These Homes Sold the Fastest and for the Largest Markups
While home buying in 2014 wasn’t as frenzied as in 2013, real estate still moved quickly. Homes stayed on the market for a median of 35 days, and about a third went under contract within 14 days of their debut.
Of course, homes at attractive prices didn’t last nearly as long. In June, Redfin launched a feature called Hot Homes to show customers which homes are likely to sell the fastest. Our proprietary algorithm analyzes home attributes, local market conditions and user behavior to identify homes with a high likelihood of getting snapped up within two weeks. Knowing which homes go fast helps our customers know when a home tour can’t be delayed.
But what types of homes went most quickly? Here’s a look at the “hottest” of the year in 17 markets. In addition to our Hot Homes algorithm, we looked at number of days on market, the sales price over list price, and which had bidding wars. Turns out, the hottest homes fell into these five categories:
Picture Perfects: Awesome homes in markets with strong economies and plenty of people able to afford them.
Where you find them: Atlanta, Boston, Denver, Oakland, Los Angeles, Portland, San Francisco, San Jose, Seattle, Washington, D.C.
Trendy Teardowns: Dilapidated homes in gentrifying neighborhoods.
Where you find them: Atlanta, Austin, Baltimore, Chicago, Denver, Los Angeles
Realistic Compromises: Single-family homes in neighborhoods more affordable than top-tier areas.
Where you find them: Austin, Baltimore, Chicago, Houston, San Diego
Modest Flips: Ordinary homes that can be minimally renovated, then resold.
Where you find them: Houston, Phoenix
Distressed Deep Discounts: Bank-owned and highly distressed.
Where you find them: Atlanta, Orlando
And now, the most popular homes in each market:
Atlanta Area
This past year, the Atlanta area housing market has experienced steady price and inventory growth. Redfin agent Sam Booth says that this may indicate that the market is returning to health, especially considering the positive 2015 jobs forecast and companies including State Farm and AT&T moving to the area. The type of fast-selling home you can find in the Atlanta metro really runs the gamut: In Decatur, a suburb with the informal motto “Everything’s Greater in Decatur,” trendy teardowns were prevalent. According to Redfin agent Tammy Trenholm, the platonic ideal could be found in the hot north-suburban 30022 ZIP code, as well as in the closer-in neighborhoods of Virginia Highland, Buckhead and Morningside. And discounted foreclosures, such as those in Norcross, a lower-priced northeastern suburb with easy access (by car) to downtown Atlanta, sold at well over list.
Location: 5035 Byers Road, Johns Creek
Size: 4 bedrooms, 3.5 bathrooms |
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Description: This well-made and recently updated home in Johns Creek includes a spacious backyard, an airy first floor and four bedrooms on the second floor. Add in a finished basement and new plumbing and it’s easy to see the home’s appeal. The house, in the hot 30022 ZIP code, sits in an area that’s seeing multiple offers and homes selling over list price, according to Redfin agent Tammy Trenholm. |
Location: 120 Brower St, Decatur
Size: 3 bedrooms, 1 bathroom |
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Description: This home, which was listed at a mere $150,000, is within a mile of three schools that receive a GreatSchools ranking of 8 (out of 10) or higher. Buyers may have noticed – it sold for more than twice its asking price. A foreclosure in the desirable eastern suburb of Decatur, this home may need work, but the value is there: Two nearby homes sold for $668,000 and $675,000 this past year. |
Location: 1388 Harbins Rd, Norcross
Size: 3 bedrooms, 2 bathrooms |
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Description: While this split-level clearly needs work, it provides an opportunity to own a detached single-family home in greater Atlanta for a very reasonable price. With comparably sized homes a few blocks away selling from between $87,000 and $93,000, this foreclosure is clearly discounted, but it represents an easy entry into the market, particularly considering that the median sale price for the Atlanta metro is $170,400, according to a recent Redfin Real-Time Market Tracker. Whether the home ends up turning into a modest flip, or an owner does a little work and stays, with some improvements it will compare well to other area residences. |
Austin
In Austin, the homes that sell fast are primarily in heavily residential neighborhoods like Crestview, Brentwood and Windsor Park, where the appeal for residents is the proximity to downtown. Redfin agent Andrew Vallejo said these areas are also zoned to allow for condos. “Investors who buy these properties will usually do upgrades or add a second house in back,” he explained. These properties can be a steal for an enterprising flipper who recognizes the need for solid housing stock, while starter homes are snatched up by homebuyers who seek the livability of detached home, without the lengthy commute. And, of course, a well-done rehab can turn into a nice starter home — making it hot twice!
