About a year and a half ago, I announced:
I got the house!
as part of the series of articles I wrote about my house hunting experience in Silicon Valley.
I recently noticed that 3 units are up for sale in my townhouse neighborhood. One is the single story end unit that's at the south end of my building. On my way back from the mailbox this morning, I grabbed the sell sheet from the sign in the lawn and ran the numbers.
Desirable single story end unit in Lincoln Village close to shopping, schools, and commute. Very open floorplan with generous use of windows and high ceilings. Enjoy the benefits of the newer furnace and air conditioning! The washer, dryer, and refrigerator will remain. Oversize two car garage with room for workshop!
The townhouse is a single story, two bedroom unit of roughly 1,250 square feet. Mine is 36% larger than that. They're asking $585,000. That's about 20% more than the bank paid for my place. To put this on level ground, here are the numbers as dollars per square foot:
- My place: $285.30/sq foot
- The one for sale: $468.00/sq foot
If my math is right, that's about a 60% price difference from a square footage point of view.
Have prices really gone up that much in the last 1.5 years? It's hard to say until it sells. If there's an open house, I'll likely walk thru to see what condition it's in. If mine is similar, that means it has been appreciating at a rate just higher than 3% per month (60% over 18 months).
Update: They were having an open house, so I dropped by to see the place and chat with the agents. It seems that the kitchen is quite similar to mine, meaning that it's all original (30 years old) equipment with no upgrades. Similar newish paint, carpet, and other stuff elsewhere. They say that if I sold mine, I could expect something in the $650,000 ballpark. That's just nuts.
Posted by jzawodn at August 06, 2005 03:18 PM