townhouse

Updating the Campbell Real Estate Market

How is the Campbell real estate market?How is the Campbell real estate market? Here are the numbers, but what do those numbers mean? The sales vs list price remains over 100% though it has dropped some in the last months, and while the average days on market has increased it remains under a month. This indicates that Campbell is still in a strong seller’s market, despite a growing inventory.

Further down in this article, we’ll utilize the graphs from Altos Research, which uses list prices, and check out the trends in pricing by quartile in this zip code (meaning 4 groups based on the pricing tier from least to most expensive).  Campbell condominiums and townhomes will be considered as well. And finally, a list of homes for sale in Campbell will be found at the bottom of the post.

First, here are some quick stats, care of my RE Report for Campbell:

What about the Campbell CA condo market?

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Willow Glen real estate market – San Jose 95125

Willow Glen in San JoseWillow Glen is perhaps the most charming residential area of the city of San Jose with its old style architecture, tree lined streets and quaint downtown area on Lincoln Avenue and nearby. For folks working in downtown San Jose, the Willow Glen area (roughly the same as 95125 zip code, though a bit of 95124 is included also) is extremely convenient. Inventory is up from last year, but homes continually sell above list price in well below a month, and things are steady since last month. Willow Glen remains in a sellers market.

Click for the complete Willow Glen real estate report with all of the numbers, stats and trends from the closed sales of houses for last month. Further down in this article you’ll find the Altos Research charts as well.

Willow Glen Stats At A Glance

Year-Over-Year

  • Median home prices increased by 12.4% year-over-year to $1,180,000 from $1,050,000.
  • The average home sales price rose by 12.6% year-over-year to $1,282,830 from $1,139,550.
  • Home sales fell by 13.2% year-over-year to 66 from 76.
  • Active listings fell 1.6% year-over-year to 127 from 129.
  • Sales price vs. list price ratio fell by 3.4% year-over-year to 103.3% from 107.0%.
  • The average days on market rose by 38.1% year-over-year to 15 from 11.

Compared To Last Month

  • Median home prices improved by 2.6% to $1,180,000 from $1,150,000.
  • The average home sales price rose by 1.6% to $1,282,830 from $1,262,390.
  • Home sales up by 8.2% to 66 from 61.
  • Active listings dropped 4.5% to 127 from 133.
  • Sales price vs. list price ratio increased by 0.1% to 103.3% from 103.2%.
  • The average days on market increased by 0.2% to 15 from 15.

Another increase in inventory hasn’t made much of an impact on the sellers market, which is still burning hot! The sales vs list price is still over 100% and days on market are at half a month.

And next, of Willow Glen condos:

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Saratoga, CA, Real Estate Market Update

How’s the Saratoga California real estate market?

Orchard and Hills in Saratoga, California

Orchard and Hills in Saratoga, California

This is a fairly comprehensive article on the Saratoga real estate market that will include the live statistics from Altos Research for listed properties (not closed) in Saratoga CA 95070, the closed sale data from the RE Report for last month in Saratoga 95070, and the numbers I crunched for Saratoga – overall and by price point and high school district, since Saratoga has 3 different high school districts, each with an impact on home values.

First, let’s consider the months of inventory by price point and high school district that I crunched using MLSListings.com, our local multiple listing service provider.

The months of inventory is a reference to how fast homes would be absorbed into the market if sales continued at the same pace and no new inventory came onto the market.  It’s often referred to as “the absorption rate” – and that can be months of inventory, weeks of inventory, or days of inventory.  A “balanced” market is somewhere around 4-5 months for us, though the National Association of Realtors says that 6 months is balanced nationwide.  Anything under 3 is a good seller’s market, and under 1 is like saying that homes are “flying off the market”.

(For comparison, please also see a similar article on the Live in Los Gatos blog for the town of Los Gatos – real estate market by price point and high school district.)

Here’s the chart for Saratoga – all price points, all school districts.

And for comparison, here’s the chart from last month:

This month shows an abnormal, slight drop in both inventory and sales – a slight cool down was expected for the summer in anticipation of rising inventory. Despite that, the a lingering demand built up over the last two years the market just won’t cool down. Almost 3.4 months of inventory means Saratoga is still a hot sellers market, but comparing across school districts you can see how different each area’s market can be.

 

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Vizcaya neighborhood

VizcayaOne of the prettiest townhome communities in Santa Clara County is Vizcaya, which features a Mediterranean style of architecture in a community that is extremely tidy and well maintained.  Driving in, it feels like you’ve just arrived at a resort.

