Four of the Top Ten Hillsborough sales reported to MLS in 2020 were purchased as needing extensive updating, or ready for new construction. 

This includes two properties sold over $5,9000,000 that were essentially land value: 125 Fallen Leaf closed for $6,750,000 and 118 Baywood closed for $5,946,875. These two properties enjoy prime Lower South locations with flat lots exceeding .75 acre. One of the other properties is 245 Eucalyptus in the Mid North/Homeplace area closing at $5,600,000 in very deferred condition. Eucalyptus boasted nearly 5,000 feet sited on a 1.34 acre promontory with Bay view and tennis court. Consider that potential galore! The last property is 3080 Ralston, which is a 1930s Tudor mansion in the Carolands 2-Acre Corridor that is also ripe for renovation. Ralston just closed for $12,000,000. Other recent properties have transacted off-market following a similar trend. 

Hillsborough buyers are clearly confident right now with investing in projects with future upside potential. It's even preferable for a wide pool of liquid buyers coming from Burlingame, San Mateo, and San Francisco. This mindset is enhanced by an increased eight-figure Hillsborough luxury market that has produced several new comps the last two years, effectively re-defining this market sector. And more large new constructions are currently on the drafting boards. This is good news for those future sellers sitting on non-updated, deferred properties with strong location and lot characteristics. The demand to purchase such properties is stronger than ever.