Thinking of buying or selling in West Atherton?
Did you know that the high school boundaries are changing for 2015? Did you know that approximately 40% of the West Atherton sales in the second quarter were NOT public (on the MLS)? And, of those sales on the MLS, the days on market was 50% less (about 32 days) than the same time in 2013. While none of this information is a reason to be anxious, all of it is important to know whether you are buying or selling in Atherton.
New School Boundaries
Per the Sequoia Union High School District, the high school boundaries will be changing for the 2015/2016 school year. Many homes that are currently aligned with Woodside High School will become part of the Menlo-Atherton enrollment district. This is welcome news for homeowners in the northwest quadrant of Atherton, i.e. bordering Selby Lane, Atherton Ave and Stockbridge. Verify a specific location using the new Searchable Board Approved Boundary Map for 2015-2016.
Significant Sales and Price Points
“Land” continues to be a precious commodity in Atherton and the specific location is a significant factor in value. A good acre (approximately 43,560sf) can sell between $4m-$6m in prime West Atherton and in the $3m+ range west of Alameda. (Lindenwood is in the $4m range.) There are still opportunities to purchase land in West Atherton for less than $4m, look for lot sizes less than 30,000sf. Notable larger lot sales include a recent sale of approximately 1.5 acres for $8m as well as a 2.5 acre lot which sold for approximately $11.3m.
You Don’t Have to Build New!
For those buyers who don’t want to build, there were a few opportunities in the $5m-$7m range and then prices generally jumped to $12m-$15m+. Don’t assume that you need to pay over asking, it really does vary by property. In the 2nd quarter, we’ve seen sale prices above, below and at list price.
In summary, although inventory is low, it’s not quite as low as you think. Working with a good local agent will help you uncover unpublished buying opportunities and determine the market value. If you are selling, an experienced local agent will know the most recent data and nuances to develop a strategy to maximize your selling price.
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