Price per square foot, and the Governor’s new digs
January 21, 2019
PRICE PER SQ FT: Here’s a look at price per sq ft trends in a few local areas. I plan to share more graphs like this throughout the year if people like them.
1) RANGE: There’s always a price per sq ft range, which means there’s never just one price per sq ft figure that applies to every property in a neighborhood. Sellers often want to hijack a price per sq ft figure from a sale down the street, but that’s one of the quickest ways to overprice. My advice? Pay attention to price per sq ft, but most of all ask yourself what the comps are selling for. That’s exactly what appraisers are going to do.
2) OUTLIERS: There are clear outliers. As an FYI, usually the highest price per sq ft figures end up representing the smallest-sized homes or over-the-top unique properties.
THE GOVERNOR’S NEW DIGS:
Gavin Newsom is the new governor of California and he just bought a $3.7M house in Fair Oaks. This price point isn’t much in many areas of the country, but it’s actually the fifth highest residential sale ever in Sacramento County. This home is said to have over 12,000 sq ft and it’s located on 8 acres. It’s near the American River, but not on the river. Now two of the top five sales in the county have a connection to a governor (the other was the mansion Ronald Reagan started to build in Carmichael in the 1970s).
Here’s a picture I took of the front gate this week, and here’s a if you wish to see the home. Not too shabby, right?
Courtesy of www.LundquistCompany.com