The Waverly Park neighborhood in Mountain View, California has been a very busy market lately. While there is a new subdivision of 50+ homes being built by Summerhill Homes (a project called The Enclave), the existing homes are flying out the door. The bottom line is that nearly anything put on the market is being sold with multiple offers and well over asking price.
The latest homes on Sun Mor and Levin have been very popular and received multiple offers going well over the asking prices. While this may seem frustrating to many buyers, it's simply a matter of supply and demand. I went to the open house on Sun Mor with clients and in the 30 minutes were we there it had at least 15 separate groups of people through including 5-6 groups when we arrived and the rest showing up while were where there. The open house was 3 hours long. That gives you some insight into how many people are potentially looking in the Waverly Park area.
When you combine that level of activity with the extremely limited inventory, you can understand why all the homes that have come on are getting multiple offers and selling for over their asking prices. There are a few homes set to come on the market, including another one on Yorkton. The choice is to go for one of the few established homes coming on the market or look at The Enclave.
While the homes being built there are nice, they are not being snapped up as fast as the existing inventory is selling. The smallest and least expensive homes start at just under $1.6M which is out of reach for the many buyers looking at existing homes priced in the $1.1-$1.4M range. However, as these sell and their inventory drops you can expect the prices of the surrounding homes to increase over time. The first homes will be available in July so if you want new and very nice, I suggest stopping by.
The offers that are coming in tend to be all cash or mostly cash. The only way to compete with those offers is to bid slightly higher and hope the incremental price is enough to win the day. As more homes sell and establish a strong price based in the high $1.35-1.4M range you can expect to see prices begin to rise. This will be especially true as the Enclave continues to sell.
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Bryan Robertson, CEO | T: 650.799.9951 | Email: firstname.lastname@example.org | Website: http://www.BryanRobertsonHomes.com |CA BRE# 01191946 | Catarra Real Estate, Inc | 171 Main St #220 | Los Altos, CA 94022