How’s the Saratoga California real estate market?

Annual Saratoga CA Real Estate Update:

Saratoga’s prices slipped a bit in 2011 over 2010.  Here are the basic numbers with the stats for the annual review, including median sales price and average sales price of houses sold (see the Saratoga Real Estate Report for even more data):

Median Sale Price 2011 = $1,480,000   2010 = $1,510,000 (-2.0%)

Average Sale Price 2011 = $1,636,300   2010 = $1,657,140 (-1.3%)

For condominiums and townhouses it was stronger (finally, they’ve taken a beating!):

Median Sale Price 2011 =  $660,000     2010 =  $612,500 (+7.8%)

Average Sale Price  2011 = $684,500    2010 =  $640,895 (+6.8%)

To see much more information please visit the full annual Real Estate Report for Saratoga condos and townhomes

Monthly Real Estate Update for Saratoga:

Sales of single family homes were up but prices were down month over month – but way, way up over December 2010! It’s taking much longer to sell houses compared to a year ago too – but look at the prices from a year ago – the low price went with a very brisk sale time (average 17 days on the market).  That was nuts both for low pricing and for speed!

What about Saratoga condos for sale and sold? There are very, very few of these which sell in any given month, so the numbers can very easily jump around like crazy – and therefore aren’t terribly helpful. 

Days on market are double a year ago and triple even a month ago (this IS helpful), prices are down from last month (but again, that can mean very little since a Saratoga Oaks townhouse with a view will sell for much more than a small condo with a less desirable location).

To really understand the condo and townhouse market it’s better to see actual sales and compare them quarter by quarter, using similar units.  If you are interested in buying or selling a condo or townhouse in Saratoga, don’t go it alone or rely on online stats – give me a call and we will crunch the numbers specifically for your home and pinpoint the pricing.

Median List Prices of Saratoga Homes for Sale

First, a graph displaying the overview of the median list prices for condominiums and single family homes in Saratoga – all price quartiles combined:

In general, the seller’s market is showing itself for houses in the fact that list prices are rising.  Not so with condo and townhouse pricing. That’s a much cooler market.

Next, the median list prices for single family homes with a breakdown by price quartile. (Please note that the info would be even more precise if broken down by school district, but this particular program doesn’t yet filter by schools.)

In most price points, the list prices are now rising slightly, but most of all in entry level homes. In the last few months we’ve seen the high end home sales start to pick up in Saratoga, with a good run up in late 2010 before sliding earlier.  Starting to improve now, though.

And now, list price of condos by price quartiles.

Interestingly, the condo market is not enjoying at all the decent seller’s market seen among houses in this city.  Every price point appears to be suffering, but the high end most of all.

Inventory of both houses & condos in Saratoga

It’s seasonally typical to have more inventory in summer than other times of the year. Going back a few more years (see below), please note where the peaks are found – always sometime in summer. (Single family homes only.)

It’s less clear, but still visible, with condominiums and townhouses in Saratoga:

Average Days on Market for Saratoga Homes for Sale

Houses by quartile is not much different – DOM was rising across all price points and has been since August until spring, when the bottom and two quartiles (blue and green) reversed the trend. These are the “hotter”or improving segments of the market right now.

It is strangely disjointed in the Saratoga Condo market, though. I can’t explain why this had been so “all over the board” based on just this data. But since August, all four groups appear to be following the same general trend.

My suspicion is that the homes with the better schools are faring the best, but that’s just a hunch based on how well homes usually sell – it’s not provable with this info at hand.

If you’re interested in buying or selling a Saratoga home, please contact me. I’ll be happy to meet with you for a no obligation initial consultation.

Saratoga Real Estate Listings – Saratoga Homes for Sale – Condos, Townhouses & Houses for Sale in Saratoga

If you’d like to browse Saratoga homes for sale, I invite you to have a look here! Below please find all properties currently listed as available on our local MLS.  Please be advised that there are a number of different property types and school districts listed here.  For more precise information on houses, condos or town houses on the market, please contact me via email or complete a form at SiliconValleyHomeHunt.com or on my popehandy.com website.  Either way it will come to me and I will personally set up your search for a Saratoga property. (If you are moving to the South Bay area from far away, please also see my Silicon Valley relocation website for helpful tips.)

Showing properties 1 - 5 of 68. See more city of Saratoga real estate.
(all data current as of 2/10/2012)

1. $3,285,000 : 14982 Sobey Rd, Saratoga
   
   6 beds, 5 full, 1 part baths

   Home size: 4,895 sq ft

   Lot size: 1.04 ac
   
2. $915,000 : 18775 Mcfarland Av, Saratoga
   
   4 beds, 2 full baths

   Home size: 1,894 sq ft

   Lot size: 10,000 sq ft
   
3. $2,495,000 : 12888 Chiquita Ct, Saratoga
   
   4 beds, 3 full, 1 part baths

   Home size: 4,400 sq ft

   Lot size: 1.01 ac
   
4. $890,000 : 14451 Oak Pl, Saratoga
   
   2 beds, 2 full baths

   Home size: 913 sq ft

   Lot size: 8,925 sq ft
   
5. $625,000 : 14660 Big Basin Wy #C, Saratoga
   
   3 beds, 2 full baths

   Home size: 1,408 sq ft

   Lot size: 1,496 sq ft
   

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Cinnabar winery sign (Big Basin Way, Saratoga)

In many communities such as Saratoga, Los Gatos, Los Altos, Willow Glen, Campbell and Palo Alto, there is a high premium placed on homes which are close to the downtown area.  Many real estate agents advertise these as “walk to town” but the idea is simple: it’s nearby, you can stroll, skate, ride or bike, wheel yourself and forget the car.

Downtown Saratoga, also called Saratoga Village, welcomes residents and visitors to a charming, scenic area with fabulous shops, spas, wine tasting venues, restaurants and more.  This part of the city boasts top scoring schools as well as lovely older and historic buildings and a gorgeous park alongside Saratoga Creek. Whether you spend an afternoon or a lifetime in Saratoga, this part of town will call you back again and again!

What do you need to know about buying a house, townhouse or condo in downtown Saratoga?

There are a few points which you are well served to know when purchasing residential real estate in this upscale community. We’ll touch on a few of them here: historic homes, traffic & noise, natural hazards, parking, and special issues with condos, townhouses and PUDs (planned unit developments).

First, this downtown Saratoga Village zone is historic; while not every property is deemed historic, many are and that means that there will be restrictions on remodeling and expansion of single family homes or houses. For instance, original glass in windows may need to remain if you’ve got a Victorian house dating from the 1890s, and expansions may need to be off the back of the home so that the facade keeps its initial look and feel (just examples).  This can be frustrating if you buy a luxury home that “needs work” and you are surprised later. If the house was built before 1950 or so, double check the rules!

Second, traffic and noise can be an issue and vary from day to day as well as from one time of day to another; there are a variety of traffic related concerns.  Big Basin Way is an alternate route to Highway 17 for access to Skyline Boulevard and the coast.  Cars and motorcycles may be thick on Saratoga Avenue, Saratoga-Sunnyvale Road and Saratoga-Los Gatos Road when the weather is good.  Motorcycles can be especially loud when large groups go on a road trip together!  Of course there will be extra cars when a concert is featured at The Mountain Winery (off Big Basin Way) or Montalvo (off Saratoga-Los Gatos Road).  If you have a serene view property it might surprise you how much motorcycle noise can carry – so be sure to visit the property on a warm weekend afternoon or two to check it out.

Additionally, because Big Basin is an alternate route to Highway 17, it can also get a lot of traffic if there’s a problem on 17 in winter due to weather such as with downed trees, mudslides, car accidents with severe backups, etc. So when weather is good and when weather is bad, Big Basin and nearby roads can get very congested and move slowly.

