How’s the Cupertino real estate market?
While there are a few tiny hints at some softening in the market, it’s almost imperceptible. Most homes continue to sell very fast, often with multiple offers and overbids of many hundreds of thousands of dollars. The offered amount is frequently a price mirage.
In April there were just 16 single family homes sold in Cupertino according to the RE Report (see below). Here are some quick stats:
- The average sale price in May was $3,475,780 (+14.9% from $3,026,120 April), up 27% from a year ago.
- The median sale price rose to $3,219,000 (+9.8% over April and 19.7% higher than a year ago)
- The average sale to list price ratio was 114.1%, nearly identical to last month’s 114.3% and 2.9% higher than last year’s 110.9%
Cupertino – view from Ridge Vineyards
When prices rise this fast, it is entirely possible (especially for first time buyers who don’t own local real estate) for home buyers to get priced out of the market. You cannot save enough to keep up at this rate. Prices are literally up +$500,000 from a year ago.
Altos Research charts (they use LIST prices, not sale prices):
The 95129 area of San Jose, which is sometimes referred to as the “Cupertino Border” area and is generally part of “West San Jose”, is highly desirable due to the excellent school scores in the Cupertino School District (which much of this zip code enjoys – but not all), well maintained homes and great commute location to companies such as Apple (headquartered in Cupertino).
The rest of this zip code has Campbell schools, making it more affordable and also very desireable as a close in commute location.
Today we’ll consider the real estate market activity for houses in this area today and in relation to recent history.
This data will be automatically updated by Altos Research (to which I have a subscription) weekly. Altos uses list prices, not sales or sold prices, FYI.
San Jose 95129 Market Profile
Median List Price San Jose 95129
Inventory of Single Family Homes for Sale in San Jose CA 95129
Houses for sale or under contract in West San Jose 95129
Below are some or all (if just a few) single family homes for sale in San Jose 95129. Some of these will be have Cupertino schools and some will have Campbell schools.
- List View
- Map View
- Grid View
See all 95129.
(all data current as of
Listing information deemed reliable but not guaranteed. Read full disclaimer.
High Voltage Power Lines from around the West Valley.
“Location, Location, Location!” The most important element when buying or selling a home is the one thing you can’t change – it’s location. Because of that, you’ll need to know some location-specific things, naturally occurring and man-made. Like high voltage power lines.
What about this location?
If you own or are thinking of buying a home in Silicon Valley, here are a few location-specific things you want to know upfront so that you can make informed decisions:
- where are the earthquake fault lines?
- where are the geologic hazard zones, such as liquefaction areas?
- where are the flood plains?
- where are man-made things that will negatively or positively impact a home’s value? Things such as
- train lines
- electrical transmission
- school district boundaries
- zip code boundaries
- proximity to entertainment venues
When looking at maps, sometimes these items show up and sometimes they don’t. Realtors and other real estate professionals in the San Jose area often use a Barclay’s Locaide and various online resources to locate the natural hazard areas. There are other tools to help locate school districts and zoning restrictions.
Google maps can help uncover some other areas, like distance to shops and freeways, but sometimes it raises more questions than it answers. For instance, a years ago a Realtor who didn’t know the Belwood of Los Gatos area too well phoned me to ask what a large object showing up on satellite view in the hills of Belgatos Park was. It is just a covered reservoir, but since it was not identified on the map it concerned some buyers. Local knowledge is still extremely helpful.
Mapping the Grid: High Voltage Power Lines
Cupertino was incorporated as a city only in 1955, long, long after the community had sprung up and had its own, distinct identity within Santa Clara County.
As a small village, Cupertino began at the intersection of Stevens Creek Road and Saratoga-Sunnyvale Road (now DeAnza Blvd) and was originally known simply as “West Side”. Since that name was so generic and would be confused with other places bearing similar names, the post office opted to give it a more distinguishable name in 1898. Because there was a nearby Cupertino winery and Cupertino Creek that name was applied to the post office and nearby stores.
Historic tidbit: the full name of this waterway was Arroyo San Giuseppe da Cupertino – which translates into English as St. Joseph of Cupertino Creek – by a Spanish padre by the name of Fr. Font who was the cartologist and diarist of the explorer Juan Bautista de Anza. Cupertino Creek is now known as Stevens Creek, by the way.
Today, the city of Cupertino is very vibrant and offers fabulous restaurants and shops but is best known for high tech (Apple headquarters especially) and above all, its outstanding schools, which often rank at the top of the list. For this reason more than any other, Cupertino houses tend to “hold their value” better than most other areas.
Cupertino, a view from Ridge Vineyards
How’s the Cupertino Real Estate Market?
I have written another article on this blog, Cupertino Real Estate Market Trends and Statistics, which is updated monthly with analysis on sales and listings as well as dynamic market statistics updating automatically every few days for Cupertino’s residential realty market. Please have a read!
More links for buying, selling and living in Cupertino California:
Here are some links you might find especially helpful if you move to Cupertino. (Also please visit my relocation website, Move2SiliconValley.com if moving here from out of the area!).
Cupertino A description of Cupertino, a city renowned for its schools, climate, and proximity to Silicon Valley employment, on my PopeHandy.com site.
