It is a recently remodeled 1,400-square-foot, unpretentious California ranch-style home.

It went on the market Feb. 14 for $1.298 million.

It was under contract seven days later for $1.72 million after receiving 50 offers of which all were over the asking price.

And it could have ramifications for the South San Joaquin County that has become a favorite landing spot for families squeezed out of the Bay Area housing markets evidenced by the uninterrupted growth in Manteca, Lathrop, Tracy, and Mountain House.

Forty-six miles slightly to the southwest of Manteca — or 59 miles as the commuter drives — is Fremont.

That is where the home that is in escrow for $422,000 more that its asking price is located.

It is of the same 1970s pedigree you’ll find around Mylnar Avenue in central Manteca and various spots in the Shasta Park neighborhood.

Fremont is home to a number of tech companies including three-tied to Elon Musk — Neuralink, Tesla Energy, and the Tesla automotive assembly plant.

Neuralink just recently planted a brain interface computer chip in a human working toward helping those with ALS to paralysis regain control over body functions such as limb movements

Fremont is also 12 miles north of Sunnyvale, home to Nvidia.

Nvidia has reached the stratosphere of market valuations thanks to its ability to make chips that are powering the artificial intelligence boom.

It also underscores two truths that have been absent from the talk of tech layoffs.

*There are tech companies riding the next wave of invention that are hiring.

*And although tech firms shedding positions are headquartered in the Bay Area, the lay-off numbers in the thousands reflect worldwide workforces.

The strength of the Bay Area economy and its housing market has a big impact on the Northern San Joaquin Valley.

There is virtually no debate on it.

That said, how specific trends in the tech rich Inner Bay Area will create ripple effects in the housing market on this side of Altamont Pass are carefully watched by real estate experts.

Workers have to live somewhere.

The inner Bay Area no longer has the available land to support more traditional tract developments.

The lure of Manteca based

on price, distance, lifestyle

and availability of rail

Manteca’s appeal — and that of other South County communities — has been the same as it has for 40 years plus for those caught in the squeeze of robust Bay Area paychecks and even more robust Bay Area housing prices, except for one caveat.

That caveat is rail commuter service.

New home agents note the close proximity to commuter lines and more robust service to San House, Sacramento, and San Francisco that will start coming  online in 2025 is being brought up by more and more buyers.

A number of real estate agents selling existing homes indicate the same interest but on a smaller degree.

And to be clear, according to agents for builders in southwest Manteca, it is not a situation where potential buyers will end up riding commuter trains daily but that they are available to take.

The push to return to offices after the pandemic in many cases means going back to a hybrid in office/from home work schedule that was in place for a number of Bay Area tech employers before COVID became part of the be vernacular.

Toss in lifestyle and pricing and you have a ripple effect.

Clearly, there are tradeoffs.

Someone buying a three-bedroom, two-bathroom house built in the 1970s  for $1.72 million has a different lifestyle than those buying new single family tract homes in Manteca.

The $925,000 Manteca

that may be a sign of

things to come in 2024

The highest priced home that is currently pending in Manteca is in the neighborhood to the southeast of Woodward Park.

It is a six bedroom, 4.5 bathroom house with 3,576 square feet on a 6,519-square-foot corner lot in the 1500 block of United Street.

It last sold for $576,000 in 2019.

It had an accepted offer of $925,000 after 41 days on the market

That is a $349,000 gain or roughly 60 percent increase in value in four years.

There are currently seven resale tract homes listed for $900,000 to $999,999 in Manteca including one that is pending and one that is contingent.

In addition, there are 20 resale tract homes from $800,000 to $899,000 listed for sale in Manteca, including five that have gone pending.

Clearly, the resale sub-market of larger tract homes built after 1999 in Manteca benefit more from Bay Area price bumps than other categories.

That said, all pricing categories based on 2023 data are outperforming inflation.

To contact Dennis Wyatt, email dwyatt@mantecabulletin.com