Location: 5007 Pecan Springs Rd
Size: 3 bedrooms, 2 bathrooms |
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Description: Downtown is an easy 15- to 20-minute drive from this Windsor Hill home. The bungalow features an ample backyard and sold for $76,000 over list price. For a first-time buyer looking for a detached home in Austin, this beauty is hard to beat. |
Location: 1004 Brentwood St
Size: 3 bedrooms, 1 bathroom |
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Description: Located in Crestview, this raised ranch house was within blocks of the Crestview Train Station and a variety of shopping options. According to agent Andrew Vallejo, it’s already been torn down and will most likely be rebuilt as two homes, each selling in the mid $700,000s. |
Location: 3008 East 14 ½ St
Size: 1 bedroom, 1 bathroom |
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Description: Marketed as a teardown property, this home sits on valuable land. At less than three miles from downtown Austin, this 1947 bungalow may not make it much longer. Instead, it will likely make way for a new structure – or two. The lot is extra deep, allowing for the possibility of two buildings. And who wouldn’t want to live in East Austin, known as one of America’s best Hipster Neighborhoods? With new homes nearby selling for nearly half a million, whatever gets built here will be listed at a significant markup from what this buyer paid. |
Baltimore Area
Many of the most popular and quickest moving homes in Baltimore this year were fixer-uppers that likely attracted both investors and owner-occupant buyers hoping to put some sweat equity into their homes. These homes tended to be listed well under median sale prices for the neighborhood, making them attractive despite needing renovations. Foreclosures also attracted a good deal of attention and often sold above list price.
Location: 7005 Concord Rd, Baltimore
Size: 4 bedrooms, 3 bathrooms |
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Description: This home had dated décor and needed some updating, but appeared to be in very livable condition. The location a few blocks from the light rail station to downtown may have added to its appeal. Given that the median sale price in this zip code is $216,000, the list price of $125,000 drew folks looking for a good deal on a fixer-upper. |
Location: 6010 York Rd, Baltimore
Size: 3 bedrooms, 2.5 bathrooms |
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Description: Interested buyers were no doubt drawn by the potential to restore this 1920 home to its former glory. The grand two-story porch, Juliet balcony, historic details and nearly 2,000 square feet set this home apart. Situated in the quiet, residential Lake Evesham neighborhood in North Baltimore, where median sale prices are $265,000, an asking price of only $90,000 drew attention, even if some rehabbing was needed. |
Location: 9132 Lambskin Ln, Columbia
Size: 3 bedrooms, 1.5 bathrooms |
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Description: This well-maintained townhome with a small, private yard was on the market for just five days. While the home itself looks fairly average, the location in highly rated Howard County School District may have been a factor in its popularity. |
Boston Area
The Boston area real estate market has been pricey for years. But the hottest markets aren’t in Boston proper – they’re in Cambridgeport and Somerville and other nearby areas anchored by the biotech and business tech hubs and universities. These suburbs have a college-town feel: plenty of restaurants and independent shops, lots of coffee houses and intellectuals, but with the amenities that Boston provides. In other words, you can live near ivy-covered Harvard Yard yet still enjoy easy public transit, professional sports teams and world-class cultural events. For many, this is a perfect melding of the bucolic and urban lifestyles – and the real estate prices (and popularity) reflect that.
