The red-hot real estate market in the Bay Area just set another record.
A $2 million dollar home sale for a two-bed, two-bath doesn’t make most blink anymore.
It is the price per square foot that has jaws dropping. One Sunnyvale home just sold for $2 million dollars. It went for $550,000 over the asking price.
The real estate market is on fire.
“Low supply and high demand,” Listing Agent Doug Larson said. “No new housing and lots of new jobs.”
Larson tells KRON4 the two-bedroom, two-bath house on Plymouth Drive in the Cherry Chase neighborhood was on the market for two days.
Listing photos show the modest home with hardwood floors throughout and a large backyard.
It is just 848 square feet on a 6,000 square foot lot.
This #SiliconValley home just broke a record for price paid per square foot – $X,XXX! On @kron4news at 8 pic.twitter.com/IRnJH8UcQk— Justine Waldman (@JustineWaldman) March 3, 2018
It sold for a whopping $2,358 per square foot, setting the highest price paid per square foot ever recorded by the MLS in the city.
“Well [laughs], I was kind of blown away,” Larson said.
The new buyer does plan to live there. He is a young, single man who works in tech. And he paid all cash for his new home.
Neighbors wonder what the sale will mean for other sales on their street. Average homes there go for $1.5 million, according to Zillow.
Sunnyvale is close to Google, Apple, and Yahoo’s headquarters, making the area more attractive to people looking to limit their commute.
Sunnyvale is getting more attention, and after this record-breaking sale, Doug says buyers need to bring their best offer to the game. “
You get one turn at bat and you better hit a home run or you go back to the dugout,” Larson said.