Where is Vizcaya?

The Vizacaya neighborhood is in San Jose just off S Bascom and Curtner Avenues, but is close to the Campbell border and confusingly, has a Campbell mailing address. The community’s streets are Vizcaya Circle, Vizcays Way, and Pescara Court.  The location is very convenient, with easy access to shopping, bus lines, and major traffic routes.

What are the homes like at Vizcaya?

Built between 1990 and 1996, these 92 townhomes are younger feeling and tend to have fairly open floor plans and plenty of large windows.   The home sizes range between 2396 SF and 2656 SF, but many are so nicely designed that they tend to feel like single family homes.  Lot sizes average around 4,100 SF (pretty big for a townhouse).  The parcels range in size from  2480 SF to over 10,000 SF but most are 3000 – 5000 SF.

The homes in the Vizcaya community are condominiums with a townhouse architectural style. (Some townhouses are held in PUD ownership. In some locations, such as Almaden and Los Gatos, there are houses which are condos – or held in condo ownership.)  There’s a small pool and spa at the center of the complex for residents to enjoy.  The day I took the photos shown in the slideshow, below, painting was ongoing next to the pool, so it isn’t shown.

  • Vizcaya in Campbell

What does it cost to buy a townhome in Vizcaya?

These upscale properties don’t come on the market too often, but if you are lucky enough to find one available to buy, chances are that it will cost a million dollars or a bit more (as of this writing in June 2016).

Los Gatos and Saratoga Condominium and Townhouse Market

Saratoga and Los Gatos are neighbors, but their real estate markets are not the same! Today we’ll consider the condo and townhouse market in these two upscale Silicon Valley areas and view some elements “side by side”. See what you think!

First, let’s have a peek at how fast things are selling. Saratoga & Los Gatos both are at under 3 week for the “days to sell over time”.  Saratoga tends to sell a little better than Los Gatos for condominiums and townhomes, and that’s the case now as well – at least months months, and recently. (Reasons, not sure – perhaps because the location is a little closer to Cupertino and Sunnyvale and the many high tech jobs there.  Or it could be related to the school scores or any number of factors.)

Saratoga days to sell over time 2014 - condos

Saratoga days to sell over time 2014 – condos

Los Gatos days to sell over time 2014 - condos

Los Gatos days to sell over time 2014 – condos

 

 

 

 

 

 

 

 

 

 

 

 

 

Let’s check some other criteria and see how they stack up there. Let’s look at the new listings as opposed to the solds.  How far apart are they? (The closer they are, the “hotter” the market. If the solds are going faster than the new listings are coming on, it’s a red hot seller’s market.)   For most of the last year, Saratoga condominiums have been selling and closing faster than new ones have entered the market, or have tied it, except for March and April.  In Los Gatos, same pattern recently of new listings outpacing sales, and in January the closed sales outpaced new inventory.  But overall, it’s close to a tie or there’s a slight leaning toward new listings rather than sales unless you look back to last fall.  So a little bit cooler of a market in Los Gatos by this standard.

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When a parent, spouse or loved one dies – what do you need to know or do about the house?

When a parent, spouse or loved one dies and he or she owned a home, there’s a lot for the survivors to do in addition to the very real and painful process of mourning.  I have been through this with my own parents (and their house in Saratoga), a great aunt in Willow Glen and many clients in San Jose, Los Gatos and elsewhere in Silicon Valley.

Where to begin?  in terms of settling the estate, it is wise to first speak with an attorney and tax professional about the property (will, trust etc. if applicable) and what they advise and require to help in doing what is required and adviseable. (I have some wonderful people I can suggest if you would like a referral.)  They will try to help you to legally minimize capital gains and estate taxes and can advise you on topics such as when might be the best time to sell vis a vis the tax liability.  This is extremely important and it can be very expensive to not take into account their guidance on this point, so I strongly recommend that you or other beneficiaries discuss everything with the attorney or accountant prior to electing whether the home will be sold, rented etc. in the short term.

How can a real estate professional help?

Most often, something you’ll need for the lawyer and CPA or other tax professional is a valuation of the home as of the date of death (whether or not there is a surviving spouse or co-owner).  You can obtain this by hiring a licensed residential real estate appraiser who will do an appraisal for you.  Alternatively, you may be able to engage a real estate licensee (salesperson) to do a competitive market analysis or comparative market analysis (CMA), which would provide the probable buyer’s value for the property.      Continue reading

Viewing Silicon Valley Homes for Sale: What to Expect

What should you expect when you go to visit homes for sale in Silicon Valley? Here are a few quick tips.