Location: 44 Prince St #44, Cambridge
Size: 2 bedrooms, 2 bathrooms |
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Description: Located in the heart of desirable Cambridgeport, roughly equidistant between MIT and Harvard, close to the Central Square T stop and in the middle of Boston’s tech hub, this townhome was naturally in high demand. It had seven offers and went under contract in less than a week. While the building’s bones date from 1894, the structure was renovated in 2004, making it a high-quality move-in-ready property. The eventual buyer paid $116,000 over list price, which just goes to show how hot the Cambridge market can get. |
Location: 21 Prescott St #1, Somerville
Size: 1 bedroom, 1 bathroom |
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Description: Somerville has neighborhood charm and plenty of small businesses, restaurants and parks to enjoy. With a Walk Score of 94, this home makes it easy to enjoy Somerville to the fullest, especially the Union Square area. Buyers may also be interested in the green line train station coming to the area in a few years. And getting to Tufts is as simple as a ride on the 80 bus. For those who want to venture into Boston, it’s accessible by car, bus, commuter rail and the T. So it’s no wonder that this cute little home sold for $283,500 despite being only 560 square feet. |
Location: 5 Cottage Ct, Cambridge
Size: 2 bedrooms, 1 bathroom |
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Description: This Cape-Cod style cottage is six blocks from the Central Square T stop in Cambridgeport. According to Redfin agent Matt Zborezny, the simple fact that it is a single-family detached home explains why this house sold for such a premium, as single-family homes in this neighborhood have been extremely scarce and in high demand. With a Walk Score of 95, this cottage offers a vintage, rustic feel, with nearby big-city amenities. The property recently received $60,000 in improvements, but still looks a bit rough around the edges. Whether the buyer plans to cozy into what they’ve purchased or do a complete overhaul remains to be seen – either way, the location can’t be beat. |
Chicago
In Chicagoland, the fastest selling homes aren’t actually move-in ready. They have decent bones, they could fit a family and they’re in need of a gut rehab. These types of properties get snapped right up by developers – and then make a quick return to the market. The homes below have yet to go to market again, but you’ll likely find them around soon.
Location: 1909 N. Albany Ave
Size: 3 bedrooms, 2 bathrooms |
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Description: Located at the intersection of the scorching hot Logan Square and Humboldt Park neighborhoods, this home was sold as is and needs a full renovation, according to Redfin agent Liz Palomar. With renovated and new homes down the street selling for $450,000 and $724,500, don’t expect this place to look the same the next time it hits the market. |
Location: 4929 W Henderson St
Size: 4 bedrooms, 2 bathrooms (two-flat) |
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Description: Located in Portage Park, the heart of the “bungalow belt” in northwestern Chicago, this two-flat was sold as is after a bank foreclosure. Comparable homes in the area, presumably in better condition, sell for over twice what this home fetched. |
Location: 2658 N. McVicker Ave
Size: 3 bedrooms, 1 bathroom |
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Description: Another REO sale, this home offers the opportunity to own a backyard in Chicago proper. The Belmont-Cragin neighborhood is rife with homes in need of gentle rehab, resulting in a steady increase in home values over the last few years, according to Redfin agent Clayton Jirak. Some homes are purchased by buyers willing to fix them up and live in them, while others are purchased by flippers. |
Denver
Denver’s real estate market is still experiencing nearly double-digit price gains year over year, with significantly reduced inventory, according to the Redfin Market Tracker. In fact, Denver may be undergoing one of the more under-the-radar housing price booms in the country. Homes in popular neighborhoods don’t come on the market often – and certainly not at a good price. So when they do appear, they get bid upon almost immediately. And savvy developers are looking for REOs and teardowns in those same neighborhoods.
