“I want it all and I want it all now!” As you recall from some of my previous posts, the Hillsborough 2022 market has demonstrated scorching demand and premiums paid for top-shelf remodeled homes. Supply has been very low, and many liquid buyers have been watching from the comfort of their rapidly appreciating San Mateo, Burlingame, or Hillsborough homes, ready to pounce on turn-key Hillsborough luxury. And pounce they have. If pounce is a verb typically associated with lions attacking prey, then so be it, certainly an applicable metaphor to how we’ve seen some exceptional listings snapped up in one afternoon at eight figures.
The trend has become so consistent that I’m ready to anoint 2022 with Hillsborough’s newest luxury bracket: “The 2K Club,” those elite sales posting $2,000 per square foot. From my previous Hillsborough Blog posts I predicted the Hillsborough average price per sq. ft. (the average sales price throughout Town for all sold inventory) would drive toward a $1,500 per foot average this year, up from 2021’s $1300s average. That is indeed coming into fruition. The eight-figure sales are also on pace to eclipse last year’s volume (16 sales at $10M+ for 2021), with already 10 sales at $10M+ closed or in escrow through May 1, 2022. And now this…the advent of The 2K Club!
Defining the Hillsborough Real Estate Market's "2K Club" so far this year:
- 5 Denham Court, Lower North. Listed $9,495,000. Sold $9,500,000 at $2,056 per foot.
- 5 Rockridge, Lower South. Listed $9,500,000. PENDING over asking. Listed at $2,146 per foot.
- Geri Lane, Lower North. Off Market. Listed at $9,500,000. PENDING. Price To follow. Listed at $1,979 per foot.
- 804 Vista Road, Mid South. Off Market. My listing (pictured), asking $11,250,000. PENDING over asking. Listed at $1,932 per foot.
As always, I am only a quick text away, at Coldwell Banker's downtown Burlingame headquarters, to answer questions on exclusive Off Market activity, Coming Soons, or your Hillsborough real estate planning needs. 650-455-3735 cell/text.
Warm regards,