Cupertino.org The City government website, with helpful resources such as the Services and New Resident Information page.
Find more Cupertino posts on this blog or view one of these:
Market comparison: Los Gatos, Saratoga, Cupertino and Los Altos
Fremont Older Open Space Preserve in Cupertino and Saratoga
Where are the high voltage power lines in Cupertino, Saratoga, Los Gatos, and Almaden Valley?
Silicon Valley Homes for Sale Near Golf Courses in the Foothill Areas
Finding scenic places in which to live in Silicon Valley
Houses & Homes for Sale in Cupertino
Below please find houses & duet homes listed on our local MLS for sale in Cupertino.
Today we’re looking at the real estate market for houses in some of the “west valley” communities along the base of the Santa Cruz Mountains – areas where schools are good, crime is low, residents enjoy scenic views of the hills (or of the valley from the hills, depending on the location) and overall, a highly educated population not too far from Highway 85. This will be a real estate market comparison for Los Gatos, Saratoga, Cupertino, and Los Altos.
Of the four municipalities, three are really very similar to each other in several regards. Cupertino has the largest population – about 61,000 people – but Los Altos, Los Gatos and Saratoga are all similarly sized, somewhere between 31,000 residents. The latter three also enjoy a traditional “downtown” area which is popular with pedestrians, bicyclists and motorists alike. (Monte Sereno has under 4,000 residents, which is so small that the statistics are very easily thrown from month to month, so it is omitted in this quick study.) Of the four, Cupertino, then, is the least similar due to size and lack of a central downtown area for now. This may feel different once the Vallco Mall is redeveloped.
We’ll take a quick look at these areas now in terms of the real estate market trends and statistics for each area, considering just “class 1” (houses and duet homes). The charts used below are from Altos Research, to which I have a subscription, and they will be automatically updated each week.
Please note: the Los Gatos data is probably a little artificially low as it will include all 3 zip codes, meaning also the Los Gatos Mountains, which are quite a bit more affordable than the areas “in town”.
In addition, as of this writing we are in the shelter-in-place phase 1 of the pandemic. This post is updated approximately every quarter or half-year, so we’re just starting to see the results of these changes to the market, but it will take a while to see the full picture. For now you can read more about the Coronavirus impact on real estate sales in my post on the topic.
Also, during the shutdown so far, the Multiple Listing Service (MLS) stopped the timer on all Days on Market (DOM). Therefore these numbers will be off beginning from March 17th through around May 17th. In the data below, this will affect any numbers related to the days on market, the absorption rate, and the days of inventory.
Now on with the analysis!
(1) Median List Price (per Altos Research):
With our 300 sunny days per year in Silicon Valley (at least most years!), golf is a sport enjoyed year round here in the San Jose area. Living near a golf course, or having a golf course view, is highly desirable as it provides scenic open space as well as convenience for avid golfers.
Silicon Valley Golf Homes, Silicon Valley Golf Properties
There are beautiful courses throughout the South Bay Area and it’s possible to find small condos with views of them at fairly affordable prices (Sunnyvale’s Sunken Gardens area is one of them). Today, though, I want to provide a list of homes for sale near golf courses in the foothill areas of Silicon Valley. Many of these will also be luxury homes. So the MLS list of these houses on the market which you can browse includes these areas:
San Jose areas including Evergreen & Silver Creek, Santa Teresa, Blossom Valley and Almaden; Los Gatos, Monte Sereno, Saratoga, Cupertino, and Los Altos.
There are golf courses to be found in other parts of Santa Clara County too (Mountain View, Sunnyvale, Santa Clara and more) – let me know if you are interested in these parts and I can send you a link for searching them for similar residential real estate.
Here are a available or recently sold homes near to golf clubs:
It can be really challenging for people moving to Silicon Valley to get a sense of real estate prices, and perhaps more, comparing cost of 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 County / Silicon Valley area versus another.
Today I compared several areas and cities using this criteria: single family homes of 1800 – 2200 SF, 3-5 bedrooms, 2-3 bathrooms, on lot sizes of 6000 SF to 10,000 SF. Normally I would chart this over the last 2 months, or 60 days, but because of the low inventory causing the sellers market I have expanded the search to the last 3 months, or 90 days, for a better range. Because some areas have had a scarcity of inventory, I’ve added an addition to the chart titled NoS for Number of Sales within the given range.
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.
Within this range, Campbell only had one sale over the last 90 days, so data for that segment may or may not be a good average. Both Los Altos and Saratoga had no sales within the last 90 days within these criteria, so their searches have been expanded to 0-180 days (or 6 months / half a year) and 0-120 days (or 4 months / a quarter year) respectively to provide data for comparison for this chart. Now that we have the data, let’s analyze it!
It’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”?
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, rather than highest offer and best terms)
- 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 or stale 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! The market right now is a little funny. Homes priced aggressively are getting multiple offers. Homes priced AT value are not moving quite so fast. And homes price for values in spring of 2018 are not selling well at all.
