28December 2016

Hillsborough Buyers Await Inventory Reset

Geoffrey C. Nelson
DeGuigneEstateMotorCourt

Approaching New Year's Eve 2016, Hillsborough active home inventory has dwindled to just 14 available homes. Clearly, the listings that remain fall into the white elephant categories of unrealistically priced, poorly presented, or extremely eclectic. Case in point, 11 of the 14 active listings have endured 100+ days on market. Average days on market in Hillsborough is about 40 days. And most of the prime Hillsborough listings this year have sold within 2 weeks.

Topping the list of active Hillsborough homes for sale remains the De Guigne Estate on Crystal Springs Road (pictured above) This 47 Acre legacy estate began its marketing journey in March of 2015 at $58,000,000. It has subsequently been reduced to $39,900,000, $34,900,000 and currently $29,850,000. The property had gone into escrow over the summer, but the deals did not go through. Investors reportedly sought some subdivision of the land to create new development homes. Whether investors or the private buyer seeking a massive compound, one challenge with the listing is its outlying location without a "heart of Hillsborough" geography nor prestigious address for this price point.

Buyers can expect several of Fall's unsold Hillsborough listings to re-emerge by mid January to mid February, as is customary after the Holidays. One such listing to keep an eye on is the intriguing 111 Baywood Avenue in Lower South Hillsborough. This listing sat for 93 days on market at $7,685,000. But at under $1,000 per foot, and with a pancake flat lot, tennis court, and dramatic open floorplan, it is a "sleeper" value. Another off-market property is the fixer upper/tear-down opportunity at 1765 Willow in Lower North Hillsborough. This was a $4,595,000 December listing that could not build momentum amidst the holidays. Call Geoffrey about these and other off-market Hillsborough properties. Warm wishes for a prosperous New Year!

 

"Geoffrey Nelson Markets and Sells Hillsborough's Most Interesting Homes."

Cell/Text: (650) 455-3735   geoffrey@geoffreynelson.com


GEOFFREY C. NELSON
Senior Partner, Luxury Real Estate Group
Agent No. 01313666
1290 Howard Ave, Suite 201 , Burlingame , CA 94010
Email: geoffrey@geoffreynelson.com
Phone: (650) 455-3735
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