Location: 170 West Archer Pl
Size: 2 bedrooms, 2 bathrooms |
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Description: Location, location, location! This home is less than a mile from the Alameda Light Rail stop, and within blocks of the Art Deco Mayan Theatre and the trendy restaurants, art galleries and vintage clothing shops along South Broadway. The Baker District home had three offers and sold for $60,000 over list price. |
Location: 221 South Emerson St
Size: 3 bedrooms, 2 bathrooms |
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Description: As an indication of how hot the Denver market is, this home sold in July for $112,500 over list price (a 50 percent markup) and is now back on the market for $649,900. The newly listed reno job is identified by Redfin as a Hot Home, despite its sitting at the top of the area’s market. Located three blocks from sprawling Washington Park in a popular residential neighborhood, nearby homes in good condition sold for $620,000 and $625,000 this past year. |
Location: 2550 South High St
Size: 4 bedrooms, 2 bathrooms |
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Description: Over the past year, this home has sold twice, each time within two days. The first time, in August, it was bought by a developer for $280,221. By October, the developer had rehabbed the property and put it back on the market for $449,900 (see photo above) – and found a buyer two days later. It was the perfect storm: an eminently fixable home in a well-regarded, popular neighborhood. The home is two blocks from the University of Denver campus, two blocks from De Boer Park, and a few more blocks in the other direction from Harvard Gulch park. Comparable homes in this neighborhood sell for around $500,000. |
Houston
The fastest-selling homes in Houston represent a middle ground. Among the most popular homes, you won’t find any of the showy, high-six-figure deals you might see in other major markets, but you also won’t find just deeply discounted dregs. Instead, Houston has the quieter deals. The decent quality foreclosure that can be rehabbed and flipped for a modest profit, the gently distressed home that can be fixed up and lived in by a new owner and the well-priced home in a nice-but-unassuming residential neighborhood.
Location: 12002 North Fairhollow Ln
Size: 3 bedrooms, 2 bathrooms |
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Description: Located in the Spring Meadows community in northwest Houston, this 1,800-square-foot home was listed as a foreclosure. The property appears to be in livable condition for the lucky buyer who snapped it up at $117,500, 26 percent over asking price. Three-bedroom homes of comparable size in Spring Meadows sold for $129,000, $146,000, and $161,500 this past year. This purchase is a steal, particularly considering the home’s easy access to Bear Creek Pioneers Park, the Sam Houston Parkway and the Energy Corridor. |
Location: 6022 Autumn Forest Dr
Size: 3 bedrooms, 2 bathrooms |
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Description: This home is actually already back on the market, sporting new siding and a brand new interior. A former foreclosed property, it was purchased in September for $166,000 and renovated and listed by Thanksgiving. The new version asks $254,900, but has yet to find a buyer. Nearby properties of comparable size sold for $157,500 and $244,500 this past year. |
Location: 12734 Westleigh Dr
Size: 3 bedrooms, 2 bathrooms |
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Description: Located in the Ashford West subdivision, this cutie was well-priced. With similar homes in the neighborhood selling from $175,000 up to $305,000, this recently renovated home’s list price of $200,000 must have seemed like a can’t-miss. The home sits less than two miles each from a well-ranked elementary, middle and high school, making its popularity almost academic. Add in easy access to the Energy Corridor and you have a sure winner! |
Los Angeles
The northeast section of Los Angeles was in high demand throughout 2014. At the beginning of the year, Redfin predicted that Eagle Rock would be the second hottest neighborhood in the country and it was certainly hot. The other two homes below, also located in the Northeast, clearly aspire to Eagle Rock’s success. Given the area’s rapidly rising prices, these homes were likely purchased by flippers who will put them back on the market in 2015 with a fresh face and a hefty price hike.
