Cupertino

How’s the Cupertino real estate market?

Cupertino - view from Ridge Vineyards

Cupertino – view from Ridge Vineyards

The real estate market in Silicon Valley can sometimes be a little quirky, so I like to approach this question from a few angles. In this article I’ll make use of  my charts from Altos Research, which uses listing data (not solds) and is automatically updated every week and also monthly reports from my RE Report subscription. Also I’ll periodically update it with info from the MLS that I have crunched myself or anecdotal stories from those of us “in the trenches.” The article is a bit long but I think much more comprehensive giving the multiple methods of answering the question of how the Cupertino real estate market is faring.

Cupertino median list price of houses by price quartile

Often the real estate market in any given city is very different between the most expensive homes and the most affordable ones. While many Cupertino home buyers are looking for a short commute, great public schools or strong resale value, some seek a luxury property with a view in the Cupertino hills (either off of Montevina Road by Ridge Vineyards or in other lower foothills).
Real Estate Market Chart by Altos Research www.altosresearch.com

The last few months have had some ups and downs in pricing, but most segments of the Cupertino real estate market have seen an overall uptick since last year. The luxury market in Cupertino had some calming over summer, but is back on the rise again. Going strong, though, are the median pricing tiers. What if we look back more than a year? Combining the quartiles, it seems that there’s been more up than down.

Real Estate Market Chart by Altos Research www.altosresearch.com

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Sketch of houseIt can be really challenging for people moving to Silicon Valley to get a sense of real estate prices, and perhaps more, to compare housing costs from one town or district to another.

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 4 months, or 120 days, for a better range. As of this writing, Los Altos only had one sale over the last 120 days, so data for that segment spans from 0 to 180 days back, or 6 months, and in that half a year we have merely 3 sold.

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.

Below are my results from the same search back in September 18, 2015. By comparisson, 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, Saratoga only had four homes sold matching this criteria within the 120 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 35 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

  • Allmaden Valley view from Nightfall Court
    Allmaden Valley view from Nightfall Court

Whether you call it the San Jose area, Santa Clara County, Silicon Valley, The South Bay, or even the old moniker of “The Valley of Heart’s Delight”, there is a lot to love about living here. I’ve put together a slideshow with a taste of the residential communities in and near San Jose, including Almaden, Willow Glen, Cambrian, Evergreen, Los Gatos, Saratoga, Monte Sereno, Campbell, Cupertino, Santa Clara and more. Sit back and enjoy the photos!

Often I have clients who are interested in purchasing a 4 bedroom, 2 bath home in a good school district in Silicon Valley, particularly in the South Bay and West Valley areas.    Tonight I did a study on the MLS of homes that have sold and closed escrow in the last 4 months with these characteristics:

  • single family home (house)
  • 4 bedrooms
  • 2 bathrooms
  • 1800 to 2200 square feet of living space
  • 6000 to 10,000 sf lot

Disclaimers aside, here are the numbers for select West Valley Communities in the West/South Bay area with good schools. The first number is the average sales price per square foot, the second number is the average sales price:

Capture

And a look at the chart from all the way back in 2011. What’s changed? A lot! The order has shifted some, showing where demand has increased or decreased. Most noticeably, the prices are significantly lower in 2011 than they are now.

The home prices tend to run with the school district API scores.  You can check the 2013, three year average, API scores in Santa Clara County for both the districts and the individual schools online here.         Continue reading

For Father’s Day, my husband thought it would be nice to take a leisurely back-roads drive to Ridge Vineyards in Cupertino via Pierce Road in Saratoga and then do a little wine tasting.  It was nice to get away from major roads and freeways, and we very much enjoyed the drive – but much more so the destination!

Every time we visit Ridge, it seems to be just a little bit nicer than when we’d last seen it.  The grounds have gone from rustic to sophisticated and there are many more places to enjoy a little wine and picnic now as compared to ten or twenty years ago. (I think I first joined Jim there more than 30 years ago.)  Here are a few photos of our trek there today.    It’s always a pleasant place to visit, and often the views are spectacular.

1 Ridge 3 Ridge walking in (2) 2 landscaping 5 outside patio 6 Ridge sign 7 Beware of Rattlesnakes 8 Panorama 9 Looking north 10 Looking east 10 Vineyard 11 Young grapes 12 Vineyard and view toward Los Gatos 13 Looking southeast 14 Cupertino hillside home 15 For the birds

For more info about Ridge, tasting, or joining any of their member programs, please visit them online at http://www.ridgewine.com/ or stop by the lovely Montebello Road campus when they’re open.

