Sunnyvale Residence Sells For Almost $1 Million Over Itemizing Value – CBS San Francisco
SUNNYVALE (KPIX) — We’re used to the Bay Area’s hot real estate market leaving us shocked, but recently the sale price of a home in Sunnyvale surprised even the real estate agent.
“By far the craziest thing I’ve ever experienced,” said Joe Polyak, agent at Rise Homes.
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The 1,300 square foot, three bedroom, two bath single family home on Flin Way just sold for $823,000 over the original list price.
Polyak said the house next door recently sold for $2.6 million and he valued his client’s home at around $2 million.
He was stunned when it sold for $2.68 million.
“I could never have imagined that,” said Polyak. “It’s crazy.”
He said he received 35 bids the day he opened it up for bids.
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Gary Shapiro, the Shapiro Group’s senior agent at Keller Williams in Los Gatos, said the cause of the current skyrocketing Bay Area home prices is high demand and low inventories. He believes the strong seller’s market will continue into 2022. Shapiro expects inventory to improve slightly, but he still won’t keep up with demand.
“We’re at a point where inventory is at an all-time low I’ve seen, and this is my 37th full-time year as a real estate agent in Santa Clara County,” Shapiro said.
He also said Polyak used a concerted strategy to ignite the bidding war frenzy over the Sunnyvale home.
“When we are in a seller’s market, most brokers recommend a low, conservative bid price, knowing that demand will generate multiple bids and prompt buyers to raise the price,” Shapiro said. “I think the agent and seller should be perfectly happy with the final sale price for such a small house.”
“We did, and we always do, by listing it a little bit lower,” Polyak said.
He listed the home at $1.83 million and knew it would spark a bidding war, but he never imagined how high buyers would go.
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“We didn’t expect that, and neither did the sellers, which of course was very surprising,” Polyak said.