Commuters who live in the mountains as well as others choke Saratoga Avenue at rush hour.  This is slowed further by having to pass two schools (Sacred Heart and St. Andrews) before getting to Highway 85.  Saratoga Avenue has just one lane in each direction through the historic zone, but after the freeway it’s much better.  (Saratoga-Sunnyvale isn’t bad as there are 2 lanes but remember to slow down at Saratoga High – the road is wide so the temptation is to go too fast.)

Natural hazards:  Depending on the location of the home in relation to the village, you could be in a wildland fire zone, in an unstable soils zone, a seismic zone or other “natural hazard” areas.  Also, if you are closer in to the hills or near a creek (and there are 2 in downtown Saratoga), there will of course be an increased contact with wild life, such as deer – but potentially also mountain lions, bobcats, racoons, possum, skunks, etc.  Most people love seeing the deer but others find it upsetting that their beloved garden is viewed as a buffet!

Finally, as with many downtown areas, parking can be a little tricky at times.  Valet parking can be a big help but no matter what, do pay attention to how long you’re in a spot and what the limit is – it can be expensive if you forget!

Are there special issues with Condos, Townhomes or PUDs in downtown Saratoga, CA?

In some cases, yes, PUDs, condominiums and townhouse communities may have special issues due to any of the items listed above.  In 2010 I had a great listing at Saratoga Oaks, a lovely and luxurious townhouse resort community.  Because of their proximity to the hills, the home owner’s association had earthquake insurance and that was quite costly.  The HOA dues covered not just the multiple pools, tennis courts, pool house, roads etc. but also fairly expensive blanket and earthquake  insurance as well. (That listing of mine on Placida Court is sold and closed but you can check the photos out here to get an idea of the area.)

A problem throughout Silicon Valley is condo, PUD and townhouse home owners defaulting on their monthly dues (and any special assessments).  Whenever you purchase one of these types of homes it is very important to know how financially sound the community is.  If there are many defaults, it is possible that the reserve account will run too low, resulting in either deferred maintenance, raised dues or special assessments  for those who are paying.  (With a short sale, some of the owed monies may be forgiven, and with a foreclosure there may be no recouping of debts owed at all.)

There are very few distressed sales in Saratoga, relative to the rest of Silicon Valley, so this risk should be lower in downtown Saratoga or anywhere in that city, but do check the situation out so that yo aren’t later handed a big bill to pay!  Here are a couple of related articles that you might find helpful:

Why are those Silicon Valley HOA dues so high?

Does your HOA have enough in reserves?

Want to learn more about living in this piece of paradise?  Browse listings below – no need to register, just have a look!  And if you want to buy or sell real estate in Saratoga, please contact me.  I grew up there (graduate of Saratoga HS), I sell there, and I’m happy to assist you in making it your home!

Find a home for sale in Saratoga, CA (all of Saratoga, not just downtown):

Saratoga California condominiums or condos for sale

Showing properties 1 - 3 of 3. See more city of Saratoga real estate.
(all data current as of 2/10/2012)

1. $625,000 : 14660 Big Basin Wy #C, Saratoga
   
   3 beds, 2 full baths

   Home size: 1,408 sq ft

   Lot size: 1,496 sq ft
   
2. $585,000 : 14654 Big Basin Wy #A, Saratoga
   
   2 beds, 2 full baths

   Home size: 1,276 sq ft

   Lot size: 1,276 sq ft
   
3. $439,999 : 20800 4th St #10, Saratoga
   
   2 beds, 1 full bath

   Home size: 876 sq ft

   Lot size: 871 sq ft
   

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Saratoga California townhouses or townhomes for sale

Showing properties 1 - 4 of 4. See more city of Saratoga real estate.
(all data current as of 2/10/2012)

1. $574,950 : 19714 Vineyard Ln, Saratoga
   
   2 beds, 2 full, 1 part baths

   Home size: 1,511 sq ft

   Lot size: 2,000 sq ft
   
2. $525,000 : 19415 Vineyard Ln, Saratoga
   
   3 beds, 2 full, 1 part baths

   Home size: 1,612 sq ft

   Lot size: 968 sq ft
   
3. $775,000 : 12630 Biarritz Ln, Saratoga
   
   3 beds, 3 full baths

   Home size: 1,991 sq ft

   Lot size: 3,192 sq ft
   
4. $948,000 : 14679 Springer Av, Saratoga
   
   2 beds, 2 full, 1 part baths

   Home size: 2,163 sq ft

   Lot size: 1,377 sq ft
   

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Saratoga CA houses for sale – single family homes for sale in Saratoga California

Showing properties 1 - 5 of 61. See more city of Saratoga real estate.
(all data current as of 2/10/2012)

1. $798,000 : 14403 Oka Ln, Saratoga
   
   3 beds, 1 full bath

   Home size: 1,273 sq ft

   Lot size: 11,000 sq ft
   
2. $825,000 : 18253 Swarthmore Dr, Saratoga
   
   3 beds, 2 full baths

   Home size: 1,400 sq ft

   Lot size: 8,260 sq ft
   
3. $850,000 : 14656 6th St, Saratoga
   
   1 bed, 1 full bath

   Home size: 592 sq ft

   Lot size: 4,500 sq ft
   
4. $869,950 : 19061 Dagmar Dr, Saratoga
   
   3 beds, 1 full bath

   Home size: 918 sq ft

   Lot size: 8,424 sq ft
   
5. $890,000 : 14451 Oak Pl, Saratoga
   
   2 beds, 2 full baths

   Home size: 913 sq ft

   Lot size: 8,925 sq ft
   

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Every couple of weeks I update this post to bring fresh news and data on the Cambrian Park real estate market. On Dec 9th  I went onto the MLS and ran the “months of inventory” or absorption rate of houses and duet homes (what our MLS calls “class 1″)  in “area 14″ or Cambrian area of San Jose. This time I broke it down into price points as well as the type of sale (regular, short sale, bank owned)  so you can pinpoint the pricing for the various segments of the Cambrian market. (Reminder: months of inventory reflects how long it will take to sell a property if sales continue at the current rate. Six months or so is considered “balanced”. More is a buyer’s market and less is a seller’s.)

**please note – typo below – numbers were crunched December 9th, 2011, not December 10th.

Cambrian Park (San Jose) Months of Inventory by sale type & price point Dec 9, 2011

What’s selling? “Regular sales” – non distressed. Not faring so well? Short sales.  In many price points, although many are under contract or pending, FEW – sometimes none – are making it to the closing table.  We are hearing a lot about the streamlined processes for short sales, but these numbers hint at a different reality, namely that Silicon Valley and Cambrian short sales sell but often don’t close escrow.

What is the typical kind of home and price for these neighborhoods?  Of the homes which transferred ownership in the last 30 days, a typical house cost about $600,000, has about 1600 square feet and sits on a lot of around 6700 square feet (and is “partially updated”, not fully remodeled).  The price per square foot averaged $376 but ran from $205 (distressed and on a hugely busy road) to $513 (close to the hills near Almaden and Los Gatos).  If the home you want to buy or sell needs remodeling or is “all original” it’s probably going to sell for less. If it’s in a great area, is a regular sale and absolutely turnkey and fully remodeled, it’ll sell for more.  A beautifully remodeled Cambrian house with 3 bed, 2 bath and 1200 square feet can easily run $600,000 or more if it’s a regular sale and in a good area with no “issues” (high voltage lines, backing to busy road or school etc.).

What about the pending sales?

As of this morning, there are 95 houses & duet homes which are sale pending.  Of those, 39 are regular sales (a mere 41%!), 48 are short sales and 8 are bank owned properties (REOs).  How do the pendings compare to the homes sold?  Here’s a quick breakdown for all price ranges in “area 14″ of San Jose:

ALL types Pending – 95   Sold in last 30 days – 37
Regular sales – 39   Sold in last 30 days – 32
Short sales -  48   Sold in last 30 days – 1
Bank owned sales – 8   Sold in last 30 days – 2

This underlines the fact that the short sales are getting into contract…but just not getting to the closing table! Bank owned homes are better, but the ratio of pendings to closings is much, much better with regular sales.  This explains why the regular sales are the hottest ticket in Cambrian Park right now: buyers don’t want to just buy, they want to close!

