California home sells for nearly $800,000 over asking price


SUNNYVALE (CBS SF) – Even in the real estate craziness of the Silicon Valley, the sale of a modest four-bedroom home in a quiet Sunnyvale neighborhood has stirred up quite a buzz.

While it’s not unusual for bidding wars to erupt over homes in the Bay Area and over-asking offers are more the norm than the exception, what happened at 1129 Prunelle Court has raised the anxiety of many home buyers.

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The home was listed for $1,688,000 and when it finally closed seven days later, it sold for $2,470,000. Bidding for the home had become quite heated as 20 different buyers put in offers.

“There were lots of people who gave very good, high prices” for the property, Dave Clark, the Keller Williams agent who represented the sellers in the deal, told the San Jose Mercury News.

“I think it’s the most anything has ever gone for over asking in Sunnyvale — a record for Sunnyvale,” Clark told the paper. “We anticipated it would go for $2 million, or over $2 million. But we had no idea it would ever go for what it went for.”

The price also was likely impacted by the home’s location – it’s just a mile from Apple’s new headquarters building.

While not identified by name, the buyers are tech workers who had lost bidding wars for other homes.

Industry sources told the Mercury News that the property was one of more than 50 South Bay homes that sold in the last month for at least $200,000 above the listing price.