What makes an expensive house in the San Jose area more than just a pricey bit of real estate, but instead a Silicon Valley luxury home? How is high end real estate different from the rest of the market? When is a property not just a home with land, but an estate?
In other parts of the U.S., spending $1,200,000 may fetch a 4000 square foot home, new construction, in an upscale gated community with country club amenities such as a golf course, tennis courts, and more. Here, that same $1,200,000 will procure an entry to mid-level single family home in many parts of Santa Clara County. It won’t necessarily be a Silicon Valley luxury home.
Luxury connotes a combination of qualities, features, and amenities. And it includes pricing (relative to the nearby market), condition, land, design.
Pricing Luxury Homes in Silicon Valley: What Do They Cost?
Expensive Silicon Valley homes are not necessarily luxury homes. Depending on the city or town, the price tag could be higher or lower. For instance, a fabulous house on a large lot in Gilroy’s Eagle Ridge might sell for 1/3 as much as the identical type of home, land and neighborhood found in Saratoga, Monte Sereno, or Los Gatos, or Los Altos, if a similar home happened to be available. Generally, though, luxury homes could cost as little as $1,000,000 or so in some parts of Silicon Valley or in neighboring counties, but in most parts of Silicon Valley, a true estate type property will be valued at $2,000,000 or $3,000,000 or more. In some areas, such as Palo Alto, that $2 million doesn’t go too far and the home you can purchase at that price tag may need major updating – or it could be “land value”. For our purposes today, we’ll use $2 million as the bottom number for estate properties, but it may or may not be the case in some areas.
Looking to buy a home in San Jose’s popular Cambrian district, with zip codes 95124 or 95118? This is a great part of Silicon Valley! Browse a list of Cambrian Park homes for sale below. Or use this link to view a “map search of Cambrian listings“, which you can customize with criteria such as home size, number of bedrooms, number of bathrooms, and so on.
A major driver in Cambrian real estate values are the public schools. The Cambrian area is partly in the Union School District (seems to be the most in demand – 95124, a little in 95118), partly in the Cambrian School District (also very highly regarded schools – 95124), and partly in the San Jose Unified School District (in 95118).
On this site you will find many articles on the various Cambrian Park neighborhoods (from menu bar: neighborhoods –> San Jose (all areas)–> Cambrian Park). There are also many posts on community spots, such as Houge Park, the real estate market, and much more – please take a look around.
Cambrian Park homes for sale: houses & duet homes (single family)
Houses, single family homes, detached and attached in San Jose’s 95118 and 95124 zip codes currently available or under contract (pending). These are presented in order of newest listings first. Condominiums and townhomes for this community can be found below.
$1,499,999 : 4285 Kirk RD, SAN JOSE4 beds, 3 baths
$975,000 : 5316 Ayrshire DR, SAN JOSE4 beds, 2 baths
$998,800 : 1582 Willowmont AVE, SAN JOSE4 beds, 2 baths
$849,000 : 1671 York ST, SAN JOSE3 beds, 1 bath
$1,399,999 : 1709 Canna LN, SAN JOSE3 beds, 2 baths
$1,350,000 : 1693 Canna LN, SAN JOSE4 beds, 2 baths
$1,100,000 : 4915 Adair WAY, SAN JOSE4 beds, 2 baths
$1,475,000 : 5130 Noella WAY, SAN JOSE4 beds, 2 baths
$1,150,000 : 3077 Hilary DR, SAN JOSE3 beds, 2 baths
$1,228,000 : 5050 Alan AVE, SAN JOSE4 beds, 2 baths
$899,950 : 1391 Sprucewood DR, SAN JOSE3 beds, 2 baths
$1,249,888 : 1654 Wyndham DR, SAN JOSE3 beds, 3 baths
$899,000 : 1686 Foxworthy AVE, SAN JOSE4 beds, 2 baths
$1,390,000 : 5339 Lenora AVE, SAN JOSE4 beds, 3 baths
$1,350,000 : 1677 Merrill DR, SAN JOSE5 beds, 4 baths
$939,900 : 3195 Dovela WAY, SAN JOSE5 beds, 2 baths
$1,299,000 : 3348 Meridian AVE, SAN JOSE4 beds, 3 baths
$1,599,000 : 3715 Woodard CT, SAN JOSE4 beds, 3 baths
$1,525,000 : 4595 Jacksol DR, SAN JOSE4 beds, 3 baths
$1,088,000 : 1260 Montmorency DR, SAN JOSE4 beds, 3 baths
See all Real estate in the Cambrian community.