Some sellers are borderline on being able to sell without either having to bring cash to the closing table or having to attempt a short sale.  What do these numbers suggest?  That if you really want to sell and can do it – you may be best off doing a regular sale, even if you need to bring money to the title company to make it work.   (This is general advice only, your own situation may be different – please consult with your Realtor, lawyer and tax advisor before deciding to do, or not to do, a short sale.)

Here’s a snapshot view what was happening in the 95124 and 95118 areas of San Jose as of December 2nd, 2011. (My last update for this part of San Jose -  a mini update.)

Cambrian Park (San Jose) quick real estate stats for houses Dec 2, 2011

Interestingly, the hottest segment of this market is not the distressed sales, but regular ones, which are being absorbed three times as fast as the short sales or bank owned homes on the market. And it’s understandable: REOs don’t provide any disclosures and may contain surprises after close of escrow, and short sales may never close.  Just look at the huge number of pendings as opposed to the short sales which actually become a finalized transaction!  We hear that the odds are improving on short sales closing, but this graph doesn’t validate that impression at all.

Cambrian San Jose Real Estate Trends & Statistics for Sold Homes

It’s been a “hot sellers market” in the Cambrian district of San Jose for many months now with most homes that sell going fairly close to list price (1-2% off on average).  That doesn’t mean that the best idea is to always offer less than list price, though, as many homes are selling at or above list price.

If we took a close look at what’s selling and closed recently, we would find that some Cambrian houses are selling for more than list price, some right at list price and others below or well under the offered price.  Some Cambrian real estate is listed strategically low in order to get multiple offers and drive the price up.  Some are overpriced and others are priced “right on the money”.

Data on real estate solds in Cambrian area of San Jose, for November, October, September and August 2011 among houses from my Real Estate Report:

Next, October:

September:

Next, August (note that prices were higher, pending prices were higher in August as opposed to September).

Inventory is down about 32% from a year ago.  Prices are down, too, both year over year and month over month. Even so, the Cambrian real estate market is fairly hot, a good strong seller’s market as long as homes are priced well, staged well, and marketed well.  That doesn’t mean that every home is selling, but those which are nicely staged and marketed and correctly priced are selling at a good pace – and many of them get multiple offers, as the overbids attest.

Just now I checked what has closed in the Cambrian area in the last 30 days. There were 36 houses that closed. Of them 9 sold over list price, a few sold right at list price but most sold under list (and a very few sold grossly lower).

Now let’s work with Altos Research’s graphs and get a feel for the Cambrian realty market in “real time”.  These use list prices, whereas my REReport uses sold data.

First, the statistics by quartile for houses in San Jose 95118:

Next, the stats and trends by price quartile for houses in San Jose 95124:

Median list price of homes for sale in 95124 and 95118:

Very interesting that the 95124 pricing appears to be swinging upward while the 95118 pricing continues to go down.  I believe that this is mainly because the schools in 95124 have been trending upward strongly with the API scores.  Prices are also at a higher level, and those are less impacted by short sales and REOs countywide.  So it may be the result of multiple factors.  (95124 is about 2/3 of the Cambrian real estate market.)

Inventory in Cambrian area of San Jose 95124, 95118:

Surprising, isn’t it, to see how differently these two San Jose zip codes are behaving from each other?

Average days on Market in San Jose’s Cambrian area

And again, really different trends on these neighboring zips, both in Cambrian!

Another anecdotal story to share: Recently I closed the sale on my listing at 5114 Nerissa Way in Cambrian with Union Schools and Alta Vista in particular. We were listed at $579,000 and received 4 offers and sold at $585,000. Interestingly, we received 2 nearly identical “best” offers, both at $585,000. One was completely As Is and the other was almost As Is (they wanted a fumigation and pest clearance provided).  That is usually a pretty good affirmation of market value, and the property did appraise at the sales price.  The other two offers we got were below list price.  One was all cash and it was extremely low.  Buyers who are purchasing without financing sometimes misunderstand the type of discount that their all-cash status will get for them, so sometimes the worst offers are all cash and that was the case this time.

Want more info on your neighborhood, your house, or your target home to buy? Please call me!

Showing properties 1 - 5 of 64. See more 95124 zip code real estate.
(all data current as of 2/10/2012)

1. $685,000 : 1671 Zinnia Ln, San Jose
   
   3 beds, 2 full baths

   Home size: 1,410 sq ft

   Lot size: 6,240 sq ft
   
2. $549,900 : 2423 Loment Pl, San Jose
   
   3 beds, 2 full baths

   Home size: 1,539 sq ft

   Lot size: 4,232 sq ft
   
3. $639,000 : 1695 Merrill Dr, San Jose
   
   4 beds, 2 full baths

   Home size: 1,396 sq ft

   Lot size: 7,200 sq ft
   
4. $550,000 : 5051 Nerissa Wy, San Jose
   
   3 beds, 2 full baths

   Home size: 1,120 sq ft

   Lot size: 10,824 sq ft
   
5. $748,000 : 1830 Curtner Av, San Jose
   
   5 beds, 2 full, 1 part baths

   Home size: 2,191 sq ft

   Lot size: 6,000 sq ft
   

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Showing properties 1 - 5 of 28. See more 95118 zip code real estate.
(all data current as of 2/10/2012)

1. $575,000 : 3213 Gardendale Dr, San Jose
   
   4 beds, 2 full, 1 part baths

   Home size: 1,800 sq ft

   Lot size: 6,313 sq ft
   
2. $489,900 : 1349 Lyonsville Ln, San Jose
   
   4 beds, 2 full baths

   Home size: 1,692 sq ft

   Lot size: 9,583 sq ft
   
3. $499,000 : 3119 Santa Margarita Av, San Jose
   
   3 beds, 1 full bath

   Home size: 1,071 sq ft

   Lot size: 7,840 sq ft
   
4. $430,000 : 1560 Hillsdale Av, San Jose
   
   4 beds, 2 full, 1 part baths

   Home size: 1,654 sq ft

   Lot size: 6,890 sq ft
   
5. $534,888 : 3183 Cheshire Dr, San Jose
   
   3 beds, 2 full baths

   Home size: 1,570 sq ft

   Lot size: 6,000 sq ft
   

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Browse lists of Cambrian & Cambrian Park homes for sale:
Houses for sale in the 95118 part of Cambrian
Cambrian Park Houses for Sale in 95124

Mary Pope-Handy, Realtor, CRS, ABR, e-PRO, SRES, ASP, CNHS, ACRE
Helping Nice Folks to Buy & Sell Homes Since 1993
Co-Author: “Get The Best Deal When Selling Your Home In Silicon Valley”
408 204-7673 (Cell)
emailto: Mary (at) PopeHandy.com
Blog: www.LiveInLosGatos.com & www.ValleyOfHeartsDelight.com

Should you market your home for sale through the holidays?  It’s now mid November, and if your property has been listed for sale but not gotten an acceptable purchase offer, you may be thinking of taking your house or condo off the market until sometime in the new year. Is that a good idea?  Below, please find some considerations for you as you decide what to do. We’ll

Pricing: will the home sell for more now, or in the new year or spring?