  1. Many home sellers in the San Jose area will ask that you remove your shoes. So wearing slip ons of some kind will be a lot easier than footwear with laces, buckles, zippers etc.
  2. Most of the time, sellers will not be home.  They wisely will clear out, when possible, to give you the space to look without feeling like you’re imposing on them.  Sometimes, though, for any number of reasons, this may not happen.
  3. If sellers are home, they will usually answer the door or, worst case, respond when the agent and buyers enter and announce themselves.  Once in awhile, though, there’s a surprise seller somewhere in the house.  (Maybe one time in a hundred?  I have run into people who were in bed, in a shower, on a couch and simply not responding.)  So be alert when viewing homes, be cautious, or it could be like that scene in “E.T.” where ET and the little girl see each other and scream their lungs out.
  4. Pets are usually not present and loose, but again, sometimes there’s a misfire, so be on guard for dogs and cats (more likely the latter).  If dogs are present and loose I usually will not show the home. I love dogs and own one, but they’re not all equally friendly.
  5. Personalization:  usually sellers will have decluttered and depersonalized their homes so that you and other home buyers can “see themselves” in that space.  For some sellers, particularly seniors, it can be very difficult to remove those items until the moving van is in the driveway.  So be prepared to see at least some homes with an inordinate amount of stuff, whether it’s family photos, collections, religious imagery or worship space, rooms not being used for their intended purpose, and so on.  In these places, you’ll need to be able to see past what’s currently there as the personal items can be confusing.  For instance, I have seen family rooms used as dining rooms, dining rooms used as hobby rooms, bedrooms used as prayer or exercise rooms, garages divided into several smaller rooms (with easily removable walls), etc.
  6. Normally, homes are clean and pleasant to see.  Sometimes with distressed properties, tenant occupied (unmotivated residents), homes with invalid residents, or other physical or emotional situations the home may be a wreck.  Know that you will probably see a wide spectrum of care for the house and yard.

What about your behavior in the home?  Most home buyers are very considerate but here are a couple of things to think about.

In addition to removing your shoes if requested to do so, you should plan on making sure any little members of the family stay with you and are “gentle” on the home and belongings.  Children can move fast and not all homes are child-proofed.  (I have seen kids go in the opposite direction as their parents and then jump on the home seller’s furniture, open drawers of furniture, etc. – not good.)  I worry the most when the sellers have a cat and the buyers have a toddler – often not a perfect combination.  In fact, sellers and agents usually want your group to stay together and not go in opposite directions no matter what the ages are.

Home sellers usually understand that someone may need to use the bathroom while there, but in general, of course, they’d rather that this not happen.  If you or your kids need to use the restroom, please check afterward to make sure that everything’s clean.  The other day I visited my listing and when I went into the master bathroom there were big splotches of urine on the toilet seat. Not cool! (And if the seller is home, of course you should ask permission first.)

If the sellers are home, it’s good to keep any feedback to yourself until you have left the property (or to share it quietly so as not to be overheard).

These are the basics. Happy house hunting!

  1. 4 beds, 2 full, 1 half baths
    Home size: 2,082 sq ft
    Lot size: 8,319 sqft
  2. 2 beds, 2 full, 1 half baths
    Home size: 1,240 sq ft
    Lot size: 784 sqft
  3. 2 beds, 2 full baths
    Home size: 1,973 sq ft
    Lot size: 3,963 sqft
  4. 2 beds, 1 full, 1 half baths
    Home size: 1,191 sq ft
    Lot size: 784 sqft
  5. 2 beds, 2 full, 1 half baths
    Home size: 1,216 sq ft
    Lot size: 1,611 sqft
  6. 5 beds, 3 full, 1 half baths
    Home size: 3,490 sq ft
    Lot size: 10,018 sqft
  7. 4 beds, 2 full baths
    Home size: 2,286 sq ft
    Lot size: 11,979 sqft
  8. 4 beds, 3 full, 1 half baths
    Home size: 3,040 sq ft
    Lot size: 21,213 sqft
  9. 4 beds, 3 full baths
    Home size: 2,248 sq ft
    Lot size: 12,066 sqft
  10. 2 beds, 2 full baths
    Home size: 1,154 sq ft
    Lot size: 1,219 sqft

See all Real estate and homes in city of Cupertino.
(all data current as of 7/30/2016)

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

Cambrian Park Homes & Real Estate For Sale

San Jose’s Cambrian Park neighborhood offers a variety of home types, sizes, and price ranges, from small condos to large houses on big lots.  Below, please find virtually all MLS listed properties currently for sale in the Cambrian Park Area with zip codes of 95124 and 95118. The info is updated automatically, so please check back often! (You can narrow your search by selecting only certain home types, sizes, etc.  Below are four groupings, by zip codes and home types, to cover all residential real estate available right now in 95124 & 95118.

