Only 8 homes were sold during this time period at $2M +. Six of them were brand new. Of the two which weren't brand new one had a nearly 16,000 sf lot, was a 1920 home in incredible condition offering a style seldom seen in Mountain View. One had 4,309 sf living space and a 19,400 sf lot. A ninth home sold at just under $2M, wasn't brand new but had Los Altos schools. The listed living space of the Brookdale home is 668 sf larger than the county records.
The asking price puts the home where it has to offer desired features that essentially no other home offers.
Juliana Lee, MBA LLB
Top 3 agent nationwide at Keller Williams Realty
Over 20 years experience
Over 1,000 homes sold in Santa Clara and San Mateo Counties
For this price in the Mountain View school district families can purchase large homes with better floorplans for a lower price. While this home does have a lot going for it in terms of square footage, due to the location (Mountain View schools) and the floorplan, it is handicapped in it's appeal.
Lori Orion, Broker Associate
Orion Partners @ DeLeon Realty
While that may still be the case; it is very possible that there are other factors:
There is a shortage of Buyers, who are qualified, in the higher priced category. And the Lenders are a little reluctant to lend a LOT of money on one house.
If you are interested in the house, you really have to be concerned with two things;
What does the CMA show/ (for Market Value), and,
What do the Inspections show?
Whenever a home doesn't sell there are one of three factors that can be attributed to slower sales:
2. Price and condition
3. Price and location
All things considered, if a home is not selling, the culprit is most commonly pricing. The price is too high for the condition of the home versus that of other homes and the price may be too high for the location and the features of the location.
Pricing is one of the trickiest things to determine in any housing market (whether the market is going up or down). I know many sellers look to other homes and say, "my home is sorta like that one that sold for 'x' dollars...we should be able to get more than that...", but the truth is that the market changes almost daily depending on the time of year, the weather, the available competing homes, the changes in laws or taxes, etc. The smart sellers works WITH the agent to prepare and debut the home at a good price that both attracts buyers and obtains a good financial outcome for the seller.
So if a home doesn't sell, it's most often priced incorrectly.