I saw a 2200 square foot house in Mill Valley, CA on Twitter this morning. It was listed for about $3M and went for $1.6M over asking. Over $2000 per square f

I saw a 2200 square foot house in Mill Valley, CA on Twitter this morning. It was listed for about $3M and went for $1.6M over asking. Over $2000 per square foot. On the other hand, the pictures seem to suggest it has the perfect Pottery Barn look that buyers want. One thing that the Fed report fails to consider is the cost, time and hassle of renovations. To get to that Pottery Barn look on a non renovated house would require at least a year and be very, very expensive (probably $1000 square foot just for renovations). Also, it doesn't seem like anyone in the most desirable neighborhoods is selling, as it is basically insane to sell when the houses are appreciating at 20% like clockwork. So you have a desperate buyer that has to pay $1.6M on the single perfect house to come on the market this year. House details: https://www.zillow.com/homedetails/38-Sycamore-Ave-Mill-Valley-CA-94941/19255371_zpid/ https://www.zillow.com/homedetails/38-Sycamore-Ave-Mill-Vall...