Last week, when I had just finished negotiating a successful sale for clients in the million dollar-plus range in a very nice area of Mountain View, I found out that my oldest son and his wife had made an offer on a lakefront property in Michigan. The markets are so dramatically different. We were competing with six other offers, and had to make a non-contingent offer that was more than $100,000 over the listed price to win the bidding war. My son had no competition, and offered $45,000 under the listed price. The final contract was $20,000 under list. Both places need extensive(and expensive) renovation.
The difference? The local house was listed at $1,200,000. It has 3 bedrooms and 2 baths and about 1600 square feet on an average size lot. The lakefront house near Kalamazoo, Michigan (where my son teaches at WMU) has 7 acres, 5 bedrooms, 4 baths, over 4000 square feet, a pool and tennis court.
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