Location: 4984 Vincent Ave
Size: 3 bedrooms, 2 bathrooms |
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Description: This is the quintessential Eagle Rock bungalow. It’s on a tree-lined street, quaint and clean with curb appeal and modern finishes. If you were ever doubtful that Eagle Rock would be hot in 2014, just check out stats on this home. It was on the market for a scant three days and sold in what was surely a heated bidding war for $100,000 over list price. |
Location: 5923 Piedmont Ave
Size: 3 bedrooms, 2 bathrooms |
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Description: A Highland Park bungalow in the rough, this house has excellent bones but needs a serious facelift – just the right recipe for SoCal’s real estate speculators. Selling in just eight days for $135,000 over list, this property obviously appealed to investors for its location and, once remodeled, its potential to appeal to the influx of affluent professionals into the community of Highland Park. Look for this one to hit the market in mid-2015 and sell for about $700,000. |
Location: 3544 Arroyo Seco Ave
Size: 2 bedrooms, 1 bathroom |
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Description: This little bungalow went to someone playing the long game. Cypress Park is farther south and east of the already popular neighborhoods of Eagle Rock and Highland Park. With the location came a much lower price tag and a higher potential upside once it’s resold. When everyone is eventually priced out of Eagle Rock and Highland Park, the new owner of this abode will be glad they took the chance on a lower-profile neighborhood. |
Oakland/East Bay Area
The East Bay is reaping the benefits of home prices in San Francisco and San Jose that are out of reach for most buyers, even those with substantial incomes. More than just a fallback option for young, first-time homebuyers, Oakland also offers an urban, progressive culture reminiscent of what San Francisco used to be, with a reputation for having more bang for your buck. While uneven development and blight in certain areas have hindered interest, investors and home seekers alike know that swaths of it are quickly changing.
Location: 3914 Enos Ave, Oakland
Size: 3 bedrooms, 2 bathrooms |
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Description: Purchased in April 2012 for $505,000, the seller, likely an investor, made a tidy profit on this bungalow amid the summer frenzy that gripped the Bay Area. Dependably desirable, the Oakland hills have fantastic views and neighborhoods that feel remote. |
Location: 43437 Lindenwood S, Fremont
Size: 6 bedrooms, 4 bathrooms |
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Description: Fremont’s proximity to Silicon Valley and its robust job market make it highly desirable. As tech employers lure talent from around the world, new hires have been drawn to existing communities of expats in Fremont, bringing international interest to the area. Considering that many smaller homes in this area go for over $1 million, an $850,000 listing price must have been a real eye-grabber. |
Location: 3494 Moraga Blvd, Lafayette
Size: 3 bedrooms, 2 bathrooms |
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Description: Nearly every box on a modern homebuyer’s wish list can be ticked with this home: proximity to the freeway and a BART station, a quaint downtown and highly ranked schools. A pool and large yard mean the new owners didn’t sacrifice space for access. It’s no surprise that this property practically evaporated in a hot summer market. |
Orlando Area
While one might think of opulent beachside properties and well-appointed retiree bungalows when thinking of Florida, the reality is that the housing stock has yet to fully recover. The quick-selling homes in much of Florida reflect that. For example, the most popular homes in Miami were short sales or bank-owned sales; ditto for Tampa and West Palm Beach. Florida has among the longest foreclosure processes in the nation, leading to a backlog of REO properties that are continuing to hit the market. Low prices and foreclosed properties are certainly common in Orlando. In fact, according to a study earlier this year by the American Action Forum, Orlando housing has only recovered 59 percent of the peak value achieved during the housing bubble. The homes that sold quickly were, sadly enough, the ones that had fallen even further in value than their neighbors
Location: 10565 Jepson St, Orlando
Size: 3 bedrooms, 2 bathrooms |
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Description: This ranch house in a tract development was bank-owned and sold without warranty. No property history or disclosures were provided to the buyer. With nearby homes of similar size and design selling for as much as $125,000 and $130,900, the buyer here likely saw an opportunity to use the purchase savings to update the home. |
Location: 1324 Manor Dr, Kissimmee
Size: 3 bedrooms, 1 bathroom |
