Before the holidays, I wrote about a new listing in Mountain View that caught my eye as "One to Watch". The 4 bedroom, 3.5 bathroom house on a quarter acre lot had last sold in 2005 for $1.335 million and was brought to the market last month with an asking price of $2.195 million. As I acknowledged in my earlier post, this is not an apples to apples comparison due to the minor improvements that had been made to the home, but I was still curious to see what this listing would tell us about the current state of the market. Here's what it had to say:
The property was listed on December 5th, went into contract on December 12th and closed on December 18th for (likely all-cash given the short closing) $2.408 million. That's $1,073,000 or an 80% jump in value. Not bad for an 8 year hold, especially considering the original purchase was very near the housing bubble peak.