(all data current as of 11/21/2017)
Listing information deemed reliable but not guaranteed. Read full disclaimer.Continue reading
How are the key housing indicators in the Almaden Valley area of San Jose? At the moment it’s said to be a hot “seller’s market” overall. But look closer and you can see there are clear market micro-climates. Prices are better for sellers, while buyers struggle with higher prices and less homes to choose from.
Almaden Valley Inventory of Houses for Sale
Right now I have a few Almaden Valley home buyers and they have all been disappointed at the lack of inventory. What’s happening?
First, let’s see what “usually” happens in the 95120 zip code in terms of the number of houses for sale. Here’s a look at the last 10 years (all available history), care of Altos Research:
Here you can see that inventory has regular peaks and dips. Inventory tends to rise early each year and peak in mid to late summer. After the peak is a decline through autumn and winter with the lowest point in the coldest part of the year before turning around again before spring.
Now let’s look up close at just the last 3 years.
As usual, our inventory bottoms out in winter and then rises beginning sometime after the Super Bowl or perhaps a little later – at least, that happened until 2017. This year, inventory stayed up longer than usual, not going as low in winter as expected, but instead fell later, when the market is usually heating up! Rather than rising to a peak again in summer, it looks like inventory is continuing to drop or at least remain extraordinarily low. We have hit the bottom (hopefully), but inventory won’t necessarily increase as the year progresses, if seasonal trends are followed. Perhaps the whole cycle is running a little late.
While there are many natural hazards that are commonly discussed in the San Jose area, such as earthquake faults, flood planes, and liquefaction zones, there’s one which comes up frequently on the east coast but is largely ignored here in the Valley of Heart’s Delight. The question is this: is there a radon risk in Silicon Valley homes?
First, though, what is radon?
Per the EPA website, “Radon (chemical symbol Rn) is an odorless, colorless, radioactive gas. It comes from the natural decay of uranium and radium found in nearly all rocks and soils. Radon can move up from the ground into buildings through openings in floors or walls that are in contact with the ground.”
If the idea that a radioactive carcinogenic gas can enter your home or workplace completely unnoticed spooks you, that’s understandable. Thankfully, it is uncommon to find radon at high enough concentrations for concern in Silicon Valley. It’s helpful in that regard that it’s a region with few smokers and few basements, both of which can increase the risk.
That being said, radon can be found all over the world, and similarly, homes high in radon can be found anywhere, though they are more or less common depending on where you are.
So how do you know your radon risk?
Santa Clara County is considered to be a moderate, and not high, radon area. Different geological conditions may make an area more or less prone to high levels of radon gas, though, so even here it is possible to have a radon risk.
The U.S. Environmental Protection Agency (EPA) and the U.S. Geological Survey have mapped by county the average potential radon levels in the area, divided into three zoning (Level 3 being the lowest and Level 1 the highest average measurement zones) for buildings without radon remediation. Santa Clara County is a Zone 2 area per the map linked to above. Check the map at Berkeley Lab Columbia Univeristy Radon Project page. Areas with the greatest risk, and which suggest remediation, are those in Zone 1. The are counties with predicted average indoor radon screening levels greater than 4 pCi/L.
If you would like to check your home’s radon risk levels, there are two tests you can use to measure indoor exposure: a short-term test and a long-term test, and both are affordable. The short-term test only takes a few days, might cost around $15, and is a less reliable way to get results quickly. Long-term measurements take a year and uses detectors placed one on each living level of the house (so approximately $25 for a single-story, $50 for a two-story home). These are much more accurate, so they are the ones preferred by researchers and home owners, but the results will take longer to reach and the cost is higher.
Worst-case-scenario, you have measured 4+ pCi/L (picoCuries per liter of air), the level at which the EPA recommends remediation. Now what? Prepare to spend a few thousand dollars (a great bargain to keep you and your family healthy). The standard treatment involves the installation of a pipeline and fan system which will pull the seeping gas from the ground beneath your house and redirect it outside where it can disperse safely in the air. The only apparent downside to this procedure (other than the time and cost of installation) is that your heat and air conditioning costs may rise slightly. Check with the experts, though, to get the full scope of both the risk and the remediation impact.
Read more at the pages listed below.
What does it cost to buy a home with really good schools in Silicon Valley? Los Gatos, Saratoga, Cupertino and Palo Alto are all areas with highly regarding public schools. These aren’t the only areas with good schools but they are popular “west valley” areas that people may consider if working for Apple, Google, Microsoft, Facebook or any number of high tech employers.