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Description: Part of a 1978-1980 housing development, this Kissimmee house was a short sale and was sold as is. From the photos, it appears it had not been updated since it was built, which may explain the very low $50,000 ask price. An interested buyer picked it up for $63,000, which is still a good deal – updated homes in the same development went for $117,500 and $114,000 earlier this year. |
Location: 1413 Hialeah St, Orlando
Size: 3 bedrooms, 2 bathrooms |
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Description: Priced in the range of a mid-quality luxury sedan, this house sits in the depressed Pine Hills neighborhood in northeast Orlando. The bank-owned property was sold as is. Nearby homes of similar size, in presumably better condition, are asking for over twice what this home got, although home sales prices under $50,000 are not uncommon in the neighborhood. |
Phoenix Area
The Phoenix market’s most quickly purchased homes are three-bedroom ranch houses in older tract developments, where the home has fallen into disrepair, is bank-owned or both. The popular formula seems to be to buy low, rehab and then flip for a modest profit. This property, which was bought in July as a fixer-upper for $115,000, is a textbook example. It’s already back on the market, asking $179,900. While these small-scale flips aren’t sexy, they’ve been fairly popular, both in Phoenix and down I-10 in Tucson.
Location: 4121 West Muriel Dr, Glendale
Size: 3 bedrooms, 2 bathrooms |
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Description: This bank-owned home was sold at a discount, in part because it had been vandalized, according to the broker notes. The home was sold as is and accepted offers only from cash buyers. Other homes in the neighborhood of comparable size in better condition fetched nearly $200,000. |
Location: 3507 West Mariposa St, Phoenix
Size: 3 bedrooms, 1.75 bathrooms |
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Description: A short sale in need of repairs, and ideal as a fixer-upper. Similarly sized homes in this tract housing development sold for slightly more than $100,000 during the past year. The home presents an opportunity to overhaul and resell to a buyer looking for an affordable, good-quality home. With significant updates, an asking price of $120,000 wouldn’t be unreasonable, and would be far lower than the average cost of a Phoenix three-bedroom home, which runs about $220,000. In other words, the property may end up as a win for both the investor and the new owner. |
Location: 4412 West Crittenden Ln, Phoenix
Size: 3 bedrooms, 2 bathrooms |
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Description: Foreclosed upon and bank owned since 2010, this home was finally listed in September. A buyer was found in three days, for nearly 50 percent over the list price. While the home likely needs work (listing photos didn’t even include interior shots), homes in the surrounding development sold for between $60,0000 and $81,000 this past year. Whether the buyer chooses to rehab and resell, or just put in a little sweat equity for themselves, the purchase represents an inexpensive entry point to the neighborhood. |
Portland
Portland’s most popular homes represent the quintessential dream of life in Portland, in a modest two- or three-bedroom bungalow with space for outdoor living and a garage or basement ready to be renovated and personalized. Move-in ready homes like these in sought-after neighborhoods are bound to be snatched up within a matter of days and for a substantial bounty above their list price.
Location: 4422 SE Brooklyn St
Size: 3 bedrooms, 2 bathrooms |
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Description: This move-in ready house with a large, landscaped backyard equipped with a deck, hot tub and outdoor shower sold in September for more than $70,000 above its asking price. In the four days it spent on the market, this home attracted five offers. Its location close to all the action in the Clinton/Division area made it a hot commodity during the late summer home-selling season. |
Location: 3257 NE Alberta St
Size: 2 bedrooms, 2 bathrooms |
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Description: This bungalow was a magnet for people who love spending time outdoors, as it has a beautifully manicured private backyard. Spending just three days on the market, this house drew 14 offers, likely a result of its proximity to the restaurants, shops and festivities of Portland’s Alberta Arts district. |
Location: 4536 NE 29th Ave
Size: 2 bedrooms, 1 bathroom |
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Description: Another Alberta Arts bungalow attracted four offers in its four days on the market. This house has hardwood floors throughout and a backyard that’s an opportunity for some gorgeous landscaping to compete with the other popular homes described above. |
San Diego
San Diego ranked No. 5 in the nation for million-dollar home sales in 2014, according to Redfin research. Like L.A., when one thinks of San Diego, swaying palm trees and foamy white caps come to mind. But despite the romantic and luxurious side of San Diego real estate, not all of its residents can buy beachfront Spanish villas. Thus San Diego’s three hottest homes were set back from the coast, with a few rough edges.
