by Mary Pope-Handy | Jun 20, 2014 | Condos & Townhomes, Market Info, Market Reports, Working in real estate
June 20 2014 San Jose Condo Inventory
Home prices, like anything else which is bought and sold, are subject to the pressures of supply and demand. In recent weeks, we have seen an increase in the number of condominiums and townhomes for sale in San Jose, but a slight lessening in buyer interest. More supply with less demand equals lower prices. This will be a bit of a shock to most home sellers, who’d read about the madness of the market in February, March and April. But spring is nearly always stronger than summer – and we are seeing a fairly typical calming down in the Silicon Valley real estate market as we move into that milder summer market.
Since I mostly sell in the “west valley” areas of the Santa Clara Valley, I had a look at a few of them just to see what the trends look like. In this chart, please see the inventory of condominiums and townhomes for sale in 95120 (Almaden Valley), 95123 (Blossom Valley), 95124 (Cambrian) and 95125 (Willow Glen). Almaden seldom has many listings of townhouses or condos at all – over the last year, it looks as though it’s usually close to 5 at any given time. A slight uptick means 6 are available. The trend is much more dramatic in other parts of San Jose.
Home sellers: where the inventory rise is the steepest, you will probably see the most impact on the odds of selling and the price for which you can sell your home. Home buyers: if you see that inventory is largely unchanging, as it is in the tony Almaden Valley, the odds are good that it’s still pretty competitive for home buying and you will likely need to bring your best game forward to secure your future home.
Interested in other areas? I work all of Santa Clara County and would be happy to help you buy or sell your condo, townhouse or single family home here.
June 20 2014 condo inventory 95120 95123 95124 95125
by Mary Pope-Handy | May 27, 2014 | Condos & Townhomes, Los Gatos, Market Info, Market Reports, Monte Sereno, Saratoga
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
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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by Mary Pope-Handy | Oct 29, 2013 | Condos & Townhomes, photos, Relocation, San Jose (all areas), Senior Living, West San Jose
A newer “mixed use” neighborhood in San Jose, Santana Row is popular with people of all ages and interests. It is not just a “shopping center”, but is really a community, one which offers a wide variety of dining, shopping and entertainment, suitable for all kinds of budgets too. Best of all, it’s right in the heart of Silicon Valley.
Dining at Santana Row varies from very formal and expensive to casual and snack-like, and the type of food available ranges widely too. A fairly new addition is Pinkberry, which seems to be growing quickly in popularity. There are about thirty cafes, bistros and restaurants and to date I’ve probably visited about one-third of them – all experiences positive.
Entertainment at SR goes beyond window shopping and includes live music and, of course, films at the movie theater. Many chose to simply peoplewatch, take in a good book or catch a game of chess with a friend while enjoying a beverage. A Farmer’s Market features produce, flowers and other goods each week (and there’s a Safeway just a block or two away also) and is a good excuse to browse the offerings. Or maybe splurge a little and enjoy some pampering at a spa or salon: Santana Row’s got that, too.
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by Mary Pope-Handy | Jul 2, 2013 | Condos & Townhomes, Market Reports, Santa Clara County (all)
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
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: (more…)
by Mary Pope-Handy | Jan 18, 2013 | Buying Tips, Condos & Townhomes, First time homebuyers, Market Reports
Being an FHA home buyer in Silicon Valley is a challenge right now, especially if you want what everyone else wants: a nicely updated and remodeled home in a good area with no “issues”. (Issues meaning things like high voltage lines, busy roads, flood plains, or being too close to stores or spots not everyone wants to be near.)
How many FHA buyers are successful in purchasing a house right now? The percentages are very small. Just now I ran the MLS for sales of single family homes (houses and duet homes) in San Jose over the last 30 days. Here are the figures:
All closed sales = 368
What kind of financing was used for these 386 closed sales?
Conventional financing = 268
All cash purchases = 77
FHA purchases = 10
Conventional 1st & 2nd loans = 6
VA Loan = 1
Owner financing = 0
The odds of success for FHA buyers is less than 3%. Why is it so tough? Condos are even more challenging than houses, so let’s look at those issues first.
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by Mary Pope-Handy | Sep 27, 2012 | Condos & Townhomes, Cupertino, homes for sale
Yesterday I put a wonderful Cupertino condo on the market. My seller has worked hard so that the buyers won’t have to! The kitchen is newly remodeled and is just about one month old. The home boasts new carpet and wood laminate floors, new blinds, new light fixtures and on and on. Best of all, it enjoys an oversized patio which must be seen to be fully appreciated! Located in the best area of the complex with easy access on foot to a myriad of shops, restaurants and two coffee houses at Foothill Center. Check out all the details and photos below!
22330 Homestead Road, # 121: 2 bed, 2 bath, 1249 SF, offered at $598,000
SOLD!!!!! But to see details on this lovely home, please visit:
http://www.popehandy.com/listings/listing_home.cfm?property_ID=8430906
by Mary Pope-Handy | Mar 14, 2012 | Condos & Townhomes, homes for sale, Santa Clara
Living Room & Balcony at 966 Kiely Blvd, # D
******** SOLD with 20 offers after 6 days on the market******
So cute, updated, staged – a turnkey Santa Clara condo in a great location near Central Park!
966 Kiely Blvd, # D (cross street Kaiser Drive), Santa Clara
Fabulous kitchen with dishwasher, new refrigerator, new oven!
One bed, one bath, 670 square feet of easy living in an upstairs unit.
Great closet space – big walk in closet in master, hall closet for guests, oversized storage – linen closet PLUS another storage area in the carport.
Living room with wet bar and private balcony – wonderful for relaxing.
Seller has worked hard to make this home absolutely ready. There are even a home & pest inspection. Regular sale too. Hurry, it’s ready to sell!
The Santa Clara Condo Market is red hot – but very few properties are similar to this in being updated, a regular sale (not a short sale, not a bank owned property) and ready to go with inspections & disclosures online. (Click the link to read up on the real estate market for condominiums and townhomes in Santa Clara. Real estate agents can get the link for the disclosures on the MLS.)
Offered at $158,888
HOA dues $340 per month
Woodborough community with pool, spa, playground & more (see photos and all details below)
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by Mary Pope-Handy | Jan 2, 2012 | Buying Tips, Condos & Townhomes, Older & Historic Homes, Saratoga, Single Family Homes
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! (more…)
by Mary Pope-Handy | Aug 12, 2011 | Campbell, Condos & Townhomes, homes for sale
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: (more…)
by Mary Pope-Handy | Mar 12, 2011 | Buying Tips, Condos & Townhomes
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.) (more…)
