Homes Sold in this Neighbor since August 2014
Every home on this map of Los Altos has a great story to tell but the house that grabbed everyone’s attention was the 1.5 million dollar listing that hit the market in September.
With an unheard of size of nearly 5,000 square feet of living space and a nearly 10,000 square foot lot, this wasn’t your typical Los Altos listing. When we said the master bedroom’s closet was bigger than some houses in the neighborhood, we were hardly stretching the truth.
This home at 5940 E. El Paseo (the blue cross) got me thinking about the science of using price/square foot as a rule of thumb to quickly calculate a home’s value. I am a firm believer in paying attention to average price/sq.ft, especially if the home is of average size and condition.
The Mansion on El Paseo ended up selling for $1,327,000 which was 12% lower than its list price. The price/sq ft calculates as $275. Now let’s take a look at the home at 2008 Conquista (the green cross) which came on the market with a list price of $559,900. This three bedroom and one bath home had just 1,034 sq.ft of living space so the price per sq.ft calculated out to $541, which is almost exactly double the El Paseo home!
I once took a listing that had just 837 square feet of living space and the price/sq ft calculated out to over $600. Needless to say, we did a price reduction just as Conquista ended up doing. Conquista's final sales price was $530,000 which calculates to $512/sq.ft.
In the past six months, 23 homes were sold within the above mapped Los Altos area. So can you use the average price/sq.ft. to get an estimate of your homes worth? It is tricky unless you know the market well, but it definitely can be used. The statistics of the 23 sold homes say the average home had 3 bedrooms and 2.09 bathrooms (which is interesting in itself). The average living space was 1,719 sq.ft and the average lot was 6,729 sq.ft. The average list price was $672,000 and the selling price was $660,000. The average days on market was 30 days. So what is the average price per square foot? Drumroll please! $384 per square foot is the answer.
Interestingly, if you take ‘the mansion’ sale out of the calculation the average square footage plummets to 1,578 but the price per square foot spikes up to $400. I hope I am not boring you to death, but playing with numbers is a passion of mine.
If you want the skinny on all 23 properties on the map, click here for the best interactive Market Report or call me direct at 562-243-2171. I love talking about Los Altos real estate!
Click here to request my free market analysis, which is by far the easiest and most accurate method for calculating your home's value.
Real Estate by Michele K - Stunning Service at a Pleasing Price