Buying a Home in Redwood City for $1 Million
With condos and luxury apartments popping up left and right in Redwood City, what's the appeal of having a single family home? While its nice to have everything "new," there's still a lot to be said for owning the land your home sits on. If you own your home you can remodel your house, build a completely new house, and change the land around it to suit your needs and lifestyle — whether that means installing a pool, growing a veggie garden, or having a space for your kiddos to play.
So what does it take to own a single family home in Redwood City these days? The average price for a home is around $1.5M, but it's possible to buy a home for $1M. Redwood City is still reasonably priced compared to neighboring San Carlos, Menlo Park, and Atherton, but a million dollars is still quite a bit of money.
Working with an agent who knows the local market can help you find the right home in your price range. Let's say you bought something for $1M, with 20% down, your monthly payment would be around $4k, which is comparable to what people pay to lease a 2-3 bedroom home here.
Now, what can you expect to see in a home priced around $1M? You can expect a lot of 5,000 square feet or more, walking distance to amenities like shops, restaurants, grocery stores, and parks. You can find a house with good bones that might need some updating or have room to expand. Neighborhoods like Lenolt, Central Park, High School Acres, Dumbarton, and Horgan Ranch are all great places to look. If you ever have questions about any these neighborhoods, or if you're interested in buying or selling a property in the area, please don't hesitate to reach out for a free consultation.
Here are some examples of homes that have sold for right around $1M. Click each photo for more details about the property.
Cliff Whearley has been a resident of Redwood City for 23 years and is a Realtor at Dwell Realtors, Inc. If you have any real estate questions, he would love to help!