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10November 2014

Hillsborough Sales at $1,000+ per sq. ft. Double for 2014

Geoffrey C. Nelson

"The percentage of Hillsborough sales closed at $1,000+ per sq. ft. has doubled from 2013 to 2014."

Residential Real Estate analysis is a mosaic of science meets emotion, or math meets art. Unlike commercial real estate, which relies on cut and dry metrics to define value, residential real estate values are influenced more strongly by emotional or aesthetic variables such as: curb appeal, land orientation, degree of quiet and privacy, sun exposure, feng shui, quality of architectural finishes, and caliber of luxury amenities. This is why Zillow estimates can often miss the whole point. Only an expert real estate agent in the trenches can articulate all of your home's assets and calibrate how they define your value and desirability. But for the purposes of pure mathematical analysis, if we were to take one variable as an illustration of comparable real estate value growth across the Peninsula, Price Per Sq. Ft. is usually the key metric.

In the realm of price per sq. ft., $1,000 per ft. has been a milestone threshold in recent years denoting a high premium in Hillsborough real estate. The average price per sq. ft. has hovered around $700 - $800 per foot recently in Hillsborough, thus  reflecting the $1,000 per ft. sales as the upper echelon. 2014 should finish out with a healthy increase to nearly $900 per foot on average. Palo Alto, by comparision, regularly commands $1,400 - $1,700 per sq. ft.

The percentage of Hillsborough sales closed at $1,000+ per sq. ft. has doubled from 2013 to 2014. In 2013, Hillsborough posted 152 total closed sales, with 17 of the sales, or 11%, closing at $1,000+ per sq. ft. So far in 2014, there have been 138 sales, but 30 of those, or 22%, have closed at $1,000+ per sq. ft. This trend is a prelude to Hillsborough's escalation toward a $1,000 per sq. ft. average sales price. The trend is also indicative of Hillsborough's sheer value and growth potential in comparison to nearby luxury communities such as Palo Alto and Atherton. View All Hillsborough Real Estate Sales Prices Here.

Senior Partner, Luxury Real Estate Group
Agent No. 01313666
1290 Howard Ave, Suite 201 , Burlingame , CA 94010
Phone: (650) 455-3735
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