1190 Crestline Dr Cupertino CA 95014
MLS # ML81714661
1190 Crestline Dr Cupertino is tastefully expanded, remodeled, and sunny home with award winning Cupertino schools!
Quick facts 1190 Crestline Dr Cupertino:
- 3 bedrooms + office and bonus room / alcove
- 2 newly remodeled baths in 2018
- 1715 SF (per county)
- Lot size 6007 SF (per county)
- Built in 1963, expanded in 2011
- No carpeting – mostly hardwood floors, some laminate, some Italian porcelain tile
- Flexible layout—sewer plumbed to possibly add 3rd bathroom and one bedroom in original kitchen area
Welcome to this bright and sunny home, impeccably updated throughout! You will love the gorgeous hardwood floors, the abundant natural light, and the remodeling that has been done in every corner of this house!
Rooms include a spacious living room with wood burning fireplace and recessed lights, dining room with recessed lights, an alcove or study (original kitchen location), an open family room – kitchen, an office, 3 bedrooms, and 2 bathrooms.
Island Kitchen & Family Room:
- The open kitchen & family room is the center of the home and a true showpiece. They enjoy Brazilian teak hardwood flooring, a tall vaulted ceiling with 2 Velux skylights and retractable shades, recessed lighting, Casablanca fan, 8’ Anderson French door to the yard, and large Milgard windows to bring in the light. Spray foam insulation between the ceiling and the roof helps to keep the room comfortable year-round.
- Slab granite counters, tumbled marble tile back splash, maple cabinets with pantry, pullouts, lazy Susan and under the cabinet lighting.
- Stainless steel appliances include a French door refrigerator with ice maker (2017), GE Profile double oven, Bosch induction cooktop, Broan vent, Kitchenaid dishwasher, and microwave oven. (Fridge and microwave both stay.)
- Large, open Franke stainless steel sink with Grohe faucet.
- Good sized island with breakfast bar plus extra storage.
- This area, plus the office, was added in 2011 with permits and finals, and represents 600 SF of the total square footage of the home.
Bathrooms – remodeled in 2018 with permits & finals:
- Hall bath offers a shower over the tub, Italian porcelain tile, vanity with deep drawers, and a sun tunnel
- Master bathroom features a stall shower, Italian porcelain tile, and a vanity with deep drawers.
- Dual zoned heat and air conditioning (2 AC units)
- Dual pane windows
- New front door & interior doors
- Copper water supply lines in the home
- Fresh interior paint
- Original hardwood floors just refinished (June 2018)
- New baseboards in living room, dining room, hallway, bedrooms
- Hot water heater replaced in 2016
- New outdoor wall lights
- New motion detector light on front of garage
- Attached 2 car garage with new Liftmaster garage door opener
1190 Crestline Drive Public Schools:
Regnart Elementary, Kennedy Middle & Monta Vista High
Ideally located near schools, Three Oaks Park and Jollyman Park. Close to Apple campus and many high-tech companies. Easy access to 85, 280 Freeways and Lawrence Expressway for convenient commute!
OPEN HOUSE SCHEDULE for 1190 Crestline Drive:
Thurs., 7-19-2018 9:30am to 12:30pm (broker tour AND public open house)
Sat., 7-21-2018 2pm to 4pm
Sun., 7-22-2018 2pm to 4pm
1190 Crestline Drive – DISCLOSURES & OFFERS
Disclosures will be available on or by Friday July 20th. The link will be in the private agent MLS comments for the buyers’ agents.
Offers will be due sometime after the open house weekend. Please check with Mary Pope-Handy for the due date. No pre-emptive offers, please
Great room with vaulted ceiling and foam insulation between roof and ceiling.
Learn more about Cupertino here: http://popehandy.com/cupertino/
What makes an expensive house in the San Jose area more than just a pricey bit of real estate, but instead a Silicon Valley luxury home? How is high end real estate different from the rest of the market? When is a property not just a home with land, but an estate?
In other parts of the U.S., spending $1,200,000 may fetch a 4000 square foot home, new construction, in an upscale gated community with country club amenities such as a golf course, tennis courts, and more. Here, that same $1,200,000 will procure an entry to mid-level single family home in many parts of Santa Clara County. It won’t necessarily be a Silicon Valley luxury home.
Luxury connotes a combination of qualities, features, and amenities. And it includes pricing (relative to the nearby market), condition, land, design.
Pricing Luxury Homes in Silicon Valley: What Do They Cost?
Expensive Silicon Valley homes are not necessarily luxury homes. Depending on the city or town, the price tag could be higher or lower. For instance, a fabulous house on a large lot in Gilroy’s Eagle Ridge might sell for 1/3 as much as the identical type of home, land and neighborhood found in Saratoga, Monte Sereno, or Los Gatos, or Los Altos, if a similar home happened to be available. Generally, though, luxury homes could cost as little as $1,000,000 or so in some parts of Silicon Valley or in neighboring counties, but in most parts of Silicon Valley, a true estate type property will be valued at $2,000,000 or $3,000,000 or more. In some areas, such as Palo Alto, that $2 million doesn’t go too far and the home you can purchase at that price tag may need major updating – or it could be “land value”. For our purposes today, we’ll use $2 million as the bottom number for estate properties, but it may or may not be the case in some areas.