Prices Stalled Out?

After an amazing rise in prices, where we saw two 2-bedrooms units and one 3-bedroom sold for over $900K mid year, prices have since kind of flattened out. Most of the units sold over the past few months have stayed in the $750k-$850K price range. Despite still seeing multiple offers out there, this market is starting to feel like its softening, like it did at the start of 2014 only to suddenly rise again though. That said, prices do feel like they have gotten into the silly range where even Brittan Heights ceases to be an entry home for a first time home buyer. Let’s see where this economy takes us.

2 comments

  • Dear Anonymous – I agree with you that the units that got top dollar received that premium because of well selected upgrades, as opposed to units that sold later for less money. I also agree that Brittan Heights is one of the more affordable options in San Carlos.

    However, there is an overall lull going on in this market that extends beyond Brittan Heights and a seasonal slow down. Talk to local realtors and the story seems to be that buyers don’t seem to have the same urgency they had a few months ago. Also, for the first time in years, there is a slight increase in the number of new listings coming to market plus only 84% of new listings were sold this year as opposed to 89% last year.

    This could all just be a temporary lull, but it’s starting to feel like a pattern. Also keep in mind that the stock market fuels much of the wealth here, which is used for home purchases and the stock market has been sideways for sometime now. All that said, housing inventories still remain at historical lows, so this is by no means a collapse of the housing market.

    We have to face that homes are no longer affordable by the majority of people and interest rates are also going up. Another data point that I get form other realtors is that the size of the down payments they are getting are shrinking, 20% is now becoming much more common. This means that the current pool of buyer’s is going to be more impacted by an interest rate hike.

    I could be completely wrong, but my information just seems to be pointing towards a slow down in this otherwise supercharged real estate market. This doesn’t mean I would discourage anyone from buying a home right now, I think they will benefit from long term ownership and the current low rates.

  • I disagree that BH prices are in the “silly” range.
    My three cents:
    1. Both 2 bed/2 bath condos that sold in the 900K range had at least 100K of renovations each – they were both thoughtfully and beautifully done and it paid off!
    2. Brittan Heights is the least expensive option if you want to buy a home in the San Carlos hills.
    3. Prices seem to rise in the summer, flatten out in the winter. Seems a natural real estate cycle, not an abnormal market softening.
    Thanks!

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