No one can tell you whether prices will be better or worse in the first quarter of 2012 than they are now.  I just returned from the annual conference for the National Association of Realtors (of which I am a member), and quite honestly, I got conflicting information.  Some reports indicate that prices will be lower in the spring, others that they will be higher – or interest rates may be higher, which puts pressure on pricing since affordability is strained when that happens.   Pricing is local, though – so no matter what’s happening nationwide, it could be different in Silicon Valley, in Almaden, Cambrian, or Los Gatos, or in your subdivision or school area.  But bottom line: we really don’t know what pricing will do, we only know the probable buyer’s value – a range of likely sales prices – right now.

Being disturbed during the holidays

Many home owners really don’t want a lot of traffic coming through the home from Thanksgiving through the New Year due to visiting relatives, events planned such as parties at the home, the presence of gifts and concerns over theft, etc.  They may also be worried about rainy weather and carpets getting soiled.

At the same time, though, during the holidays many of us make our homes warm, bright and inviting, particularly if we decorate for Christmas, Thanksgiving, Hanukkah, etc.  Even the smells can do wonders: gingerbread cookies, Christmas trees, hot mulled wine…. With family and friends coming to visit, we tend to “deck the halls” and make our houses really feel like homes.  For many condos, townhouses and houses, during the holidays these homes really show at their best.

The potential to sell a home in December is actually a lot higher both because of the decor and ambiance, but also because so much of the competition is withdrawn from the market.  The odds shift much more in your favor if you keep your home on the market!

Market the home – but differently!

A great solution is to continue to market the home for sale, but to do it differently:

• remove the for sale sign & outside flyer box
• remove the lock box, showings by appointment only (by agent or seller)
• remove the seller’s phone number from the MLS – all appointments will be by appointment only
• flyer stand, disclosure binder and other marketing materials out of sight
• keep home listed for sale on MLSListings.com but more restricted hours

This sort of marketing will result in fewer showings but showings of more qualified, more motivated buyers.  It will be less intrusive to you and everyone in your household too.

How’s the market for condos and townhouses in Los Gatos and Saratoga?  This morning I ran the numbers for “area 16″ (the Los Gatos and Monte Sereno areas, which includes a tiny bit of San Jose also) and “area 17″ (the Saratoga area, also includes borderline areas of San Jose and Cupertino) in our multiple listing service.

Hottest are the distressed condominium or townhome sales – short sales and bank owned or REO properties in Los Gatos and Saratoga.  Coldest (hardest to sell) are the “regular sales”.  Buyers are going after the bargain pricing that the pre-foreclosure and foreclosure listings offer.  Have a look:

The months of inventory are longest in Saratoga, with 9 months of inventory for town houses and condos.  The ratio of pending sales to active listings is lowest there, too, a mere 11%.

The months of inventory for Los Gatos short sales is a fast paced one month and the pendings outnumber the actives four to one!

Home buyers: if you are attempting to purchase a distressed condo in either of these high-end west valley areas, be prepared to act fast and present a strong offer.  Your odds will be better with a regular sale!

Home sellers: if you are selling a non-distressed condominium or townhouse in Saratoga or Los Gatos, especially if it’s a luxury property, be prepared to make your home the best value to attract a good buyer.  As has been said elsewhere, for this segment of the real estate market “it’s a price war and a beauty contest”.  Everything has to be just right for you to enjoy a successful sale now.

How’s the real estate market in the Willow Glen area of San Jose?  Like the greater Silicon Valley region, Willow Glen is comprised of many smaller micro-markets.  It will be different in north Willow Glen, Palm Haven or in a walk-to-town area than it will be in the Dry Creek area or St. Francis Woods neighborhood – let alone differences for school districts, price point, sale type (regular versus short sale or bank owned), zip code and home type!  It’s a patchwork of all these smaller markets, in other words.  What’s happening in one segment might be very different than in another.

Today’s post will be the broad view of Willow Glen and comments may not apply to your specific property – for info on your neighborhood, call or email me!

Disclaimers aside, overall it is a seller’s market in Willow Glen right now, but prices are slipping a little and not everything is selling (and certainly not getting the prices that many sellers want).  Some of this is seasonal – prices often fall a little in summer, so it may not be anything to be alarmed about.

Below are the basic numbers, stats and trends from the closed sales of houses in June and July:

and July

And next, of Willow Glen condos, where it’s been a cold buyer’s marke but recently heated up:

And June numbers for Willow Glen condos -

What about home prices in Willow Glen?

Below please find the Altos Charts (to which I have a subscription). NB Altos uses LIST prices, not solds (also they go by zips or cities, so don’t cover Willow Glen per se with it’s partial entry into the 95124 zip).

1 – Houses in the 95125 zip code – history, all prices combined.

2 – Houses in the San Jose, 95125 zip code, by price quartile over last 180 days

3 – Condominiums and townhouses in Willow Glen, San Jose 95125 – all quartiles combined over the last few years for median list price:

4 – Condo and townhomes, median list price, by quartile, last 180 days only:

It is interesting to see the rise in list prices here as opposed to the overall DROP in sales prices we saw on the RE Report. Of course this could be a function of all kinds of things, including the impact of distressed sales.

All kinds of things can impact the probable buyer’s market for a particular house or home, but especially distressed sales nearby. For information on what the market is doing in your exact neighborhood, please call or email me today.

Willow Glen homes for sale

Browse residential properties – houses, duet homes, condos and townhomes in Willow Glen which are listed for sale on the MLS by type below.

1. Listings of houses for sale in Willow Glen, San Jose 95125

Showing properties 1 - 5 of 90. See more 95125 zip code real estate.
(all data current as of 2/10/2012)

1. $299,900 : 380 Fuller Av,
   
   2 beds, 1 full bath

   Home size: 1,064 sq ft

   Lot size: 5,400 sq ft
   
2. $825,000 : 1701 Grace Av,
   
   3 beds, 2 full baths

   Home size: 2,104 sq ft

   Lot size: 7,830 sq ft
   
3. $997,000 : 1820 Johnston Av, San Jose
   
   4 beds, 3 full baths

   Home size: 2,560 sq ft

   Lot size: 5,757 sq ft
   
4. $1,249,000 : 1740 Cabana Dr, San Jose
   
   3 beds, 3 full baths

   Home size: 2,809 sq ft

   Lot size: 14,784 sq ft
   
5. $435,000 : 1720 Willowhurst Av, San Jose
   
   2 beds, 2 full baths

   Home size: 1,217 sq ft

   Lot size: 7,350 sq ft
   

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Showing properties 1 - 5 of 13. See more 95125 zip code real estate.
(all data current as of 2/10/2012)

1. $380,000 : 1186 Bird Av,
   
   2 beds, 2 full, 1 part baths

   Home size: 1,282 sq ft

   Lot size: 814 sq ft
   
2. $310,000 : 1360 Greenwich Ct, San Jose
   
   1 bed, 1 full, 1 part baths

   Home size: 970 sq ft

   Lot size: 871 sq ft
   
3. $369,000 : 1908 Huxley Ct, San Jose
   
   2 beds, 1 full, 1 part baths

   Home size: 1,004 sq ft

   Lot size: 600 sq ft
   
4. $562,000 : 2348 Lincoln Av, San Jose
   
   2 beds, 2 full, 1 part baths

   Home size: 1,641 sq ft

   Lot size: 3,060 sq ft
   
5. $479,000 : 2690 Villa Cortona Wy, San Jose
   
   4 beds, 3 full, 1 part baths

   Home size: 1,963 sq ft

   Lot size: 1,176 sq ft
   

Listing information deemed reliable but not guaranteed. Read full disclaimer.