Los Gatos and Saratoga both have multiple school districts, running from good to very good or excellent. The cost of housing tends to follow the popularity of the district, so for those areas I’m showing the breakdown not just for the whole town of Los Gatos but also by the high school district (Los Gatos-Saratoga or Campbell Union High School District). Same with Saratoga. (The Monte Sereno real estate market is very similar to Los Gatos, but slightly more expensive. Most of Monte Sereno has Los Gatos schools, but a small number of homes are in the Campbell area.)
Here are the average numbers for single family homes sold in the last 60 days ranging from 1500 – 2500 square feet, on a lot between 5000 and 10,000 SF, with 3-5 bedrooms and 2-3 bathrooms to give a sense of what it would cost to purchase a typical house in these areas. Please note that right now it’s a strong seller’s market, so many (if not most or all) homes are selling for more than the list price. DOM stands for days on the market.
If you are new to Santa Clara County, you may be wondering if this is correct. The cost to buy a home in these areas is what?
- Los Gatos: approximately $1,500,000 to $2,150,000 depending on the school district
- Saratoga: approximately $1,700,000 to about $2,500,000 depending on the schools
- Cupertino: approx $2,000,000 (some high schools will bring in higher prices and others lower)
- Palo Alto: approx $2,700,000 – $3,000,000
Remember, these prices do not mean that the houses being sold are perfect. Because it is a strong seller’s market, many properties are being sold which need new roofing, extensive pest work, remodeling, perhaps updating of electrical or plumbing systems or more. Many home buyers will need to spend 1-2% on things like termite fumigation, dry rot or roof repairs, carpets, paint, windows and more, and usually this will be done before they move in. So whatever the budget is, buffer it a little bit for both money and time to make it turnkey.
To compare, here’s the same chart, following the same criteria, taken in April 2014. See what’s changed:
For people relocating to Silicon Valley from out of the San Jose or Peninsula area, this real estate market can be daunting. There are other areas with good schools which are a bit further from most employment areas which can be an alternative, too. They include the Cambrian 95124 and Almaden 95120 (especially the southern area with Bret Harte Middle School and Leland High School) areas within San Jose.
Finally, in some cases, it may be more affordable to make use of private schools, which are plentiful in the San Francisco Bay area. In some situations it can be financially more affordable to buy outside of the highly competitive areas with the best schools and utilize the private school system. Some of the private schools are religious, some secular, and some with a language focus (bilingual in French, German, Chinese, etc.).
Interested in purchasing a home in one of these fantastic communities? Please call or email me! 408 204-7673 or mary (at) popehandy.com
$1,868,000 : 1083 W Hill CT, CUPERTINO3 beds, 2 baths
$925,000 : 10163 Danube DR, CUPERTINO2 beds, 2 baths
$2,388,000 : 21746 Noonan CT, CUPERTINO5 beds, 3 baths
$2,398,888 : 10105 N Foothill BLVD, CUPERTINO3 beds, 4 baths
$2,460,000 : 10353 Alpine DR, CUPERTINO0 beds, 0 bath
$3,250,000 : 10109 S Tantau AVE, CUPERTINO5 beds, 4 baths
$998,000 : 19507 Stevens Creek BLVD 205, CUPERTINO1 bed, 1 bath
$500,000 : 17580 Stevens Canyon RD, CUPERTINO1 bed, 1 bath
$2,148,000 : 10301 Byrne AVE, CUPERTINO3 beds, 1 bath
$2,900,000 : 10466 Manzanita CT, CUPERTINO4 beds, 3 baths
See all Real estate in the city of Cupertino.
(all data current as of 11/21/2017)
Listing information deemed reliable but not guaranteed. Read full disclaimer.
If you are tired of paying $3,000 per month in rent for a 1 or 2 bedroom apartment and have decided that you want to buy a Silicon Valley home, you may find that it’s complicated and scary as the San Jose area is in a very deep seller’s market. Let’s take a quick look at the major challenges and decisions you’ll face as a potential Silicon Valley home buyer.
Silicon Valley home buyer challenges
Affordability – or the lack of it
Challenge # 1: the cost of housing is staggering, whether you are renting or buying, whether you are a first time home buyer or you’ve just relocated from somewhere else less expensive (meaning almost anywhere). Homes under a half million dollars are few and far between, as the newspapers and media have recently announced, and the median price of houses in Santa Clara County is about $1.1 million (and closer to $1.3 million in San Mateo County, less in Santa Cruz County), with the average price being higher still. Of course, condos and townhomes are less pricey, but they will have Home Owner Association or HOA dues to factor in. Same with mobile homes, which nearly always have space rents of $1,000 or more in Silicon Valley. If you want to buy a Silicon Valley home, figuring out “how much house” you can afford when purchasing can be a painful exercise. (Hint: your success in life is not reflected in the size or remodeling of your home here. The odds are good that you will be disappointed when you see how little you can buy.)
