House hunting for a business owner is a diversion. It does provide a diversion from my daily routine, but after not too long, I became so focused on this endeavor that I realize that this is going to be a massive diversion of my attention and of our funds. The market in Silicon Valley is moving up at roughly a 5% pace every month. This is the reason why we got beaten every time, even we offered $50,000 over asking, and possibly the reason why we will just decide to sit this one out.
Then, something very interesting came on the market. By interesting I don’t mean something that will cause us to spend our bottom dollar: I mean something that we had to go see and bring Chiara and our cameras along.
This is why:
The unit is entirely covered in tile. With the exception of the ceilings and a few, rare, surviving walls, it depicts Saint Francis and the Sun and what I think must be depictions of Assisi.
The unit is well laid out with two bedrooms and a den, an attached garage, two private patios, and an eye-popping asking price of $485,000. At 1102 square feet that is a whopping $440 per square foot. Far more than even the unit that just sold in the same complex and that was far more attractive. Take a look at it in detail on Redfin. It’s worth it!
Zillow thinks it’s worth less than $400,000. Let’s not talk about e-appraisal, which hasn’t yet figured out that the market is going in the other direction. On the other hand, it is located in a very attractive complex with a wonderful pool, and the schools are really good.
I think that it should fetch $468,000, but I would not be surprised if it sold for asking. In fact, given the craziness of the market today, I foresee 3 offers and a $495,000 winning bid. I will be curious to see how it pans out!
In the meantime we will hopefully be busy bidding on something else.