3. Listings of condominiums (condos) for sale in Willow Glen, San Jose 95125

Showing properties 1 - 5 of 8. See more 95125 zip code real estate.
(all data current as of 2/10/2012)

1. $555,000 : 2093 Wente Wy, San Jose
   
   3 beds, 2 full, 1 part baths

   Home size: 1,444 sq ft

   Lot size: 435 sq ft
   
2. $366,000 : 2132 Sunstruck Ct, San Jose
   
   2 beds, 2 full baths

   Home size: 1,144 sq ft

   Lot size: 1,566 sq ft
   
3. $440,000 : 1958 Foxhall Lp, San Jose
   
   2 beds, 2 full baths

   Home size: 1,071 sq ft

   Lot size: 1,500 sq ft
   
4. $434,950 : 1833 Ashmeade Ct, San Jose
   
   2 beds, 2 full baths

   Home size: 1,071 sq ft

   Lot size: 1,500 sq ft
   
5. $299,000 : 509 Dix Wy, San Jose
   
   4 beds, 2 full, 1 part baths

   Home size: 1,426 sq ft

   Lot size: 2,116 sq ft
   

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Update:  SALE PENDING!

You’re invited to see this stunning young urban living condominium in Campbell close to everything featuring two bedrooms plus loft, 2 bathrooms and approximately 1610 square feet. All of this can be found in an elegant resort-like setting! New listing, open this weekend from 2-4 (Aug 13-14) so please stop by!

Urban Living in Campbell

This sleek condo, the Sapphire Penthouse floorplan (see below), is located just steps from the light rail and Los Gatos Creek Trail, shopping at Whole Foods and many other shops across Bascom, the Pruneyard a block or so away and downtown Campbell just around the corner!  A myriad of restaurants lie within a tenth of a mile.  One of my sellers told me that she had only put 1500 miles on her car in the year living there.  Imagine simply not needing your auto much at all!!  (The building does include two spots in the underground garage for your vehicle, should you still want one while living there!)

Resort Living, Contemporary Setting

Built by Pinn Brothers with great attention to detail, the Onyx offers tremendous features both in the condo itself and in the many fabulous shared areas.

Interior features include:

• open floor plan with high ceilings and dark floors
• elegant kitchen with mostly Bosch appliances (fridge is Fisher & Paykel), tremendous counter space with slab quartz countertops, recessed lights and contemporary dark cabinetry
• an abundance of natural light, loads of windows and recessed lighting
• spacious bedrooms (the master is really large!) and bathrooms
• Master bath features two sinks, large soaking tub and separate stall shower
• comfortable balcony

Community features include:

• large and gracious lobby with fireplace to welcome your visitors
• entertainment room with pool table, card or poker table, counches and flat screen tv
• private unit to rent for your special occasions (just off the lobby)
• exercise room
• storage unit for bikes, luggage – all kinds of things!
• underground parking for 2 vehicles (plus a bike rack)
• beautiful, sunny, tile courtyard with inviting fountain
• elevators

This beautiful home is offered at $529,950 (the best price per square foot at the Onyx today!).  We hope to see you this weekend! Co-listed with Kirsten Reilly.

Please note: the best place to park is in the Onyx retail spaces.  Come early and enjoy a meal at Chipotle or any of the find eateries in walking distance! This is Silicon Valley living at its best!

The Campbell, CA, real estate market for condos and townhouses has been a little up & down, but for houses it’s a stronger market.  That does not mean that prices in Campbell are where the owners or sellers would like them to be – just that residential real estate which is appropriately priced is selling pretty well.

Here’s a visual of market conditions (not prices) generally, through June 2011:

What about prices and home values?  Are they holding up?

Campbell houses for sale:  prices appear to be slipping slightly.  Some volatility is to be expected this year and next, so it’s possible to see some up and down (but probably not super dramatic unless you just barely have equity and it’s the difference between being able to sell without bringing money to the closing table or not).  Here are the figures for June – see the whole report on my R E Report site for Campbell CA houses:

The market for houses is good, but pricing is soft, as you can see in the numbers above.

What about for condos?

Condominiums and townhouses in Campbell – see the full real estate report online (updated each month around the 5th – 8th).  Isn’t it interesting that although it’s a cool or cold buyer’s market, prices there are actually inching up pretty noticeably.  That is very good news to condo and townhome owners who want to be doing a “move up”.

Next we’ll take a brief overview of the “big picture” in Campbell’s housing market by looking at statistics related to currently listed homes for both houses and condos or townhomes there. (Charts and data by Altos Research, to which I have a subscription and permission to use here.)

Median Price of condominiums and single family homes:

It’s interesting to see that there’s a rise in the median list price of houses for sale in Campbell whereas a leveling off with the condos and townhouses.

Inventory of houses and condos and townhouses in Campbell – both classes of housing are seeing a rise in inventory, but it’s more dramatic among houses:

Days on the market for homes for sale in Campbell – the two “markets” are now dialectical!

These numbers – for both houses and condos – can only give you a broad picture of what’s going on.  If there are no homes for sale in your townhome community and it’s in a great area, and you price it well etc., you should find it relatively easy to sell.  But if there is too much supply (too many similar homes on the market), it will be far more challenging to sell.

The residential real estate market, like everything else, is all about supply and demand.  For information on your specific neighborhood, please call me or email me today.

For more reading on Campbell CA real estate:

Affordable, Inexpensive Real Estate and Houses for Sale in Campbell, CA

Campbell, California: Once the Heart of the Fruit Canning Industry

Find Campbell, CA Houses for Sale:

Showing properties 1 - 5 of 30. See more city of Campbell real estate.
(all data current as of 2/10/2012)

1. $1,149,000 : 743 Virginia Av, Campbell
   
   4 beds, 4 full baths

   Home size: 2,600 sq ft

   Lot size: 11,100 sq ft
   
2. $456,000 : 1169 Longfellow Av, Campbell
   
   3 beds, 2 full baths

   Home size: 1,155 sq ft

   Lot size: 8,211 sq ft
   
3. $830,000 : 1172 Lovell Av, Campbell
   
   4 beds, 2 full baths

   Home size: 2,114 sq ft

   Lot size: 14,375 sq ft
   
4. $799,900 : 1300 Patio Dr, Campbell
   
   3 beds, 2 full, 1 part baths

   Home size: 1,842 sq ft

   Lot size: 7,194 sq ft
   
5. $835,000 : 1276 W San Tomas Aquino Rd, Campbell
   
   3 beds, 2 full baths

   Home size: 2,011 sq ft

   Lot size: 10,519 sq ft
   

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Browse Campbell, CA Condos Listed for Sale on the MLS:

Showing properties 1 - 5 of 8. See more city of Campbell real estate.
(all data current as of 2/10/2012)

1. $246,000 : 597 Valley Forge Wy #4, Campbell
   
   2 beds, 1 full bath

   Home size: 840 sq ft

   Lot size: 1,750 sq ft
   
2. $325,000 : 67 Dot Av, Campbell
   
   2 beds, 1 full, 1 part baths

   Home size: 1,060 sq ft

   Lot size: 900 sq ft
   
3. $379,000 : 860 Apricot Av #E, Campbell
   
   2 beds, 2 full baths

   Home size: 1,065 sq ft

   Lot size: 1,306 sq ft
   
4. $270,000 : 2785 S Bascom Av #22, Campbell
   
   3 beds, 2 full, 1 part baths

   Home size: 1,262 sq ft

   Lot size: 740 sq ft
   
5. $508,000 : 912 Campisi Wy #205, Campbell
   
   2 beds, 2 full baths

   Home size: 1,485 sq ft
   

Listing information deemed reliable but not guaranteed. Read full disclaimer.

