Burlingame remains hot but not impenetrable
It’s not surprising that the northern Peninsula sunshine city of Burlingame has shown an 18 percent year-over-year rise in median home sales prices. With all of its schools ranked in the top echelon of all California schools, it’s no wonder why families flock to Burlingame. But it’s a huge draw for those who don’t have kids, too. With its sophisticated downtown Burlingame Avenue and its posh restaurants, trendy boutiques, and longtime classics like Copenhagen Bakery, Burlingame truly boasts something for everyone. It’s also perfectly positioned, nestled in between San Francisco and the South Bay too.
And when we say everyone, we mean every buyer too. Right now there are just over 40 properties on the market. The average sales price is more than $1.9 million. Average days on the market is a surprising 57. But what is not surprising is that within the last month, we have witnessed large amounts of cash and overbidding being thrown around in an effort to win a property in this chosen city.
Take last week, for instance. Joyce and Tatum Team agent Sarah Ravella represented a client in placing an offer on a home at 124 Pepper Avenue. This amazing property was listed at $2,295,000. Sarah’s clients really wanted to win this gorgeous home, so they came in with an offer more than $300,000 over asking for the three-bedroom, two-and-a-half bathroom home. Four hours later, the phone rang with bad news. Sarah’s clients, along with four other hopefuls with strong offers were blown away by an ALL-CASH offer that came in at the last minute. While this was disappointing to Sarah’s clients, Sarah is more determined than ever to place this awesome client in a home that they love just as much as the Pepper Avenue one. And it will come on the market soon.
Tatum just helped her clients get a great starter home in Burlingame. And the hottest price wasn’t as important as the terms that followed. Tatum had to enter into a very competitive transaction with multiple offers. The home, located at 1136 Dufferin Ave., in the Burlingame Village area, is the perfect starter home. It has great bones and plenty of charm and possibility. And it caught the eye of many with an asking price of a hair less than $1.2 million. Our clients had only been on the home hunt for less than a week. We explained to our clients that it’s not always the highest price that wins the prize. Oftentimes the entire package and terms can be more attractive. We had also built a strong relationship with the selling agent early on, so the agent continued to provide us information on the progress of incoming offers. So when our offer went up against others, we were a leap ahead of the others with a competitive offer to accompany a great price.
Things are getting hot. For January 2016, average home price in Burlingame was $1,903,750 and median was $1,895,000. Those are some big numbers.
But while the Burlingame market remains competitive, so are we. If you are looking in the Burlingame area, let us know. We are here to win the home for you.