17100 Monte Bello Road Cupertino, CA 95014

Phone 408.867.3233

Love Cupertino? Check out housing market info here:

Cupertino Real Estate Market Trends and Statistics

  1. 4 beds, 2 full baths
    Home size: 1,849 sq ft
    Lot size: 9,278 sqft
  2. 3 beds, 2 full, 1 half baths
    Home size: 1,679 sq ft
    Lot size: 5,488 sqft
  3. 3 beds, 2 full, 1 half baths
    Home size: 1,710 sq ft
    Lot size: 1,873 sqft
  4. 1 bed, 1 full bath
    Home size: 743 sq ft
    Lot size: 435 sqft
  5. 3 beds, 2 full baths
    Home size: 1,272 sq ft
    Lot size: 6,490 sqft
  6. 3 beds, 2 full baths
    Home size: 1,127 sq ft
    Lot size: 5,850 sqft
  7. 5 beds, 4 full, 1 half baths
    Home size: 3,156 sq ft
    Lot size: 6,681 sqft
  8. 4 beds, 3 full, 1 half baths
    Home size: 3,553 sq ft
    Lot size: 38,419 sqft
  9. 3 beds, 2 full baths
    Home size: 1,632 sq ft
    Lot size: 6,011 sqft
  10. 0 beds, 0 baths
    Home size: 2,520 sq ft
    Lot size: 9,452 sqft

See all Real estate in the city of Cupertino.
(all data current as of 2/24/2017)

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

Today I’m sharing with you Silicon Valley real estate statistics which were presented to me by my company, Sereno Group. These are “by school district” and I think you will find them immensely insightful! First, though, a brief commentary on the overall findings, then statistics for single family homes (mostly houses but a few “duet homes”) in Santa Clara County, and lastly, the same info but for condominiums and townhouses.

Sereno Market Report Intro May 10 2014

 

Please find the real estate market statistics by school district in the Santa Clara County area next.  Please note that the San Jose Unified School District is extremely large and varied, and the numbers would be very different if you were narrowing it to Almaden Valley with Leland High School as opposed to some areas which are not performing nearly as well.

 

Market Report By School District Quarter 1 2004 Single Family Homes

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Overheated marketIn Silicon Valley, the housing market is again quite overheated.

  • Inventory is down.
  • Home sales are down (because inventory is down).
  • And home buyer morale is down in the wake of multiple offers, overbids and bidding wars.

Pricing are rising fast.   Some folks are now getting priced out of the market and many are just giving up until things calm down. We have seen this before: a Déjà vu.

This is not happening uniformly across Santa Clara County, but is a general trend seen with the most popular properties.  These tend to be the most affordable homes in areas close to high tech job centers (such as condos and townhouses in Sunnyvale, Palo Alto, etc.) as well as the least expensive single family homes in areas with good to great schools (think Union Schools area of San Jose’s Cambrian district, homes in west San Jose 95129 with Cupertino schools, plus of course the more expensive areas with outstanding public education too).  In general, it’s a seller’s market.

As a frustrated home buyer, what can you do?  Besides just throw more cash at the problem, and give away all of your rights?

One approach is to find the segments of the market which are not quite so hot.  For instance, there are lovely townhomes and condominiums which are selling a little more slowly because they are on the expensive end of pricing for their zip code.  Those properties may not sell so fast because many of the buyers in that range are going to push just a little more to get into a single family home instead.

Another idea is to find homes with fixable problems, defects, or issues.  You cannot change location, but it may be possible to take a 3 bed, 1 bath home and add a second bathroom to it.  Many houses with pools (where pricing is under $1 million) sell with less bids because of the pool – and it IS possible to remove a pool, often making a home more valuable to most home buyers.  So target these homes and there may be less competition than the same house without a pool.

Finally, consider properties which have been on the market awhile.  Many buyers won’t take a second look at a house that’s been on the market for 45 or 60 days, but that may be the gem you need.  Most of the time, properties that languish on the market are simply overpriced.  Sometimes there are odor issues or other things which may require more effort to remediate, but these problems may be an opportunity in disguise.

Related reading:

What is a sharp offer or relative bid?

With dozens of offers on that house, why bother?

Overheated market, overheated emotions

  1. 3 beds, 3 full baths
    Home size: 1,852 sq ft
    Lot size: 9,234 sqft
  2. 2 beds, 2 full, 1 half baths
    Home size: 1,545 sq ft
    Lot size: 657 sqft
  3. 6 beds, 4 full, 1 half baths
    Home size: 4,223 sq ft
    Lot size: 23,043 sqft
  4. 5 beds, 4 full baths
    Home size: 4,093 sq ft
    Lot size: 8,973 sqft
  5. 4 beds, 3 full baths
    Home size: 2,185 sq ft
    Lot size: 7,013 sqft
  6. 2 beds, 2 full baths
    Home size: 1,548 sq ft
    Lot size: 8,058 sqft
  7. 4 beds, 2 full, 1 half baths
    Home size: 2,107 sq ft
    Lot size: 6,359 sqft
  8. 3 beds, 3 full baths
    Home size: 2,064 sq ft
    Lot size: 1,742 sqft
  9. 4 beds, 3 full baths
    Home size: 2,458 sq ft
    Lot size: 4,878 sqft
  10. 3 beds, 2 full baths
    Home size: 1,420 sq ft
    Lot size: 5,749 sqft

See all Real estate in the city of Palo Alto.
(all data current as of 2/24/2017)

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

Mid-century modern homes, including those designed by Joseph Eichler, dot the Silicon Valley & South Bay Area real estate landscape.  There are probably more than 5,000 Eichlers in Santa Clara County altogether, plus all the other homes of that genre with the similar modern style, which was influenced by the ranch and prarie styles as well as the dramatic work by Frank Lloyd Wright (open beam ceilings, nearly flat roofs, lots of exposed wood & glass windows stretching from the floor to the ceiling).  Eichlers, especially, put a premium on privacy from the street but open to the outdoors otherwise.

