News of the pending Facebook IPO is having a very real impact in the Palo Alto Luxury Home market. Agents and local area buyers are concerned that with a shortage of inventory and with multiple offers already gripping the market that home prices could climb even higher.
A New York Times article by Michael Cooper goes into further detail.
In Santa Rosa Real Estate news the market inventory has definitely tightened up. It’s a little early yet but showings and inquiries for Luxury Homes are the highest in many years. I am receiving calls form agents throughout the county and Marin asking if I know of any new properties coming on the market.
One of our in house team of agents Charles Himes and Larry Tristano received 16 all cash offers on a fixer in Petaluma in early February of this year. The fact that ALL offers where cash is a very strong signal that the market could very well be on the road to recovery.
In another situation I was made aware that an offer of $30,000 above asking in a Fountain Grove home was not enough as another party offered more and put the home in contract.
Last fall I wrote in this blog that I believed that the Luxury Home Market values had bottomed in Sonoma County. With recent news of a pending Bank Deal with the State AG’s and the HARP 2 program that allows people to refinance with no CAP on the LTV (incredible) it certainly feels like the market could see some positive results this spring.
Unfortunately I do not have any Facebook employee friends….maybe I could Facebook Friend some of them….if I did I would be writing on their wall about what a great place Santa Rosa and Sonoma County are to spend some cash and buy a couple of homes for the price of one in Palo Alto.