How much can you afford in this hyper expensive real estate market?
The old rule of thumb is that a consumer can qualify for a mortgage for 3-4 times his or her annual income. Translation: if you make $200,000 per year, and don’t have other debt (student loans, car payment, etc.), you may get a mortgage of $600,000 to $800,000 (and then you need the down payment on top of that). In most parts of Silicon Valley, that means buying a condo or a townhouse, not a single family home. In addition to the down payment, there will be closing costs, and most likely repairs to the property since in the current market sellers usually aren’t providing section 1 pest clearances or doing other repairs. Cash is crucial.
Challenge #2 if you want to buy a Silicon Valley home: money for the down payment, closing costs, repairs, and reserves – it’s more than you might think. Pulling together the hefty down payment and other needed money is always hard. In this crazy area, though, most people who want to buy a Silicon Valley home need not just 20% down, but additional funds in order to be competitive with multiple offers. So you may need to be able to throw $200,000 to $400,000 down on that normal, non-luxury house or townhouse. Saving that much money is a trick, and many first time home buyers either get help from parents or are cashing in on stock options to pull it off. Most of the time, home prices seem to appreciate faster than buyers can save, so having some sort of boost beyond your own saving power is critical for most. This has been true for many decades here – both the relatively high cost of housing and the difficulty in pulling together 20% or more for the down payment. (It was true in the late 1980s when my husband and I were trying to buy our first home, too.) It’s even harder now, though, as 25% is often the bottom amount that will get your offer seriously considered if there are multiple bidders on a home for sale. Continue reading
Keeping up with the latest trends in home decor and remodeling is a bit like painting the Golden Gate Bridge: by the time you’re done, you need to do it all over again. Styles change, tastes change. How often do you really want to remodel and update your hardware, light fixtures, floor coverings – to say nothing of kitchens and bathrooms? If these items are functional and you like them, there’s no reason to change. Then again, if you’re going to sell your home and want to maximize the return, it might be worth it to do some updating.
The average American kitchen is remodeled about every 17 years – that’s long enough to jump from one trend to the next, one set of materials or colors to the next. If you wait long enough, certain themes actually come “full circle,” not unlike clothes!
To make a point: in the mid 70s, brushed brass was in, and many if not most homes built then in the San Jose, Silicon Valley area were made with brushed brass doorknobs, hinges, drawer pulls, doorbells, you name it. That trend moved to gold, brushed stainless steel and now – full circle – back to brass! Ditto that with colors. “Earth tones” were all the rage in the 70s (olive green, deep brown, tan) and as things moved through the cycles (with a whole lot of white in between), the earth tones have come back again.
Some colors make more infrequent appearances, such as lemon yellow, lime green, bubble gum pink, baby blue….
Let’s just take a look at bathrooms and kitchens for this discussion about colors, materials and being in style. Continue reading
Luxury home sales are going like crazy in the west valley areas of Santa Clara County. Right now in Almaden Valley, Los Gatos, Monte Sereno and Saratoga, there are 105 houses for sale listed at or more than two million dollars (just checked MLSListings.com), and in the last 30 days 56 have sold and closed escrow in those same areas and price ranges. For the Almaden – Saratoga region generally, then, there are 1.88 months of inventory in the over two million dollar price range (105/56). That makes it a strong seller’s market. Things have certainly livened up a lot since October. (In the same region, there are 25 pending sales.)
Next we’ll look at these four Silicon Valley communities separately to see how the luxury market in each one is faring overall.
Almaden Valley (San Jose, 95120)
Currently in Almaden there are 9 houses for sale which are listed at or over $2,000,000. In the last 30 days, 8 sold in that price range (with two sales pending). That makes for just over 1.13 “months of inventory.” That would mean this luxury market has rapid turnover and is in a strong seller’s market. It’s a deep seller’s market in Almaden Valley among the most expensive real estate offerings for sale. Five to six months is balanced and over six is a buyer’s market. Continue reading
One question I get a lot is this: what does it cost to buy a 4 bedroom, 2 bath house of about 2000 square feet?
So to answer this question, let’s see what houses like this are selling for (4 bed, 2 bath, appx 2000 SF or 185 square meters) and see how the cost looks in one Santa Clara Count y / Silicon Valley area versus another.
