When it comes to Lindenwood real estate in Atherton, I have three words for you—It’s On Fire!
It’s hard to imagine any neighborhood undergoing the dramatic price increases that Lindenwood (the area of Atherton that is east of Middlefield Road and south of Marsh Road) has experienced in the last year.
For example, the median sold price of a home in Lindenwood during Q4 of 2012 was $3,100,000. In Q4 of 2013, the median sold price jumped to $6,588,000—an increase of 112.5%!
The median price of a house under contract increased 106% from $3,295,000 in Q4 2012 to $6,795,000 in Q4 of 2013.
These numbers are crazy—even in the insane mid-peninsula real estate market, so what’s going on?
Although property has certainly appreciated tremendously in this beautiful, family neighborhood of Atherton, the statistics only tell part of the story. A good deal of the price jumps can be attributed to the types of properties that were selling in the two years.
A year ago, more lots and “tear-downs” were being sold, dragging the prices down. Now, more of the properties we see on the market are newer, large, luxury homes that often command prices of $7 million and up, with brand new houses in the greatest demand.
If you’re thinking of buying a lot and building your dream house, you’ll still pay considerably more this year than last. For example, an acre lot that would have gone for around $3.1 million a year ago recently sold for $4 million.
Although the largest, most expensive homes typically take 45-60 days to sell, land is selling much faster. So, if you’re in the market for a lot, and you see something you like, it’s a good idea to move quickly.
Lindenwood is a “move up” neighborhood for families in the Willows, Linfield Oaks, West Menlo, and other local neighborhoods. Although it has the prestige of an Atherton address, it has a comfortable, down-to-earth feel. The wide, tree-lined streets, with lots of bike riders and dog walkers lend to the sense of community in Lindenwood.
The Lindenwood real estate market doesn’t show any signs of cooling off in the near future. If you’re interested in buying or selling a home in this lovely neighborhood, contact me. I’d love to help you.