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Redwood City California Real Estate
Real Estate - Renting a Foreclosed Home Leasing - Careers
For sale signs haven't been lasting long in Redwood City, an affluent suburb of San Francisco populated with million-dollar homes, waterfront marinas and the corporate headquarters of tech companies like Oracle and Electronic Arts. That's particularly true in 94065 ZIP code, where listed properties on average last only 40 days. Prices are down 15%, but homes are moving.
Why? Even though the area's median home price is a relatively high $1.07 million, Redwood City is considered entry level among Silicon Valley's luxury neighborhoods; in neighboring Atherton and Burlingame, the median price is $4.1 million and $3.7 million, respectively. What's driving the price disparity? In this area of the country, higher-end sellers are less willing to drop their prices, while less affluent ones may want to cash in their chips and get out.
"People are saying if you don't have to sell, don't sell," says Heather Fernandez, vice president of marketing at Trulia.com, an online real estate marketplace. But in Redwood City, she says, "You've ended up with people in circumstances that they're more interested in moving that house and more willing to negotiate."
Blame, in part, incomes. Median earners in Redwood City take home $73,000 a year, according to the Census Bureau. The median age there is 35. In Atherton, just two miles away, the median age is 45, and median incomes fall above the $200,000 mark, at which the Census stops counting. That means that those living in Redwood City might be forced to sell low, while those in Atherton, in all likelihood, have larger nest eggs and are more able to wait out the market.
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Ahorre June 12, 2009 06:14 PM