Location: 2710 Lancha St, San Diego
Size: 4 bedrooms, 2 bathrooms |
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Description: At almost 2,000 square feet, within close proximity to downtown San Diego, this large single-family home in the Linda Vista neighborhood checks as many boxes as possible while still remaining under $550,000. There are not many of these left in San Diego, so it’s no surprise this one went quickly. |
Location: 10086 Fondo Rd, Spring Valley
Size: 3 bedrooms, 1 bathroom |
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Description: A San Diego County home coming on the market at $205,000 is a rarity. While it lies in a lower-income community and is rather far away from San Diego’s center, this home offered buyers a respectable amount of space for a paltry price. |
Location: 1130 Zurich Dr, San Diego
Size: 4 bedrooms, 2 bathrooms |
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Description: Imperial Beach is one of the last outposts of affordability in San Diego. While lacking the polish found in tonier coastal communities, this home boasts proximity to the coast at under $500,000. No wonder it sold in three days. |
San Francisco Area
The recovery of the San Francisco area’s real estate market has been headline-grabbing. Not only were homes severely undervalued during the economic downturn, but the region was one of the first to recover. As a result, no other market has been as hot. The dizzying peaks in the spring and summer of 2014 made it extremely difficult — and expensive — to buy a home in and around San Francisco.
Location: 622 Elizabeth St, San Francisco
Size: 2 bedrooms, 1 bathroom |
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Description: In a city where flips are serious money-makers, few neighborhoods were as lucrative as Noe Valley. Purchased in 2011 for $530,000, this 811-square-foot top-floor condo was listed at $799,000. Given the neighborhood’s mild, sunny microclimate, the deck likely added to the condo’s appeal. This unit in a Victorian building went to a bidder who came in at well over $1 million. Winning offers in these bidding wars are often all cash, with no contingencies. |
Location: 862 Blandford Blvd, Redwood City
Size: 3 bedrooms, 2.5 bathrooms |
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Description: Roughly 27 miles south of San Francisco, Redwood City has easy access to the city and Silicon Valley. It’s also home to immensely successful technology companies, including Oracle and Electronic Arts. Maybe that’s why this buyer was able to offer an astounding $852,000 over the list price. Perhaps the buyer appreciated its proximity to a Caltrain station, downtown Redwood City and Sequoia High School (founded as a Stanford University prep school). |
Location: 67 Landers St, San Francisco
Size: 2 bedrooms, 1 bathroom |
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Description: Centrally located in Mission Dolores, a highly sought-after San Francisco neighborhood, this single-family home has a series of features not typically associated with city dwellings, including a large backyard, two-car garage, plentiful storage and a Jacuzzi. A renovated kitchen and bathroom along with an extra bedroom only added to the appeal. |
San Jose Area
The San Jose area’s economy is anchored by some of the largest, most successful tech companies in the world. Its cost of living is also one of the highest in the U.S. and immensely valuable real estate is a driving factor. The sprawling city has a diverse population, many of whom are lured from abroad by high-paying jobs. Highly rated schools and a mild climate only add to its appeal.