View townhouses or townhomes  in Campbell, California, listed for sale on the multiple listing service (MLS):

Showing properties 1 - 5 of 12. See more city of Campbell real estate.
(all data current as of 2/10/2012)

1. $397,900 : 721 W Hacienda Av, Campbell
   
   3 beds, 2 full, 1 part baths

   Home size: 1,572 sq ft

   Lot size: 4,400 sq ft
   
2. $399,900 : 101 W Rincon Av, Campbell
   
   2 beds, 1 full, 1 part baths

   Home size: 1,141 sq ft

   Lot size: 1,168 sq ft
   
3. $510,000 : 576 W Hacienda Av, Campbell
   
   3 beds, 2 full, 1 part baths

   Home size: 1,820 sq ft

   Lot size: 2,400 sq ft
   
4. $345,100 : 236 W Rincon Av #C, Campbell
   
   2 beds, 2 full, 1 part baths

   Home size: 1,319 sq ft

   Lot size: 1,306 sq ft
   
5. $599,000 : 1967 Dry Creek Rd, Campbell
   
   3 beds, 2 full, 1 part baths

   Home size: 1,558 sq ft

   Lot size: 1,176 sq ft
   

Listing information deemed reliable but not guaranteed. Read full disclaimer.

If you have just bought your first Silicon Valley home, you may feel very relieved to have survived the contracts, negotiations, the disclosures, the appraisal and the escrow and made it all the way to closing.  You are a successful home buyer!  You move in, unpack and then…. what? What do you do?

I have a few suggestions.

First, while it’s fresh in your memory, pull out the disclosures and inspection reports and (if you haven’t done this already) make a list of the items you must do and want to do.  I suggest you include at least 3 categories:

1. Health & safety items
2. Protecting the house from damage
3. Lower level items with aesthetic value (decorating and in some cases remodeling)
4. Ongoing projects you want to remember to do periodically around the house and yard such as changing the smoke detector batteries, cleaning out the rain gutters, doing a “walk around the house” to check for any issues with vent screens, roof tiles etc. (If you have bought a condo or townhouse, this is still important.)

It is too easy to focus on updating to dual pane windows (gratifying since they look nice) and ignoring foundation cracks, electrical problems and termites, so making this type of list will help you to keep on track with the better priorities (1 and 2 as opposed to 3).

Second, pull together all of the expenses you laid out in purchasing your home. Create a file with a spreadsheet of your costs and the receipts that go with it (include a copy of your HUD 1).   This will be helpful in establishing your tax basis and may protect you when you eventually sell the house from paying more taxes than you’re legally required to do.  Go over it with your CPA or Enrolled Agent or Tax Professional as some of them may be deductible on your taxes this year and some may not qualify as related to your tax basis.

Third, if you haven’t already worked up a reasonable household budget, do it now and plan in both a reserve account and a plan on what repairs and improvements to do and in what order.  The reserve account is important because some expenses can come unexpectedly (fences blow down, water heaters die, water or sewer pipes can burst without warning).

Fourth, make sure that your insurance is up to date.  I advise making a list of major items in the house – a walk through with a video camera is a good idea too.  When you complete major projects, update the list.  Keep one paper copy somewhere safe and another copy either “in the cloud” or with a trusted friend or relative, ideally outside of Santa Clara County in case the reason for the need is an area wide problem.  Should your house ever burn down, you would need proof of your possessions for insurance purposes.

Lastly, now that you have a major asset (your house or home), you might consider creating a will & trust with the help of a good attorney.

How’s the Campbell, California, real estate market? There are always micro-markets to follow, narrowing what’s viewed to neighborhoods, school districts, and price point. In general, though, it’s a healthy market for this upwardly trending Silicon Valley city with a quaint downtown, good schools and more affordability than might be expected. For houses, clearly, prices are nudging up!

Each month I have a site specifically producing the Silicon Valley real estate market trends (at least for that part of Silicon Valley which is within Santa Clara County). You can see the report for Campbell houses & duet homes here and the condominium and townhouse report here. Just below, I’ll post the basic numbers/summary, though, for those who want a quick view of the market:

(1) Single Family homes (houses/duet homes) in Campbell:

(2) Condominiums and townhouses in Campbell:

The exquisite Saratoga Oaks neighborhood is nestled between downtown Saratoga and the beautiful coastal foothills, close to the famed Hakone Gardens.  With both pools and tennis courts and a location just a block or so from tony Saratoga Village (click to see slide show), it is resort living in Silicon Valley at its finest. But this is not just a place for retirees who want to downsize, though they are also drawn here – families with kids also move to Saratoga Oaks to make use of the top rated schools

.

Which public schools serve this neighborhood?

Saratoga Oaks is within the very highly regarded Saratoga Union School District.  Although many other school districts in Santa Clara County assign children in homes to particular schools, Saratoga does not – it is an “open” school district. If there’s space and if the home is within the district, you may be able to chose which of the excellent Saratoga schools you wish for your student to attend. The nearest public school is Saratoga Elementary on Oak Street (API 958) but alternatively you may find enrollment instead at Foothill Elementary (API 943) or Argonaut (API 974).  The higher level schools are Redwood Middle School (API 972) and Saratoga High School (API 932).  All API scores listed here are from the 2010 County List of Schools. Additionally, there are two excellent private elementary schools nearby: Sacred Heart (Catholic) and St. Andrew’s (Episcopalian).

Where is Saratoga Oaks?

The Saratoga Oaks community is within the city of Saratoga, California, and is a part of Silicon Valley and what’s locally referred to as “the south bay” area.  It can be reached either via Springer Avenue, off of 4th Street in Saratoga or from Springer off of Big Basin Way (aka Hwy 9 or Congress Springs Road). This townhouse complex is literally where the town meets the hills – so it is not at all uncommon to find deer in the open spaces! Click on the map image to go to the live, interactable Google map.

What are the homes like in Saratoga Oaks?

Each residence is a townhouse, but size and condition of every property varies. In general, the layout inside is very good and “feels like” a house indoors rather than a townhouse. Most are two story units (there are a few single level homes) and many of them have the garage below the living areas since this is a hilly region. Most are close to 2,200 square feet in size (but it ranges from 1950 to over 2600 SF), with 2-3 bedrooms on average (though many include a sitting room as part of the master bedroom suite also).

Many of these homes have great views.  Some streets enjoy a higher elevation than others (Stoneridge is the highest) while others look out onto trees or other roofs, either of the two pools or the tennis courts. In general, homes here have a lot of windows – some models have glass floor to ceiling – to take full advantage of the vistas. This development was built between about 1973 and 1975.  So it’s not uncommon to find “popcorn ceilings”, original plumbing, single pane windows and other items which may need replacing. (If the furnace is original, it’s probably time to replace it.)

In some of the floorplans there are really large laundry rooms so many owners have moved the utilities to either a closet upstairs to to the garage and reclaimed the laundry room as a small office or computer room. Although this is not a “gated community”, Saratoga Oaks is quiet and there’s not a lot of traffic.  The noise that you might hear will likely come from exuberance at the pool or a vehicle on Big Basin Way.

Finally, these homes are located in a slightly hilly area, so some of the usual concerns around hillside homes apply here too. If you’d like to read more on this topic, please check out the following posts:

What To Consider When Buying a Hillside Home in Silicon Valley

Cracked Foundations, Adobe Clay Soils and Water in Silicon Valley

What does it cost to purchase a Saratoga Oaks Townhome?

Depending on the precise location (whether or not there’s a view, if it’s an end unit etc.), size, and condition of the townhouse, sales prices vary between the 700s to about 1.2 or more million. The Saratoga condo and townhouse real estate market is a cold buyer’s market right now, so it’s very tough for properties to push the upper limits of value at this time.

HOA Dues: I should add something that is sometimes a bit of a hidden cost, and that’s the home owner association dues, which are steep.  Because this communities has not just private roads and landscaping, but also tennis courts, two pools, beautiful oak trees to maintain, regular blanket insurance and also earthquake insurance, the amount of money paid to the HOA each month, if you include everything (insurance and dues) runs between $550/month to high 6s or more.  You could be paying $685 per month, in other words – larger units are charged more than the smaller ones.  If you see a very low (relatively) HOA fee, it probably is not including the required insurance fees, which are both “blanket” insurance and earthquake insurance for the complex. Head’s up on that.