Today I compared several areas and cities using this criteria: single family homes of 1800 – 2200 SF, 3-5 bedrooms, 2-3 bathrooms, on lot sizes of 6000 SF to 10,000 SF. Normally I would chart this over the last 2 months, or 60 days, but because of the low inventory causing the sellers market I have expanded the search to the last 3 months, or 90 days, for a better range. As of this writing, Saratoga only had one sale over the last 90 days, so data for that segment may or may not be a good average.
Here’s how it shakes out in the “west valley areas” along the Highway 85 corridor, most of which are known to have good to great public schools. What areas are most affordable? One way of analyzing this is the “price per square foot” figure. Whenever I update the chart, I re-arrange the order of the cities from high to low based on the price per square foot, although there’s usually minimal movement.
To compare, here are the numbers from the this past January 26, 2017. There were fewer sales, so the search range was bumped up to 120 days instead of 90 days (and Los Altos was so low, it was individually searched at 180 days). You might notice price per square foot appears lower across the board in January compared to July. This is most likely because the market has heated up over spring and summer, which you can also see in the DOM.
Below are my results from the same search back in September 18, 2015. By comparison, you can tell that Santa Clara’s average Price has increased, pushing it above Almaden and Campbell.
How competitive is the market? Have a look at the DOM or “Days on Market” figure. All of these days on market are short, but they range from low to heart-skippingly fast.
In most cases, the priciest and most desirable places have either the best schools or shortest commute location or both (Palo Alto and Cupertino have both). Had I ranked these for school scores, you’d find that Cambrian is fairly high up and a good “bang for the buck” location – though not a super short commute for folks who work in Mountain View (though not so bad for people working in Cupertino). Almaden, too, offers a good value for the quality of the schools, homes, and neighborhoods, though the commute is longer. None of these is especially close to North San Jose (where a major employer is Cisco).
It should also be noted that in some of the smaller communities with less on the market these numbers may not be as stable as others with more data – for instance, Los Altos only had four homes sold, the second lowest, matching this criteria within the 90 days of collected data, and therefore may not be as accurate as others, such as the Blossom Valley area of San Jose with the most data at 38 homes sold. For these smaller communities with less data, it is beneficial to look at them more closely – Saratoga, for instance, has 3 different high school districts which have an impact the real estate prices. This chart is really just a snapshot to give a general sense of the relative affordability of these markets to one another. Continue reading
Tastefully updated & remodeled throughout! 1512 Santa Monica Ave boasts hardwood and tile floors only! This beautiful and sunny Cambrian home sits along the Willow Glen Border and enjoys an open floor plan, ideal for entertaining! And it is move-in ready!
1512 Santa Monica Avenue, in the Cambrian area of San Jose: Offered at $850,000
MLS # ML81670041
- 3 bedrooms
- 2 updated bathrooms
- 1144 SF of living space (per county records)
- 5882 SF lot (per county records)
- Central air conditioning
- Many dual pane windows
- Hardwood & tile floors throughout
- Raised panel interior doors
- Attached 2 car garage with extra wide driveway
- Washer, dryer, and refrigerator all stay
- Built 1954
1512 Santa Monica Ave – Virtual Tour Link: http://www.tourfactory.com/1642868
OPEN LIVING, ABUNDANT NATURAL LIGHTING!
The living room offers a wood burning fireplace, built in bookshelves, hardwood flooring, recessed lights, and access to the front porch – a welcoming, comfy place to relax in a friendly neighborhood.
The kitchen overlooks the back yard and features younger cabinets, stainless steel appliances, slab granite countertops, a sun tunnel, tile floor, and a door to the garage.
The spacious dining area is open to both the kitchen and living room, and it also provides a tile floor & view of the inviting back yard.
Outside there’s plenty of room for everything with both a spacious deck – like an outside “family room” – and a flagstone patio with an exquisite pergola, which makes for a fabulous outside dining area. A lawn, fruit trees, and planting area complete this space. (Fruit trees include apple, peach, and orange.)
BEDROOMS & BATHROOMS
The bedroom wing enjoys hardwood floors, fan lights in each bedroom, and cedar floors in the closets with custom “Elfa” organizers and shelving.
The large master suite includes 2 closets, hardwood floors, and a fan light. Located at the rear of the home, it enjoys a wide view of the beautiful back yard.
The updated master bathroom provides a stall shower along with a toilet and vanity. The hall bath is also nicely updated with a pedestal sink, toilet, and shower over tub.
SCHOOLS for 1512 Santa Monica Avenue
Willow Glen Middle
Willow Glen High