Location: 1367 Cordilleras Ave, Sunnyvale
Size: 3 bedrooms, 1 bathroom |
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Description: Home to tech as well as aerospace and defense companies, the city of Sunnyvale is a popular place to live and to work. This spacious ranch on a large lot with ample room for additions attracted over 30 offers and sold for more than $400,000 over list price. |
Location: 1893 San Luis Ave, Mountain View
Size: 3 bedrooms, 2 bathrooms |
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Description: It isn’t possible to talk about Mountain View without mentioning Google and the 12,000 people the company employs, many of whom live nearby or want to. A lack of inventory and few new developments have put pressure on buyers here. Also, this home’s open floor plan, updated kitchen and hardwood floors appealed to current tastes. |
Location: 3620 Warbler Ave, Santa Clara
Size: 3 bedrooms, 2 bathrooms |
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Description: Homes in school districts with high Academic Performance Index numbers, as rated by the state’s board of education, inevitably attract a lot of attention. This home, built in 1993, feeds into the eighth-ranked elementary school in California, has an open floor plan and an updated kitchen and sits squarely in Silicon Valley. |
Seattle Area
The Seattle area experienced a shortage of homes for sale, so when a desirable property hit the market there were many qualified buyers ready to compete. Homebuyers in the city flocked to classic homes that maintained their old charm. But competition was especially fierce in the Eastside suburbs across Lake Washington. Known for its highly ranked schools and thriving job market, the Eastside experienced some of the region’s most intense bidding wars.
Location: 408 172nd Pl NE, Bellevue
Size: 5 bedrooms, 3.5 bathrooms |
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Description: Built in 1970, this spacious home had strong bones and sweeping lake views. It had so much potential for renovation that 46 people submitted offers. The property sold in nine days for a whopping $325,000 over its asking price. |
Location: 5214 S Brandon St, Seattle
Size: 2 bedrooms, 1 bathroom |
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Description: Priced below $300,000, this charming Craftsman features refinished floors, high ceilings and a spacious kitchen. So it came as no surprise when it sparked a bidding war, selling for nearly $100,000 more than the asking price. |
Location: 1919 E Blaine St, Seattle
Size: 4 bedrooms, 2.75 bathrooms |
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Description: This 1927 home blends period features with modern updates such as a chef’s kitchen. And it boasts a coveted location on a sleepy street in a centrally located neighborhood. The property received eight offers, proof that even higher-priced homes can draw a lot of interest. |
Washington, D.C.
Not surprisingly, the most popular homes in DC were in some of the trendiest downtown neighborhoods, including the H Street Corridor, NOMA, Capitol Hill, Brookland, Bloomingdale and Shaw. Competition was stiff for fixer-upper properties and buyers and investors clearly gravitated toward historic townhomes with original details. The hottest homes were listed at prices well below the median list price of nearby comparable homes, which in some cases may have been a strategy to incite bidding wars.
Location: 714 4th St NE
Size: 3 bedrooms, 1.5 bathrooms |
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Description: Located near the H Street corridor and Union Station, a popular area for homebuyers and investors, this home featured many original details, like transom windows and hardwood floors. These vintage details, which can be a rare find in an area rife with developers, may have helped drive up its popularity. This home received more than 20 offers and was on the market for a mere five days before selling for well over its asking price. |
Location: 210 14th Pl NE
Size: 2 bedrooms, 1 bathroom |
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Description: This property was listed for well under $400,000, which is very rare for a townhome in the trendy Hill East, H Street Corridor neighborhood, regardless of condition. Redfin agents who toured the property noted that it needed work, but were not surprised that buyers saw the potential in the original doors, trim and clawfoot tub. Buyers likely jumped at the opportunity to own a townhome with a backyard for the price of a condo. It was snapped up in eight days for $97,000 over asking price. We heard it received over 20 offers. |
Location: 315 5th St SE
Size: 3 bedrooms, 2.5 bathrooms |
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Description: This Victorian townhome in the heart of Capitol Hill sold for $178,000 over asking price after just three days on the market. The well-appointed home has maintained many historic details and the addition of the two-story window in the rear adds an unexpected “wow” factor. The private garden and dedicated parking pad are also big selling points for an often parked-up Capitol Hill. |