Records continue to fall in the Bay Area housing market as a single family home in an unassuming Sunnyvale neighborhood just sold for $3.1 million.
The five-bedroom, four-bath house is at the end of a cul-de-sac near Los Altos and Cupertino, but it's not what one would expect for the price tag. The 2,900 square-foot dwelling is now the city's most expensive single-family home.
Realtor Anne Moran said it was perfect for her buyers.
"They were looking for a specific floor plan," she said. "They wanted this part of Sunnyvale because it's Cupertino schools."
The $3.1 million selling price was about 25 percent above the home's asking price.
"It's worth $3.1 million if someone is paying $3.1 million," Moran said.
Multiple people submitted bids on the house, which sold in just eight days, Moran said. But it took more than money: The seller finally bit when the buyer offered to meet her.
"She said no other realtor that was writing offers on the house made that sort of personal or human factor to it," Moran said. "She told me later it made a big difference."
A man next door who didn't want to be identified said the price is too much.
"I think it's overpriced," he said."It really doesn't matter; it's only a place to live."
He says it's only a matter of time for the bubble to burst: "Something's gotta give. It's in a bubble. There's not much question about it in my mind."
Moran said home prices in the area have gone up 37 percent in the past two years, and she expects that trend to continue.
Overpriced, or worth every penny? A 5-bedroom, 4-bath house at the end of a cul-de-sac in Sunnyvale is sold for a record $3.1 million. https://t.co/7iBfBGHHvM pic.twitter.com/OKCojhM06c
— NBC Bay Area (@nbcbayarea) May 29, 2018