In order to not miss any, I will include below all townhouses in Saratoga in this price range (displaying more than just Saratoga Oaks rather than missing any).  Sorry in advance for any confusion this may cause!

Showing properties 1 - 2 of 2. See more city of Saratoga real estate.
(all data current as of 2/10/2012)

1. $775,000 : 12630 Biarritz Ln, Saratoga
   
   3 beds, 3 full baths

   Home size: 1,991 sq ft

   Lot size: 3,192 sq ft
   
2. $948,000 : 14679 Springer Av, Saratoga
   
   2 beds, 2 full, 1 part baths

   Home size: 2,163 sq ft

   Lot size: 1,377 sq ft
   

Listing information deemed reliable but not guaranteed. Read full disclaimer.

What do you need to know if you’re buying a condominium in Silicon Valley?  Isn’t it simpler and easier than buying a house?

No, not really.

With a condo, you are buying not just the unit (or airspace) that you intend to occupy, you’re also buying a shared ownership in the common features.  This means, of course, that you are also buying into any potential liabilities.

Here are some questions to ask and areas to investigate when buying a San Jose area condo:

• What is the percentage of owner occupied homes? (Too high of a ratio and buyers will have trouble purchasing with a loan, which means you could have trouble selling.)
• Is there any litigation (lawsuits) ongoing?  Again, this can impact saleability.  Often newer condo units investigate any building problems around years 7-9 as there’s a 10 year statute of limitations for finding building errors, so younger homes that are just under 10 years of age could be involved in a lawsuit.
• Is the complex professionally managed or managed by owners? (There will be implications for each.)
• How much have the dues been going up each year?
• How many home owners are currently in default on their HOA dues? (HOA dues are often skipped before distressed home owners default on their mortgage.)
• Do the reserves look adequate or will there be a dues increase or special assessment?
• What is the cost and timetable for getting a complete set of Home Owner Association (HOA) documents?
• Are the documents complete? Is there a complete set of newsletters, meeting minutes, bylaws, CCRs, Articles of Incorporation, etc.?
• Is the complex itself in or near a flood plain or on or near an earthquake fault or area of any other natural hazard?  These areas periodically get re-mapped and locations that were previously not in a particular zone but are close may later find themselves within that area.
• Is it an FHA approved condo complex? If so, it may be easier to sell later!
• Condition – if it’s an older community, are the pipes still galvanized steel or are they copper? If steel, is there a plan to replace them?  How about garage doors and single pane windows – are owners on their own to fix and upgrade these items or by any chance will the HOA cover them (and if so, is there enough money to do so?).
• How often are the exteriors of the buildings checked for termites and water damage?

These are a few questions to include in your investigation of any condo you may want to purchase. When you investigate your future home, be sure to include the common grounds and the general ownership of the complex and grounds and know that if you buy in, you’ll want to be comfortable knowing that there are no surprises just around the bend: no special assessments, no lawsuits, no imbalance of owner-renter ratio that can put the community into a downward spiral in terms of “resale value”.

Ask lots of questions, take lots of notes and be as informed as you can!

A key ingredient in understanding how the Silicon Valley real estate market is faring is the ratio of regular sales to distressed properties on the market (Bank owned or REO listings and short sale listings). Today we’ll study Los Gatos and four areas or districts of San Jose: Almaden Valley, Willow Glen, Cambrian Park, and Blossom Valley.

First, let’s look at the county numbers as a general overview.  In all of Santa Clara County, there are 3537 houses, duet homes, condominiums & townhouses for sale and available (“status 1″ for my Realtor readers) on our multiple listing service. Of those, merely 1964 are “regular sales” (56%), 1105 are short sales (31%) and 375 are bank owned homes or REOs (11%).

Now let’s drill down to a few areas: Los Gatos, Almaden Valley, Willow Glen, Cambrian Park and Blossom Valley.  We’ll check out the ratio of regular sales of houses and condos in each of these areas.  How do these compare to the county average of 56%? Have a look:

This is helpful information for both home buyers & home sellers.  Home sellers need to understand the challenges that come with selling in an area with more short sales or REOs, if they are in one of those parts of the valley.  Or vice versa: if there are few distressed properties on the market, this makes it easier to sell (with less downward pressure on pricing).  Buyers need to appreciate that they will have better luck negotiating in areas where many homes are being sold under some pressure.

A quick disclaimer - if we narrowed this study by school district and even neighborhood school, we might find that these “general numbers” are actually quite different at the hyper-local level.  For example, if you visit a post of mine about the Los Gatos real estate market on my Live in Los Gatos blog, you’d find that when we separated out the various school districts, and even price points, the ratio of distressed properties and their absorption rates change very dramatically.  To see those, scroll down until you see the blue and yellow boxes.

The condo market in San Jose and nearby areas has taken a beating throughout our downturn.  Even so, condos in Los Gatos, Almaden and Willow Glen are faring pretty decently.

Now let’s hone in on each of these five areas and the two main housing types to see the ratio in each of regular sales, short sales, and REOs.
Los Gatos short sales, bank owned homes, and regular sales are next.  Green represents regular sales.  In most areas, it seems that there are about 3 times as many short sales as REOs – but not always. (Read more on the Los Gatos real estate market here.)

It is very dramatic – there are very few distressed houses for buyers to consider in Los Gatos right now: just 5 short sales and no REOs.  (The REOs do come on the market but are gobbled up quickly.)

What about condos for sale in Los Gatos?

This is still pretty healthy compared to most areas we’re considering today, but about 1/3 of the homes for sale are short sales or bank owned homes.

San Jose’s Almaden Valley is another pretty healthy market with relatively few distressed homes. Next I’ll post the graph for houses, then condos, in Almaden.

One of the driving factors for both Almaden and Los Gatos are the great schools. (More reading: check out the Almaden school district and school boundary maps & API scores for all of the Almaden Valley schools.)

Willow Glen, also part of the city of San Jose, is charming, convenient, has great community involvement – it’s always been a highly desirable place in which to live.  Next are the two graphs for Willow Glen houses and then Willow Glen condos:

Cambrian Park, also in San Jose and adjacent to all of the other areas we’re reviewing today, has become more prized over the years, first after highway 85 made it more accessible in the early 90s, and then again recently as the Union Schools began to trend up strongly in the API scores.  (Cambrian has 3 different elementary school districts, ranging from good to great. Read about the Cambrian Park real estate market in more detail here.) Most houses are still normal sales – making it a lot easier for home sellers than is the case for condo owners hoping to sell in the same neighborhoods.

Blossom Valley, yet another San Jose district, is burdened with the most distressed properties by ratio of any of these five places.  For home sellers in the 95123 and 95136 areas, it may well feel like an uphill battle to get a property sold and closed. With condominiums and townhouses especially, this is difficult for sellers there.

Earlier in this article, I gave a “quick disclaimer” about the hyper-local marke.  In Blossom Valley, Sakamoto Elementary School has fabulous API scores.  I have not pulled these numbers out, but I believe that because the school is an enormous draw, homes in that area are probably selling far better than the average in Blossom Valley (and distressed homes are probably selling far faster).

What to do with this information?  If you are buying in a part of Santa Clara County in which there are a lot of distressed homes for sale, you may get a great bargain right now. But be prepared because as more come onto the market, it may hurt your home’s market value.  Conversely, if you wish to purchase in an area with few distressed properties on the market, you may not be able to negotiate as much as you’d like – but those areas may be more insulated from further drops in value.

Downsizing? It may be a dream time for you to move from Los Gatos, Almaden Valley or Willow Glen to other areas where the market is softer.

Moving up?  That may be a little painful, especially if you’re going from an area with more short sales and REOs to another with fewer of them!

No matter what your situation, if you’re interested in buying or selling in any of these areas or nearby, please contact me for a private, confidential consultation.  I’m happy to meet with you and learn if we can work together to help you achieve your goals.