95124 Single Family Homes:

  1. 3 beds, 1 full, 1 half baths
    Home size: 1,047 sq ft
    Lot size: 9,539 sqft
  2. 4 beds, 2 full baths
    Home size: 1,852 sq ft
    Lot size: 6,708 sqft
  3. 3 beds, 2 full baths
    Home size: 1,260 sq ft
    Lot size: 6,882 sqft
  4. 3 beds, 2 full baths
    Home size: 1,844 sq ft
    Lot size: 6,011 sqft
  5. 4 beds, 3 full, 1 half baths
    Home size: 2,204 sq ft
    Lot size: 5,880 sqft

See all Real estate and homes in 95124 zip code.
(all data current as of 7/30/2016)

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

95118 Single Family Homes:

click on link below to see these and more…

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How is the Santa Clara County condo market?

Condominiums and townhouses in Santa Clara County have enjoyed rapid appreciation and almost perfectly steady improvement in the market in the last 18 months or so.  Today we’ll take a snapshot view of it with a few graphs.  First, let’s consider the average Days on Market (DOM) and the sale price to list price ratio for condos and townhouses in Santa Clara County.

Santa Clara County Condos and Townhomes Average DOM & Sale to List Price Ratio July 2 2013

Santa Clara County Condos and Townhomes Average DOM & Sale to List Price Ratio July 2 2013

 The chart above shows some calming down in the Santa Clara County condo market.  First, it appears that the sale price to list price ratio stopped its wild ascent and has reversed itself some in June 2013.  But also, it seems that the days to sell leveled out (and stopped its decline).  Just to check on the apparent trend, I went to MLSListings and ran the numbers for the closed sales just yesterday and today (July closings).  The average sale price to list price was 106%, a tad lower than what we saw in June.

What about new inventory vs sold homes?  In the chart below, we see that the gap between them widened in June: more inventory, fewer sales (of course the June sales were contracts ratified in May, in most cases).  This also suggests a loosening in the condo market here. It’s not suddenly a buyer’s market, but perhaps we are seeing the beginning of a trend reversal?  Have a look at the chart:   Continue reading

The Silicon Valley real estate market bubble – it’s back!

Another bubble?Hearing the real estate market “war stories” about dozens of offers on Silicon Valley properties and overbids ranging from 20 – 55% has convinced me that this is a bubble. At least, this is what a bubble looks like, sounds like, feels like, and acts like.  Maybe I’m wrong.  Maybe it’s not a bubble.  But would I buy property with these conditions?  I don’t think so – it would depend on the home, the area, the price point and the level of interest it was generating.  Overall, though, when the market is this hot, I get worried that emotions are running the show and common sense has been lost in the dust.

What do the numbers say?  I just logged into MLSListings.com and see that right now, in all of Santa Clara County there are 760 single family homes (houses & duet homes) for sale which are truly available and not sale pending or under contract.  In the last 30 days, 542 single family homes have sold.  That’s 1.4 months of inventory – a red hot seller’s market.  In San Mateo County it’s just slightly cooler with 426 for sale and 238 sold in the last 30 days, resulting in 1.8 months of inventory.

It is even worse in the lower price points.  For houses/duets listed at $600,000 or less, in SCC the months of inventory is .64 or about 2 1/2 weeks (149 listed, 232 sold/closed in last 30 days).  For SMC, it’s about the same, .69 of one month (67 listed now, 97 sold/closed in last 30 days). Less than a month of inventory – a balanced market is 5 or 6 months!  Homes are selling faster than new ones are coming onto the market!

It’s one thing to say that one city, town, or school district has a very low months of inventory (or high absorption rate).  It is another altogether to say an entire county is that low.  This is a major trend, not a tiny blip in the statistics.

How soon we forget that after the outrageously deep seller’s market in 2000, we had a steep drop in 2001.  Or that all the crazy buying in the San Jose area (and other places) in 2005-06 lead to the crash of 2007-2009. Continue reading

Translation

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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


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