In the last six months according to the mls 32 single family homes have sold in Woodside and Portola. 1st quarter of the year received 94.5% of final list price. From December through May average days on market was120.
Because the sample size tends to be smaller in Woodside, the data is a bit more easily skewed (both up and down). To be sure though, prices are down.
The big problem as I see it right now is that jumbo loans remain ridiculously expensive compared to standard conforming and the newer high balance conforming loans. Whereas the latter are currently priced in the 5% range, jumbo loans (625K and up) are priced in the high 7% range - and to get such a special rate you also may need to put in excess of 20% down. Of course, consult your mortgage broker for current data.
This is a problem all over the mid-Peninsula. Menlo Park, Portola Valley, Woodside, Palo Alto, etc. all face the same issue. The buyers are out there, but lenders are making it difficult for anyone to buy.
This is compounded by newer, more strict guidelines for appraisers that frown upon going back more than 3 months when looking at comps (comparable sales). As you my recall, the credit market froze back in early October, which is now more than 3 months ago.
The end result - very few homes sold in the last 3 months, so the comps are very limited. Appraisers may have holes in the price range they are trying to comp (just had that experience), and they certainly are not going to err on the high side. Loan rates suck for jumbo loans, so many buyers are waiting (and justifiably so).
Is the higher end in for a downturn? Maybe so, but it is not simply because the capable buyers have all gone broke. There are a host of factors in play. Since the new year though, there has been an uptick in properties in the jumbo loan category that have gone pending.
Vacant land is GREAT however you need to determine if there are utilities ran the property. If not this can be expense process with city permits required and etc. I would also have an appraiser involved if you are building a home fits given area. Builders will always try to do upgrades you could spend more than appraised value of area. Check deed restrictions prior to building confirm that homes values are from $$$,$$$ to $$$,$$$ ... I have seen in some areas no restrictions you have luxury home built next to a $90,000 home ! YIKES
http://www.lynn911.com http://www.homes-for-sale-dallas.com... more