8/24/2015 - 8/30/2015
Woodside Plaza and Mt. Carmel, the two hottest neighborhoods in Redwood City, both closed sales this week at Menlo Park-esque numbers. 290 Lowell Street in the Mt. Carmel neighborhood - a 2 bed, 1 bath 1,170 S/F home - closed at $1,400,000, or $1,197/SF. And over in Woodside Plaza, 1634 Maryland Street - a 3 bed/1 bath 1,020 SF home - closed for $1,255,000, or $1,230/SF! To put this into perspective, Menlo Park's year-to-date price per square foot ratio currently sits at $1,133.
These two sales helped jack up Redwood City's price per square foot numbers for the week all the way up to $924.
Given Redwood City's recent market history, it is not a total surprise to see these types of numbers popping up. People rave about the Mt. Carmel neighborhood because of its walkability and great school system, and the Woodside Plaza neighborhood has been on the rise for a while for similar reasons. In addition, both neighborhoods have seen a huge amount of investment into flipping older properties, which has helped further boost neighborhood appeal.
In other news, inventory got a bit of a boost last week with 22 new listings hitting the market.