Imagine, if you well, if one of the first California ranch-style houses built in Manteca’s Shasta Park neighborhood had been built on a third of an acre, was just less than 2,000 square feet, and sold for $27,500 in 1963.The price would have been a little bit high for Manteca based on prices 55 years ago but then again we are talking about what would have been a huge tract home lot for a Northern San Joaquin Valley community back then.That home today — even though it hasn’t been structurally renovated since it was built — might get you $450,000.If you listed the home for $1,688,000 you’d be called crazy. If someone actually bought it from you for $2,470,000 they’d be called insane. That’s exactly what happened in Sunnyvale just recently.It’s important for you to know because it is the canary in the coal mine for future housing values in the inner Bay Area which in turn will reverberate into the outer Bay Area and ultimately into Tracy, Lathrop, and Manteca as the three cities represent the biggest beachhead of the “Bay Area-ification” of the Northern San Joaquin Valley housing market.It doesn’t mean a home in the Powers Tract neighborhood that was built in the 1950s and is sandwiched between Manteca High and Spreckels Park will be fetching $1 million offers anytime soon.
BAY AREA PRICE REALITY
Sunnyvale home bought for $27,500 in 1963 sold this year for $2.47M