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Realtors: Facebook IPO is talk of the town
Original post made
on Feb 8, 2012
UPDATE with correction: What will happen to the local real estate market when Facebook goes public?
Read the full story here Web Link
posted Tuesday, February 7, 2012, 4:11 PM
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Posted by Almanac staff
a resident of another community
on Feb 13, 2012 at 10:41 am
In response to the writer who believed the article contained incorrect information about January sales in Palo Alto, we asked broker Ken DeLeon to clarify the statements, which are correct.
Here is his clarification:
"For my statement I was talking about listings that have come on in January, not just sales that have closed in January, for the market really picked up in January 2012, whereas some that closed in Jan. were from last year.
"My statement was that 3 homes have sold for over $400,000 and the average jump for all homes that were listed in 2012 and have closed did well. Here are the 7 closed sales of this year from 2012 listings (ranked by amount sold over list price):
812 Lincoln list price is $1,599,000 and sales price is $2,086,000 ($487k over)
769 Rosewood list price is $1,050,000 and sales price is $1,515,000 ($465k over)
2928 Bryant list price is $1,098,000 and sales price is $1,523,000 ($425k over)
1136 Webster list price is $1,599,000 and sales price is $1,950,000 ($351k over)
185 Walter Hays list price is $1,398,000 and sales price is $1,655,000 ($257k over)
3258 Emerson list price is $1,798,000 and sales price is $2,000,000 ($202k over)
2340 Dartmouth list price is $2,798,000 and sales price is $2,850,000 ($52k over)
"There are several pending sales (hence the 19 sales at the time) that I know what they sold for but that information is not public yet so I cannot disclose that information yet as I was told the sales price by another Realtor in confidence. But I can tell you that the average amount of these homes going above list price is over $200,000.
"When I said homes are doing amazingly well in January I meant homes that came on in January, as you can see from the 7 that have closed thus far this year. But I meant homes that came on in Jan. 2012, not homes that sold in 2011 (slower market) and closed in January. The closed sales always lag what is really going on by a month if not more.
"Also, I said that on average homes are selling for more than $200,000 above list price, but not that all homes are selling for above $200,000 in list price. Note that of the 7 homes in PA that have closed this year, 6 of the 7 did sell for more than $200,000 above list price so almost a perfect record."