The spring selling season is upon us in Los Gatos, San Jose and Santa Clara County generally, and it looks like the pace of home sales is picking up fast this year. If you’re getting your Silicon Valley home on the market and are planning to have your condo or house held open, you may be wondering what to do.

First, plan to be gone during any open house events! (This goes double for any pets!)  One of the biggest mistakes I see is home owners hosting their own open houses. Bay area home buyers don’t want you there – they feel inhibited and worried that they will say something offensive, so they say nothing and hurry out. Serious home buyers will want to linger and will want to imagine where their furniture will fit. They may be mentally remodeling your home too. But if you’re there, they will be very uncomfortable. Hire a good agent who will handle this task for you (or have someone from that brokerage do it).

Second, make your townhouse, condo or house as close to perfect as possible for the open house. Your property needs to be squeaky clean, safe and inviting. I’m presuming that you’ve already done all the fixes and staging needed generally for selling your home. Here’s a list of a few last minute to-do’s:

1. Keep your driveway clear of cars so visitors can park there.
2. Make all walkways free of tripping hazards (garden hoses, toys etc.) – you do not want your buyers to be “on edge”. Don’t water the garden just prior to the open house or guests might slip (or track in more than you want).
3. Your front door should be impeccably clean!
4. Color near the front door (front walkway or front porch) is a good “bang for the buck”, so if you have room, provide flowers there.
5. Inside, make sure that there are no odors from cooking, pets, smoke, candles, incense, etc.  Although some will suggest baking cookies or bread or burning candles, most of the time this only makes buyers wonder what smells are being masked.
6. Music is OK if it’s quiet, commercial free and of a relaxing type (soft classical or jazz).  Your agent will want to hear what’s happening and being said in the house.
7. Some agents suggest serving food to open house guests, but often this means cookies crumbling as the youngest visitors munch and tour the house, so I don’t suggest it.
8. Do you have a pool or any potential hazards?  A sign on the door letting parents know is a good idea.  Ask your agent for any advice around any dangers (unsecured lid to a well, steep staircase to basement, missing handrails etc.).  Safety first!
9. Open the curtains and turn on the lights.  Home buyers usually gravitate toward purchasing a “light, bright and airy” property.

These are the basics.  Your own home may have special issues, so consult with your own agent. Best of luck to you!

Selling and buying homes can be exhausting and emotional, even overwhelming.  This level of stress can rise when children are involved as parents also “run interference” to a degree to help make the transition smooth for their kids.  Another added stresser is relocation to a new community far away.

What can parents and their real estate agents do to help the youngest members of the family to move as peacefully and contentedly as possible?

Communication about the moving process is key

Few of us like surprises that come on a big scale and change the way our lives are lived on a day-to-day basis.  This is also true for our offspring, for whom routine can be a comfort.   Just as you wouldn’t begin a vacation without explaining to your three year old that it’s only a trip and that you will later return home, so too it helps to explain to your child that the family is staying together, the toys, furniture and pets are coming along, but that the house or condo will be “new”.  Providing a sense of security and reassurance first can enable the process to be possibly even fun. (Young kids will think that the furniture and toys go with the house so will likely vocalize their preference for a new place with the most fun stuff unless they understand that their toys will move with them.)

Selling your kids on a relocation

If your move includes a relocation to a totally new community, it will be helpful to discuss (and better, show) your little one the benefits of moving there – the new park and playground, the children’s museum, being closer to the beach or whatever plusses are a part of the new area.   If you’re moving up, explaining that your toddler will now get his or her own room (“like a big kid”) or to your teen that the new house will have a pool or whatever new feature may help also.  Here in Silicon Valley, there are a lot of fun things to do with children so it will be easy to discuss the benefits of living here, especially with older kids who will appreciate how kid-friendly the San Jose area is.  Coming from an area with a lot of snow? Tell them about our weather!  Yes, relocation often involves doing a “sales job” with your kids – most of the time they won’t be interested in budging, particularly if they are teenagers or in high school.

Please note: school scores are extremely important for many reasons, including home values.  Please take a look at my blog post on understanding school scores in Santa Clara County at my Move2SiliconValley blog.

Selling a home in Silicon Valley with kids

Planning to sell your house or townhouse and have children at home with you?  This will require some extra time, effort and planning.  As with any other home sale, decluttering is key, but it’s more challenging if you have little people!  It is also important to do the fixes and improvements which will give you the best return on investment, of course, and finally to stage the home for sale – and try to keep it “perfect looking” for showings.  It is sometimes tempting for exhausted parents to skip the “sale prep” but don’t do it – there are ways to make it easier but not eliminate it.

Get help:  there are people who are professional organizers who can be hired to help you decide what to file, toss and keep.  I know services which can be hired to do the handyman type jobs, cleaners which can be brought in to tackle everything from the usual housekeeping to the deep cleaning which may be required in places such as the window tracks (often ignored but can gross out home buyers if there are years of grease and dirt built up!).  Don’t go it alone – when you have kids, it’s enough to pack and help them move without also trying to do every bit of physical labor too.

Depending on the family situation, sometimes it is easiest to complete the move to the new home first and then sell the original one (whether vacant or fully staged is another issue) since it may be nearly impossible and far too stressful to have the intrusion of showings and the constant effort in keeping one’s home in show-ready condition. (If the showing schedule is too restrictive, you will likely have much more trouble both selling and in getting your best price.  Making it easy to see improves your odds all around.)

If you cannot move first, it is possible to schedule showings so that your home life is invaded as minimally as possible, but understand that the more you restrict showings, the harder it will be to sell your place and to get top dollar.  Not every home buyer can see your property on the weekends (especially in winter, when many young buyers are off skiing at Tahoe).  They can’t all view homes before 3 or 5pm because many have a commute and cannot get there until 6 or 7pm.    My advice, if you need to keep showings down, is to provide at least a couple of evenings a week when buyers can see your home until 7:30 or 8pm plus at least the afternoons on the weekend.  Plan to take your family out for the afternoon or evening so that home buyers can see your residence without feeling pressured to hurry through.  (For religious reasons, some will not view homes on Saturdays and others will not view them on Sundays. So provide both.)

If you are juggling both selling one home and buying another, please read my article on this situation: How to Sell One Home and Buy Another Without Losing Your Mind.

Home buying in Silicon Valley with children

Want to purchase a townhome, condo or house but not sure if you should bring your kids along as you look at propertis in the San Jose, Los Gatos and Saratoga areas?  Often it is much easier for parents if they can get a family member, friend or sitter to stay home (or go out) with babies, toddlers and small children.  As you go through furnished abodes, many will not be child-proofed, may have delicate and even expensive things on display or have unsafe conditions for little people.  Most parents are so focused on their children (not getting hurt and not hurting anything) that it can be a challenge to concentrate on viewing the listings.  This is especially true for first-time home buyers.

With older kids and teens, having them join you as you house-hunt may help with their buying in to the process.  They may learn a lot and spot things which you might miss, so can be allies to you.  In some cases, though, your children or teens may be so opposed to moving that having them accompany you may backfire.  You’ll have to decide on that.

If your younger family members do join you, please make sure you stay together as you view the homes for sale.  The home owners and agents cannot keep an eye on either your kids or the belongings of the house if everyone splits up.  Additionally there may be information your Realtor will share with you, and often everyone will want to hear it, so it behooves everyone to stay together.

Each family situation will be different, but in most cases kids can do very well with a move when they understand what’s happening and why and there’s a degree of predictability to the process.  Communication is key, as is helping them to appreciate the positive aspects of the upcoming move.    Once you have moved, it can be helpful in the transition if they can continue to keep in touch with friends from their old area or school.  Play dates, when possible, can smooth some of the emotional bumps that they may have.  Making new friends through school, recreation opportunities (clubs, summer programs, etc.), and centers of worship can help them to integrate into their new surroundings too.