Not every community in Santa Clara County has Eichler homes, but most have the mid-century modern style homes & neighborhoods. These homes vary from tiny, modest cottages of 1100 square feet to large & elegant  houses of nearly 3,000 square feet, featuring big, central atriums or courtyards.  (There are also some co-ops in the valley too.)  The quality varies, as the homes were constructed by several different builders with different home buying budgets in mind.  Real estate prices range from “entry level” to very expensive, depending on the location (city and schools), size of the home & lot, and condition of the property. Most of them are now about 50 years old, though some are a little younger.

Some of the West Side Silicon Valley Communities which feature Eichler and Mid Century Modern Homes

In Los Gatos there are no Eichlers but there are a small handful of single family homes which are mid-century modern on Eastridge Drive (just off Blossom Hill Road and Hillbrook). There are a couple more at the end of Magnuson Terrace (off Magnuson Loop and Los Gatos Blvd).  Additionally, there are some smaller mid-50s homes on El Gato (and adjacent portions of Escobar) off of Los Gatos-Almaden Road. Unfortunately, not all of these homes are “well kept”, though many are.

Monte Sereno is home to 16 Eichler designed houses on Via Sereno beginning at the intersection of Winchester Blvd with Via Sereno.  These houses were built in the late 60s to early 70s.
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Offer DeadlinesIt’s a seller’s market in Silicon Valley right now.  Many sellers are getting multiple offers and overbids, especially in Cupertino, Sunnyvale, Mountain View, Palo Alto and Menlo Park.  For home owners trying to maximize their sales price, does it make sense to have an “offer deadline”?

Maybe.

If you are pretty confident that you can get multiple offers, the deadline helps in a few ways.

  • it prevents the offer situation from being a mere “foot race” (fastest one wins)
  • it allows everyone enough time to see the house, read the inspections, disclosures etc.
  • it provides enough time for the sellers and agents to plan

As with all strategic plans, this one can backfire too.  If you or your agent publishes an offer deadline and then no bids are forthcoming, it’s more than just a let down.  It’s a market signal that this home is overvalued by its owner and agent.  Then, suddenly, it can appear to be an old listing, even if it’s just been on the market 7 to 10 days.

Many real estate agents take a middle path, saying nothing about offers until agents ask. If they are asked, they will give a date in the future – usually a couple of days after the open house.  But the MLS won’t say it for these agents unless they hear many buyers’ agents asking about offer presentation.  They don’t want to look bad, they don’t want your house to look bad.

We never know until a property goes on the market how it will fare.  It is wise to be cautious about advertising an offer date unless you are very certain that you will be seeing multiples!

  1. 2 beds, 1 full bath
    Home size: 886 sq ft
    Lot size: 1,132 sqft
  2. 3 beds, 1 full, 1 half baths
    Home size: 1,555 sq ft
    Lot size: 16,901 sqft
  3. 5 beds, 3 full baths
    Home size: 2,515 sq ft
    Lot size: 10,454 sqft
  4. 3 beds, 1 full bath
    Home size: 1,060 sq ft
    Lot size: 5,314 sqft
  5. 5 beds, 2 full baths
    Home size: 1,950 sq ft
    Lot size: 6,011 sqft
  6. 4 beds, 2 full baths
    Home size: 1,404 sq ft
    Lot size: 6,838 sqft
  7. 2 beds, 2 full baths
    Home size: 1,275 sq ft
  8. 3 beds, 2 full, 1 half baths
    Home size: 1,231 sq ft
    Lot size: 696 sqft
  9. 5 beds, 4 full baths
    Home size: 2,952 sq ft
    Lot size: 4,094 sqft
  10. 3 beds, 2 full baths
    Home size: 1,679 sq ft
    Lot size: 11,804 sqft

See all Real estate in the city of San Jose.
(all data current as of 2/24/2017)

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

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Mary Pope-Handy
Realtor
ABR, CIPS, CRS, SRES
Sereno Group Real Estate
214 Los Gatos-Saratoga Rd
Los Gatos, CA 95030
408 204-7673
Mary (at) PopeHandy.com
License# 01153805


Selling homes in
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Santa Clara County,
San Mateo County, and
Santa Cruz County.
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Special focus on:
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Saratoga, Campbell,
Almaden Valley,
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2007: Mary Pope-Handy and Frances Flynn Thorsen win the Project Blogger Contest for Mary's Live in Los Gatos blog. The contest was sponsored by
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